Author: Steven Sahiounie

Binance has moved a large stash of Bitcoin between its crypto wallets over the weekend as the platform halted BTC withdrawals citing network congestion. According to an analysis of on-chain data by CryptoQuant’s Head of Research Julio Moreno, Binance moved about $4.4 billion worth of BTC across its digital-asset wallets on Sunday in two tranches of 117,000 and 40,000 coins. “In reality, these are bitcoin sent to newly created change addresses that belong to Binance,” Moreno noted.  Addressing the move, Binance said in an early Monday tweet that Bitcoin was moved “between Binance hot and cold wallets due to the…

With the recent dip in Bitcoin prices, there are concerns among investors about a further downtrend. The popular cryptocurrency saw a nearly 3% drop, leading some to believe that the market is entering a bearish phase.  This latest development has left many wondering about the future of Bitcoin and whether it can recover from this setback. In this update, we’ll take a closer look at the recent dip in Bitcoin prices and provide insights into what it could mean for the cryptocurrency market as a whole. Binance Suspends Bitcoin Withdrawals for Second Time in 12 Hours Binance has once again temporarily stopped allowing…

When the US Federal Reserve embarked on an aggressive campaign to quash inflation last year, it did so with the goal of avoiding a painful repeat of the 1970s, when inflation spun out of control and economic malaise set in. Inflation has been sliding, indicating that after 10 consecutive interest rate hikes, the central bank is experiencing some success. But Gary Richardson, a Federal Reserve historian, is worried policymakers — now contemplating taking a breather — still risk repeating mistakes from that era. “The more times you pause [rate hikes], the longer the problem is going to go on,” he told…

Aluminum producer Alcoa’s shares jumped 2.3% Monday during premarket trading after JPMorgan initiated coverage with an overweight rating. The firm’s price target of $54 implies shares rallying more than 49% from Friday’s close.  “Our view rests on a positive aluminum price outlook, given supply constraints and the commodity’s strong secular growth trends, which can help fund shareholder returns and future growth initiatives,” analyst Bill Peterson wrote in a Monday note. ” This article was originally published by CNBC.

Zscaler rallied nearly 20% after the cloud security company issued strong preliminary earnings and forward guidance. The company reported preliminary third-quarter revenue between $415 million and $419 million, ahead of its prior expectation of between $396 million and $398 million. That’s also above the consensus estimate of $397.4 million from analysts polled by FactSet. Preliminary non-GAAP operating income was also stronger than anticipated, with the company setting a range of $60 million and $64 million. That topped Zscaler’s prior guidance of between $55 million and $56 million, as well as the FactSet analyst forecast of $55.6 million. Billings came in…

The Dow Jones Industrial Average rose slightly Monday as regional banks try to regain their footing to start the week. The 30-stock Dow climbed 60 points, or 0.2%. The S&P 500 gained 0.1%. The Nasdaq Composite fell slightly. Regional bank stocks rose broadly, with the SPDR S&P Regional Banking ETF (KRE) climbing 2.2%. Shares of PacWest outperformed, surging 28%, after the bank cut its dividend. Big banks Citigroup, Wells Fargo, JPMorgan Chase and Morgan Stanley also rose. Investors are debating if the banking crisis has finally abated, according to Oanda senior market analyst Edward Moya. “It looks like Wall Street…

Bitcoin fell to start the week, extending losses from a sharp drop over the weekend following reports by one of the biggest crypto exchanges in the world about “congestion” on the Bitcoin network. The price of bitcoin was lower by about 3.5% at $27,946.39, according to Coin Metrics. It has fallen more than 5% since Saturday. Ether fell more than 2% Monday to $1,861.40. “Reports of a large bitcoin outflow and withdrawals being paused at a major exchange could be factoring into some of the weakness we’re seeing. Ultimately however, there haven’t been any major developments as far as price action goes, with bitcoin…

Rome has announced a six-month state of emergency as it grapples with a migration crisis Rome has called for a “clearer” explanation after French Interior Minister Gerald Darmanin said last week that Italian Prime Minister Giorgia Meloni had been “lying” about her government’s capacity to handle mass migration. “Clearer words are needed,” Italian Foreign Minister Antonio Tajani told RAI broadcaster on Sunday. “I hope that the French government changes its position and that an apology comes that represents a contrast to the position adopted by the interior minister.” He added that if such comments come, he would be “happy to accept them.” The political fracas between the two…

The recent slide in oil prices is starting to bottom out, according to analysts who predict that a more significant pickup in the coming quarters is in the cards. Oil prices saw their third consecutive weekly decline last week, marking the longest losing run this year. However, that may soon come to pass, according to some market watchers. “Now it definitely feels like they’re at the bottom — there are multiple signs of that,” said Citi’s Global Head of Commodities Research Ed Morse. “Inventories built a lot during the first and second months of the year, and then they’ve come…

Chinese Foreign Minister Qin Gang calls on the US to follow a “calm, professional, and pragmatic manner” to bring back Sino-US relations on the right track after “undermining” China’s sovereignty. According to the Chinese state councilor and foreign minister, Qin Gang, the US is to blame for “undermining” the Sino-US relations as he called on Washington to “push” them “back on track.” During a meeting in Beijing with the US ambassador to China, Qin relayed that bilateral ties with Washington are of “great significance” not only to both nations, “but also to the world,” adding that he sees it “necessary to prevent…