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Chinese copper giant seeks help with liquidity issues

Chinese copper giant seeks help with liquidity issues

Maike is suffering “temporary difficulties in logistics, transportation and product sales due to COVID flare-ups in China,” Mr He said by phone.

It has delayed payments on some cargoes, and some suppliers have cancelled deliveries due to concerns over the company’s liquidity, Mr He said.

The cash crunch has prompted BHP and Chile’s Codelco, the biggest global copper producer, to pause sales to Maike. BHP in Melbourne didn’t immediately respond to a request for comment. Santiago-based Codelco declined to comment.

The issues with Maike could lead to a temporary dip in imports to China, but the market should find a way to re-balance via other traders, Wood Mackenzie analyst Eleni Joannides said by email. Maike claims to import about 1 million tons a year of copper.

This instance of financial stress comes after growing caution around commodities financing in the wake of high-profile losses – especially in the nickel market – and huge price volatility fuelled by Russia’s invasion of Ukraine.

In China, several alleged scandals this year involving missing aluminum and copper ores have further reduced liquidity to the industry.

BHP halted the shipment of a 10,000-ton cargo of Chilean copper cathodes that were due for September delivery to Maike in China, according to two of the people familiar with the matter, who asked not to be identified discussing private information. Codelco has also diverted at least two cargoes and has temporarily stopped shipping to Maike, one person said.

The problems are only affecting 10,000 to 20,000 tons of refined copper, which accounts for a very small portion of the company’s supply, Maike’s chairman said.

Bloomberg


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News24.com | MONEY CLINIC | How can I take better control of my finances?

News24.com | MONEY CLINIC | How can I take better control of my finances?

Learning from other women can be a powerful tool.

Learning from other women can be a powerful tool.


In the spirit of Women’s Month in August, Tamryn Lamb, head of retail distribution at Allan Gray, shares a few lessons she has learnt over the years to help other women to take control of their finances and achieve a comfortable retirement. 

1. Take some risks

Suppose you are in the early stages of your career. In that case, you likely have at least a 30- to 40-year accumulation period ahead of you, most of which will hopefully be in some form of gainful employment – self-directed or more formal. You can afford to take on some risks (aligned with your comfort levels) and make a few mistakes. It may be the right time for an appropriate level of "good debt", for example, to get onto the property ladder. You probably don't need to worry too much about market cycles: although they may hurt while experiencing them, most (not all) wash out over 30 years.  

2. Work out early what your investing behavioural biases are

It is a good idea to identify your behavioural weaknesses. Does your stomach drop when you see a decline in your statement? Do you overestimate your ability to pick that great idea? Do you worry when your friends tell you about an idea and think you might miss out? Work out what will hold you back from making the right decisions, and then try to put mechanisms in place to "protect you from yourself".  

3. Don't succumb to inertia or the excuse of "I don't have time to sort out my admin." 

Most people in their thirties juggle a job, perhaps start a family, manage their extended family and have other broader responsibilities. There can be times when months go by, and you realise you haven't sorted out that tax-free investment for your child or upped your contribution rate. Don't succumb to that excuse. Treat each important, non-urgent decision as if you were retiring in three months, not three decades.  

4. Form professional and social networks, particularly with other women  

We all struggle to put our hands up and admit we need help. Learning from other women can be a powerful tool. This can inspire you to take ownership of your own financial plan. Instead of seeing female-led groups as just social occasions (e.g., book clubs), you could also join or start a women-only investment or savings club. Contributing to ideas in this type of forum creates a safe and fun space to gain confidence through learning from other women’s investment mistakes or successes.  

5. Think about what you would say to the next generation about money

I have had to think hard about what I want my daughters to understand about money, taking risks, the importance of savings and the beauty of compounding values over time. Admittedly the latter can be a somewhat dry subject and is harder to teach when competing with online games, friends and sports. I have tried to put decisions in their hands, rewarding them when they defer immediate consumption by doubling any value they choose to save, for example. 

