2023-11-27 20:52

SEATTLE - A Seattle Federal Court has imposed a travel restriction on Changpeng Zhao, the multi-billionaire CEO of cryptocurrency exchange Binance, preventing him from leaving for the United Arab Emirates (UAE). The decision, made today, comes ahead of Zhao's sentencing scheduled for February on charges of anti-money laundering and violating US sanctions. The court's move to issue a stay on an earlier ruling that would have permitted Zhao to travel was influenced by prosecutors' concerns. They highlighted Zhao's significant assets and connections within the UAE as potential factors that could increase the risk of him not returning for his sentencing, as well as the complexities that could arise in efforts to extradite him post-sentencing. The stay represents a notable development in a case that has been closely watched by the cryptocurrency industry, as Zhao is a prominent figure in the sector. Binance, the platform he leads, is one of the world's largest cryptocurrency exchanges by trading volume. The outcome of Zhao's case could have far-reaching implications for regulatory oversight and compliance within the rapidly evolving digital currency marketplace. https://www.investing.com/news/cryptocurrency-news/us-court-blocks-binance-ceos-travel-ahead-of-sentencing-93CH-3244166

2023-11-27 19:34

Copyrighted Image by: Reuters. The cryptocurrency market is witnessing a mix of trends with Bitcoin and BNB registering gains while the broader altcoin market faces a downturn. Today, the overall crypto market cap saw a slight dip to $1.41 trillion, despite Bitcoin's 0.7% increase and BNB's significant 5.3% gain. This comes as investment in crypto funds continues to show positive momentum, with an inflow of $176 million last week, according to CoinShares. Bitcoin took the lion's share of these funds, with an investment of $155 million, marking the eighth consecutive week of inflows. Investor confidence in Bitcoin appears strong, as data reveals that 70% of Bitcoin supply has not been traded over the past year, indicating a prevalent holding sentiment among investors. This holding behavior is taking place against the backdrop of growing optimism for a spot bitcoin ETF in the United States, with Bloomberg Intelligence predicting that major mutual funds could pour up to $100 billion into such a product. Further bolstering the crypto market are the developments in financial institutions and geopolitical events. Santander (BME:SAN) Switzerland has recently started offering Bitcoin and Ethereum trading and custody services to selected clients, with plans to expand its digital asset offerings. Meanwhile, in Argentina, the election of Javier Milei as president has pushed Bitcoin to all-time highs against the Argentine peso. Last week, the crypto market experienced a significant investment surge totaling $346.3 million, driven by the anticipation of a US spot-based ETF launch. Bitcoin led this surge with inflows of $312 million, while Ethereum also saw a healthy increase with $33.5 million, potentially mitigating its yearly losses with recent four-week gains of $103 million. The investment flows last week were not uniform across all altcoins, as Solana and Cardano saw additional funds, but Litecoin experienced withdrawals, and the Bitcoin Short fund had a marginal outflow of $0.9 million. XRP witnessed a slight uptick in funds by $0.2 million. Geographically, Canada was at the forefront of these inflows, with $199.1 million, followed by Germany at $101.5 million, and the USA at $30.2 million. The crypto market continues to navigate through regulatory landscapes as well, with the U.S Department of Justice reportedly in talks for a settlement of over $4 billion with Binance. The settlement is in connection with allegations that include money laundering and bank fraud, highlighting the ongoing scrutiny that the industry faces from regulators. https://www.investing.com/news/cryptocurrency-news/crypto-market-cap-holds-at-141-trillion-amid-altcoin-slump-93CH-3244133

2023-11-27 19:25

Copyrighted Image by: Reuters. Standard Chartered (OTC:SCBFF) has announced its participation in China's digital yuan trials, marking a significant step for the international bank in the realm of digital currencies. As one of the first foreign financial institutions to engage in this initiative, the bank has launched digital yuan exchange services and is actively involved as a business pilot participant. The involvement of Standard Chartered in the digital yuan, also known as e-CNY, extends to its application in trade financing and supply chain financing across multiple regions. The bank's direction has been shaped by earlier contributions to the "Multilateral Central Bank Digital Currency Bridge" and insights from a collaborative report with PricewaterhouseCoopers China. China's central bank has been encouraging the adoption of the digital yuan for business-to-business applications. A white paper released by the central bank has highlighted the significant traction the digital yuan has gained, with transactions surpassing 1.8 trillion yuan and a growing user base of over 120 million wallets. Moreover, Standard Chartered is now facilitating access to the interconnection platform for the digital yuan, allowing for recharge and redemption services. This development follows the bank's confirmation of its involvement in the digital yuan trials through City Bank Clearing Services Co., with Xiaolei Zhang, a prominent advocate for the potential of the e-CNY. The bank's engagement in the digital yuan ecosystem comes amid broader moves by financial institutions to integrate digital currencies into their services. For instance, earlier in May, BNP Paribas (OTC:BNPQY) integrated digital yuan accounts with corporate clients' wallets, highlighting the growing interest and acceptance of digital currencies in the financial sector. https://www.investing.com/news/forex-news/standard-chartered-joins-digital-yuan-trials-launches-exchange-services-93CH-3244127

