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15 03, 2024

The Market News Today: Fed Under Pressure Amid Inflation Spike

By |2024-03-15T11:18:34+02:00March 15, 2024|Forex News|0 Comments


Grantham Predicts AI Bubble Burst on Wall Street Amid Tech Rally

Investment guru Jeremy Grantham, known for anticipating major market shifts, has labeled the current artificial intelligence surge in the stock market as a bubble set to deflate. Despite recent record highs, driven by giants like Nvidia, Grantham remains skeptical about the long-term stability of this tech-led rally. He warns of an impending economic downturn and advises investors to focus on quality stocks with solid fundamentals, particularly in sectors like energy and metals, due to their finite and appreciating nature. (CNN)

Tesla’s Future Uncertain as Stock Plummets Amidst Growth and Safety Concerns

Elon Musk’s Tesla, once a vanguard in electric vehicle manufacturing and a member of the elite “Magnificent Seven” tech giants, is now facing its toughest times. The company’s stock has tumbled nearly 32% this year, making it the worst performer in the S&P 500. Plagued by safety issues, recalls, and slowing growth, Tesla is struggling amidst increased competition and a saturated market.

Analysts from Wells Fargo and UBS paint a grim picture, predicting stagnant growth, further price cuts, and a continued decline in stock value. Tesla’s once-promising trend of rapid expansion is now overshadowed by mounting challenges and a significant drop in its stock price from its 2021 peak. (CNN)

Biden Opposes US Steel Sale to Nippon Steel, Emphasizing National Ownership

President Joe Biden has voiced strong opposition to the proposed sale of US Steel to Japan’s Nippon Steel, underscoring the importance of keeping the iconic American company domestically owned and operated. This marks the Biden administration’s most direct intervention against the controversial deal, citing national security and economic concerns. Biden’s stance reflects a commitment to American steel workers and industry, amidst growing scrutiny of foreign investments and their impact on national security and the U.S. job market. (CNN)



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15 03, 2024

Bitcoin Price Touches Historic Highs Above $73K, Capital Expected to Flow to Altcoins as DeFi Project Algotech Reaches 5,000 Holders

By |2024-03-15T11:10:34+02:00March 15, 2024|Forex News|0 Comments


Bitcoin Price Touches Historic Highs Above K, Capital Expected to Flow to Altcoins as DeFi Project Algotech Reaches 5,000 Holders

Bitcoin has gathered all the attention in the cryptocurrency market as it has surpassed its breaking records. Its price soars above $73K, setting a new historic high. As Bitcoin has significantly gone up, an emerging DeFi project has marked a significant milestone by reaching 5000 unique holders.

The new presale coin is clearly on an upward trajectory because of its advanced features and cutting-edge technology. Let’s explore the impact of these developments on the cryptocurrency market.

Bitcoin Soars Above $73K – Setting a New High Record

Bitcoin’s growth is making waves as it has surpassed $73,000, showing the coin’s record-breaking bullish movement. This price hike has been fueled by the approval of spot bitcoin exchange-traded funds (ETF). After this historic high, the number of potentially interested investors increased rapidly with the skyrocketing demand for the coin.

Particularly in South Korea high crypto trading volumes have been witnessed, surpassing its stock market’s records. The crypto landscape is facing volatility overall, keeping in mind the past fluctuations of Bitcoin, investors are still cautious about their choices but Bitcoin has solidified its position as a significantly leading coin with a market cap exceeding $1.5 trillion.

Bitcoin continues to stand its position as the leading coin amongst other cryptocurrencies, with an impressive trading volume of $55,862,469,076, showing active investor movement in the market. According to CoinMarketCap, at the time of writing it has a ranking at #1.

The leading cryptocurrency’s enduring appeal among investors and intrinsic value soars as it maintains a circulating supply of 19,652,056 BTC coins, with the maximum supply capped at 21,000,000 coins.

This outstanding performance underscores the BTC coin’s significance as the leading player in the cryptocurrency world. Moreover, it has set a new benchmark for market dynamics and price action in the crypto industry.

Algotech Reaches 5,000 Unique Holders in Record-Breaking Presale

DeFi platform Algotech (ALGT) turned heads with its record-breaking presale. The emerging algorithmic trading platform has reached 5000 unique holders and managed to sell over 50 million tokens within a few days.