We have also given them their own accounts, so they can see how the values can increase (and decrease) over time. These conversations have also been important for me as I often reflect on the lessons I wish I had learned earlier. After a few failed attempts, I was finally rewarded when my 13-year-old was given a birthday gift of R200. She looked at it solemnly for a while and then handed it to me and said: "Please can you take it to work tomorrow and make it grow!" So, if there is someone in your life, or your community, that you think can benefit from hearing about your financial journey, then consider paying it forward.    

Questions may be edited for brevity and clarity.


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New appointments to Statutory Authorities Service Commission

New appointments to Statutory Authorities Service Commission

News
First Citizens deputy CEO Sterling Frost has been appointed as deputy chairman of the Statutory Authorities Service Commission. - FILE PHOTO
First Citizens deputy CEO Sterling Frost has been appointed as deputy chairman of the Statutory Authorities Service Commission. - FILE PHOTO

FINANCE Minister Colm Imbert said Cabinet has approved the appointments new members to the board of the Statutory Authorities Service Commission (SASC).

They will serve for a period of two years, in accordance with Section 4 of the Statutory Authorities Act.

In a statement, Imbert said Cabinet approved the appointments on Thursday.

They are Dr Gloria Edwards-Joseph (chairman), Dr Sterling Frost (deputy chairman), Arlene Mc Comie (member), Judith Morrian-Webb (member) and Eric James (member).

Edwards-Joseph is a former director of personnel administration, a management consultant and a lecturer in organisational management and behaviour.

She is the holder a doctorate in business administration in public policy, a master’s in business administration in human resource management and a BSc in sociology and management studies.

Frost is a professor of practice in management studies at UWI and an international management executive. He is the holder of a doctorate and a master’s in business administration and is also currently deputy CEO of First Citizens Bank.

Mc Comie is a senior executive in human resource management and business development and a former permanent secretary.

She is the holder of an MBA in public sector management, a BBA in industrial psychology and a BSc in sociology.

Morrian-Webb is an international management professional and educator. She is the holder of an MSc in education planning and curriculum development, an MBA, and a BSc in management studies. James is a former permanent secretary. He is the holder of a master’s in economic policy and planning and a BSc in economics.

Imbert welcomed these people to their new assignment in the service of Trinidad and Tobago.

"It is expected that their instruments of appointment will be issued shortly."


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Large XRP Addresses Move More than 150 Million Coins

Large XRP Addresses Move More than 150 Million Coins

XRP witnessed a marginal price surge of 1% in the past 24 hours. In terms of weekly performance, the digital asset was down by almost 2%, compared to a dip of approximately 10% in ETH and over 5% in Bitcoin. The movement of XRP coins across the network has increased in the last few days.

According to Whale Alert, over 150 million XRP coins were moved in three separate transactions yesterday. In the first transfer, a transaction worth $13 million involving the movement of 40 million XRP was executed at 21:48 UTC.

The second major transaction involved the movement of 47 million coins from Bitstamp to an unknown wallet. The third transaction was the largest among the mentioned ones. Almost 68.7 million XRP coins were transferred from Bitso to an unknown digital wallet on 26 August. The total value of the transfer stood at $23.6 million.

In the latest digital asset weekly fund flows report, XRP-related investment products witnessed marginal inflows.

Crypto Adoption

Despite a major correction across the crypto market, the adoption of digital assets, including BTC, ETH, and XRP has increased in the past few months.

“Crypto adoption is progressing in South Africa, as the Prudential Authority of the Reserve Bank of South Africa has sent out guidelines which encourage banks not to cut all ties with cryptocurrency. Previously, unclear regulations have resulted in some South African banks cutting ties with crypto asset service providers (CASPs), but the recent guidelines suggest that cutting ties could cause greater risk in the long run. This is because it would limit the ability to deal with money laundering and could be a threat to general financial integrity,” Marcus Sotiriou, Analyst at GlobalBlock, said.

