2024-03-07 15:29

Copyrighted Image by: Reuters SINGAPORE - Bitdeer Technologies Group (NASDAQ: BTDR), a leader in blockchain and high-performance computing technology, has announced its unaudited mining and operations updates for February 2024. The company reported a substantial 64% year-over-year increase in Bitcoin mined, totaling 287 for the month. Despite a seasonal dip in production compared to January due to the shorter month and increased network hash rate, Bitdeer's overall hash rate under management grew to 22 EH/s. Chief Business Officer Linghui Kong highlighted the testing of Bitdeer's first Bitcoin mining chip, the 4nm SEAL01, as a significant technological advancement. The SEAL01 chip, noted for its power efficiency of 18.1 J/TH, is set to be integrated into the new SEALMINER A1 mining machines. This development is expected to provide Bitdeer with cost and supply chain advantages. On the infrastructure front, the company has begun land preparation for a new 221MW datacenter in Ohio, with operations anticipated to start in 2025. Additionally, construction of the 175MW immersion cooling datacenter in Norway is on track for completion by mid-2025. Bitdeer operates across three business lines: Self-mining, Hash Rate Sharing, and Hosting. As of February 29, 2024, the company's proprietary hash rate remained stable at 8.4 EH/s, and the total number of mining machines under management increased to 222,000. The aggregate electrical capacity held steady at 895MW across six datacenters. The information in this article is based on a press release statement from Bitdeer Technologies Group. InvestingPro Insights As Bitdeer Technologies Group (NASDAQ: BTDR) continues to expand its mining operations and develop new technologies, investors are keeping a close eye on the company's financial health and market performance. According to InvestingPro, Bitdeer holds more cash than debt on its balance sheet, which could provide a cushion for the company's ambitious growth plans. Moreover, analysts predict that the company will be profitable this year, a potential turning point for Bitdeer's financial outlook. In terms of market data, Bitdeer's market cap stands at approximately $733.14 million. Despite recent achievements, the company has been facing challenges with profitability, as reflected by a negative P/E ratio of -838.23. However, the company's revenue has shown signs of growth, with a quarterly increase of 14.0% in Q1 2023. This could indicate a positive response to the company's strategic initiatives, including the development of the SEAL01 chip and expansion of datacenter infrastructure. Investors interested in a deeper dive into Bitdeer's financial and market performance can find additional InvestingPro Tips, offering a comprehensive analysis of the company's strengths, challenges, and opportunities. For those considering an InvestingPro subscription, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With more than 10 additional InvestingPro Tips available, subscribers can gain valuable insights to inform their investment decisions. https://www.investing.com/news/cryptocurrency-news/bitdeer-reports-64-yoy-increase-in-bitcoin-mined-93CH-3329163