Algotech (ALGT) is a trading platform that uses AI and machine learning to provide traders with advanced insights. Algotech (ALGT) is gaining interest among traders due to its cutting-edge technology, advanced algorithm, and features like mean reversion, breakout detection, and high-volume arbitrage.

Community members of the project will have governance rights and profit shares. This means that they’ll be able to vote on proposals and get a share of the project’s profits. The ERC-20 token will also have social trading features.

Investors are showing deep interest in getting the ALGT token at the current price of $0.06, which will soon be raised to $0.08 in the next stage. Once the project is listed on major exchanges, the leading analysts think the ALGT token price will hit $1.

Learn more:

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15 03, 2024

Bitcoin (BTC) Experiences Pre-Halving Supply Shock: Details

By |2024-03-15T10:32:07+02:00March 15, 2024|Forex News|0 Comments


Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A notable development has occurred in the Bitcoin (BTC) ecosystem, potentially signaling a significant shift in the asset’s availability and market perception. Nic Puckrin, the renowned CEO of Coin Bureau, recently highlighted a phenomenon on the Bitcoin market that could indicate an early supply shock, previously anticipated to occur post-halving.

Puckrin’s observations, shared on X (formerly Twitter), point out a substantial accumulation of Bitcoin by spot Exchange Traded Funds (ETFs) in the United States, which has surpassed the rate at which new coins are being mined. According to the data he shared, there has been a cumulative net inflow of approximately 180,000 BTC into U.S. spot Bitcoin ETFs, a figure significantly higher than the 55,000 BTC that was mined during the same period.

Bitcoin price impact

This discrepancy underscores a tightening of the available Bitcoin supply on the market, leading to what is commonly referred to as a “supply shock.” The attached chart clearly shows the growing gap between the inflows to ETFs and the amount of Bitcoin mined since the beginning of January 2024.

This trend is particularly noteworthy as it occurs before Bitcoin’s next halving event, a periodic occurrence that reduces the reward for mining new blocks by half, effectively diminishing the rate at which new coins are created. Historically, halving events have been associated with increased price volatility and market anticipation.

These developments indicate robust market sentiment toward Bitcoin, as the increasing involvement of institutional investors through products like ETFs has significantly influenced BTC’s supply and demand dynamics. Furthermore, the upcoming halving event is likely to accentuate this supply shock, potentially impacting Bitcoin’s price further.

As of the latest update, Bitcoin’s price stands at $73,238, exhibiting a marginal decrease of 0.03% over the last 24 hours. However, this slight decline is contrasted by a robust growth of 45.97% over the last month, reinforcing the asset’s volatile nature and its susceptibility to market dynamics such as supply and demand shifts.



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15 03, 2024

Yen traders take on a better safe than sorry approach

By |2024-03-15T09:46:23+02:00March 15, 2024|Forex News|0 Comments


At each and every point last year when yen bulls were anticipating a policy shift by the BOJ, they wound up getting scorched. Evidently, the burn scars are still seemingly painful as even with a positive nod on the spring wage negotiations outcome and more hawkish reports from local media, the yen is unable to get moving.

In fact, it is now trading lower on the day than before we got the bunch of headlines in the past hour:

USD/JPY 1-minute chart

If anything else, that shows how much of an impact the more cautious remarks from BOJ governor Ueda has had during the week. He gave no hints whatsoever of an imminent change to policy and that is enough to get traders to play things on the safe side.

It’s a case of being better safe than sorry, at the risk of being burned one last time by the BOJ. That does say something considering that 10-year JGB yields are at the highest since December last year at 0.785%.



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15 03, 2024

NAV Disrupts DeFi Landscape with Comprehensive Structured Investment Products Suite

By |2024-03-15T09:38:42+02:00March 15, 2024|Forex News|0 Comments


[PRESS RELEASE – Road Town, BVI, March 15th, 2024]

Quantitative hedge fund offers diverse range of SIPs catering to various investor preferences

NAV, a leading quantitative hedge fund, is making waves in the DeFi space with its extensive suite of Structured Investment Products (SIPs). These cutting-edge investment vehicles are designed to cater to a wide range of investor preferences, offering unique opportunities for enhanced returns and risk management within the decentralized finance ecosystem.

