Copyrighted Image by: Reuters. Investing.com-- Gold prices rose slightly in Asian trade on Tuesday, recovering from a rough start to the year as markets reassessed expectations for early interest rate cuts by the Federal Reserve before key U.S. inflation data due this week. The yellow metal fell sharply below the $2,050 an ounce level over the past week, tracking a rebound in the dollar as strong labor market data brewed uncertainty over just how much impetus the Fed has to begin loosening policy early. But gold prices saw some relief this week as the dollar fell from three-week highs, amid some profit-taking. Still, the yellow metal remained well below highs hit in December. Spot gold rose 0.2% to $2,032.91 an ounce, while gold futures expiring in February rose 0.3% to $2,038.85 an ounce by 00:07 ET (05:07 GMT). US inflation data awaited for more rate-cut cues Traders remained heavily biased towards the dollar ahead of key consumer price index data due this Thursday. The reading is expected to show a mild pick-up in inflation in December which, coupled with the strong nonfarm payrolls reading, gives the Fed more headroom to keep rates higher for longer. This spurred some trimming in expectations for early interest rate cuts, which in turn saw gold give up some gains made in December. The yellow metal still ended 2023 with a 10% gain. Fed officials also pushed back against expectations for early interest rate cuts. Atlanta Fed President Ralph Bostic said that with inflation still well above the Fed’s 2% annual target, he remained biased towards policy staying tight in the near-term. While Bostic still expects rates to eventually fall in 2024, he flagged only about 50 basis points of cuts- much smaller than what markets are expecting. Traders were also seen steadily trimming bets that the Fed will begin cutting rates by as soon as March. The CME Fedwatch tool now showed traders pricing in a 59.4% chance for a March cut, down from 64% seen on Monday and 70.7% seen a week ago. Higher-for-longer rates bode poorly for gold, given that they push up the opportunity cost of investing in the yellow metal, which offers no yield. Copper treads water amid dollar pressure, China anticipation Among industrial metals, copper prices moved little on Tuesday amid pressure from a strong dollar, while anticipation of key economic readings from top importer China also kept traders wary of the red metal. Copper futures expiring March rose 0.2% to $3.8288 a pound. They had fallen over 2% in the first week of 2024. Apart from the U.S. data, focus this week is also on Chinese inflation and trade figures for December, due on Friday. The world’s biggest copper importer is expected to have remained in disinflation in December, while trading activity- particularly its exports- are expected to have also fallen. But despite overall economic weakness, China’s copper imports remained surprisingly resilient through most of 2023. Data on Friday is expected to show whether this trend continued in December. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out! https://www.investing.com/news/commodities-news/gold-prices-steady-from-new-years-losses-inflation-data-awaited-3269942

TOKYO - The USD/JPY currency pair showcased resilience in Asian session on Wednesday, stabilizing above its three-month lows in the mid-147 range. This steadiness comes as US Treasury yields experience slight increases and the Bank of Japan's (BoJ) Deputy Governor Ryozo Himino maintains a dovish stance, emphasizing the continuation of easy monetary policies until Japan's price stability targets are achieved. The dollar's position was bolstered by a modest uptick in US Treasury yields, which often influence the currency's value. Despite this, the greenback displayed signs of weakness due to growing investor expectations of a potential Federal Reserve rate cut in early 2024. These expectations are fueled by a mix of economic reports that suggest a shifting economic landscape. Adding to the complex economic picture, Tokyo’s Core Consumer Price Index (CPI) rose by 2.3% in November. This increase has led to market speculation about a possible shift away from the BoJ's longstanding negative interest rate policy. Tuesday's trading session was marked by significant volatility for the USD/JPY pair, which dipped to a low of 146.56 but managed to recover, closing nearly flat at 147.20. The initial drop in the US dollar was triggered by lower-than-expected JOLTS Job Openings data, hinting at a cooling labor market. However, the currency found support following a robust US ISM Services PMI report, which came in at 52.7. Market participants now look ahead with keen interest to the upcoming ADP Employment Change data, seeking further evidence of labor market conditions. This data is considered a precursor to Friday's crucial Non-Farm Payroll (NFP) figures, which could provide additional insights into the health of the US economy and influence Federal Reserve policy decisions moving forward. https://www.investing.com/news/forex-news/usdjpy-stabilizes-amid-mixed-economic-signals-and-boj-policy-outlook-93CH-3250205

