2024-03-04 01:39

Copyrighted Image by: Reuters. Investing.com -- Crude prices settled lower Monday, as widely expected decision from OPEC+ to extend its current pace of production cuts until the second quarter offered little support amid ongoing concerns tepid demand. At 14:30 ET, or (19:30 GMT), the West Texas Intermediate crude futures for May fell 1.5% to settle at $78.74 per barrel, while Brent oil futures expiring in May had fell 0.8% to $82.86 a barrel. OPEC+ extends production cuts until Q2, but demand concerns continue Russia and Saudi Arabia, who lead the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, committed to maintaining their current run of 2.2 million barrels per day supply cuts until the end of June. The boost to oil price, however, were limited, as "market expectations for a rollover had grown more apparent recently," Macquarie said, and "may have been increasingly priced in." But expectations of tighter supplies have been countered by an jump in non-OPEC production, led by the U.S. and ongoing worries about the waning demand as top oil importer China struggles with an economic recovery. Gaza ceasefire hopes in fresh setback ahead of Ramadan Hopes for ceasefire in the Gaza war before the Muslim holy month of Ramadan, which begins around Mar. 10, suffered a setback after Israel reportedly boycotted the ceasefire talks after Hamas failed to provide a list of hostages that were still alive. U.S. Vice President Kamala Harris on Sunday urged that Hamas immediately accept a six-week ceasefire deal to bring an end extended truce to the war in Gaza. The Israel-Hamas war, which has caused wider disruptions in the Middle East, has been a key point of support for oil prices, especially on expectations that crude supplies from the oil-rich region will be disrupted by a wider conflict. Attacks on vessels in the Red Sea by the Yemeni Houthis, in solidarity with Palestine, had furthered this notion, with the Houthis sinking a vessel for the first time ever last week. https://www.investing.com/news/commodities-news/oil-prices-muted-amid-gaza-ceasefire-talk-opec-maintains-supply-cuts-3322595

2024-03-03 01:56

Investing.com - EOS was trading at $1.0640 by 20:55 (01:55 GMT) on the Investing.com Index on Sunday, up 10.94% on the day. It was the largest one-day percentage gain since March 2. The move upwards pushed EOS's market cap up to $1.1897B, or 0.05% of the total cryptocurrency market cap. At its highest, EOS's market cap was $17.5290B. EOS had traded in a range of $1.0558 to $1.1153 in the previous twenty-four hours. Over the past seven days, EOS has seen a rise in value, as it gained 33.27%. The volume of EOS traded in the twenty-four hours to time of writing was $392.9226M or 0.43% of the total volume of all cryptocurrencies. It has traded in a range of $0.7792 to $1.1298 in the past 7 days. At its current price, EOS is still down 95.37% from its all-time high of $22.98 set on April 29, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $61,792.9 on the Investing.com Index, down 0.42% on the day. Ethereum was trading at $3,432.11 on the Investing.com Index, a loss of 0.32%. Bitcoin's market cap was last at $1,215.1359B or 51.90% of the total cryptocurrency market cap, while Ethereum's market cap totaled $411.7759B or 17.59% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/eos-climbs-11-in-rally-3322516

2024-03-02 12:14

Copyrighted Image by: Reuters. XRP Climbs 10% In a Green Day Investing.com - XRP was trading at $0.67240 by 11:53 (15:53 GMT) on the Investing.com Index on Monday, up 10.20% on the day. It was the largest one-day percentage gain since March 11. The move upwards pushed XRP's market cap up to $34.34749B, or 1.26% of the total cryptocurrency market cap. At its highest, XRP's market cap was $83.44071B. XRP had traded in a range of $0.58569 to $0.67248 in the previous twenty-four hours. Over the past seven days, XRP has seen a drop in value, as it lost 5.21%. The volume of XRP traded in the twenty-four hours to time of writing was $2.29112B or 1.50% of the total volume of all cryptocurrencies. It has traded in a range of $0.5454 to $0.6725 in the past 7 days. At its current price, XRP is still down 79.56% from its all-time high of $3.29 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $72,210.2 on the Investing.com Index, up 4.31% on the day. Ethereum was trading at $4,029.05 on the Investing.com Index, a gain of 3.74%. Bitcoin's market cap was last at $1,421.58725B or 52.32% of the total cryptocurrency market cap, while Ethereum's market cap totaled $485.39568B or 17.86% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/xrp-climbs-10-in-a-green-day-3332769

