2024-01-17 17:34

Copyrighted Image by: Reuters GLOBAL - Binance Futures has announced the launch of a new USDC-margined DOGE Perpetual Contract. The addition is set to go live on Thursday at 10:00 a.m. UTC and will enable traders to trade Dogecoin, which is currently the tenth-largest cryptocurrency by market capitalization, alongside other major cryptocurrencies. The introduction of the DOGE Perpetual Contract with USDC margining is part of Binance Futures' continuous efforts to expand its offerings. Earlier this month, the platform began offering USDC margining options for major cryptocurrencies, marking a significant enhancement to its trading services. This move by Binance Futures reflects the growing demand for more diverse trading products in the dynamic cryptocurrency market. With the integration of Dogecoin into its futures trading platform, Binance Futures provides traders with additional opportunities for diversification and speculation in the cryptocurrency space. Dogecoin, which started as a meme-inspired cryptocurrency, has gained substantial popularity and market value, making it a notable addition to the futures market. https://www.investing.com/news/cryptocurrency-news/binance-futures-introduces-dogecoin-perpetual-contracts-with-usdc-margin-93CH-3276558

2024-01-17 16:58

Copyrighted Image by: Reuters ATLANTA - Bitcoin Depot Inc. (NASDAQ: BTM), a prominent U.S.-based Bitcoin ATM operator, has announced a new retail partnership set to significantly expand its kiosk network. The fintech company will begin installing approximately 940 Bitcoin Depot kiosks in a leading national convenience retailer's stores across 24 states starting in the first quarter of 2024. This initial deployment is part of a broader initiative that may extend into additional locations beyond the first 940. Brandon Mintz, Bitcoin Depot's Founder and CEO, expressed enthusiasm for the collaboration, which aligns with one of the company's largest retail partners to date. Mintz highlighted the partnership's potential to expand Bitcoin Depot's reach alongside a brand that shares its commitment to providing accessible Bitcoin services. Bitcoin Depot's kiosks offer a user-friendly process for converting cash into Bitcoin, enabling customers to engage with the digital financial system. In addition to its ATMs, available in 48 states, the company also offers BDCheckout, a service that allows customers to fund their wallets with cash at participating retail outlets in 28 states. With this expansion, Bitcoin Depot aims to consolidate its market presence. As of September 30, 2023, the company operates around 6,400 kiosk locations and holds the largest market share in North America. The information in this article is based on a press release statement. https://www.investing.com/news/cryptocurrency-news/bitcoin-depot-expands-with-940-new-kiosks-in-stores-93CH-3276523

2024-01-17 14:41

TORONTO - The Oregon Group, an investment research firm, has released a report predicting a significant, sustained increase in lithium demand over the next 20 years, driven largely by the electric vehicle (EV) and battery sectors. This forecast comes amid a backdrop of price corrections in the lithium market throughout 2023, which has seen a slowdown in new lithium project developments and supply expansions. The report highlights that the dominant demand for lithium stems from its use in electric batteries and vehicles, a sector that is not only the largest but also the fastest-growing for the mineral. This situation is described as unusual, even within bull markets. The demand growth is set against challenges such as price volatility, which has been exacerbated by geopolitical tensions, environmental concerns from local communities, and government permitting issues. Despite these challenges, established lithium producers like Albemarle (NYSE:ALB) and Pilbara Minerals (ASX: PLS), as well as funds like Horizons Global Lithium Producers Index ETF (TSE:HLIT), are expected to benefit from a higher-priced market. Additionally, emerging players in Africa, such as Premier African Minerals (AIM:PREM) and Li3 Lithium Corp (TSX.V:LiLi), are also well-positioned to capitalize on this growth. The report also references a prediction by Goldman Sachs from 2015, which has come to fruition, with lithium becoming the "new gasoline" for 15.5% of new cars sold globally in the first half of 2023. This is attributed to lithium's superior energy density, lighter weight, longer charge retention, and lack of charge memory. Despite research into next-generation battery technologies, lithium-ion remains the dominant technology and is expected to continue its reign for many years. The Oregon Group, founded by Anthony Milewski and Justin Cochrane, focuses on investment trends related to commodities and energy transition. The new report, titled "Inside the Accelerating Global Race for Lithium," aims to provide insights into key trends and players in the lithium market. This article is based on a press release statement from The Oregon Group. https://www.investing.com/news/commodities-news/lithium-demand-to-surge-for-two-decades--oregon-group-93CH-3276389

