According to blockchain analytics, the Ethereum Name Service (ENS) domain “vitalik.eth” has engaged in a transaction of $100,000 worth of ether, converting it into an equal amount of stablecoins on the Base blockchain. The address, purportedly belonging to Ethereum’s co-founder Vitalik Buterin, currently possesses 955.58 ether, estimated at $3.64 million. ‘Vitalik.eth’ Wallet Makes Strategic $100K […]
Source link
As we approach the end of 2023, an interesting shift in trading patterns has been identified in the Bitcoin market.
Most of the year saw BTC-USD traded on Coinbase at a premium compared to BTC-USDT on Binance. However, this tendency has recently taken an unexpected turn, with Bitcoin on Coinbase now trading at one of the most significant discounts of the year, comparable to August, and falling roughly $50 behind the BTC-USDT price on Binance.
This movement suggests a potential decrease in interest among US investors in buying Bitcoin on Coinbase compared to the preceding months. The timing of this shift, coinciding with the week before the holiday period, hints at a possible correlation. Investors may be starting to wind down their portfolios or de-risk, as evidenced by the observed decline in open interest on the CME Bitcoin futures front.
The post Coinbase Bitcoin trades lag behind Binance, signaling cooling US interest appeared first on CryptoSlate.
U.S. stocks opened higher on Thursday following another blockbuster earnings report from chip maker Nvidia, but the market’s gains were fading as Nvidia and other megacap technology stocks’ premarket rally faded.
On Wednesday, the Dow Jones Industrial Average rose 184 points, or 0.54%, to 34473, the S&P 500 increased 48 points, or 1.1%, to 4436, and the Nasdaq Composite gained 215 points, or 1.59%, to 13721.
Well-received earnings from AI chipmaker Nvidia
NVDA
helped boost broader markets on Thursday, even as the chipmaker’s double-digit percentage gain from afterhours trading has faded. Shares of the chipmaking giant, which has seen its valuation roughly triple in 2023, were up 2.5% just before 10 a.m. Eastern Time.
The chipmaking giant which has been perhaps the biggest beneficiary of this year’s AI boom reported a 141% surge in data-center sales and record earnings, while also delivering third-quarter revenue guidance of $15.68 billion to $16.32 billion, surpassing Wall Street’s expectations.
Ivana Delevska, founder and CIO of Spear Invest, said Nvidia’s success would likely help boost the broader technology space over time.
“Basically, semiconductors in general are considered to be early cycle. So they are leading indicators for the rest of the technology space,” Delevska said during a phone interview with MarketWatch. “There’s an entire ecosystem of companies around them, whether it’s providing cyber security, data management, data streaming.”
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, agreed: “Nvidia smashing the forecast ceiling has also lifted the mood elsewhere.”
Shares of Palantir Technologies
PLTR,
Advanced Micro Devices
AMD
and OpenAI investor Microsoft
MSFT
all traded higher after the open, although like Nvidia they were off their premarket highs.
However, other members of the so-called “Magnificent Seven” were giving up most or all of their premarket gains, with Amazon.com Inc.
AMZN,
Tesla Inc.
TSLA
and Apple Inc.
AAPL
trading in the red Thursday morning.
Shares of Google parent Alphabet Inc.
GOOGL
GOOG,
another major AI player with its Bard chatbot, were up a modest 0.4% on both its Class A and Class C shares.
A drop in Treasury yields from Wednesday was also helping to boost stocks. The benchmark 10-year U.S. Treasury yield, which earlier this week hit a near 16-year peak of 4.36%, had pulled back to 4.204% after the U.S. market opened on Thursday. Investors blamed Wednesday’s survey data showing a drop in activity in Europe and the U.S. for the decline in yields as investors sought out the perceived safety of bonds.
“The rally in U.S. stocks and the retreat of Treasury yields followed underwhelming economic reports as the market fell back into the ‘bad news is a good’ mode,” said Stephen Innes, managing partner at SPI Asset Management.
“But encouragingly for equity investors, the weaker U.S. data lends more weight to the argument for the Federal Reserve to pause its interest rate hikes,” Innes added.
Speaking of the Fed, traders are awaiting a speech from Fed Chair Jerome Powell on Friday at the Kansas City Fed’s Jackson Hole Economic Symposium. The event begins Thursday.
See: Will Powell crush stocks again during Friday’s Jackson Hole speech? Here’s one reason investors shouldn’t worry.
Investors also received another batch of U.S. economic data Thursday, including weekly jobless benefit claims numbers. Data showed the number of Americans who applied for unemployment benefits last week fell by 10,000 to a three-week low of 230,000, offering further evidence that the labor market remains rock solid.
Data on durable-goods orders for long-lasting goods rose in July for the third month in row if recent ups and downs at Boeing are set aside. Orders increased 0.5% in July if transportation, autos and planes, are excluded.
Bitcoin (BTC) is trading at a slight discount on Binance.US following the exchange’s announcement of its banking partners’ decision to halt USD payment channels on June 13, amidst ongoing regulatory troubles, according to Kaiko data.
Kaiko stated that BTC traded at a premium on Binance.US between June 6 and June 8 when rumors surfaced that it was processing faster BTC withdrawals. However, the premium trades soon gave way for discount trades after the exchange said it was transitioning to a crypto-only platform due to its regulatory woes.
Data from CryptoCompare further corroborate Kaiko’s report. According to the data aggregator, the flagship digital asset was trading at $26,649 on Binance US as of press time. This is slightly lower than what it sells on rival platforms like Bitfinex, Bitstamp, Coinbase, and Kraken, where it is exchanging hands for over $26,670.
This slight discount also exists on other digital assets like Ethereum, Solana, and Cardano, according to CryptoCompare data.
Earlier today, Binance US said it would suspend USD deposits and recurring buy orders, urging its clients to withdraw their dollars using bank transfers. Additionally, it will start delisting USD trading pairs next week.
The decision is coming amid the recent regulatory troubles facing the firm and its parent company, Binance.
On June 5, the U.S. Securities and Exchange Commission (SEC) sued Binance, claiming it acted as an unregistered exchange, dealer, and broker. The regulator further claimed that the exchange offered crypto securities tokens like BNB coin (BNB) and the Binance USD (BUSD) stablecoin to Americans – a charge Binance disputed.
Since then, the regulator has moved to freeze Binance’s U.S. assets and summoned Changpeng “CZ” Zhao to appear in a D.C. court. Additionally, U.S. lawmakers urged the Department of Justice to investigate statements previously made by the exchange.
Despite these challenges, Binance.US has assured its users that their funds are safe and that the exchange will continue to operate normally.
The post Bitcoin trades at slight discount on Binance.US as banking partners cut ties appeared first on CryptoSlate.