2024-03-07 15:19

Copyrighted Image by: Reuters VANCOUVER - Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a Canadian digital wealth and payments company, has announced a strategic shift in its treasury management to include Bitcoin and Bitcoin ETFs, with an initial investment authorization of up to $5 million. Greg Feller, President of Mogo Inc., expressed the company's continued confidence in Bitcoin as a long-term investment, citing the recent regulatory approval of spot Bitcoin ETFs and the investments by major asset managers like Fidelity and BlackRock (NYSE:BLK) as reinforcement of Bitcoin's legitimacy as a global asset class. The company, which has been involved in the cryptocurrency space since 2020, also highlighted its approximately 13% ownership in WonderFi Technologies Inc. (TSX: WNDR), a prominent regulated crypto investing ecosystem in Canada, as part of its commitment to providing shareholders with significant exposure to digital assets. As of the third quarter ended September 30, 2023, Mogo reported having $43.7 million in cash and total investments, which included $19.3 million in cash and restricted cash, and an investment portfolio valued at $24.5 million. Mogo, founded in 2003, has grown to serve over 2 million members and boasts an annual payments volume of $9.9 billion. The company provides a suite of financial products aimed at wealth creation and financial freedom, including commission-free stock trading and a managed investing solution through its subsidiary Moka. Additionally, Mogo's digital payments platform, Carta Worldwide, offers cost-effective card program solutions in Europe and Canada. This news development is based on a press release statement from Mogo Inc. InvestingPro Insights As Mogo Inc. diversifies its treasury into Bitcoin and Bitcoin ETFs, investors may be interested in the company's recent performance metrics and market sentiment. According to InvestingPro data, Mogo's market capitalization stands at a modest $52.28 million, reflecting the scale of the company within the digital wealth and payments sector. Despite a negative adjusted P/E ratio of -1.18 for the last twelve months as of Q3 2023, which suggests that the company is not currently profitable, Mogo has demonstrated a significant return over the last week, with a 10.47% price total return. InvestingPro Tips highlight that Mogo's stock has experienced a strong return over the last month and three months, with price total returns of 31.87% for both periods. This could indicate growing investor confidence or a positive market reaction to the company's strategic moves. Additionally, Mogo's stock trades with high price volatility, which may appeal to certain investors looking for dynamic trading opportunities. For those considering a deeper dive into Mogo's financial health and future prospects, InvestingPro offers additional tips and metrics. Interested readers can explore further by visiting https://www.investing.com/pro/MOGO and can take advantage of an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 10 more InvestingPro Tips available, investors can gain a comprehensive understanding of Mogo's financial landscape and make informed decisions. https://www.investing.com/news/cryptocurrency-news/mogo-inc-diversifies-with-bitcoin-investment-strategy-93CH-3329146

2024-03-07 09:15

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar traded on the backfoot Thursday as potential Federal Reserve’s rate cuts appeared to draw nearer, while the euro slipped lower ahead of the latest European Central Bank meeting. At 04:15 ET (09:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 103.220, near a one-month low. Powell to continue testimony The dollar slipped lower Thursday in the wake of the start of Fed chief Powell’s two-day testimony in front of Congress, as traders factored in U.S. interest rates falling this year even after some upside surprises on inflation. Fed Chair Jerome Powell said on Wednesday that rate cuts will "likely be appropriate" later this year "if the economy evolves broadly as expected" and once officials gain more confidence in inflation's steady deceleration. Powell appears before a Senate panel later Thursday, after testifying before the House on Wednesday. “In the past, Fed Chairs have used the second leg to correct any market overreaction to the first leg,” said analysts at ING, in a note. “However, we doubt Chair Powell has too many issues with the modest risk rally yesterday's testimony delivered, and he should present a pretty similar message today. That message remains that the Fed needs to be patient, but the game plan remains rate cuts later this year.” Euro slips ahead of ECB meeting In Europe, EUR/USD edged lower to 1.0895, after data released earlier Thursday showed that German industrial orders fell much more than expected in January. Orders fell by 11.3% on a monthly basis, a sharp reversal from December’s revised 12.0% increase. The ECB meets later in the session and is widely expected to leave interest rates at a record 4%. “We expect further subtle changes to the European Central Bank's communication …, paving the way for a June rate cut,” said ING. “However, the latest macro data should have increased the pressure on the ECB to act even earlier.” GBP/USD traded 0.1% higher at 1.2737, near a one-month high after British house prices rose for a fifth month in a row in February, climbing by 0.4% from January, according to data from mortgage lender Halifax. Yen surges on rate hike speculation In Asia, USD/JPY traded 0.9% lower to 147.97, with the yen surging on growing speculation that the Bank of Japan could end negative interest rates in the near future. This talk was prompted by BOJ board member Junko Nakagawa saying that the Japanese economy was making steady progress towards the central bank’s 2% inflation target - a scenario that could elicit a rate hike from the BOJ. The yen has weakened for the most part of the past two years as the BOJ maintained its ultra-easy monetary policy stance while other major central banks aggressively hiked interest rates to tame inflation. USD/CNY edged higher to 7.1986, with the pair moving little despite China reporting a bigger-than-expected trade balance in the first two months of 2024, with stronger exports and imports signaling some recovery in the country’s trade-heavy businesses. AUD/USD rose 0.4% to 0.6588, with the Australian dollar helped by positive trade data as well as healthy numbers from major trading partner China. https://www.investing.com/news/forex-news/dollar-retreats-on-rate-cut-hints-euro-awaits-ecb-meeting-3328028