2024-01-17 14:33

Copyrighted Image by: Reuters NEW YORK - In a recent interview with CNBC, JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon reiterated his doubts about the value of Bitcoin, leading to a dip in the cryptocurrency's price today. Despite his critical stance, Bitcoin spot Exchange-Traded Funds (ETFs) have continued to draw significant investment, reflecting a persistent investor appetite for the digital currency. Dimon's latest comments echo his long-held skepticism towards Bitcoin, which he conveyed during his appearance on the network. Following his remarks, Bitcoin experienced a price drop, falling to $42,400. The decline underscores the influence that prominent financial figures can have on the volatile cryptocurrency markets. However, Dimon did acknowledge the potential of blockchain technology, the underlying system for Bitcoin, in certain applications. This nod to the technology's utility indicates a recognition of the growing role digital ledgers play in modern finance, even as he casts doubt on the cryptocurrency itself. While Dimon's views may not align with the enthusiasm of cryptocurrency advocates, the continued inflow of billions into Bitcoin spot ETFs suggests that many investors remain bullish on the future of digital assets. https://www.investing.com/news/cryptocurrency-news/jpmorgan-ceo-remains-skeptical-about-bitcoin-as-price-dips-93CH-3276382

2024-01-17 12:50

Copyrighted Image by: Reuters WORLDWIDE - Binance has maintained its status as the dominant force in the cryptocurrency exchange market, holding a market share that hovers between 48.7% and 50.4%, even amid a tumultuous year and the recent exit of its CEO Changpeng Zhao. The exchange's closest competitors, OKX and Bybit, have seen their market shares increase to 15.7% and 11.6% respectively, signaling a competitive but still uneven playing field. The cryptocurrency exchange landscape remains largely under the control of centralized platforms. Despite the challenges faced by the industry, including the departure of high-profile executives and market volatility, these exchanges continue to outpace their decentralized counterparts. Uniswap and PancakeSwap, two of the more prominent decentralized exchanges, have experienced their own share of fluctuations. However, they have only managed to achieve a peak market share of around 2.98%, underlining the dominance of centralized exchanges in the current market environment. https://www.investing.com/news/cryptocurrency-news/binance-holds-lead-in-crypto-exchange-market-with-nearly-50-share-93CH-3276220

2024-01-17 09:12

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar steadied at a one-month high amid increasing doubts over early interest rate cuts by the Federal Reserve, while sterling climbed on hot inflation data. At 04:15 ET (09:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 103.247, just below the 103.55 level seen earlier Wednesday, its highest level since Dec. 13. Dollar helped by rate cut uncertainty The greenback received a boost late Tuesday after Federal Reserve Governor Christopher Waller said that while interest rate cuts were likely to happen this year, the central bank was not considering any in the near-term, citing continued resilience in the U.S. economy. Uncertainty over when the Fed will start cutting interest rates has helped the dollar rebound this year after being hard hit at the end of 2023 in the wake of the Fed's dovish turn at the December FOMC meeting. Market expectations of a rate cut in March have eased to a 62.2% chance versus an 76.9% view in the prior session, according to CME's FedWatch Tool. U.S. retail sales are due for release later Wednesday, and will be closely watched for indications that consumer spending - a major driver of economic growth - is remaining resilient in the face of elevated interest rates. Sterling climbs on inflation surprise In Europe, GBP/USD rose 0.2% to 1.2657 after U.K. consumer price inflation rose for the first time in 10 months in December, increasing to 4.0% on an annual basis from a more-than-two-year low 3.9% in November. This resulted in traders pared back expectations for Bank of England interest rate cuts over the coming months, with inflation proving to be more sticky than previously anticipated. EUR/USD dropped 0.1% to 1.0868, near a one-month low despite hawkish comments from a number of European Central Bank policymakers over the need to complete the job of taming inflation. Eurozone consumer inflation is expected to be confirmed later in the session as rising to 2.9% in December, from 2.4% the prior month, reversing six months of consecutive falls. Yuan falls after disappointing Chinese growth data In Asia, USD/CNY rose 0.1% to 7.1969, with the yuan retreating after data showed that China’s economy grew slightly less than expected in the fourth quarter, and barely edged past government estimates of 5% for growth in 2023. The reading showed that a post-COVID rebound gained little momentum over the past year, and set a middling tone for China in 2024. USD/JPY traded 0.5% higher to 147.90, with the yen weakening past the 147 level for the first time in more than a month after a 1% tumble in overnight trade. The yen was also dented by increasing expectations that the Bank of Japan will maintain its ultra-dovish course when it meets next week, especially in the wake of the recent devastating earthquake. https://www.investing.com/news/forex-news/dollar-steadies-near-onemonth-high-sterling-gains-on-hot-inflation-data-3275866