2024-01-12 13:49

NEW YORK – CoinShares International Limited has announced its intention to acquire Valkyrie Funds LLC, just a day after Valkyrie's Bitcoin ETFs, including the Valkyrie Bitcoin Fund (BRRR), commenced trading on Nasdaq. This strategic move follows the United States Securities and Exchange Commission's (SEC) approval of Valkyrie's exchange-traded funds (ETFs). The acquisition aims to bolster CoinShares' assets under management by incorporating funds such as BRRR and The Valkyrie Bitcoin Miners ETF (WGMI). However, the finalization of the deal is subject to the completion of due diligence, the execution of definitive legal agreements, and board consent. During the transition period, Valkyrie Funds will continue to operate independently. If the deal proceeds as planned, it is expected to create a stronger foothold for CoinShares in the digital asset management space. https://www.investing.com/news/cryptocurrency-news/coinshares-exercises-option-to-acquire-valkyrie-funds-after-etf-approval-93CH-3273561

2024-01-12 13:07

Copyrighted Image by: Reuters. WASHINGTON - The price of West Texas Intermediate (WTI) crude oil has risen above $74 per barrel today, following a joint military response by the United States and the United Kingdom to attacks on shipping in the Red Sea by Yemen's Houthi insurgents. The airstrikes have escalated tensions in a region critical to global oil supply, leading to increased volatility in the oil markets. Notably, these tensions were further amplified by the hijacking of an oil tanker by an armed group in Oman near strategic waterways yesterday. This incident triggered a 1.74% hike in Brent Crude to $78.14, signaling potential global trade disruptions alongside energy market volatility. This recent surge in oil prices reflects broader market concerns about the stability of oil shipments through key transit points. The conflict in Yemen, which has seen a series of escalations, plays a significant role in these concerns, as it directly impacts one of the world's most important shipping lanes for oil transport. The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have been actively attempting to balance the oil market. Their efforts have been a contributing factor to the expectation among industry experts that oil prices will remain steadfastly above the $70 mark. The current situation in Yemen, coupled with yesterday's hijacking incident near Oman, and the subsequent military actions only serve to reinforce these expectations, as the market reacts to potential disruptions in supply. As the situation continues to unfold, the oil market remains sensitive to geopolitical developments, with traders and analysts closely monitoring the impact of these events on global oil supply and prices. https://www.investing.com/news/commodities-news/west-texas-intermediate-oil-price-surpasses-74-amid-usuk-airstrikes-in-yemen-93CH-3273523

2024-01-12 12:26

Copyrighted Image by: Reuters SAN FRANCISCO - Coinbase (NASDAQ:COIN), a leading cryptocurrency exchange, has announced a strategic partnership with Yellow (OTC:YELLQ) Card, a financial service provider in Africa, to expand the usage of the USD Coin (USDC) across 20 African countries, starting from February. This collaboration will integrate Yellow Card's payment systems into Coinbase's L2 Base platform, aiming to reduce transaction fees to a maximum of 2%, significantly lower than traditional fiat transfer rates of up to 6%. The initiative is a response to the unique financial challenges faced by Africa's young and rapidly growing population, which is currently underserved by conventional financial systems. High fees and inflation rates have been persistent hurdles for economic growth and financial inclusion in the region. By adopting USDC, a stablecoin pegged to the US dollar, the partnership aims to provide a more stable and cost-effective alternative for financial transactions. This alliance is a key component of Coinbase's larger goal to incorporate a billion people into the cryptocurrency ecosystem. The partnership with Yellow Card underscores Coinbase's commitment to making digital currencies more accessible and useful in regions where the traditional banking infrastructure is limited or inefficient. The use of USDC in Africa through this partnership is expected to empower individuals and businesses by providing them with more control over their finances and the ability to engage in the global economy with fewer barriers. This move aligns with the broader trend of cryptocurrency adoption in emerging markets, where digital assets are increasingly seen as a viable solution to longstanding financial challenges. Cryptocurrency uptake has been particularly strong in South Africa, Nigeria, Zimbabwe, Kenya, and Ghana. Moreover, the Central African Republic briefly made Bitcoin legal tender before transitioning to its own cryptocurrency initiative with Sango Coin. This strategic move comes at a time when remittances are vital for developing nations' economies—sometimes constituting over 20% of GDP—as noted by the World Bank. The partnership aims at catering to Africa's predominantly young population by providing more accessible financial services suited for an evolving digital economy. InvestingPro Insights As Coinbase forges ahead with its strategic partnership to expand the use of USD Coin in Africa, it's worth noting some key financial metrics and expert insights that may influence the company's trajectory. According to real-time data from InvestingPro, W.P. Carey Inc. (WPC), a company in a different sector yet relevant for investors seeking stable financial performers, showcases a robust financial profile. WPC has a market capitalization of $14.55B and a notable P/E ratio of 18.33, which adjusts to 23.68 over the last twelve months as of Q3 2023. The company's revenue growth during the same period stands at an impressive 22.15%, with a gross profit margin of 92.39%. InvestingPro Tips highlight W.P. Carey's impressive gross profit margins and its ability to maintain dividend payments for 26 consecutive years, which is a testament to its financial stability. Additionally, the company's PEG ratio, which measures the relative trade-off between the price of a stock, the earnings generated per share, and the company's expected growth, is at a low 0.43, indicating potential undervaluation based on near-term earnings growth expectations. For investors interested in further insights and tips, InvestingPro offers a wealth of additional information. Currently, there are seven more InvestingPro Tips available for W.P. Carey Inc., which can be accessed through an InvestingPro subscription. This subscription is now on a special Cyber Monday sale with a discount of up to 60%. To enhance this offer, use coupon code ProW345 to get an additional 10% off a 2-year InvestingPro+ subscription. This could provide valuable guidance for those looking to diversify their portfolio with companies like WPC that demonstrate a strong financial foundation and growth potential. https://www.investing.com/news/cryptocurrency-news/coinbase-partners-with-yellow-card-to-boost-usdc-use-in-africa-93CH-3273471