2024-03-07 05:10

Copyrighted Image by: Reuters. Investing.com-- The Japanese yen rose to a one-month high on Thursday amid growing conviction that the Bank of Japan was close to raising interest rates, while the dollar curbed recent losses as Federal Reserve officials presented mixed cues on interest rates. Broader Asian currencies were muted, trimming most of their initial gains as investors remained uncertain over the timing and scale of the Fed’s potential rate cuts. Yen hits one-month high as BOJ rate hike bets grow The Japanese yen was the best performer in Asian trade, firming 0.6% to a one-month high of 148.52 against the dollar. The yen was boosted by a slew of factors presenting a less dovish outlook for the BOJ. Data showed average cash earnings grew more than expected in January, while a major Japanese union also won big pay hikes for some of its members- pointing to higher overall wages in the coming months. Additionally, BOJ board member Junko Nakagawa said that the Japanese economy was making steady progress towards the central bank’s 2% inflation target- a scenario that is expected to elicit a rate hike from the BOJ. Wage growth and inflation are the two biggest considerations for the BOJ in raising interest rates. Strong signals on both fronts saw markets now pricing in the possibility that the BOJ will begin hiking rates by as soon as its March meeting- a scenario that bodes well for the yen. Dollar steadies as markets weigh Powell, Kashkari comments The dollar index and dollar index futures fell 0.1% each in Asian trade, but traded marginally above a one-month low hit in overnight trade. Pressure on the dollar also came chiefly from a stronger yen. The greenback had tumbled in overnight trade after Fed Chair Jerome Powell said the bank will cut interest rates in 2024. But Powell offered few cues on the timing and scale of the Fed’s planned cuts, and reiterated his warning over sticky inflation limiting any monetary easing. This warning was echoed by Minneapolis Fed President Neel Kashkari, who said that he did not see the Fed cutting rates more than twice, or even once, this year. Kashkari’s comments spurred some pullback in bets on early rate cuts, and also helped the dollar stem its decline. Most other Asian currencies were muted following Kashkari’s comments. An outlier was the Australian dollar, which rose 0.3% on positive trade data. The Aussie was also boosted by strong trade data from major trading partner China. China clocked a bigger-than-expected trade balance in the first two months of 2024, with stronger exports and imports signaling some recovery in the country’s trade-heavy businesses. But the yuan moved little on Thursday, although it did strengthen further away from the 7.2 level. The South Korean won fell 0.1%, while the Singapore dollar rose 0.1%. The Indian rupee rose 0.1%, extending an overnight move away from the psychologically important 83 level. https://www.investing.com/news/forex-news/japanese-yen-surges-on-boj-pivot-talk-dollar-steadies-as-rate-cheer-cools-3327891

