Chevron posts $51 billion in revenue in third quarter, stock surges high

Posted on November 1, 2024 by Olumide Adesina

Chevron returned a record amount of cash to shareholders after exceeding third-quarter revenue and earnings projections. The energy firm’s third-quarter 2023 net income of $6.53 billion, or $3.48 per share, was 31% more than its current net income of $4.49 billion, or $2.48 per share.

The company posted earnings of $2.51 per share, exceeding Wall Street’s quarterly projections.

Chevron reported $50.67 billion in sales, 6% less than the $54.1 billion it recorded in the third quarter of last year but still exceeded street estimates.
The oil company distributed a record $7.7 billion to shareholders during the quarter, which included $2.9 billion in dividends and $4.7 billion in share buybacks. The company’s stock was up over 4% in early trading.

The American oil firm produced 3.36 million oil-equivalent barrels daily during the quarter, a 7% increase over the third quarter of 2023, driven by record output in the Permian Basin.

However, the oil major’s quarterly earnings decreased dramatically from the same quarter in 2023 due to lower prices, reduced refined product sales margins, and the absence of favorable tax periods.

The Oil Major is trying to streamline its holdings as asset deals in Canada, the Congo, and Alaska are expected to finish in the fourth quarter of 2024. The company also intends to reduce expenses by $2–3 billion from 2024 to the end of 2026.

At $6.53 billion, or $3.48 per share, Chevron’s third-quarter 2023 net income was 31% more than its present net income of $4.49 billion, or $2.48 per share. After excluding foreign exchange effects, the company reported earnings of $2.51 per share, much higher than Wall Street’s quarterly forecasts.

UBS builds investment fund on Ethereum

Posted on November 1, 2024 by Olumide Adesina

UBS Asset Management has introduced the first tokenized investment vehicle based on Ethereum. The fund, called “UBS USD Money Market Investment Fund Token,” or “uMINT,” is built on Ethereum for certain authorized distribution partners in Singapore.

Tokenization is converting traditional assets, like stocks or bonds, into digital tokens that can be managed on a blockchain, the decentralized technology that underpins cryptocurrencies like Bitcoin.

These digital tokens facilitate the buying, selling, and holding portions of traditional financial instruments by representing a portion of the asset.
UBS intends to capitalize on the rising demand for tokenization by leveraging its international resources and regulatory alliances. Investors who purchase tokens in the uMINT fund will have access to institutional-level money market assets in a cautious, risk-managed setting.

In the past, UBS has actively participated in the public Ethereum network using permission-required tokens. However, Ethereum technology is also available in private settings. Since UBS uses both as part of UBS Tokenize, we have requested clarification even though the fund most likely uses public blockchain.

According to Thomas Kaegi, co-head of UBS Asset Management APAC, “We have seen growing investor appetite for tokenized financial assets across asset classes.” “We can now offer clients a cutting-edge solution by utilizing our global capabilities and working with peers and regulators.”

The crypto investor class is currently the primary focus of tokenized money market funds like BUIDL, Franklin Templeton’s FOBXX, and soon uMINT. The funds offer a secure location for cash parking and revenue generation.

21Shares files for spot XRP ETF approval

Posted on November 1, 2024 by Olumide Adesina

21Shares submitted a request for authorization to establish an exchange-traded fund that deals in spot XRP (ETF) to the US Securities and Exchange Commission.
The Ohio-based asset management firm submitted a Form S-1 to the SEC to issue and sell shares of the Core XRP Trust on the Cboe BZX Exchange. Investors have the “opportunity to indirectly access the market,” but are not exposed to XRP directly

The SEC has not responded to managers applying for a spot XRP amid the ongoing case against Ripple Labs, although spot Bitcoin ETFs were approved in 2024. In the judgment of the civil suit, which is now being appealed by the SEC with a cross-appeal from Ripple, a federal judge held that the XRP token was not a security regarding programmatic sales on exchanges.

If approval is granted, Coinbase Custody Trust Company will serve as custodian of the investment vehicle’s XRP. Bitwise and other asset management companies had registered their applications for their XRP ETFs.

Sources report that the SEC’s approval of spot bitcoin ETFs in January led several asset management companies to explore bitcoin or other cryptocurrency-related investment options. Therefore, it comes as little surprise that Canary Capital, VanEck, and 21Shares have all filed for the ability to offer a spot Solana ETF and trade shares of it. Further, Canary has also put forward a L

Trump and Harris Have Common Ground on Crypto

Posted on November 1, 2024 by Timothy St. John

The two major presidential candidates- Donald Trump and Kamala Harris both agree on one issue- and that is cryptocurrency and their support for it.

The two candidates are obviously very different when it comes to their stance and their party’s stance on a number of issues, but cryptocurrency seems to be common ground for them right now.

The very vocal jabs they have made toward one another do not seem to include any comments on cryptocurrency, which has now received bipartisan support. But the question remains how these two candidates will deal with the issue once one of them is in power.

Donald Trump has made a number of statements and even promises regarding cryptocurrency. In fact, one of the biggest thrusts of his campaign lately has been the launch of the World Liberty Financial platform, which has a proprietary stablecoin.

