2024-01-17 22:36

Copyrighted Image by: Reuters. CHICAGO - In the latest commodity market movements, corn futures remained steady while wheat prices experienced a slight uptick, influenced by robust global demand. On the Chicago Board of Trade, March corn held at $4.42 per bushel, despite recently hitting a three-year low. Meanwhile, wheat prices edged higher to $5.825 per bushel, bolstered by significant demand from countries like Egypt, Algeria, and Tunisia. Soybeans, however, did not fare as well, with futures dropping to $12.0575 per bushel, which is close to a two-year low. This decline is part of a broader market downturn affecting various commodities. Weather developments have introduced mixed influences on the market; anticipated beneficial rains in Brazil offer some hope for crop conditions, yet the country's production forecasts are still compromised due to earlier droughts. https://www.investing.com/news/commodities-news/corn-and-wheat-prices-diverge-amid-global-demand-and-weather-forecasts-93CH-3276737

2024-01-17 21:51

Copyrighted Image by: Reuters NEW YORK - A federal judge in the Southern District of New York, Judge Katherine Polk Failla, has cast doubt on the Securities and Exchange Commission's (SEC) claim that Coinbase (NASDAQ:COIN) Global Inc. has been trading digital assets that should be registered as securities. During a pivotal hearing today, Judge Failla questioned the SEC's interaction with potential securities violators and scrutinized the suitability of the Howey test—a standard used to determine what constitutes a security—for cryptocurrencies. The SEC's lawsuit from June 2023 accused Coinbase of offering tokens such as SOL and ADA without proper registration. However, Judge Failla referenced legal precedents, including Judge Rakoff's decision in the Terra case, emphasizing the need for clear legal guidelines and the safeguarding of retail investors' interests. Today, she also pointed out that broad security definitions might not apply neatly to digital assets and considered Senator Lummis' dismissal motion relevant, implying traditional securities laws might be outdated for cryptocurrencies. During the hearing, Judge Failla highlighted well-crafted DeFi amicus briefs on staking mechanisms as more informative than SEC's submissions. The SEC lawyer sidestepped Bitcoin currency classification queries while asserting token ecosystems contribute to their security status; he also noted buyers' refund entitlement if tokens are classified as securities. Coinbase's counsel disputed the notion that all traded tokens are investment contracts and highlighted gaps in allegations regarding the 13 disputed tokens. The defense was directed by Judge Failla to review decisions pertinent to investment contracts in various markets while recalling her own Uniswap ruling dismissing liability for decentralized technology platforms' customer losses. https://www.investing.com/news/cryptocurrency-news/judge-in-new-york-questions-secs-stance-on-coinbase-and-digital-assets-93CH-3276714

2024-01-17 21:45

WORLDWIDE - Ethereum's Goerli testnet encountered difficulties today with the Dencun upgrade at 6:32 UTC, which is a step in the platform's transition to a proof-of-stake model. The issues arose primarily due to low engagement from validators, especially those running Prysm software, leading to problems with network finalization. The situation showed signs of improvement as validators began to come back online, addressing the consensus issues that had emerged. This upgrade is a critical part of Ethereum's evolution, as it introduces proto-danksharding and ephemeral data blobs. These enhancements are designed to improve data availability and lower costs for Layer 2 platforms, which are essential for scaling the network. As Ethereum continues on its path toward a full transition to proof-of-stake, further testing is scheduled for the Sepolia and Holesky testnets. The eventual mainnet upgrade is highly anticipated, and following this, the Ethereum Foundation plans to cease support for the Goerli testnet. https://www.investing.com/news/cryptocurrency-news/ethereums-goerli-testnet-faces-upgrade-issues-recovery-underway-93CH-3276710

