2023-11-28 04:13

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies advanced on Tuesday amid growing conviction that the Federal Reserve was done raising interest rates, which in turn put the dollar at a three-month low. Still, gains in most regional currencies were limited as traders remained wary before a string of key economic readings this week. The PCE price index- the Fed’s preferred inflation gauge- will be a major point of focus this week. The Japanese yen was among the better performers for the day, rising 0.3% as traders bet that the Bank of Japan will pivot away from its ultra-dovish stance in 2024. Sticky Japanese inflation data released last week furthered this notion. Easing fears of the Fed helped the yen recover further from the 150 level. Focus is now on industrial production and retail sales readings from Japan, due later in the week. The South Korean won rose 0.3%, while the Australian dollar added 0.2% tracking some strength in commodity prices. Data showed on Tuesday that Australian retail sales unexpectedly shrank in October, spurring some bets that inflation will trend lower in the coming months. But Reserve Bank of Australia Governor Michele Bullock warned that Australian inflation was tracking global trends, and that the bank needed to be cautious in raising interest rates further. The Indian rupee was flat around record lows, while the Singapore dollar and Philippine peso also tread water. Dollar at 3-mth low on bets of no more Fed hikes The dollar index and dollar index futures fell slightly in Asian trade, extending overnight losses after sinking to three-month lows at the start of the week. The greenback was walloped by growing bets that the Fed will raise interest rates no more, and is likely to begin trimming rates in 2024. But markets were now awaiting more economic cues to gauge just when the Fed could begin loosening policy. Apart from the PCE data, U.S. purchasing managers index (PMI) readings for November are also due this week, as is a revised reading on third-quarter GDP. Any signs of resilience in the U.S. economy is likely to give the Fed more headroom to keep rates higher for longer. But the opposite could happen if data shows the economy cooling faster than expected. Asian markets have been largely sensitive to the path of U.S. rates, and are likely to see more gains on the prospect of a less hawkish Fed. Chinese yuan flat, key PMIs in focus The Chinese yuan moved little on Tuesday following a marginally stronger daily midpoint fix by the People’s Bank of China. But persistent concerns over a slowing Chinese economic rebound and laggard stimulus measures limited any strength in the currency. Focus this week is squarely on PMI readings for November, due on Thursday. The readings are expected to show continued weakness in business activity after a swathe of disappointing readings for October. Concerns over China have also weighed on Asian markets in recent months, given the country’s dominance as a trading hub in the region. Beijing has also remained largely conservative in rolling out more policy support for the economy. https://www.investing.com/news/forex-news/asia-fx-rises-as-easing-fed-fears-put-dollar-at-3month-low-3244317

2023-11-28 03:47

Copyrighted Image by: Reuters. Hive Digital Technologies Ltd. has expanded its operations with the acquisition of a Bitcoin mining facility in Boden, Sweden, as announced on Monday. The move marks a significant step in the company's growth strategy and commitment to environmental sustainability. The newly acquired facility will serve as a Bitcoin production site, housing Application-Specific Integrated Circuit (ASIC) servers, which are expected to enhance the company's Bitcoin output and provide long-term value to its investors. This strategic investment is part of Hive's ongoing efforts to bolster its operations and regional influence while adhering to its environmental, social, and governance (ESG) principles. The acquisition, which was finalized through a Property Transfer Agreement with Turis AB, involves a payment of up to $750,000 in cash and shares valued at up to $1,500,000. The shares are to be paid in two installments based on the issue price. The facility is not only an asset addition for Hive but also affiliated with the EU Horizon 2020 project, which focuses on driving economic innovation and sustainability within the European Union. Johanna Thornblad praised the acquisition for its alignment with Hive's goals of expanding operations and maintaining a commitment to "green" energy solutions. By utilizing environmentally responsible energy sources, the company aims to support sustainable industry practices. The investment in the Boden facility is expected to have a positive impact on the local community by contributing to its economic welfare. Hive's focus on energy efficiency and environmental responsibility, along with its strategic placement near an existing center, suggests a synergistic expansion of the company's influence in the region. This latest development is part of Hive Digital Technologies' broader strategy to enhance its infrastructure for Bitcoin mining and to create enduring value for its stakeholders while prioritizing sustainable and responsible business practices. InvestingPro Insights As Hive Digital Technologies Ltd. steps up its game with the recent acquisition of a Bitcoin mining facility, real-time data and insights from InvestingPro paint a detailed financial picture of the company. With a market capitalization of $253.03 million, Hive is navigating the volatile cryptocurrency market without a dividend payout strategy, which aligns with its focus on reinvesting into growth and expansion. InvestingPro Tips suggest that while Hive has a high EBITDA valuation multiple, indicating a premium market valuation, it also possesses substantial liquid assets that exceed its short-term obligations. This financial cushion could be crucial as the company invests in its new facility and aims to scale operations sustainably. Despite not being profitable over the last twelve months, Hive has shown a strong return over the last five years, which could be indicative of its long-term potential. With a special Cyber Monday sale offering up to 55% off, now is an opportune time for investors to access additional InvestingPro Tips. Currently, there are over six additional tips available on InvestingPro for Hive, providing deeper insights into the company's financial health and investment potential. These tips could be particularly valuable for stakeholders looking to understand Hive's strategic moves and market positioning as it continues to expand its footprint in the green Bitcoin mining sector. https://www.investing.com/news/cryptocurrency-news/hive-digital-technologies-expands-with-new-bitcoin-mining-facility-in-sweden-93CH-3244313