2024-03-01 14:09

Copyrighted Image by: Reuters. LAS VEGAS - CleanSpark Inc. (NASDAQ:CLSK), a U.S.-based sustainable bitcoin mining company, has reported significant growth in its mining operations for February 2024. The company's hashrate, a measure of computational power used to mine and process bitcoin transactions, surged by 60% within the month, reaching 16 exahashes per second (EH/s). This expansion in hashrate has corresponded with a 12% increase in bitcoin production compared to the previous month, with CleanSpark mining approximately 648 bitcoins. As a result, the company's bitcoin treasury has grown to 4,218 bitcoins. Despite the increase in mining output, CleanSpark sold only 2.8 bitcoins in February, translating to proceeds of around $140,000 based on the average selling price of approximately $50,000 per bitcoin. CleanSpark attributes the growth in hashrate to the deployment of a larger mining fleet, which now includes over 131,000 operational miners. The company's efficiency also improved, with its month-end fleet efficiency recorded at 24.68 joules per terahash (J/Th). The company's operational update highlighted the progress of its recent acquisitions in Mississippi, where crews have nearly completed setting up servers in the newly acquired data centers. These facilities are close to full operation with a current hashrate of about 1.5 EH/s, expected to rise to 2.4 EH/s. Additionally, CleanSpark's property acquisition in Dalton is advancing on schedule, with an operational target set for April 2024 and an anticipated hashrate of 0.8 EH/s. The information in this article is based on a press release statement from CleanSpark Inc. InvestingPro Insights CleanSpark Inc. (NASDAQ:CLSK) has demonstrated impressive operational advancements in its bitcoin mining capacity, as reflected in the latest hashrate and production figures. These operational successes are also echoed in the company's financial data and market performance. According to InvestingPro, CleanSpark's market capitalization stands at $3.31 billion USD, indicating a robust valuation in the market. The company's revenue growth over the last twelve months as of Q1 2024 is particularly noteworthy, with a substantial increase of 75.4%, showcasing CleanSpark's ability to scale its operations effectively. This growth is further emphasized by the quarterly revenue growth figure, which is an astonishing 165.24% for Q1 2024. Such metrics highlight the company's rapid expansion and might be of interest to investors looking for high-growth opportunities in the tech sector. Despite the lack of profitability in the last twelve months, as indicated by a negative P/E ratio of -43.77, CleanSpark's stock has experienced a strong return over the last year, with a 1 Year Price Total Return of 548.06%. This suggests that investors are optimistic about the company's future prospects and are willing to invest in its growth potential. The InvestingPro Tips further reveal that analysts anticipate sales growth in the current year, which may continue to fuel investor confidence. For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which provide insights such as the company's liquidity position and debt levels. CleanSpark operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting a stable financial footing. With 15 more InvestingPro Tips ready to explore, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and gain access to these valuable insights. As CleanSpark continues to expand its operations and solidify its presence in the sustainable bitcoin mining industry, these InvestingPro data metrics and tips could offer investors a more comprehensive understanding of the company's financial health and market position. https://www.investing.com/news/cryptocurrency-news/cleanspark-boosts-bitcoin-mining-capacity-to-16-ehs-93CH-3321906