2024-01-17 21:43

Copyrighted Image by: Reuters Investing.com -- U.S. crude stockpiles unexpectedly increased last week, the API reported Wednesday, at a time when concerns about demand continue to rise following weaker growth from China. Crude Oil WTI Futures, the U.S. benchmark, traded at $72.75 a barrel following the report after settling up 0.2% at $72.56 a barrel. U.S. crude inventories rose by 939,000 barrels for the week ended Jan. 12, compared with a draw 5.2 million barrels reported by the API for the previous week. Economists were expecting a decline of about 2.4M barrels. The surprise rise in weekly U.S. stockpiles comes as investors weigh the prospect of supply disruptions -- amid an escalation of attacks on ships in the Red Sea by the Houthi militant group in the Red Sea -- and signs of weaker demand following weaker China growth data. Chinese gross domestic product grew 5.2% year-on-year in the fourth quarter, slightly less than expected as the world's largest oil importer continued to grapple with a sluggish post-COVID recovery. The API data also showed that gasoline inventories increased by 2.5M barrels last week, while distillate stocks increased by 600,000 barrels. The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 2.4M barrels last week. https://www.investing.com/news/commodities-news/oil-inventories-unexpectedly-rise-by-483000-barrels-last-week-api-3276706

2024-01-17 20:51

Copyrighted Image by: Reuters. Marathon Digital Holdings (MARA) BTIG upgrades Marathon Digital as Bitcoin draws attention after spot ETF approvals Analysts at BTIG upgraded Marathon Digital (MARA) from Neutral to Buy on Wednesday, citing the positive effects that the recent watershed approval of Bitcoin ETFs is having on the flagship cryptocurrency and crypto mining stocks. After hitting the $47,000 mark earlier in the month, Bitcoin retreated below the $43,000 threshold despite the SEC’s approval of 11 spot ETFs on January 10. The move represents a pivotal moment for the crypto industry as it is widely expected to draw significantly more institutional capital into the ecosystem. Since their debut, these funds hold roughly $2 billion in Bitcoin and appear to be driving a portion of fund flows away from miners, analysts at BTIG noted. “On the back of the weakness in the miners and Marathon's decision to pivot into infrastructure late last year, we upgrade to Buy from Neutral. The analysts said MARA can benefit from the recent uptick in transaction fees, particularly in December, as they can significantly boost profitability for crypto mining firms. “During periods of less BTC activity, fees can drop into the low single digits, but transactions on the BTC blockchain have increased to ~500k/day (think BTC users paying up to get transactions processed quicker) up ~2x compared to early 2023.” As a result, miners like Marathon with 5% of global hash could potentially earn roughly 1,400 BTC per month for validating blocks, which translates to $60 million in revenue at current Bitcoin prices. “However, this excludes fees (incremental revenue for a miner), which at a transaction level of ~500k/day (~$12/transaction), points to an incremental ~$9M of revenue (~215 extra BTC or ~13% of total monthly revenue (think BTC + fees)),” BTIG wrote. MARA fell over 3.1% on Wednesday. https://www.investing.com/news/cryptocurrency-news/marathon-digital-holdings-btig-upgrades-marathon-digital-as-bitcoin-draws-attention-after-spot-etf-approvals-432SI-3276622

2024-01-17 18:18

Copyrighted Image by: Reuters. NEW YORK - VanEck, a global investment manager, has confirmed the upcoming liquidation of its Bitcoin Strategy ETF (EXCHANGE:XBTF) after receiving the green light from the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF. The board's decision comes amidst considerations of investor interest, assets under management, and the regulatory landscape. Shareholders of the XBTF ETF are advised to divest their holdings by January 30, or they will be provided with a cash settlement subsequent to the fund's liquidation. The ETF will cease trading and will be officially removed from the Cboe BZX Exchange on February 6. Investors are also being alerted to potential tax implications. Those who will receive the liquidation distribution may face capital gains taxes if the distribution is higher than their original purchase price. This move by VanEck marks a significant shift in their cryptocurrency-related offerings, reflecting a strategic adaptation to the evolving regulatory and investment environment. https://www.investing.com/news/cryptocurrency-news/vaneck-to-liquidate-bitcoin-strategy-etf-following-sec-nod-93CH-3276568