2024-03-07 04:46

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose to a record high in Asian trade on Thursday, buoyed chiefly by comments from Federal Reserve Chair Jerome Powell that the central bank will cut interest rates in 2024. The yellow metal extended a strong rally from last week amid growing optimism over U.S. interest rate cuts, with traders largely holding on to bets that the central bank will begin its rate cutting cycle by as soon as June. Spot gold jumped more than 0.4% to a record high of $2,161.19 an ounce, while gold futures expiring in April hit a peak of $2,168.10 an ounce. "The recent rally has been underpinned by a strong surge in investor demand, as the spectre of lower rates has been joined by strong safe haven buying amid elevated geopolitical risks and an uncertain economic backdrop," ANZ analysts said in a note. Powell touts rate cuts, but Kashkari offers more cautious outlook Powell said in an overnight testimony that the Fed did intend to cut interest rates in 2024- a scenario that bodes well for non-yielding assets such as gold. But Powell still provided scant cues on the timing and scale of the planned cuts, stating that the path of the U.S. economy and inflation was likely to determine any monetary easing. The Fed Chair also said that the central bank needed more convincing that inflation was moving closer to its 2% annual target. This notion was furthered later by comments from Minneapolis Fed President Neel Kashkari, who said that he did not see more than two, or even one rate cut this year. Kashkari cited concerns over sticky inflation- a rhetoric that was presented by several other Fed officials over the past two weeks. While the dollar fell sharply in overnight trade, it recovered mildly during the Asian session, especially following Kashkari’s comments. Gold prices were also trading below intraday highs by 23:33 ET (04:33 GMT). The prospect of higher for longer interest rates has kept a limited timer on any of gold’s trysts with record highs over the past year. Other precious metals were far more muted in Asian trade. Platinum futures steadied around $913.80 an ounce, while silver futures fell slightly to $24.477 an ounce. Focus is now squarely on key nonfarm payrolls data due on Friday, for more cues on the labor market, which is also a key consideration for the Fed in adjusting rates. Copper buoyed by positive Chinese data Among industrial metals, copper futures rose 0.3% to $3.8817 a pound, taking support chiefly from stronger-than-expected trade data from China. The world’s biggest copper importer clocked a stronger-than-expected trade surplus for the first two months of 2024, on an outsized rise in exports. But a key point of support for copper was a bigger-than-expected increase in Chinese imports. Specifically, Chinese imports of the red metal grew 2.6% year-on-year in the Jan-Feb period, pointing to sustained demand despite fairly muted business activity. https://www.investing.com/news/commodities-news/gold-surges-to-record-highs-above-2160-as-powell-touts-rate-cuts-3327877

2024-03-07 02:45

Copyrighted Image by: Reuters. Investing.com-- Oil prices settled lower Thursday, though losses were kept in check by optimism that major central banks are set to cut rates in the coming months, boosting global economic growth and crude demand By 14:30 ET (19.30 GMT), the U.S. crude futures traded 0.3% lower to settle at $78.93 a barrel and the Brent contract was flat at $82.96 a barrel. Powell reiterates rate cuts coming this year; ECB drops huge June rate-cut hint In his second-day of testimony before Congress, Fed Chair Jerome Powell said the Fed is "not far" from reaching the confidence needed to cut interest rates this year, reiterating similar remarks from a day earlier. The remarks arrived on the heels of European Central Bank keeping its benchmark rate unchanged, but cut its forecast on inflation, suggesting a faster than expected progress on bringing down inflation that boosted investor bets on a rate cut as soon as June. Growing optimism of rate cuts by central banks that would boost global economic growth -- just as China appears to be turning a corner -- and oil demand combined with a recent pledge from OPEC+ to extend production curbs to the second quarter could likely push oil prices higher. "Under these circumstances, and with economic growth expected to pick up in the second half of the year, we believe the price of WTI will gradually inch up to approximately US$85 per barrel by the end of 2024," Desjardins said in a note. China posted a 5.1% rise in imports in the first two months of 2024 from a year earlier to about 10.74 million barrels per day, customs data showed on Thursday, as crude purchases ramped up to meet fuel sales during the Lunar New Year holiday. US inventories add to positive supply signals Also providing support was the news U.S. inventory data showed a smaller-than-expected build in the week to March 1, as more refiners restarted from an extended winter break. Gasoline and distillates inventories also saw outsized draws, furthering the notion that supplies in the world’s largest fuel consumer were tightening. Signs of smaller U.S. supplies added to optimism over tighter global oil markets in 2024, after the Organization of Petroleum Exporting Countries and allies said it will commit to its current supply reductions until end-June. Signs of an extended conflict in the Middle East also fed into bets on supply disruptions in the region, especially amid lagging ceasefire talks between Israel and Hamas. "We still expect Brent oil prices to edge up near the top of the $70-90 range this summer driven by a modest deficit, and reach an $87/bbl peak in July," said analysts at Goldman Sachs, in a note. (Peter Nurse, Ambar Warrick contributed to his article.) https://www.investing.com/news/commodities-news/oil-prices-inch-lower-as-mixed-us-rate-cues-weigh-china-data-in-focus-3327819