XRP’s current market cap stands at around $16.6 billion, just behind BUSD’s $19 billion market cap.

XRP witnessed a marginal price surge of 1% in the past 24 hours. In terms of weekly performance, the digital asset was down by almost 2%, compared to a dip of approximately 10% in ETH and over 5% in Bitcoin. The movement of XRP coins across the network has increased in the last few days.

According to Whale Alert, over 150 million XRP coins were moved in three separate transactions yesterday. In the first transfer, a transaction worth $13 million involving the movement of 40 million XRP was executed at 21:48 UTC.

The second major transaction involved the movement of 47 million coins from Bitstamp to an unknown wallet. The third transaction was the largest among the mentioned ones. Almost 68.7 million XRP coins were transferred from Bitso to an unknown digital wallet on 26 August. The total value of the transfer stood at $23.6 million.

In the latest digital asset weekly fund flows report, XRP-related investment products witnessed marginal inflows.

Crypto Adoption

Despite a major correction across the crypto market, the adoption of digital assets, including BTC, ETH, and XRP has increased in the past few months.

“Crypto adoption is progressing in South Africa, as the Prudential Authority of the Reserve Bank of South Africa has sent out guidelines which encourage banks not to cut all ties with cryptocurrency. Previously, unclear regulations have resulted in some South African banks cutting ties with crypto asset service providers (CASPs), but the recent guidelines suggest that cutting ties could cause greater risk in the long run. This is because it would limit the ability to deal with money laundering and could be a threat to general financial integrity,” Marcus Sotiriou, Analyst at GlobalBlock, said.

XRP’s current market cap stands at around $16.6 billion, just behind BUSD’s $19 billion market cap.


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Indian Agency Raids Crypto Exchange CoinSwitch Kuber for FX Law Violations

Indian Agency Raids Crypto Exchange CoinSwitch Kuber for FX Law Violations

Indian anti-money laundering agency, Enforcement Directorate (ED), raided the premises of CoinSwitch Kuber, one of the largest local cryptocurrency exchanges, under the suspension of forex law violations.

The agency searched five premises linked to the crypto exchange, including office facilities and residences of directors and the CEO. CoinSwitch allegedly violated the Foreign Exchange Management Act (FEMA) with the acquisition of shares of over 20 billion rupees ($250 million).

According to Bloomberg, the exchange was found to be violating certain know-your-customer (KYC ) norms.

“We are looking into multiple possible contraventions under FEMA and other entities that are connected to it,” an ED official told the crypto-focused publication, Coindesk. “Since we did not receive the desired cooperation, we have conducted searches on (residences) of directors, the CEO, and the official premises.”

A Crypto Unicorn

The popularity of CoinSwitch exploded after the Indian Supreme Court decided against a banking ban on crypto platforms. The exchange is backed by Tiger Global, Sequoia and Coinbase Ventures, and it became a unicorn startup last year after an Andreessen Horowitz-led funding round.

“We receive queries from various government agencies,” a CoinSwitch spokesperson said in a statement sent to media platforms. “Our approach has always been that of transparency. Crypto is an early-stage industry with a lot of potential, and we continuously engage with all stakeholders.”

The latest ED action against a crypto exchange is not the first in India. Earlier this month, the anti-money laundering agency froze $8.2 million worth of assets linked to WazirX, another major Indian crypto exchange, for its connection to illegal instant lending apps and raided one of its directors.

Moreover, WazirX received a notice earlier for alleged forex law violations involving digital currencies worth 27.9 billion rupees ($382 million). Furthermore, the agency took action against Vauld, a troubled Singapore-based crypto lender, and froze nearly $46 million worth of assets.

Indian anti-money laundering agency, Enforcement Directorate (ED), raided the premises of CoinSwitch Kuber, one of the largest local cryptocurrency exchanges, under the suspension of forex law violations.

