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  • Sep 05, 2024

OPEC+ Pauses Oil Supply Hike in Effort to Reverse Price Slump

(Bloomberg) -- OPEC+ postponed its oil supply hike by two months, but the move wasn’t enough to roll back steep losses in crude prices amid fears about fragile demand. Most Read from BloombergThe Outsized Cost of Expanding US RoadsHow Air Conditioning Took Over the American OfficeMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatWorld's Second-Tallest Tower Tests Malaysia's Appetite for More SkyscrapersKey coalition members won’t

  • Sep 05, 2024

Big Market and Crypto News: U.S. Stocks Drop, DeFi at Risk, Ripple’s Stablecoin Launch and More

In this weeks top financial and crypto news, U.S. stocks plunged, with tech and semiconductor sectors leading the decline, while Bitcoin ETFs saw their largest outflows since May. Meanwhile, the FBI warns of North Korean hackers targeting Bitcoin ETFs. Uniswap Labs was fined for offering illegal crypto derivatives trading, and Ripple's CEO announced their stablecoin is close to launch.

  • Sep 05, 2024

Mexico Central Banker Heath Says Food Volatility Clouds Inflation Outlook

(Bloomberg) -- Mexican central bank Deputy Governor Jonathan Heath said it’s uncertain how soon food price pressures will cool and bring policymakers relief on non-core inflation as they mull new interest rate cuts.Most Read from BloombergThe Outsized Cost of Expanding US RoadsHow Air Conditioning Took Over the American OfficeMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatWorld's Second-Tallest Tower Tests Malaysia's Appetite

  • Sep 05, 2024

Ethereum Plunges to 2024 Low and Bitcoin Sinks as Liquidations Hit $272 Million

Ethereum has hit its lowest price in 2024 after sinking nearly 8% over a 24-hour period, according to CoinGecko. The second-biggest coin dipped Friday to $2,193—a level not seen since last year. Over the past week, the asset has fallen by 13%—worse than most of the biggest coins and tokens. The price of Bitcoin also fell precipitously to $52,690, recovering somewhat to $53,516 after dropping 5% in the past day. The asset has also struggled as investors fast cash out of the newly-approved spot Bi...

  • Sep 05, 2024

Crypto Derivatives Signal ‘Greater Downside’ for Bitcoin and Ethereum: Report

New data from the cryptocurrency derivatives market suggests a growing bearish sentiment among traders, with options activity indicating expectations of further price declines for major digital assets like Bitcoin (BTC) and Ethereum (ETH).  A new report from crypto exchange Bybit, developed in collaboration with analytics and research platform Block Scholes, highlights a marked increase in implied volatility levels across various expiration dates for both Bitcoin and Ethereum options.  This surg...

  • Sep 05, 2024

VanEck Will Shutter Ethereum Futures ETF as Spot Funds Struggle

Investment firm VanEck announced Friday that it will close and liquidate its Ethereum futures ETF (EFUT), a decision that comes against a backdrop of significant outflows from spot Ethereum ETFs just weeks after they began trading in the United States. This move reflects broader challenges facing the Ethereum ETF market, which has collectively seen a cumulative net outflow of $562.3 million, according to data from SoSo Value. There’s been only one day of positive flows since September 15, with o...

  • Sep 05, 2024

Ripple Labs Co-Founder Chris Larsen Backs Kamala Harris

Former Ripple Labs CEO Chris Larsen has formally backed Kamala Harris ahead of the 2024 presidential race, as part of a coalition of business executives endorsing the vice president. The co-founder joined 88 other executives, including 21st Century Fox CEO James Murdoch and Snap chairman Michael Lynton, in the joint letter, reported by CNBC. Larsen co-founded Ripple in 2012 under the name OpenCoin, and stepped down as Ripple CEO in December 2016, retaining the role of executive chairman. He was...

  • Sep 05, 2024

Ethereum ETF Demand Might Look Weak But Bitcoin Comparison Isn't Fair: JP Morgan

Spot Ethereum ETFs have gotten off to a rocky start, but drawing direct comparisons to Bitcoin’s much-hyped Wall Street debut isn’t all helpful, according to JP Morgan analysts. After launching July 23, nine investment vehicles for crypto’s second largest coin weathered $476 million in cumulative net outflows through August. Meanwhile, the asset’s price dropped 30% from around $3,400 to $2,400, crashing to its lowest price since February. Compared to January’s launch of spot Bitcoin ETFs, the di...

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