The cryptocurrency market is witnessing renewed interest in XRP, a digital asset that has shown a strong foundation for growth despite previous challenges. Jeremy Hogan, a well-known crypto advocate and attorney, has recently shared his optimistic outlook for XRP's future performance. Hogan has experienced a significant increase of over 60% in his XRP holdings over the years, even amidst setbacks from the Ripple Labs lawsuit and subsequent exchange delistings. Hogan's confidence in cryptocurrencies like XRP extends to his personal investment strategy. He is considering restructuring his portfolio by moving assets into an LLC-held Wyoming Trust, a move reflecting the broader sentiment of the crypto community towards the potential for substantial returns from smart investments in digital currencies. Despite facing volatility due to the SEC lawsuit which impacted XRP's credibility and led to delistings, the asset's recovery post-lawsuit suggests a robust platform for future appreciation. The crypto community remains buoyant, with analysts predicting an increase in XRP's value to $1.35. This projection is based on improving on-chain data and positive technical indicators that highlight the currency's continued resilience and potential for substantial gains. A pivotal moment for XRP came on July 13, when a court decision led to an optimistic shift in perception, resulting in an 81% rise year-to-date (YTD). This surge contributed significantly to Hogan's portfolio growth and bolstered his belief in the retirement possibilities through strategic cryptocurrency investments. With anticipation building around another bull market cycle and predictions of XRP reaching $1, Hogan and many others in the crypto space are positioning themselves to capitalize on future market movements. https://www.investing.com/news/cryptocurrency-news/xrp-shows-resilience-with-potential-growth-to-135-93CH-3238856

Copyrighted Image by: Reuters Peter Thiel's VC firm injected $200 million in bitcoin and ether before bull run According to Reuters, Peter Thiel’s Founders Fund has made a new investment in bitcoin and ether before the beginning of the ongoing crypto bull run. Amidst a resurgence of interest in the cryptocurrency sector from Silicon Valley, the venture capital firm reportedly allocated $200 million towards purchasing these cryptocurrencies in the period from late summer to early autumn of 2023. The investment was equally divided between the top two cryptocurrencies by market cap. The move, which had not been disclosed before, highlights a renewed engagement from some institutional investors in the cryptocurrency market, which faced challenges in 2022 due to the downfall of major entities like the crypto exchange FTX, leading to a decrease in valuations, damage to the sector's reputation, and increased regulatory scrutiny. Founders Fund began purchasing BTC when its price was under $30,000 and continued to buy both bitcoin and ether over the following months. The average purchase price of these cryptocurrencies could not be determined, the report adds. https://www.investing.com/news/cryptocurrency-news/peter-thiels-vc-firm-injected-200-million-in-bitcoin-and-ether-before-bull-run-432SI-3302306