2023-11-27 19:14

Copyrighted Image by: Reuters. Oil prices have continued to slide as the market anticipates the upcoming OPEC+ meeting scheduled for Thursday. The assembly, which was initially set for the previous Sunday, was postponed due to disagreements among member countries over production targets. Despite a significant reduction in output by OPEC+ nations, Brent crude has dipped below $80 per barrel. Ahead of the rescheduled summit, the oil market has seen a mix of developments. The U.S Energy Information Administration reported an unexpected increase in domestic oil inventories, while U.S crude oil production remained at a peak rate. These factors, combined with the OPEC+ output cutbacks, have led to cautious trading sentiment. In recent trading sessions following Thanksgiving, NYMEX WTI futures fell, with refined products like RBOB and ULSD also seeing price drops. However, by Monday, RBOB futures had seen a slight increase, despite cash prices nearing year-lows in some U.S. markets. The market is closely watching the OPEC+ meeting, where discussions are expected to center on extending production cuts into the next quarter. The adherence to quotas by cartel members will be under scrutiny. Diesel markets have shown mixed reactions due to varying weather forecasts in Europe and the U.S., causing fluctuations in futures prices. In anticipation of the holiday season, gasoline demand is projected to rise, potentially offsetting the current downward trend. January futures for both WTI and Brent have seen slight declines as traders await the outcomes from the crucial OPEC+ meeting later this week. https://www.investing.com/news/commodities-news/opec-summit-anticipation-affects-oil-prices-ahead-of-thursday-meeting-93CH-3244124

2023-11-27 19:10

Copyrighted Image by: Reuters Bitcoin's network has experienced a significant surge in transaction fees, overtaking Ethereum's total fees last week, as users competed for block space during a period of high network traffic. This congestion was driven by a combination of factors, including a Bitcoin price rally that saw the cryptocurrency peak at over $38,500 before settling around $37,000, and a resurgence in Bitcoin Inscriptions, which increased demand for network capacity. The rise in transaction fees was notable, with Bitcoin miners benefiting from the increased costs. According to data from IntoTheBlock, Bitcoin collected between approximately $52.6 million and $61 million in transaction fees during the week leading to today, compared to Ethereum's roughly $61.5 million as reported by Glassnode. The popularity of ordinals, which allow for non-BTC tokens to be inscribed on Bitcoin’s blockchain, has played a significant role in the increased fees. This trend has led to a substantial spike in block space usage, with the average Bitcoin transaction fee reaching $12.96 against Ethereum’s average of $7.52 in the week preceding last Monday. However, when ordinal activity decreased two weeks prior to last Monday, Bitcoin fees dropped to an average of $2.56, while Ethereum's fees remained higher at $4.94 on average. The impact of high inscription costs is also reflected in the earnings of mining pools such as FoundryUSA, which reported that over 12% of their total rewards from transaction fees this month can be attributed to these increased costs. This highlights the significant financial implications that network activity and congestion can have on the cryptocurrency mining industry. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-surpass-ethereum-amid-network-congestion-93CH-3244123

2023-11-27 18:01

The digital currency Bitcoin is hinting at another potential rise as December approaches, following a historical pattern of year-end bullish trends. With a solid performance in October, closing at a +28.5% increase, and a projected +7.18% gain in November, Bitcoin's cumulative gain for the fourth quarter currently stands at +37.7%. Bitcoin's performance has often seen an uptick in December, repeating this pattern eight times out of the past thirteen years. Notable increases in December include +14.1% in 2015, +29.2% in 2016, and a significant +38.8% in 2017. Even in years with exceptional performance, such as the +453.9% surge in November of the exception year, and the +47.8% increase in 2020, December has maintained its reputation as a strong month for Bitcoin gains. The only exception to this trend occurred in 2013 when Bitcoin experienced a -33.2% drop in December. However, the overall historical data suggests that Bitcoin investors could potentially see another increase as the year comes to a close, continuing the cryptocurrency's Q4 momentum into the final month of the year. https://www.investing.com/news/cryptocurrency-news/bitcoins-q4-surge-hints-at-potential-december-gains-93CH-3244097