At the forefront of NAV’s offerings is the Eigen Layer SIP, a groundbreaking product that combines multiple liquid staking derivatives and concentrated liquidity pairing to maximize yield potential. This SIP leverages advanced strategies to optimize returns while mitigating risks, providing investors with a sophisticated way to navigate the complex DeFi landscape.

In addition to the Eigen Layer SIP, NAV boasts a diverse range of investment products tailored to specific market segments and investor needs. NAV offers an innovative Funding Arbitrage SIP, a product designed to capitalize on funding rate discrepancies across various DeFi platforms. This SIP employs advanced algorithms to identify and exploit these discrepancies, generating attractive returns for investors while maintaining a market-neutral position.

“Our mission at NAV is to democratize access to advanced investment strategies and provide investors with a comprehensive suite of products to meet their diverse needs,” said Jordi D, founder and CEO of NAV. “By offering a wide range of Structured Investment Products, we enable investors to explore the full potential of DeFi while benefiting from our expertise in quantitative analysis and risk management.”

NAV’s commitment to innovation is matched by its dedication to regulatory compliance. As a British Virgin Islands (BVI) regulated entity, NAV operates within a robust legal framework, adhering to stringent standards of transparency, accountability, and investor protection. This regulated environment sets NAV apart in the DeFi space, providing investors with the confidence and security they need to navigate the rapidly evolving world of decentralized finance.

The team behind NAV consists of seasoned professionals from both traditional finance and blockchain technology, bringing a wealth of experience and expertise to the development and management of the platform’s SIPs. With a proven track record of success in the DeFi space, NAV is well-positioned to continue innovating and delivering value to its investors.

“The DeFi landscape is constantly evolving, and at NAV, we are committed to staying at the forefront of this revolution,” said Digits, Head of Product at NAV. “Our suite of Structured Investment Products is designed to adapt to the changing market dynamics, ensuring that our investors always have access to the most promising opportunities in the space.”

To explore NAV’s comprehensive suite of Structured Investment Products and learn how they can help you achieve your DeFi investment goals, visit: https://www.nav.finance.

About NAV:

NAV is a pioneering quantitative hedge fund that combines a diverse range of Structured Investment Products (SIPs) with a strong commitment to regulatory compliance. By leveraging advanced quantitative strategies and a deep understanding of the DeFi ecosystem, NAV offers investors unique opportunities to enhance their returns and manage risk in the decentralized finance space. With a team of experienced professionals from traditional finance and blockchain technology, NAV is at the forefront of driving innovation and shaping the future of DeFi investing.

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15 03, 2024

EUR/USD continues to decline | 15 March 2024

By |2024-03-15T09:00:24+02:00March 15, 2024|Forex News|0 Comments


Events to pay attention to today:

17:00 EET. USD – Michigan Consumer Sentiment

EURUSD:

The EUR/USD pair continued its downtrend for the second day in a row, hitting a weekly low of 1.0870 during Friday’s Asian session. The EUR/USD’s decline can be explained by the strengthening of the US Dollar, which was fuelled by the release of US Producer Price Index (PPI) data, which pointed to continued inflationary pressures in the economy.

The core US Producer Price Index (PPI) rose 2.0% year-on-year in February, beating expectations of 1.9%. On a monthly basis, the report showed an increase of 0.3% from the previous reading of 0.5%, beating expectations of 0.2%.

In February, the US Producer Price Index (y/y) rose 1.6%, beating both expectations of 1.1% and the previous reading of 1.0%. At the same time, the Producer Price Index (m/m) rose 0.6%, beating market expectations and the previous reading of 0.3%.

This data complicates the timeline for a rate cut by the Federal Reserve. According to the CME FedWatch tool, the probability of a rate cut in March is 1.0%, falling to 7.7% in May. The odds of a rate cut in June and July are comparatively lower at 59.0% and 79.4% respectively.

The euro is facing fresh headwinds from the dovish stance of European Central Bank (ECB) policymakers. Francois Villeroy de Gallo, one of the ECB’s policymakers, said on Wednesday that a rate cut in the spring remains likely. Also on Thursday, ECB Governing Council member Yannis Stournaras argued in favour of an early rate cut.