2023-11-28 03:07

Interactive Brokers (NASDAQ:IBKR) Hong Kong has broadened its financial services to include cryptocurrency trading for retail clients, streamlining portfolio management through a single integrated platform. This move, which allows clients to manage assets like Bitcoin and Ethereum alongside traditional investments, is aimed at simplifying the investment process without incurring additional spreads or markups. The service, which originally launched for Professional Investors on February 14, 2023, now offers retail investors the same centralized cash management and automated trade execution. Clients can expect competitive commission rates ranging from 0.20%-0.30%, maintaining a minimum order cost of $2.25. This expansion positions Interactive Brokers as the first SFC-licensed broker in Hong Kong to provide such services to a broader client base. David Friedland of Interactive Brokers emphasized the significance of cryptocurrency in diversifying investment portfolios, particularly within the Asia-Pacific region. The collaboration with OSL Digital Securities, a licensed digital asset platform, underscores the firm's commitment to competitive and transparent pricing. Interactive Brokers' robust technology platform has been recognized for its excellence in online brokerage services, securing the top spot in Barron’s rankings for six consecutive years. The current valuation of Interactive Brokers Group shares stands at $80.85 on the NASDAQ market. InvestingPro Insights Interactive Brokers' recent move to offer cryptocurrency trading services to retail clients in Hong Kong reflects its agility in responding to evolving investment needs. The company's financial health and stock performance are key indicators for investors considering this diversified platform. InvestingPro data shows Interactive Brokers Group with a robust market capitalization of $34.34 billion, indicating a strong position in the market. The P/E ratio, a measure of the company's current share price relative to its per-share earnings, stands at an attractive 14.6, suggesting that the stock could be undervalued relative to its earnings potential. Additionally, a PEG ratio of 0.19 points to the company's potential for growth in earnings, which is further supported by a significant revenue growth of 49.82% over the last twelve months as of Q3 2023. InvestingPro Tips highlight Interactive Brokers' high earnings quality, with free cash flow exceeding net income, and a high return on invested capital. These factors, coupled with strong earnings that should allow management to continue dividend payments, make for a compelling case for the company's financial stability and potential for investor returns. Moreover, the firm has maintained dividend payments for 14 consecutive years, underlining its commitment to shareholder value. For investors seeking more in-depth analysis and additional InvestingPro Tips, there are 11 more tips available for Interactive Brokers, which can be found on the InvestingPro platform. Now is an excellent time to consider a subscription, as InvestingPro is currently offering a special Cyber Monday sale with discounts of up to 55%. This sale provides an opportune moment to access valuable insights that can inform investment decisions in a dynamic market landscape. https://www.investing.com/news/cryptocurrency-news/interactive-brokers-launches-crypto-trading-in-hong-kong-93CH-3244307

