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KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are listed in big exchanges @BitrueOfficial and @Bitmartexchange
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchange , next listing is Hotcoin Global.
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads,They Launched their own NFT MARKETPLACE
With World Famous MUSIC ARTISTS
On the Occasion of their NFT platform they 2nd time burned 10% of their supply
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
This is something that we've been waiting for.
Wait for more announcement coming in, should be epic in upcoming months
JOIN
@KunciGlobalOfficial
Contract address
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
#DYOR
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchange , next listing is Hotcoin Global.
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads,They Launched their own NFT MARKETPLACE
With World Famous MUSIC ARTISTS
On the Occasion of their NFT platform they 2nd time burned 10% of their supply
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
This is something that we've been waiting for.
Wait for more announcement coming in, should be epic in upcoming months
JOIN
@KunciGlobalOfficial
Contract address
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
#DYOR
Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method
Real estate investments are booming in Spain and Europe, as investors are exiting riskier investment avenues in favor of safer options. According to sources from the real estate world, the interest in these instruments has grown 400% since November, with people purchasing homes without even having set foot in them. Some are even using crypto as a payment method.
The real estate market has been growing since last year in Spain and Europe, due to the rising inflation costs and war, which has changed the predictions some had about an economic recovery. According to numbers from Europa Press, the interest in the real estate market has increased by 400% since November, with many investors running toward buying properties without even having seen them.
Some investors have even taken funds from other investments considered riskier, like stocks and cryptocurrencies, to take refuge in the properties market. Rebeca Pérez, founder and CEO of Inviertis, a company that allows users to invest in rented properties in Spain, gave its take on what is happening in the real estate market. She stated:
Investors are withdrawing everything they had on the stock market and are investing in real estate to preserve their assets, a situation that has worsened since the Russian military invasion of Ukraine.
Pérez believes that crypto and stock investors value real estate properties as a more stable investment that offers less fluctuation than stock or crypto markets, and also gives them the opportunity of getting in and out of the market easily due to the high demand.
This high interest has also driven some crypto investors to purchase properties directly with cryptocurrencies, not having to exchange them for fiat money using banks. This can be pretty attractive to some investors, according to Perez. She explained:
You turn a risky investment into a conservative one and, if you were lucky enough to enter the crypto world in 2012, for example, you can buy a house for 200 euros back then.
However, there are still hurdles that need to be simplified when doing this kind of transaction with cryptocurrencies. These include the calculation of the taxes associated with the purchase and setting the price in bitcoin or another cryptocurrency due to their volatility.
These operations are much more common in Latam, where several properties have already been sold for crypto, and there is a more general acceptance of the assets as payment methods.
Real estate investments are booming in Spain and Europe, as investors are exiting riskier investment avenues in favor of safer options. According to sources from the real estate world, the interest in these instruments has grown 400% since November, with people purchasing homes without even having set foot in them. Some are even using crypto as a payment method.
The real estate market has been growing since last year in Spain and Europe, due to the rising inflation costs and war, which has changed the predictions some had about an economic recovery. According to numbers from Europa Press, the interest in the real estate market has increased by 400% since November, with many investors running toward buying properties without even having seen them.
Some investors have even taken funds from other investments considered riskier, like stocks and cryptocurrencies, to take refuge in the properties market. Rebeca Pérez, founder and CEO of Inviertis, a company that allows users to invest in rented properties in Spain, gave its take on what is happening in the real estate market. She stated:
Investors are withdrawing everything they had on the stock market and are investing in real estate to preserve their assets, a situation that has worsened since the Russian military invasion of Ukraine.
Pérez believes that crypto and stock investors value real estate properties as a more stable investment that offers less fluctuation than stock or crypto markets, and also gives them the opportunity of getting in and out of the market easily due to the high demand.
This high interest has also driven some crypto investors to purchase properties directly with cryptocurrencies, not having to exchange them for fiat money using banks. This can be pretty attractive to some investors, according to Perez. She explained:
You turn a risky investment into a conservative one and, if you were lucky enough to enter the crypto world in 2012, for example, you can buy a house for 200 euros back then.