2024-01-12 12:08

Copyrighted Image by: Reuters. LONDON - In the commodities market, copper prices experienced a day of fluctuations on the London Metal Exchange (LME), with highs of $8460 per metric ton (mt) and $8448/mt before closing slightly lower at $8375/mt and then making a minor recovery to $8382/mt. The metal's performance on Friday was swayed by the strength of the U.S. dollar and market anticipation of policy moves from China's central bank. Other metals showed varied movements in the market. On the Shanghai Futures Exchange (SHFE), aluminum prices dipped by nearly half a percent, whereas LME aluminum prices saw no significant change. In the lead and zinc segments, both metals concluded the trading session on a positive note. LME lead prices edged up modestly, and zinc prices ended the day positively on both LME and SHFE markets. Nickel stood out with a considerable gain in contracts on the SHFE, driven by shifts in inventory levels. The broader market sentiment was influenced by key macroeconomic indicators, including U.S. inflation data and the market's expectations regarding upcoming interest rate decisions by the Federal Reserve. https://www.investing.com/news/commodities-news/lme-copper-prices-seesaw-amid-us-dollar-strength-and-china-policy-watch-93CH-3273420

2024-01-12 09:45

Copyrighted Image by: Reuters SAN FRANCISCO - Bitfinity, a blockchain technology firm, has successfully raised $7 million in a funding round led by prominent investors including Polychain Capital and ParaFi Capital. The company is at the forefront of developing a sidechain that will bridge the Ethereum Virtual Machine (EVM) with Bitcoin, utilizing the Internet Computer Protocol (ICP) to enhance decentralized finance (DeFi) operations and expand smart contract functionalities for Bitcoin assets. The innovative platform is currently in its testnet phase, aiming to revolutionize the DeFi space by enabling high-speed transactions at a fraction of the cost associated with Ethereum. Bitfinity's solution boasts an impressive capability of processing over 1000 transactions per second (TPS), which could significantly outpace the current transaction speeds on the Ethereum network. A key component of Bitfinity's technology is its Chain-Key technology, which is part of the ICP's Threshold Relay consensus mechanism. This feature is designed to bolster security through a cryptographic scheme that refreshes key shares periodically, thus providing an additional layer of protection against potential security threats. https://www.investing.com/news/cryptocurrency-news/bitfinity-raises-7-million-to-integrate-ethereum-and-bitcoin-93CH-3273199

2024-01-12 09:27

Copyrighted Image by: Reuters GLOBAL - Ethereum's development community is currently in deliberation over a significant change proposed by co-founder Vitalik Buterin. The proposal suggests a one-third increase in the network's gas limit, aimed at enhancing the platform's transaction capacity. This move has sparked a debate among developers, with several expressing concerns about the potential consequences for the blockchain's size and network performance. Yesterday, Buterin put forward the idea of increasing the gas limit, a parameter that determines the computational effort required to execute operations like transactions and smart contracts on the Ethereum network. A higher gas limit could allow more transactions per block, potentially reducing fees and wait times for users. However, developers such as Marius van der Wijden and Péter Szilágyi have raised important issues regarding the impact of a gas limit increase on the blockchain's state growth. The Ethereum blockchain's size is already substantial at 267GB, and an expanding blockchain state could affect account balances and smart contract data integrity. Furthermore, full history sizes may swell beyond current sizes around 900GB leading to synchronization issues or heightened denial of service attack risks. Martin Köppelmann added to the discussion by highlighting the potential need for higher bandwidth to accommodate the increased volume of transactions that a higher gas limit would entail. Mika Zoltu underscored ensuring technological progress allows diverse user access to node operations without exclusion. To mitigate these concerns, the community is considering several technical solutions. Among these is EIP-4444, which proposes an expiration mechanism for chain history, potentially reducing the amount of data nodes need to store. Additionally, EIP-4844 introduces the concept of "blobs," a way to store rollup data that could help optimize data availability without significantly impacting the blockchain's size. As the community deliberates on this crucial decision that weighs advancing network capabilities against preserving its stability and inclusivity, the outcome will be closely watched by stakeholders in the Ethereum ecosystem. https://www.investing.com/news/cryptocurrency-news/ethereum-considers-33-gas-limit-increase-to-boost-transaction-capacity-93CH-3273185