2023-11-28 01:56

Copyrighted Image by: Reuters. Investing.com -- Oil prices rose Tuesday as a weaker dollar and optimism that major oil producers could extend ongoing production cuts at the OPEC+ meeting later this week boosted sentiment. By 14:30 ET (19.30 GMT), the U.S. crude futures settled 2.1% higher at $76.41 a barrel and the Brent contract climbed 2.1% to $81.52 a barrel. OPEC+ to agree to output cuts? The Organization of the Petroleum Exporting Countries and allies, including Russia, a group known as OPEC+, is due to meet remotely on Thursday to discuss output levels going into 2024. The meeting was originally scheduled for Sunday but was postponed owing to a disagreement over 2024 production targets. Reports suggest, however, that the the five-week slump in oil prices, the longest since 2021, has push OPEC+ members toward a compromise, with the group’s top two producers, Saudi Arabia and Russia, expected to agree to output curbs into next year. “The extension of additional voluntary cuts from Saudi Arabia should erase most of the surplus expected in 1Q24,” said analysts at ING, in a note. “However, if OPEC+ want to provide more solid support to the market and ensure that we do not see stocks building early next year, they will need to agree on deeper and broader cuts.” Dollar slips as Treasury yields sink on dovish Fed speak As well as optimism on further supply cuts, a fall in dollar also supported a rise in oil prices after dovish remarks from Federal Reserve Board Governor Christopher Waller stoked rate-cut hopes. Waller said he was "increasingly confident" that policy is currently well positioned to slow the economy and get inflation back to 2% target. The Fed governor added that should disinflation continue for several months, the Fed "could then start lowering the policy rate just because inflation's lower." As oil is priced in dollars, a weaker greenback makes the commodity more attractive to foreign buyers. U.S. stockpiles seen falling There has been a sharp decline in oil prices over the last month, due to concerns that the market was oversupplied, largely based on strong production by non-OPEC countries such as the United States. The market received some support Tuesday with the news that Kazakhstan's largest oilfields have cut their combined daily oil output by 56%. However, more attention is likely to be paid to the latest round of weekly U.S. supply reports, starting later in the session with numbers from the American Petroleum Institute. The industry body is expected to report a small drop in crude inventories, but this follows a substantially bigger-than-expected increase last week, which was the fourth straight week of builds. Chinese PMIs to offer insight into global growth Upcoming pmi from China, which are expected to provide more cues on business activity in the world’s largest oil importer, is expected to garner investor attention at a time when global growth concerns has weighed on the oil demand outlook. "Slower global growth prospects have been at the heart of the decline [in oil prices], a trend some analysts are betting could shift quickly amid further production cuts," Stifel said in a note Tuesday. https://www.investing.com/news/commodities-news/oil-prices-rise-as-markets-look-to-opec-cuts-caution-persists-3244289