However, there are still hurdles that need to be simplified when doing this kind of transaction with cryptocurrencies. These include the calculation of the taxes associated with the purchase and setting the price in bitcoin or another cryptocurrency due to their volatility.
These operations are much more common in Latam, where several properties have already been sold for crypto, and there is a more general acceptance of the assets as payment methods.
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Report: South African University to Issue Blockchain-Based Certificates to Graduating Students
A South African university has said starting this year it will issue blockchain-based certificates to students graduating from the learning institution. University administrators argued that a blockchain-based certification system will help prevent fraud and end the production of fake documents.
A South African learning institution, the University of Johannesburg (UJ), has said it will issue blockchain-based certificates to its graduates starting this year, a report has said. According to the report, each qualification document issued by the university will have a QR code which will be used to verify its authenticity.
As explained in the Mybroadband report, the university is adopting the blockchain-based certification system as part of an attempt to prevent fraud and the counterfeiting of UJ-issued certificates.
Tinus van Zyl, the university’s senior director of central academic administration, is quoted in the report explaining why the blockchain-based system is an improvement from the digital certificate system which UJ introduced some time ago. According to Van Zyl, the university’s graduates had been using the digital certificate system to digitally access or share their certificates with prospective employers.
Using the blockchain-based system, on the other hand, means prospective employers and third parties can now also verify a graduate’s certificate.
“The public is now able to validate the awarded qualifications for UJ graduates without having to contact the University or having to go through a verification agency, just by scanning the QR code on the certificate and best of all, at no cost,” Van Zyl stated.
Meanwhile, another UJ employee, Kinta Burger, is quoted in the report suggesting that the implementation of the blockchain-based certificate system will safeguard the university’s reputation and that of the certificates it issues.
A South African university has said starting this year it will issue blockchain-based certificates to students graduating from the learning institution. University administrators argued that a blockchain-based certification system will help prevent fraud and end the production of fake documents.
A South African learning institution, the University of Johannesburg (UJ), has said it will issue blockchain-based certificates to its graduates starting this year, a report has said. According to the report, each qualification document issued by the university will have a QR code which will be used to verify its authenticity.
As explained in the Mybroadband report, the university is adopting the blockchain-based certification system as part of an attempt to prevent fraud and the counterfeiting of UJ-issued certificates.
Tinus van Zyl, the university’s senior director of central academic administration, is quoted in the report explaining why the blockchain-based system is an improvement from the digital certificate system which UJ introduced some time ago. According to Van Zyl, the university’s graduates had been using the digital certificate system to digitally access or share their certificates with prospective employers.
Using the blockchain-based system, on the other hand, means prospective employers and third parties can now also verify a graduate’s certificate.
“The public is now able to validate the awarded qualifications for UJ graduates without having to contact the University or having to go through a verification agency, just by scanning the QR code on the certificate and best of all, at no cost,” Van Zyl stated.
Meanwhile, another UJ employee, Kinta Burger, is quoted in the report suggesting that the implementation of the blockchain-based certificate system will safeguard the university’s reputation and that of the certificates it issues.
KunciCoin (BSC) || 🟨⬜️
Thrilled to announce our staking feature for KunciCoin will open soon You can get up to 15% APY, by staking you $KUNCI on doyanrebahan.com
KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are going to be listed on
3 Big Exchanges
SOON THEY ARE RELEASING THEIR 2ND BATCH OF NFT ARTISTS AND MUSIC ALBUMS FROM BAND IFAN SEVENTEEN AS THEIR FIRST NFT RELEASE SOLD IN 7 MINUTES On
http://kuncinft.com
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchanges
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
Thrilled to announce our staking feature for KunciCoin will open soon You can get up to 15% APY, by staking you $KUNCI on doyanrebahan.com
KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they are going to be listed on
3 Big Exchanges
SOON THEY ARE RELEASING THEIR 2ND BATCH OF NFT ARTISTS AND MUSIC ALBUMS FROM BAND IFAN SEVENTEEN AS THEIR FIRST NFT RELEASE SOLD IN 7 MINUTES On
http://kuncinft.com
They have listed in 18 exchanges in last one month and with lot of Utilities
Now they will keep listing until they reach 100 exchanges
Since we posted for the first time, over 14 top exchanges were listed, over 8M$ to $11M of daily trading volume and a game studio with downloads
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM AND 3 BIG EXCHANGES
U need to check this Wonderful coin from Indonesia
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
Georgians Sell Russian Regions as NFTs to Raise Money for Ukraine
A tech innovations firm based in Georgia’s capital Tbilisi is now “selling Russia piece by piece” in the form of NFTs. The money from the collectibles, representing almost 2,500 Russian regions, will be used to help rebuild Ukraine, which was invaded by the Russian army two months ago.