Copyrighted Image by: Reuters Flare Labs has launched a private beta phase for its innovative FAssets system on the Coston testnet, marking a significant step forward in integrating XRP, BTC, and DOGE into the DeFi ecosystem. This development is a precursor to a broader public beta expected in Q1 2024, aimed at expanding user participation and dApp integration. The FAssets project allows for the minting of synthetic assets, representing non-smart contract tokens like BTC, XRP, and DOGE, on a smart contract chain. This process is designed to bring over 70% of value from the non-smart contract token space into the realm of DeFi, according to Flare Labs CEO Hugo Philion. The private beta phase focuses on critical user interactions and internal trials by Flare Labs. The upcoming beta stages will involve affiliated builders and data providers in controlled tests to assess the system's resilience. These tests will include market stress simulations to ensure robustness. The minting of FAssets is secured by collateral and is verified through a State Connector, a system that provides trustless access to external data. Liquidators and challengers play crucial roles in maintaining the collateral balance and monitoring for unauthorized mints, respectively. Once feedback from these controlled tests is incorporated, the FAssets system will move into a public beta phase, which will allow for broader user engagement and the opportunity for developers to integrate decentralized applications (dApps) with the FAssets. Looking ahead beyond the beta testing, the successful deployment of FAssets on both the Coston and Songbird networks will set the stage for a mainnet release. Users can anticipate the opportunity to benefit from a cross-chain incentive pool by earning FLR tokens. The platform is designed to enhance the utility of blockchain by providing decentralized and trustless access to external data, which is crucial for the functionality of smart contracts through the Time Series Oracle (NYSE:ORCL). The integration of FAssets into the DeFi space is a significant move towards bridging the gap between traditional cryptocurrencies and smart contract capabilities, offering a new avenue for token holders to engage with the DeFi sector. https://www.investing.com/news/cryptocurrency-news/flare-network-advances-with-fassets-testing-on-coston-testnet-93CH-3247926

Copyrighted Image by: Reuters. WASHINGTON - MicroStrategy's executive chairman, Michael Saylor, has raised alarms today about an influx of sophisticated Bitcoin scams using AI-generated deep-fake videos on YouTube. These fraudulent videos falsely portray Saylor promoting barcode scanning schemes, potentially misleading viewers and investors. The software company's team is actively combating this new wave of cybercrime, working tirelessly to identify and remove approximately 80 of these deceptive videos from the platform daily. In response to the threat, Saylor has issued a clear warning to the crypto community, advising individuals to exercise caution and verify the legitimacy of any cryptocurrency-related offers they encounter. He has reiterated that MicroStrategy does not engage in Bitcoin giveaways, a common lure used in digital currency scams. https://www.investing.com/news/cryptocurrency-news/microstrategys-michael-saylor-warns-of-aigenerated-bitcoin-scam-videos-93CH-3274094

Copyrighted Image by: Reuters WASHINGTON D.C. - In a pivotal court hearing today, Binance, the world's largest cryptocurrency exchange by trading volume, urged Judge Amy Berman Jackson to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC has accused Binance of several violations, including manipulating trading volumes, facilitating trades in what the SEC deems unregistered securities according to standards set by the Securities Act of 1933 and U.S Supreme Court precedents on investment contracts, and providing misleading information regarding its market surveillance protocols. The allegations against Binance extend beyond the current lawsuit. The SEC has also accused the exchange of not implementing sufficient measures to prevent U.S. customers from accessing its services. These charges are part of a larger set of fraud claims the regulatory body has brought against Binance. In a related case, Binance previously reached a settlement with the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC), agreeing to pay $4.3 billion for various financial misconduct offenses. Furthermore, Changpeng Zhao, the CEO of Binance, acknowledged the company's failure to comply with anti-money laundering regulations. As one of its remaining significant legal challenges in the U.S., Binance contests SEC's jurisdiction based on traditional flexible securities laws versus newer common enterprise frameworks amidst claims of market manipulation. https://www.investing.com/news/cryptocurrency-news/binance-faces-sec-lawsuit-over-alleged-trading-manipulation-93CH-3279871