2024-03-01 13:53

Copyrighted Image by: Reuters Investing.com - Crude oil prices have risen Friday, but remain trapped in a tight trading range as price volatility has fallen to pre-Covid lows. Technical analysis suggests an upside breakout is a possibility, according to Bank of America Securities. Goldman Sachs, in a recent note, said it expects the $70-$90 a barrel range to continue for the foreseeable future, citing a modest geopolitical risk premium, the OPEC put limiting downside risk, and robust non-OPEC supply growth keeping pace with solid global demand growth. However, BofA Securities noted that the commodity is approaching three-month highs and a range breakout is a possibility. An ascending triangle bottom, rising simple moving averages, bullish weekly MACD [moving average convergence divergence] cross and year-to-date strength favor upside into the mid-$90s in the second quarter, BofA said, in a technical analysis note dated Feb. 29. The bank’s analysts noted that the currency is trading in an ascending triangle pattern on the daily chart, with bulls becoming more aggressive by buying at higher lows while bears fade the same resistance level. “An upside breakout through resistance at $84.80-85.00 will confirm a bottom pattern and uptrend target of $91.06, $93.80, maybe $95.00 by end Q2. Must hold support line in March is $79.50-80.00. If this breaks, oil can go back to the bottom of the range at $75-73,” BofA said. The weekly chart shows a wider range, of about $73-$96, while the monthly chart shows the 50m and 200m simple moving averages are rising and supporting the price. “Speculatively, a daily chart breakout higher and uptrend will mean the resistant trend line in this monthly chart breaks and a bullish monthly MACD cross follows. This would increase upside risk for an oil rally to $100-110/brl this year,” BofA Securities said. https://www.investing.com/news/commodities-news/crude-oil-could-break-out-of-recent-range--bofa-3321843

2024-03-01 08:57

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar showed resilience in early European trade Friday, retaining the majority of overnight gains after the release of eagerly-anticipated U.S. inflation data, while the euro showed some strength. At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 104.107, after a volatile overnight session. U.S. dollar resilient The PCE price index - the Federal Reserve’s preferred inflation gauge - cooled in January, according to data released Thursday, but remained well above the central bank’s annual inflation target. This followed a string of strong U.S. economic numbers which pointed to persistent price pressures, resulting in the markets pricing out the chances of a rate cut as early as this month. June is now seen as the likely starting point for the Fed’s rate cutting cycle, with traders seeing around 75 bps of easing this year. “The notion of resilient US inflation and activity data has now been fully digested,” analysts at ING said, in a note. “Investors are comfortable with three 25bp cuts priced in by December as there is just not enough data evidence to turn more dovish now. Similarly, a rate cut before June seems unlikely. All this is translating into a resilient dollar.” Euro edges higher ahead of eurozone CPI In Europe, EUR/USD traded 0.1% higher at 1.0813, ahead of the release of the eurozone CPI figure for February, which is expected to show another slowdown of inflation in the region. Data released on Thursday showed that consumer prices declined slower than expected in France but faster than expected in Germany. Economists are expecting an annual reading of 2.5% for February, dropping from 2.8% in January. “A deviation from expectations could trigger short-term swings in eurozone rates and the euro, but should not really have a big impact on the narrative that Christine Lagarde and the Governing Council look set to reiterate next week,” added ING. The European Central Bank meets next week, and while no policy change is expected, the bank could hint at rate cuts later in the year. GBP/USD traded 0.1% higher at 1.2635, after data from mortgage lender Nationwide showed that British house prices rose in February in annual terms for the first time in more than a year. House prices were 1.2% higher than in February 2023, the first annual increase since January last year, Nationwide said. Inflation is retreating in the U.K., but remains at a higher level than in Europe and the U.S., suggesting the Bank of England will be comparatively late to the rate-cutting party. Yuan hit by weak Chinese PMI release In Asia, USD/CNY traded 0.2% higher at 7.1989, with the yuan weaker after official PMI data showed China’s manufacturing sector shrank for a fifth straight month in February. The weak reading largely offset data showing some improvement in non-manufacturing activity, although this increase was largely due to higher consumer spending during the Lunar New Year holiday- a trend which may peter out in the coming months. USD/JPY traded 0.5% higher to 150.66, with the yen relinquishing all of its gains on Thursday, trading back above the 150 level as the prospect of higher for longer U.S. rates largely overshadowed any early rate hikes by the Bank of Japan. https://www.investing.com/news/forex-news/dollar-shows-resilience-euro-higher-ahead-of-cpi-release-3321210