Leavingstone, a digital creative agency from Georgia, has joined efforts to raise funds for Ukraine, which has been defending against Russian military aggression for eight weeks. The company is now selling non-fungible tokens (NFTs) representing parts of Russian territory.
In the first of three planned phases of the ‘Russia for Sale’ initiative, Leavingstone is auctioning off 2,443 regions of the Russian Federation depicted on playing cards with name, size, and a “weirdly authentic coat of arms.” An interactive map offers the parcels to potential buyers and with 34 already sold, over $19,000 worth of ether has been accumulated so far.
“We saw a huge potential in it,” Leavingstone co-founder Levan Lefsveridze told the Georgian service of Radio Free Europe. “The majority of people would want to be involved in Russia’s partition,” he added, in a clear attempt to troll Russian President Vladimir Putin and his government who have threatened to punish any calls for violating Russia’s territorial integrity.
During the next stage of the sale, the Georgian agency will offer NFTs of Russian landmarks like the Kremlin, the Ostankino TV Tower in Moscow, Putin’s winter palace and home, a property worth close to an estimated $1 billion, and a bunker. “If you’re into the post-soviet aesthetic of Khrushchyovka architecture, you’ll like it,” the organizers tease investors.
The third sale, they promise, is going to be a big one. “We’ll be auctioning Lenin himself. Yep. Stuffed granddaddy of the red revolution will be up for sale!” the project’s website pledges. Its operators emphasize that all the proceeds will be devoted to supporting Ukraine.
The main beneficiary is the Ministry of Digital Transformation in Kyiv and all collected funds will be transferred to its wallet. Among other responsibilities, the department has been taking care of Ukraine’s defense in the cyberspace, another battleground in the conflict with Russia.
Ukrainian government institutions and volunteer groups have received tens of millions of dollars’ worth of cryptocurrency donations since Moscow launched its military assault in the early hours of Feb. 24. The money is used to fund Ukraine’s defense efforts and solve mounting humanitarian problems.
Moscow’s invasion of Ukraine came eight years after Russia annexed Crimea and gave support for the pro-Russian separatists in the Donbas region. Georgia has had its own problems with the same neighbor. Russia backed separatists in Abkhazia in 1992 and then prevented the Georgian government from retaking the territory of another breakaway republic, South Ossetia.
A tech innovations firm based in Georgia’s capital Tbilisi is now “selling Russia piece by piece” in the form of NFTs. The money from the collectibles, representing almost 2,500 Russian regions, will be used to help rebuild Ukraine, which was invaded by the Russian army two months ago.
Leavingstone, a digital creative agency from Georgia, has joined efforts to raise funds for Ukraine, which has been defending against Russian military aggression for eight weeks. The company is now selling non-fungible tokens (NFTs) representing parts of Russian territory.
In the first of three planned phases of the ‘Russia for Sale’ initiative, Leavingstone is auctioning off 2,443 regions of the Russian Federation depicted on playing cards with name, size, and a “weirdly authentic coat of arms.” An interactive map offers the parcels to potential buyers and with 34 already sold, over $19,000 worth of ether has been accumulated so far.
“We saw a huge potential in it,” Leavingstone co-founder Levan Lefsveridze told the Georgian service of Radio Free Europe. “The majority of people would want to be involved in Russia’s partition,” he added, in a clear attempt to troll Russian President Vladimir Putin and his government who have threatened to punish any calls for violating Russia’s territorial integrity.