The agency searched five premises linked to the crypto exchange, including office facilities and residences of directors and the CEO. CoinSwitch allegedly violated the Foreign Exchange Management Act (FEMA) with the acquisition of shares of over 20 billion rupees ($250 million).

According to Bloomberg, the exchange was found to be violating certain know-your-customer (KYC ) norms.

“We are looking into multiple possible contraventions under FEMA and other entities that are connected to it,” an ED official told the crypto-focused publication, Coindesk. “Since we did not receive the desired cooperation, we have conducted searches on (residences) of directors, the CEO, and the official premises.”

A Crypto Unicorn

The popularity of CoinSwitch exploded after the Indian Supreme Court decided against a banking ban on crypto platforms. The exchange is backed by Tiger Global, Sequoia and Coinbase Ventures, and it became a unicorn startup last year after an Andreessen Horowitz-led funding round.

“We receive queries from various government agencies,” a CoinSwitch spokesperson said in a statement sent to media platforms. “Our approach has always been that of transparency. Crypto is an early-stage industry with a lot of potential, and we continuously engage with all stakeholders.”

The latest ED action against a crypto exchange is not the first in India. Earlier this month, the anti-money laundering agency froze $8.2 million worth of assets linked to WazirX, another major Indian crypto exchange, for its connection to illegal instant lending apps and raided one of its directors.

Moreover, WazirX received a notice earlier for alleged forex law violations involving digital currencies worth 27.9 billion rupees ($382 million). Furthermore, the agency took action against Vauld, a troubled Singapore-based crypto lender, and froze nearly $46 million worth of assets.


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Infront Announces Acquisition of Assetmax

Infront Announces Acquisition of Assetmax

In an official announcement on 26 August, Infront confirmed that the company has entered into an agreement for the acquisition of Assetmax AG. Through the acquisition, Infront aims to enhance its product offering for wealth management clients across the European region.

Infront noted that the transaction is expected to be completed by the end of September 2022. The mentioned acquisition is subject to customary conditions. Infront provides key solutions to facilitate the financial services industry. The company has almost 500 employees in 11 countries across Europe.

“We are very excited to welcome Assetmax to the Infront family. We look forward to working closely with its founders and wonderful team to continue their impressive organic growth while developing best-in-class solutions for buy-side customers”, commented Zlatko Vucetic, the CEO of Infront. “The Assetmax portfolio management solution will strengthen the Infront Wealth Management suite.”

Acquisitions

The latest announcement from Infront came approximately one month after FNZ, one of the biggest names in the global wealth management industry, acquired New Access. In January 2022, the financial giant, UBS agreed to acquire Wealthfront to deliver digital wealth management offerings to millennial and Gen Z affluent investors.

Massimo Ferrari, the CEO and Co-Founder of Assetmax, believes that the acquisition will drive the growth of the European wealth management industry.

“As part of Infront’s pan-European team, we will be able to both enhance our solution for current customers and introduce the Assetmax solution to new customers. European wealth management advisors need the solutions and data that we can provide together. I’m thrilled to be joining the Infront team at this exciting time for European financial markets,” Ferrari said.

In an official announcement on 26 August, Infront confirmed that the company has entered into an agreement for the acquisition of Assetmax AG. Through the acquisition, Infront aims to enhance its product offering for wealth management clients across the European region.

Infront noted that the transaction is expected to be completed by the end of September 2022. The mentioned acquisition is subject to customary conditions. Infront provides key solutions to facilitate the financial services industry. The company has almost 500 employees in 11 countries across Europe.

“We are very excited to welcome Assetmax to the Infront family. We look forward to working closely with its founders and wonderful team to continue their impressive organic growth while developing best-in-class solutions for buy-side customers”, commented Zlatko Vucetic, the CEO of Infront. “The Assetmax portfolio management solution will strengthen the Infront Wealth Management suite.”

Acquisitions

The latest announcement from Infront came approximately one month after FNZ, one of the biggest names in the global wealth management industry, acquired New Access. In January 2022, the financial giant, UBS agreed to acquire Wealthfront to deliver digital wealth management offerings to millennial and Gen Z affluent investors.

