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Cryptoverse: Ether snaps at bitcoin’s heels in race for crypto crown


Sept 13 (Reuters) – For years, ether could barely dream of challenging its big brother bitcoin. Now, its ambitions may be becoming more realistic.

The second-biggest cryptocurrency is taking market share from bitcoin ahead of an all-important “Merge” software upgrade that could sharply reduce the energy usage of its Ethereum blockchain, should the developers pull it off in coming days.

Bitcoin’s dominance, or its share of the crypto market’s market value, has slipped to 39.1% from this year’s peak of 47.5% in mid-June, according to data platform CoinMarketCap. Ether, on the other hand, has climbed to 20.5% from 16%.

Full coverage: REUTERS

From Block To Blue Ticks: How China Became Big Business For Twitter

SINGAPORE/BEIJING, Sept 13 (Reuters) – Even as China bars 1.4 billion citizens from Twitter, its local authorities are splurging on global advertising on the site, helping make the country the platform’s fastest-growing overseas ad market and one of its largest non-U.S. revenue sources.

A Reuters review of publicly available government tenders, budget documents and promoted tweets from 2020 to 2022 shows local authorities and Chinese Communist Party propaganda offices for cities, provinces and even districts across the country have flocked to Twitter (TWTR.N) to buy ads.

Full coverage: REUTERS

Oil Prices Rise On Concerns Over Tight Supplies

SINGAPORE, Sept 13 (Reuters) – Oil prices rose in volatile trade on Tuesday as worries about tight fuel supplies ahead of winter offset investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in U.S. and European interest rates.

Brent crude had risen 50 cents, or 0.5%, to $94.50 a barrel by 0644 GMT, while WTI crude increased by 52 cents, or 0.6%, to $88.30 a barrel. Both contracts fell by more than $1 earlier in the session.

Full coverage: REUTERS

Stocks Extend Winning Run On Optimism Inflation Peaking

SINGAPORE, Sept 13 (Reuters) – Asian stocks advanced on Tuesday and the dollar steadied below a recent peak ahead of U.S. inflation data that some strategists said could offer another signal that inflation has peaked.

S&P 500 futures and Nasdaq futures held firm, while European stock futures dipped, setting the stage for a subdued start for European markets.

MSCI’s broadest index of Asia-Pacific shares ex-Japan (.MIAPJ0000PUS) rose 0.8%, led by a 2.6% jump for South Korea’s KOSPI (.KS11). Japan’s Nikkei (.N225) put on 0.2%.

Full coverage: REUTERS

Morning Bid: Inflated Hopes?

A look at the day ahead in European and global markets from Tom Westbrook

Traders in Asia hit pause on four days of selling dollars and buying stocks as focus turns on U.S. inflation figures set for release at 1230 GMT. Today’s data will frame the Fed’s policy meeting next week and set the tone for weeks to come.

British employment and a potentially ugly German sentiment survey are due ahead of the U.S. data, but are likely to be overshadowed.

Full coverage: REUTERS

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Industry Dynamics

Russia Halts Dollar, Euro Trades Amid New U.S. Sanctions

Following new U.S. sanctions, Russia has ceased trading in dollars and euros on its primary financial marketplace, the Moscow Exchange.  

2024-6-14 | Industry Dynamics

Weekly Economic Calendar for June 17th to 21st 2024

Weekly Economic Calendar For June 17th, 2024 – June 21st, 2024

2024-6-14 | Industry Dynamics

Fed Signals One Rate Cut This Year Amid Inflation 

Federal Reserve officials have scheduled just one interest rate cut for this year, responding cautiously even as recent inflation data showed improvement. The Federal Reserve maintains its benchmark rate at a steady 5.25% to 5.5%, aligning with expectations. Projections indicate that 15 of 19 officials anticipate reducing rates this year, likely by a single cut. 

2024-6-13 | Industry Dynamics