Trump has drastically changed his views on crypto since his early days in politics, when he said it looks like a scam. He now has made claims to make the United States the global cryptocurrency capital. He has also said he will change the framework for crypto law so that this emerging technology can grow more freely.

Kamala Harris has recently chimed in on the issue, talking about supporting a framework of crypto legislation that helps decentralized finance. She has not been nearly as vocal as Trump in her support of cryptocurrency, bit she did say that she wants to make the business environment safer surrounding cryptocurrency, particularly in improving things for investors and for the technology.

What to Expect

Trump has flip-flopped on this issue, but he now seems to be fully behind crypto. Harris is part of a political party that has been notoriously restrictive in their views of crypto and has been slow to allow the crypto market to grow naturally. It may simply be a sign of changing times that both candidates are throwing support behind decentralized finance. If that is the case, then we should expect either candidate to be proactive in helping the crypto market be safer and more open.

However, there is a risk that either candidate will backtrack and change their mind about crypto, and that does worry investors. Because crypto is a new topic for presidential candidates to tackle, we are entering unknown territory, and analysts of the political and financial varieties both are not sure what to expect.

All signs point to cryptocurrency being widely supported right now, though, and investors can definitely take hope in that. But like we said, this issue may fade into the background once the election is over and more pressing matters are brought to the attention of the new President.

New Bitcoin Price Prediction after Drop Below $70K

Posted on November 1, 2024 by Timothy St. John

Bitcoin (BTC) slipped as it headed toward a new high and is now at $69,558 (BTC/USD). The coin had climbed as high as $71,462 on Friday before the plummet.

What does this mean for Bitcoin, and can it regain its momentum to a record high? There are a few factors to consider as we try to answer those questions. Primary, we are considering the coin’s recent performance, as it has hovered around $72K for the past few days, and it does not look like a fluke. It appears that Bitcoin has established a new support level that is higher than previously.

Today’s sub-$70K level should not alarm investors much. This is an opportunity for them to buy in on Bitcoin even more and take advantage of the dip. Even those who are buying in at this level (which is more elevated than it has been in recent months) should still see a good return on their investment.

We estimate that Bitcoin will reach a record high very soon. While we thought it would come in the first couple days of November, that may not happen now. Today’s setback may keep the coin from reaching the new milestone for a bit longer.

What Will Push Bitcoin to a Record High?

We could see some upward momentum for the token before the day is over. There are several economic reports due later today for the US sector. These include unemployment claims, personal income, personal spending, and more. These October reports are likely to be mixed, since the US economy is not looking rosy across the board, but there may be enough positive takeaways to make Bitcoin soar.

We also expect Bitcoin to recover a nice boost whenever the next interest rate cut drops. The Fed should announce that cut soon, and the cut could easily come next week. That would be after the October economic reports have come in and been processed and analyzed. Those will help the Fed decide on when the rate cut should happen and how much it will be.

Bitcoin is also gaining a lot of traction from the election, with both major parties talking about crypto and how they will support it and keep legislation moving in such a way as to protect crypto growth. What investors should be worried about there, though, is that after the election is settled, crypto may no longer be an important talking point and may not take priority for a while.

Bitcoin could definitely reach $80K by the end of 2024, but a few of these factors will have to work in its favor for that to happen.

Breaking News: U.S. Non-Farm Payrolls Fall Short with Only 12,000 Jobs Added in October

Posted on November 1, 2024 by Arslan Butt

The latest US Non-Farm Payrolls (NFP) report is a doozy. The economy added only 12,000 jobs in October, way below the 106,000 expected and 223,000 in September. This is a big slowdown in hiring and will no doubt raise concerns about the US labor market heading into the holidays.

And to add to the surprise, Average Hourly Earnings rose 0.4% which was above the 0.3% expected. So while job creation has stalled, employers are still competing for talent by paying up.

The Unemployment Rate was unchanged at 4.1% as expected but the lack of job growth will have the Fed wondering if their strategy to tame inflation without hurting the economy is sustainable.

This will send shockwaves through the markets. The US Dollar is already selling and equity markets will be volatile as investors process the slowdown in the labor market. This NFP miss will also complicate the Fed’s decision making as they balance economic stability with inflation control.

Analysts are now saying this could prompt the Fed to pause rate hikes sooner than expected if further data shows a slowing economy. But the higher than expected wage growth will keep inflation concerns alive so they are in a tough spot.

Key Highlights:

Jobs Added: Only 12,000 in October, sharply missing the 106,000 forecast.
Average Hourly Earnings: Up 0.4%, indicating wage pressures remain.
Unemployment Rate: Steady at 4.1%, in line with expectations.

Now the wait is on for the Fed and the data. For now the NFP numbers are a cloud over the economy and investors should get ready for some market volatility.

