El Salvador’s president, Nayib Bukele, declared on his Twitter account that his country will not sell the alleged reserves of bitcoin it owns, even though its value has exceeded $60,000.

In his words: “We will not sell, of course, in the end 1 BTC = 1 BTC (this was true when the market price was low and it is true now)”.

In addition, Bukele has criticized the alleged media silence about the increase in the value of bitcoin in recent days. According to him, when the market price of bitcoin was low, literally thousands of articles were written about the alleged losses of his country.

However, now that the price is so high, the authors of those op-ed articles, analysts, pundits and journalists are completely silent.

Bukele also pointed out that if they sold, they would make a profit of more than 40 % (only for purchases in the market), and their main source of BTC is now their citizenship program.

Since last January 23, when it fell to $38,500, the price of the cryptocurrency has revalued by 56.97 %.

K. Tovar

Source: Bancaynegocios

(Reference image: @PaoMarrohs, X)

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La entrada El Salvador will not sell its bitcoin reserves apareció primero en Bitfinance.

Commercial oil reserves in the United States experienced an unusual increase of 1.3 million barrels over the past week, altering market projections. As reported by the U.S. Energy Information Agency (EIA) last Wednesday, this change defies common trends for this winter season.

Contrary to expectations, which anticipated a decrease of around 150,000 barrels for the week ending January 5 – according to data collected by Bloomberg – this increase took industry analysts by surprise.

This news had a significant impact on crude oil prices. Prior to the release of the report, the West Texas Intermediate (WTI) for delivery in February registered an increase of up to 1.86%. However, following the disclosure, prices started to fall and were close to equilibrium. (-0.01 %) at $72.23 per barrel at 16:15 GMT.

The increase in reserves is mainly attributed to a fall in exports, which fell by 37% in one week. On the other hand, imports also showed a moderation, decreasing by 9 %.

In addition, there was a decrease in the activity of the refineries, with a utilization rate of 92.9%, compared to 93.5% recorded the previous week.

As for petrol reserves, they also experienced an increase, increasing by 8 million barrels. This increase follows a notable increase of 10.9 million barrels recorded a week earlier.

In the context of several winter storms that hit the United States, causing significant temperature drops in various areas, distilled products saw an increase in demand of 29%. Within this category, include fuel for domestic heating and propane gas used in stoves, which experienced an increase of 17%. Meanwhile, production remained stable at 13.2 million barrels per day.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash+)

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La entrada The U.S. had a surge in its oil reserves apareció primero en Bitfinance.

On October 4, the various dollar quotes that coexist in Argentina reached historical records. In particular, the parallel or “blue” dollar, which savers turn to due to restrictions on acquiring foreign currency in the official market, reached 840 pesos per unit just over two weeks before the presidential elections.

The Argentine Central Bank faces low reserves, the depreciation of the peso due to accelerated local issuance and uncertainty about a possible government led by the libertarian Javier Milei, who advocates the dollarization of the economy. These factors have significantly impacted the currency market, which anticipates a marked devaluation.

Economist Gustavo Ber noted in his Ber Study report: “Concerns about reserves are increasing among operators, since incentives for the supply of foreign currency are failing to cover the growing needs for intervention in financial dollars.”

In this context, the “counted with settlement” dollar (CCL), which involves buying local assets in Argentine pesos and selling them in dollars on Wall Street, experienced an increase of 8 %, reaching 904.99 pesos per unit.

For its part, the “Electronic Payment Market” dollar or “stock exchange dollar” (MEP), obtained through the purchase of assets acquired in pesos and their subsequent sale in dollars in the Argentine stock market, rose 3.8 % to 747 .68 pesos per unit.

K. Tovar

Source: Bancaynegocios

(Reference image source: Colin Watts, Unsplash)

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La entrada Dollar in Argentina continues to rise apareció primero en Bitfinance.

Tether Holdings Limited released its assurance report for the first quarter of 2023, reaffirming the accuracy of Tether’s Consolidated Reserves Report (CRR). The CRR introduces additional categories to increase transparency in information about Tether reserves, breaking down assets such as physical gold, overnight repos, corporate bonds, and Bitcoin ownership.

During the first quarter of 2023, Tether experienced a significant increase in its excess reserves, reaching an all-time high of $2.44 billion, strengthening customer confidence and generating optimism for the future. In addition, Tether posted a net profit of $1.48 billion and a 20 % increase in the number of tokens in circulation.

With consolidated total assets of $81.8 billion, the majority of Tether’s reserves are invested in US Treasury Bills. The company has also taken steps to reduce its reliance on traditional bank deposits and has opted for the Repo market to ensure additional levels of protection and liquidity.

The asset’s reserves remain highly liquid, with approximately 85 % of investments held in cash, cash equivalents and other short-term deposits. The report highlights a 25 % reduction in collateralized loans and an increase in asset allocation in US Treasury Bills.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash)

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La entrada Tether has a reserve surplus of $2.44 billion apareció primero en Bitfinance.

Joe Biden, president of the United States, issued instructions to release 50 million barrels of oil from the country’s reserves, with the purpose of mitigating the increase in fuel prices.

Biden is working in coordination with a group of highly oil consuming countries such as China, India, Japan, the United Kingdom and the Republic of Korea, which require a lot of energy for the economies of their countries to operate.

The joint initiative was conceived and presented by the US and its intention is to bring oil prices down “mechanically“. US stocks are the world’s largest emergency supply and the release will begin around mid-December.

Oil prices intervention

According to the statements issued by a senior representative of the executive “it is possible that new interventions will be produced to stabilize the market, in response to a pandemic unique in the century.”

Joe Biden is willing to take other actions and exercise all his authority to maintain the adequate supply of oil so that the country functions properly in the midst of the pandemic, in addition to leading and managing measures with the other leaders and heads of countries that also register very high energy consumption levels.

On the other hand, some consumers consider that the drop in the price of oil, 10 % in recent days, has not had a direct impact on the cost of gasoline, which continues to increase for end consumers.

M. Rodríguez

Source: bancaynegocios

La entrada The US will release 50 million barrels of oil apareció primero en Bitfinance.

Coinbase President and Chief Operating Officer Emilie Choi reported that the reserves that support the USD Coin (USDC) stablecoin will be fully secured in cash and US government treasury bonds.

This was established by the CENTER consortium, in collaboration with Coinbase and the financial services company, blockchain Circle, responsible for issuing the USD Coin, who declared that “it will soon be held entirely in cash and US Treasury bonds of short duration.”

Choi used her Twitter account to report the reasons for the policy change, which is a consequence of “a backlash against USDC reserves that expanded beyond cash, cash equivalents and bonds from the US Treasury.”

She also indicated that they had not been able to report the changes originated in the cryptocurrency reserves and that “exacerbated public concern regarding the support of the stablecoin.” They admitted the mistake in not updating the information on the website in July when the Circle company first included a more diversified investment group.

The Coinbase president noted that the policy change will take effect from September, highlighting that the next two certification reports will continue to publish a “diversified portfolio for stable token reserves.”

For the month of May, the USDC certification report showed that the currency was backed 61 % by “cash and cash equivalents and 12 % by US Treasury bonds.”

M. Rodríguez

Source: ezanime.net

La entrada USDC to consolidate capital in cash and Treasury bonds apareció primero en Bitfinance.