Massimo Ferrari, the CEO and Co-Founder of Assetmax, believes that the acquisition will drive the growth of the European wealth management industry.

“As part of Infront’s pan-European team, we will be able to both enhance our solution for current customers and introduce the Assetmax solution to new customers. European wealth management advisors need the solutions and data that we can provide together. I’m thrilled to be joining the Infront team at this exciting time for European financial markets,” Ferrari said.


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Merge & Diverge: Five Tokens That Could Outperform Ethereum

Merge & Diverge: Five Tokens That Could Outperform Ethereum

Key Takeaways

  • Ethereum is scheduled to ship its landmark "Merge" event in September, which should bode well for ETH.
  • Several Ethereum-adjacent projects with smaller market capitalizations could also see the benefit and end up outpacing ETH following a successful Merge.
  • Liquid staking, NFTs, MEV, infrastructure, and Layer 2 are some of the key areas to watch closely.

If Ethereum’s “Merge” event is successful, ETH should benefit. But there are many other lesser-known projects and tokens that could outpace the second-ranked cryptocurrency once the Merge ships.  

Lido Finance and Liquid Staking Protocols

Lido Finance is one of the most well-publicized projects that could benefit from the Merge. 

Lido lets users stake their ETH with Ethereum Beacon Chain validators while still keeping their funds liquid. It does this by issuing an equal amount of stETH representing yield generating ETH Beacon Chain deposits. Through Lido, stETH holders currently make around 4% APY. 

However, after the Merge, the returns for staking ETH are set to increase significantly. The current yield consists solely of block rewards distributed by the Ethereum protocol. However, once the Ethereum network “merges” its Proof-of-Work chain with its Proof-of-Stake Beacon Chain, all transactions will be processed by staking validators. This means all priority fees currently sent to PoW miners will instead be distributed to PoS validators, increasing staking yields. 

Digital asset investor CoinShares’ base case is that ETH staking yields should at least double after the Merge while also making a more optimistic prediction of returns as high as 10 to 12%. Increased yields should result in more demand for ETH staking, ultimately benefiting Lido. 

As the only way to get exposure to Lido is through its LDO governance token, many traders have bought it as a bet on the Merge being successful. Additionally, there is speculation that a portion of the fees generated by Lido could be distributed to token holders in the future, turning LDO into an asset with a real yield. 

Of course, while Lido is the most well-known liquid staking protocol, it’s not the only one. Rocket Pool and Stakewise, two smaller but well-established protocols, also stand to benefit from the Merge for the same reasons as Lido. 

Manifold Finance

Next up is Manifold Finance, a protocol developing key post-Merge infrastructure for the Ethereum network. 

Manifold is a middleware protocol that separates block building and block validation into two distinct activities. Currently, Ethereum miners are responsible for compiling transactions into valid blocks and attempting to mine them using their hashpower. However, after the Merge, separate entities will be able to compile transactions into blocks and validate blocks, leaving space for a new “block builder” stakeholder in the Ethereum validation sub-economy. 

The protocol takes advantage of this by aggregating multiple endpoints such as Flashbots and Eden Network while maintaining direct access to individual mining pools or validator nodes. Different entities can compete to build each Ethereum block using their own maximal extractable value strategies; then, validators can choose the one they wish to validate based on whichever is the most profitable. Block builders help validators find the most optimal blocks to validate, and both parties profit from the interaction. 

Manifold earns revenue from offering its services, which gets distributed to those who stake the protocol’s FOLD token. If the Merge is successful, Manifold’s staking revenue should increase as more block builders and validators take advantage of the protocol’s tooling. 

Optimism and Layer 2 Networks

Third on the list is Optimism, an Ethereum Layer 2 network with a tradable token on the open market. 