Breaking News: U.S. Non-Farm Payrolls Fall Short with Only 12,000 Jobs Added in October

Posted on November 1, 2024 by Arslan Butt

Continue reading “Breaking News: U.S. Non-Farm Payrolls Fall Short with Only 12,000 Jobs Added in October” →

Mt. Gox Moves 500 BTC Worth $35M Amid Ongoing Repayment Delays

Posted on November 1, 2024 by Arslan Butt

Mt. Gox moved 500 BTC (worth $35.04m) from its cold wallet to unknown addresses on November 1. The transfer was detected by Arkham Intelligence at 00:42 UTC and the wallet address started with “12cTj”. No updates on creditor compensation have been made by the Mt. Gox Rehabilitation Trustee since.

Mt. Gox cold wallet still has 44,900 BTC (worth $3.11b) and after this transfer two more transactions were made, 31.78 BTC and 468.24 BTC. This is the first big movement from Mt. Gox wallets in the last month and it’s raising concerns about market impact from future large liquidations.

Continue reading “Mt. Gox Moves 500 BTC Worth $35M Amid Ongoing Repayment Delays” →

XRP Update: Garlinghouse’s Optimism on ETF Approval and Potential Breakout at $0.50

Posted on November 1, 2024 by Sophia Cruz

XRP continues to gain traction in the cryptocurrency market as CEO Brad Garlinghouse shows confidence about the possible approval of a cryptocurrency exchange-traded fund (ETF). Given this mood and a solid hold at the $0.50 mark, many investors are unsure if a breakout is on the horizon.

XRP Update: Garlinghouse’s Optimism on ETF Approval and Potential Breakout at $0.50

CEO Garlinghouse on ETF Approval Timeline

Garlinghouse recently stated that it was optimistic about the clearance timeline for ETFs, especially given the growing interest from institutional investors. Regulatory agencies are now in a better position to take these investment vehicles more seriously as a result of the increasing acceptance of digital assets in traditional finance. According to Garlinghouse’s remarks, a positive ETF decision might have a big impact on XRP’s price and market dynamics, which would increase investor confidence.

Strong Support at $0.50

Bulls in XRP are currently holding firm at the $0.50 mark, which has emerged as a crucial psychological hurdle for the coin. According to analysts, if this support is maintained, there may be a breakout, which would allow for additional gains. Because of buying pressure, the $0.50 level has held up well, indicating that traders are still hopeful about XRP’s possible price rises.

Many are constantly monitoring the market dynamics for indications of increasing momentum. Large gains may be possible if XRP can successfully break through the $0.50 barrier, as traders try to take advantage of the bullish momentum.

Future Outlook for XRP

For XRP investors, the combination of the present market positioning at the $0.50 level and Garlinghouse’s optimistic assessment of ETF certification creates an exciting future. Potential regulatory developments and growing institutional interest might pave the way for notable price fluctuations in the upcoming weeks.

In conclusion, XRP continues to attract attention as the cryptocurrency scene evolves. Investors are in a position to take advantage of chances in this dynamic market as significant developments, such as the likely approval of ETFs and a breakout over important resistance levels, are imminent.

Asian Markets Brace for Mixed Opening Amid Bank of Japan Decision and China’s Factory Data

Posted on November 1, 2024 by Sophia Cruz

In today’s trading, Asian markets fell as investors await important economic data from China and Japan. China’s most recent industrial activity data is also being watched to determine economic momentum in the area’s largest economy, and the Bank of Japan (BOJ) is scheduled to issue an interest rate decision that could have a big impact on market sentiment throughout the region.

Asian Markets Brace for Mixed Opening Amid Bank of Japan Decision and China’s Factory Data

Japan’s Nikkei 225 index declined by 0.5% following the BOJ’s decision, closing at 39,081.25 and breaking a three-day winning streak. The broader Topix index also ended three consecutive days of gains, slipping 0.3% to finish at 2,695.51.

South Korea’s Kospi led losses in Asia, falling 1.45% to 2,556.15, marking its lowest close since September 11. However, the small-cap-focused Kosdaq rose by 0.66%, ending the day at 743.06. Meanwhile, Hong Kong’s Hang Seng index edged up by 0.13% in its final hour of trading, and mainland China’s CSI 300 index closed slightly above flat at 3,891.03.

The Bank of Japan’s upcoming meeting has investors across Asia on high alert. While Japan has maintained ultra-low interest rates for an extended period, speculation is rising about a potential shift in policy to combat persistent inflation. A tightening of Japan’s monetary policy could bolster the yen but might increase market volatility, affecting not just Japanese equities but broader Asian markets that often respond to BOJ decisions.

China’s economic health remains in the spotlight, with factory activity data expected to shed light on its post-pandemic recovery pace. While recent months have shown mixed indicators, any sign of recovery in factory output could provide a boost to investor confidence across Asia. On the other hand, weaker-than-expected data might reinforce concerns of an economic slowdown in China, which could ripple across the region’s markets, particularly those reliant on Chinese trade.

Adding to the pressures, the ongoing U.S. bond market rout has put downward pressure on Asian equities. Rising U.S. Treasury yields have encouraged investors to seek safer assets, which could lead to capital outflows from Asian markets. The extended rally in U.S. bonds has resulted in a higher cost of borrowing, which often dampens investment in emerging markets.