Copyrighted Image by: Reuters Bitcoin (BTC) saw its value rise to a multi-month high of $31,000 over the weekend, marking its fourth visit to this price level in 2023. This surge pushed the total crypto market cap to its highest since mid-August 2023, reaching $1.19 trillion. The bullish weekly close wiped out two months of losses and propelled Bitcoin's dominance to over 52%, a level not seen since April 2021. MicroStrategy’s $4.6 billion Bitcoin investment also returned to profitability following an 11% weekly gain. Despite Bitcoin's 2% daily gain overshadowing most altcoins after the FTX collapse/bottom at 15k, several altcoins recorded substantial gains. Chainlink’s LINK led with a 17% gain breaking through the $8 resistance to reach $10.74 post-Terra/Luna collapse, while AAVE returned to 2023 resistance levels. Today, Bitcoin hit its highest level since July at $30,369, marking its fourth-largest weekly gain in 2021. However, analysts caution against potential bearish shifts despite its current trading value of $29,950. A weekly close above $31k could signal bullish dominance over volatility. Crypto analyst Ali cautioned about a head-and-shoulders pattern on Bitcoin's daily chart, an overextended outlook due to the TD Sequential indicator showing a green 9 candlestick, and an RSI of 74.21, which has triggered sharp corrections since March. Positive ETF news could catalyze a run to $40k, but in the absence of this, the bearish pattern could test the resistance zone leading to a retest of support at $28,492 or even reach a bearish target of $25k. To avoid a price correction, a daily candlestick close above $31,560 would be necessary. https://www.investing.com/news/cryptocurrency-news/bitcoin-nears-30k-but-analysts-warn-of-potential-bearish-shifts-93CH-3205282

Copyrighted Image by: Reuters. The People's Bank of China (PBOC) set the daily reference rate for the yuan at 7.1212 per dollar today, marking a decrease from the previous session's fix of 7.1254. This adjustment in the USD/CNY central rate came in lower than market analysts had anticipated, with predictions having been set around 7.1512. The PBOC's setting of the central rate is a regular mechanism intended to maintain market stability and guide the yuan's value. Today's rate suggests a slight strengthening of the yuan against the dollar, which could have various implications for trade and economic relations between China and its trading partners. In discussing market movements and projections, it is important to note that such forward-looking statements inherently contain risk and uncertainty. The article emphasizes that while market profiles are shared for informational purposes, they should not be taken as direct advice for making trading decisions. Investors are reminded of the importance of conducting their own research before engaging in any financial activities. The risks associated with investing in open markets are significant and can include total capital loss and emotional distress. The disclosure within the article also clarifies that there are no business relationships or compensation ties between the authors or publishers and any companies mentioned. Additionally, while care is taken to ensure accuracy, errors and omissions are acknowledged as possibilities in the content provided. Lastly, readers are informed that no personalized investment advice is offered through the content of this article. https://www.investing.com/news/forex-news/pboc-sets-lowerthanexpected-yuan-midpoint-against-dollar-93CH-3241885

Copyrighted Image by: Reuters Market analysts are closely monitoring the cryptocurrency market as significant options expiries loom, potentially signaling distinct trends for Bitcoin and Ethereum. Bitcoin's stability at $26,800 is under scrutiny with the impending expiry of 24,000 BTC options. These options carry a Put/Call Ratio of 1.23, a maximum loss point of $27,000, and a nominal value of $640 million. These factors suggest a potential downward trend for Bitcoin, which is currently trading at $26,770. Simultaneously, 190,000 Ethereum options are set to expire. With a Put/Call Ratio of 0.71, a maximum loss point of $1,600, and a nominal value of $290 million, these indicators may signal an upward trend for Ethereum. The put/call ratio serves as a market balance indicator predicting market trends. A ratio above 1 signifies a bearish trend while below 1 implies an upward trend. The current ratios indicate potential downward and upward shifts for Bitcoin and Ethereum respectively. With liquidity dwindling and high put positions in Bitcoin, analysts anticipate significant market activity in the coming days. As the cryptocurrency market prepares for these crucial expiries, traders will be keeping a close eye on these key indicators to gauge future trends. https://www.investing.com/news/cryptocurrency-news/bitcoin-faces-potential-bearish-trend-as-ethereum-eyes-rise-93CH-3198448