As Layer 2 networks like Optimism rely on Ethereum mainnet for security and validation, the Merge should boost them in several ways. For example, the adoption of Proof-of-Stake should enhance mainnet security and thus Layer 2 security. Moreover, the move away from Proof-of-Work mining is expected to slash Ethereum’s energy consumption by over 99% and improve Optimism’s green credentials. 

However, a more Layer 2 specific benefit comes from a subsequent Ethereum upgrade that the Merge makes possible–EIP-4488. Currently, Layer 2 networks like Optimism “roll up” transactions into “batches,” which are sent back to Ethereum mainnet along with various calldata for validation. The 4488 proposal seeks to reduce the cost of posting this calldata on mainnet, reducing the amortized cost of transactions on Layer 2. As a result, Layer 2 transactions become even cheaper.

If the Merge is successful and EIP-4488 is implemented, gas fees on Layer 2 could decrease fivefold. This would likely make transacting on Layer 2 even more attractive, driving use and demand for Layer 2 native tokens like OP. 

It’s worth remembering that EIP-4488 won’t just reduce fees on Optimism—other Layer 2 networks such as Arbitrum, Metis, and the upcoming zkSync and StarkNet rollups will also benefit. However, as Optimism is currently the most used Layer 2 with a token (Arbitrum hasn’t yet launched one), it stands to benefit the most from a successful Ethereum Merge. 

Ethereum NFTs

The next entry on the list might seem like an outlier, but there’s a strong thesis behind it. Instead of a particular token or protocol, we’re looking at NFTs on Ethereum as an asset class that could outpace ETH in the event of a successful Merge. 

ETH could appreciate post-Merge thanks to higher staking yields and a considerable drop in issuance. When the price of ETH increases, the price of in-demand Ethereum NFTs tends to trend in the same direction. In this way, Ethereum NFTs can be viewed as a leveraged bet on ETH. 

Psychological factors likely play an important role in this market dynamic. When ETH surges, holders feel richer than they previously did. And when people feel rich, they like to spend their money (in this case, ETH) on things that show off their wealth—namely NFTs. 

Others have also observed how NFTs act as a kind of Veblen good, an asset that defies the typical laws of supply and demand and sees increased demand as its price increases. These two factors combined provide an explanation as to why Ethereum NFTs have previously outpaced spot ETH during market rallies. 

Not any and every Ethereum NFT collection will benefit from these effects, though. If you’re planning to bet on NFTs as a leveraged ETH play, it’s likely best to stick to projects with a proven track record. For avatar NFTs, established collections like Bored Ape Yacht Club or CryptoPunks are likely to be the safest options. Other NFTs that should do well include top-tier generative art from names like Tyler Hobbs and Dmitri Cherniak.

Eden Network

The final project that could end up outpacing ETH following the Merge is a little more speculative than the others, but it has strong fundamentals to back it up. Eden Network is a maximal extractable value (MEV) protection protocol with close ties to many prominent players in the Ethereum validation system. 

Currently, the protocol works with Ethereum miners to prevent its users from having their transactions front-run or sandwich attacked by those executing MEV strategies. By staking the EDEN token, users are granted higher priority for their transactions and also gain access to Eden Network’s private relayers. 

However, when Ethereum transitions to Proof-of-Stake, the core functionality that put Eden Network on the map will disappear. Fortunately, the protocol has long known this and has prepared to pivot its services for a post-Merge Ethereum. After the Merge, Eden will work with other protocols such as Manifold Finance to increase block production efficiency while ensuring its users’ transactions are safe from MEV. Additionally, Eden is building a new product to help maximize the yield users can generate from liquid staking tokens. The protocol has developed its own unique yield generation engine, which is currently deployed on Avalanche in partnership with Yield Yak and Geode Finance. 

If the Merge is successful, Eden plans to deploy its yield generation architecture on Ethereum, working with popular liquid staking platforms such as Lido and Rocket Pool to maximize returns for end users. While these developments won’t affect Eden’s tokenomics structure, they could potentially increase the protocol’s usage. Like Lido, if a strong narrative can form around Eden Network, its token will likely act as a proxy bet for the protocol and should see an increase in value. 