Friday will see the release of the preliminary Michigan Consumer Sentiment data. Traders will be focusing on this data ahead of next week’s FOMC meeting.

Trade recommendation: Trade mainly with Sell orders from the current price level

EUR/USD continues to decline

Origin: FreshForex

 



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15 03, 2024

Asia FX falls, dollar at over 1-week high as hot inflation feeds Fed jitters By Investing.com

By |2024-03-15T08:14:29+02:00March 15, 2024|Forex News|0 Comments


© Reuters.

Investing.com– Most Asian currencies fell on Friday, while the dollar hit an over one-week high as hotter-than-expected U.S. inflation data ramped up fears of any hawkish signals from a Federal Reserve meeting next week.

Markets were also antsy before central bank meetings in Japan and Australia next week, which are expected to potentially offer more hawkish signals to currency markets.

Dollar at over 1-week high as sticky inflation puts Fed in focus

The and rose 0.1% each in Asian trade, sitting comfortably above the 103 level after data read stronger-than-expected for February.

The reading came on the heels of stronger-than-expected data released earlier this week, which also showed inflation moving further away from the Federal Reserve’s 2% annual target. 

The higher inflation readings came just before a next week, where the central bank is widely expected to keep interest rates unchanged. 

But the Fed could now potentially offer up a more hawkish stance on rates, given that it has repeatedly signaled that any rate cuts in 2024 will be largely dictated by the path of inflation. 

Traders were seen trimming their expectations for an interest rate cut in June and pushing up expectations for a hold, according to the tool.

The prospect of higher-for-longer interest rates weighed on broader Asian currencies.

Yen steadies with BOJ pivot in focus 

The moved little on Friday and was set to lose 0.8% this week amid growing speculation over an upcoming next week.

The central bank is widely expected to end its negative interest rate and yield curve control policies in the coming months, with analysts split over a decision being made in March or April. 

The BOJ could potentially hike interest rates for the first time in nearly 17 years next week, especially as Japanese inflation remained sticky in February, while recent negotiations over Japanese wages pointed to bumper increases in 2024. Both factors are key considerations for the BOJ in tightening policy.

Among other Asian units, the fell 0.2%, with the largely expected to maintain its hawkish tilt next week.

The fell 0.1% as the People’s Bank of China left its medium-term lending rates unchanged, heralding no changes to its next week. But weak data pointed to continued pressure on the Chinese economy.

The slid 0.5%, facing pressure from a stronger U.S. dollar, while the fell 0.1%. 

The nursed steep losses from Thursday, and was trading at 82.9 to the dollar in morning trade. 

 



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15 03, 2024

Bitcoin (BTC) News Today: US Inflation Hits BTC-spot ETFs, Sending BTC to Sub-$70,000

By |2024-03-15T07:28:15+02:00March 15, 2024|Forex News|0 Comments


According to BitMEX Research, the BTC-spot ETF market saw total net inflows of $683.7 million on March 13. Total net inflows were below the record high of $1,045.1 million on March 12. A jump in net outflows from Grayscale Bitcoin Trust (GBTC) and a pullback in iShares Bitcoin Trust (IBIT) net inflows impacted the headline number.

GBTC saw net outflows of $276.5 million, up from $79.0 million. IBIT saw net inflows fall from $849.0 million to $586.5 million.

IBIT held the number one spot by net inflows on Mar 12, while Fidelity Wise Origin Bitcoin Fund (FBTC) retook the second spot. FBTC saw net inflows climb from $51.6 million (Mar 12) to $281.5 million (Mar 13).

However, US economic indicators from Thursday could impact BTC-spot ETF market flows.

US Producer Prices Reduce Bets on an H1 2024 Fed Rate Cut

US producer prices increased by 1.6% year-on-year in February, according to figures on Thursday. In January, producer prices were up 1.0%. Economists forecast a 1.1% increase in producer prices.

The hotter-than-expected numbers reduced bets on an H1 2024 Fed rate cut, sending US Treasury yields higher. Reducing bets on a Fed rate cut put pressure on riskier assets. BTC fell to a Thursday session low of $68,554 before retaking the $71,000 handle.