2023-11-27 21:13

Bitfarms Ltd. (BITF), a global vertically integrated Bitcoin mining company, has placed a firm purchase order for 35,888 Bitmain T21 miners at a price of $2,660 per unit with deliveries scheduled from March 2024 to May 2024. With its recently announced financing, Bitfarms will have sufficient liquidity to complete the purchase obligations for this order. Concurrently, Bitfarms has secured a purchase option for an additional 28,000 Bitmain T21 miners. Management will discuss the 2024 transformative fleet upgrade plan on a conference call to be held on November 28, 2023, at 8:30 am ET. A summary of the contracted delivery and proposed deployment plan is as follows with estimated operating capacity and hashrate performance: “We’ve built our world class, scalable infrastructure in anticipation of the right time to implement a transformative equipment upgrade. Now, with the most attractive equipment pricing since 2020, we’ve launched our comprehensive strategy with a well-defined pathway to 17 EH/s in H2 2024 and the hardware secured for 21 EH/s in 2024,” said Geoff Morphy, President and CEO of Bitfarms. “In parallel with new farm development, the 35,888 Bitmain T21 miner deployment combined with our option to purchase an additional 28,000 Bitmain T21 miners are expected to increase our operating capacity 63% to 391 MW and improve fleet efficiency 34% to 23 w/TH. This strategy is expected to significantly increase efficiencies along with lower unit production costs and dramatic hashrate growth, positioning us well for the upcoming Halving and beyond.” “In the first half of 2024, at our Paso Pe, Paraguay facility, we expect to increase production and to expand the design from 50 MW to 70 MW, which we anticipate would boost our corporate operating capacity to 310 MW. Coupled with upgrades throughout our other farms, we are targeting to expeditiously grow our hashrate to 12 EH/s in H1 2024, a 90% increase from November 27, 2023. At Yguazu, Paraguay, our plan is for an initial 80 MW capacity and the deployment of 70 MW of new high-performance miners. As such, we expect this new phase of development in Paraguay to be a major contributor to our organic growth in H2 2024.” Ben Gagnon, Chief Mining Officer of Bitfarms said, “Our patience has paid off. These next-gen T21 miners are being purchased at a contract price of $14.00/TH and 190 TH/s per unit. With an ultra-efficient 3 Phase 415v PSU (power supply unit) and a manufacturer supported ‘High energy Mode’, these miners are able to produce up to 233 TH/s, making them the most powerful known air-cooled Bitcoin miners currently made resulting in significant savings, including a nearly 19% cost reduction in $/TH with High energy Mode and with significant savings throughout the supply chain.” “The high energy density of the T21 enables the upgrade of our farms utilizing our existing infrastructure with the most competitive pricing and mining economics we have seen since 2020. We have taken full advantage by securing this competitive price to upgrade 10 of our 11 farms and energize all our contracted MWs under development. With this upgrade, we believe we will leapfrog ahead of the network difficulty curve by driving rapid and meaningful improvements in hashrate, energy efficiency and costs per BTC, positioning us to thrive through the Halving and capture upside from rising Bitcoin prices and mining economics,” Gagnon concluded. Conference Call on November 28, 2023, 8:30 am ET Management will host a conference call on Tuesday, November 28, 2023, at 8:30 a.m. ET to update investors on today’s announcement. Following management’s formal remarks there will be a question-and-answer session. Conference call access: Participants are asked to pre-register for the call through the following link:Fleet Upgrade Conference Call Please note that registered participants will receive their dial-in number upon registration and will dial directly into the call without delay. Those without internet access or unable to pre-register may dial in by calling: 1-866-777-2509 (domestic), or 1-412-317-5413 (international). All callers should dial-in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Bitfarms call. The conference call will also be available through a live webcast found here:Live Webcast A webcast replay of the call will be available approximately one hour after the end of the call and will be available for one year, at the above webcast link. A telephonic replay of the call will be available through December 5, 2023, and may be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) or Canada (toll free) 855-669-9658 and using access code 1239167. A presentation will be accessible on Tuesday, November 28, 2023, under the “Investors” section of Bitfarms’ website. https://www.investing.com/news/cryptocurrency-news/bitfarms-initiates-transformative-fleet-upgrade-that-supports-17-ehs-and-391-mw-in-2024-432SI-3244196

2023-11-27 20:59

Copyrighted Image by: Reuters. In a recent interview on the What Bitcoin Did podcast, Robert F. Kennedy Jr. voiced concerns about central bank digital currencies (CBDCs), emphasizing their potential for extensive government control and the implications for personal financial autonomy. Kennedy, a staunch advocate for individual liberties, contrasted the programmable nature of CBDCs with the decentralized system of Bitcoin, which he lauded as an "elegant solution" for safeguarding transactional privacy. During his conversation with host Peter McCormack, Kennedy delved into the risks associated with CBDCs. He warned that such digital currencies could grant governments unprecedented oversight over citizens' transactions and enable taxation in real-time. Furthermore, he cautioned that CBDCs could be tied to social credit systems, potentially restricting financial access and freedoms based on a person's behavior or compliance with regulations. Kennedy's remarks underscore a growing debate around the introduction of government-backed digital currencies and their potential impact on privacy and civil liberties. While central banks globally are exploring CBDCs as a means to modernize financial systems and improve transaction efficiency, the trade-offs in terms of privacy and control are drawing scrutiny from privacy advocates and proponents of decentralized cryptocurrencies like Bitcoin. Bitcoin, with its peer-to-peer network and absence of central control, stands in stark contrast to the concept of CBDCs. Kennedy pointed to Bitcoin's design as a means to preserve the freedom of transactions, suggesting that its decentralized nature could provide a bulwark against the encroachment of privacy by state-controlled digital currencies. https://www.investing.com/news/cryptocurrency-news/bitcoin-offers-transactional-freedom-warns-kennedy-about-cbdc-risks-93CH-3244171