Disclosure: At the time of writing this feature, the author owned ETH, FOLD, and several other cryptocurrencies.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Will Ethereum Be Vulnerable to Censorship After the Merge?

With the upgrade to Proof-of-Stake rapidly approaching, the Ethereum community is debating whether the recent sanctions against Tornado Cash may end up endangering the blockchain itself. Merge Hype Overshadowed by...

Will Ethereum Be Vulnerable to Censorship After the Merge?

Coinbase Will Pause ETH Deposits and Withdrawals During Ethereum Merge

Coinbase has announced it will temporarily pause ETH and ERC-20 token deposits and withdrawals during the Merge upgrade. While customers will be able to use the platform’s trading services during...

Coinbase Will Pause ETH Deposits and Withdrawals During Ethereum Merge

Ethereum Merge Scheduled to Launch in September

Ethereum completed its final Merge testnet earlier today.  Ethereum Merge Weeks Away  The most anticipated crypto event of the year has a tentative launch date.  On a Consensus Layer Call...

Ethereum Merge Scheduled to Launch in September


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Ethereum’s Confirmations, Not-Really Comebacks, Losing Attackers and 20 Crypto Jokes

Ethereum’s Confirmations, Not-Really Comebacks, Losing Attackers and 20 Crypto Jokes

The bear market must go on. This week we learned that bitcoin miners sold 660% more bitcoin in Q2 compared with Q1, while decentralized finance broad total value locked experienced a decline. Ethereum will be 55% complete post-merge, according to Vitalik Buterin, while the first stage of the ETH merge has been confirmed.  

Even so, the crypto market appeared to be making a steady comeback ahead of a key US Jackson hole meeting, as experts have begun to anticipate bitcoin’s price comeback to the USD 65,000 level. although Glassnode found that the bitcoin price uptrend failed to attract new active users. Nevertheless, non-fungible token markets followed with a relief rally, too. Meanwhile, Rainbow Bridge has successfully survived another hack attempt by making the attacker lose 5 ETH.

On the national level of news, we witnessed Ukraine blocking a Russian-connected wallet ahead of its independence day celebration, a Japanese mayor visiting Ripple’s headquarters, and Indian investors expressing a desire to invest more into crypto in the next six months. That said, Brazil’s Senate started looking for blockchain and crypto asset experts, and an Argentinian president hopeful and bitcoin advocate was caught shilling a crypto scam project.

Now here’s a ‘too long, didn’t read’ summary of the above via the universal language of memes. Enjoy!

__________

So, what have you done this summer?

__

He was called the supreme leader of finance.

__

This is fine.

__

It’s a bitcoin eat bitcoin world. 

__

Nothing to see here.

__

You guys still have fiat for buying the dip?

__

When you are your own best counter-indicator.

__

In it for the tech, obviously.

__

I don’t think there’s a way back, Mr Frodo.

__

You what?

__

Ah yes, classic bear market.

__

Welcome!

__

Crypto needs more regulation!

__

Crypto is for everyone. This is not financial advice.

__

Casual business.

__

When moon?

__

Hello?

__

That's the spirit!

__

The key difference is being active on crypto TikTok.

__

Enjoy your weekend!


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France vows to ‘contain’ soaring electricity costs

France vows to ‘contain’ soaring electricity costs


Updated 53 minutes ago · Published on 27 Aug 2022 11:10PM ·

European electricity prices soar to new records this week, presaging a bitter winter as Russia’s invasion of Ukraine inflicts economic pain across the continent. – AFP pic, August 27, 2022.

FRANCE’s finance minister pledged today to keep electricity costs in check for consumers as European energy prices soar.

The Paris government has put in place an energy price cap to shield households until December 31 and Bruno Le Maire said that next year, expected hikes would be “contained increases”.


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