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15 03, 2024

Asia Market News: China Data and the PBoC Sink the Hang Seng and ASX 200

By |2024-03-15T06:41:24+02:00March 15, 2024|Forex News|0 Comments


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15 03, 2024

Thetanuts To Launch LRT Strategy Vault With Pendle’s PT-eETH

By |2024-03-15T06:36:53+02:00March 15, 2024|Forex News|0 Comments


Thetanuts Finance, a prominent decentralized on-chain options protocol, announced a groundbreaking development, as it unveils integration with Pendle Finance’s $PT-eETH offering to create a Leveraged LRT Strategy Vault on the Ethereum Mainnet.

This development marks Thetanuts Finance’ initial foray into the burgeoning realm of restaking and Liquid Restaking Tokens (LRTs) within DeFi. LRTs have become a powerful force, amassing over $10 billion in Total Value Locked (TVL).

Unlocking Additional Yield from Staked ETH

Restaking allows DeFi users to leverage their staked ETH for securing other networks and earning extra yield beyond the Ethereum Mainnet. Pioneered by EigenLayer, it offers users the flexibility to restake directly through their native dApp or via a liquid restaking protocol like EtherFi. By using liquid restaking protocols, users can generate LRTs (Liquid Staking Tokens) that can be further leveraged to earn additional yield elsewhere.

Currently, EtherFi is the leading LRT with a TVL exceeding $2.5 billion. It allows users to deposit various ETH variants (ETH, stETH, bETH, cbETH) to mint their eETH LRT. Holding eETH grants users increased rewards through EigenLayer points and protocol points like EtherFi Loyalty Points. Additionally, innovative third-party LRTs like Pendle Finance offer further yield opportunities by splitting eETH into $PT-eETH and $YT-eETH.

$PT-eETH: Fixed Yield for Staked ETH

$PT-eETH offers a fixed ~20% APY in exchange for forgoing eETH yields and points. $PT-eETH holders can redeem them for eETH at a 1:1 ratio upon maturity.

$YT-eETH, on the other hand, provides leveraged exposure to eETH yields and points streamed perpetually until maturity, at which point the token becomes worthless. Currently, $YT-eETH holders can accrue significantly multiplied EtherFi and EigenLayer points.

While Pendle Finance offers the highest fixed yield for ETH through $PT-eETH with guaranteed returns, Thetanuts Finance’s Leveraged LRT Strategy Vault unlocks even higher potential yields. Thetanuts integrates $PT-eETH to launch a unique vault on the Ethereum Mainnet.

$PT-eETH: Fixed Yield for Staked ETH

$PT-eETH holders traditionally had to wait for their tokens to mature on a specific date (June 27th in this case) to realize any gains. Thetanuts’ vault offers an alternative by allowing $PT-eETH holders to earn additional yield through option premiums and rewards while they wait.

Thetanuts’ mechanism involves “Zapping” $PT-eETH tokens into their v3 Lending Market, borrowing ETH, and depositing that ETH into their ETH Call Basic Vault to generate additional option premiums. However, this strategy introduces short volatility risk.

Thetanuts Unlocks Staked ETH Potential

Thetanuts’ Leveraged LRT Vaults empower $PT-eETH holders to utilize a previously locked asset. They can now generate additional yield through five channels: EigenLayer Points, EtherFi Loyalty Points, Pendle’s $PT-eETH Fixed Yield, Thetanuts’ ETH-C Basic Vault Option Premiums, and future $NUTS rewards (Thetanuts’ governance token).

Industry-First Innovation with Potential Risks

Thetanuts Finance is proud to introduce this industry-first solution with its innovative Leveraged LRT Strategy Vaults. This launch marks the first time an options market has created a new yield-generating tool for LRT-related staking products. Due to this novelty, high demand is anticipated for this new product, especially considering the current circulation of 150,000 $PT-eETH (worth approximately $577 million).

Thetanuts plans to initially launch the vault on the Ethereum Mainnet with future expansion to integrate other LRT protocols, enabling a similar strategy with a broader range of LRT collateral assets. 

It’s important to remember that, like all DeFi investments, $PT-eETH short-call vaults involve inherent risks. Depositors take on short volatility risk, which could lead to their deposits becoming worthless in case of a significant eETH or $PT-eETH market collapse.

Also Read: Swell Taps Polygon’s AggLayer for Crypto Restaking Solution



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