During the next stage of the sale, the Georgian agency will offer NFTs of Russian landmarks like the Kremlin, the Ostankino TV Tower in Moscow, Putin’s winter palace and home, a property worth close to an estimated $1 billion, and a bunker. “If you’re into the post-soviet aesthetic of Khrushchyovka architecture, you’ll like it,” the organizers tease investors.
The third sale, they promise, is going to be a big one. “We’ll be auctioning Lenin himself. Yep. Stuffed granddaddy of the red revolution will be up for sale!” the project’s website pledges. Its operators emphasize that all the proceeds will be devoted to supporting Ukraine.
The main beneficiary is the Ministry of Digital Transformation in Kyiv and all collected funds will be transferred to its wallet. Among other responsibilities, the department has been taking care of Ukraine’s defense in the cyberspace, another battleground in the conflict with Russia.
Ukrainian government institutions and volunteer groups have received tens of millions of dollars’ worth of cryptocurrency donations since Moscow launched its military assault in the early hours of Feb. 24. The money is used to fund Ukraine’s defense efforts and solve mounting humanitarian problems.
Moscow’s invasion of Ukraine came eight years after Russia annexed Crimea and gave support for the pro-Russian separatists in the Donbas region. Georgia has had its own problems with the same neighbor. Russia backed separatists in Abkhazia in 1992 and then prevented the Georgian government from retaking the territory of another breakaway republic, South Ossetia.
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Bank of Russia Seeks to Allow Stock Exchanges to Trade Digital Assets
The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment.
Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of Russia (CBR) at a meeting with exchanges, brokers, and information system operators, a group of entities to which crypto platforms pertain.
Representatives of the Moscow Exchange, SPB Exchange, major brokers, and information system operators that have the right to issue digital financial assets met with Bank of Russia officials behind closed doors on Tuesday, the Kommersant reported. The discussions were focused on the new plan to organize the trading of DFAs and utilitarian digital rights (UDRs) drafted by the CBR.
Some crypto-related activities in Russia were regulated with the law “On Digital Financial Assets,” which went into force in January 2021, including issuance of digital coins (digital financial assets) and fundraising through tokens (digital rights). However, other operations such as mining and trading, as well as the circulation of cryptocurrencies, remained unregulated. A new law “On Digital Currency,” authored by the finance ministry, aims to change that.
A source from Russia’s financial sector, who took part in the meeting, told the business daily that the exchanges and the brokers supported the idea to trade digital assets, which would expand the array of financial instruments available to them. At the same time, the information system operators were skeptical about the proposal.
They fear that admitting stock exchanges into this market will jeopardize the business of digital asset platforms which have not had enough time to develop yet. Their representatives also warn about various challenges, including those related to the implementation of blockchain technologies and the slower pace of operation of traditional exchange platforms.
On the other hand, officials from the Moscow Exchange welcomed the initiative, stating they were ready to discuss it further. “The concept involves the use of existing exchange and settlement infrastructures. This will contribute to the concentration of liquidity, which has been confirmed by the global practice of secondary circulation of both fiat and digital assets,” they noted during the talks.
According to Pavel Utkin, a lead lawyer at Parthenon United Legal Center, Bank of Russia seeks to gain control over the circulation of DFAs and turn their trading into something similar to the regular stock market. “Since the regulator has lost the battle with the Ministry of Finance to block the circulation of cryptocurrencies in the country, it is necessary to create a platform that will make it possible to control the circulation of these assets,” the expert elaborated.
The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment.
Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of Russia (CBR) at a meeting with exchanges, brokers, and information system operators, a group of entities to which crypto platforms pertain.
Representatives of the Moscow Exchange, SPB Exchange, major brokers, and information system operators that have the right to issue digital financial assets met with Bank of Russia officials behind closed doors on Tuesday, the Kommersant reported. The discussions were focused on the new plan to organize the trading of DFAs and utilitarian digital rights (UDRs) drafted by the CBR.
Some crypto-related activities in Russia were regulated with the law “On Digital Financial Assets,” which went into force in January 2021, including issuance of digital coins (digital financial assets) and fundraising through tokens (digital rights). However, other operations such as mining and trading, as well as the circulation of cryptocurrencies, remained unregulated. A new law “On Digital Currency,” authored by the finance ministry, aims to change that.
A source from Russia’s financial sector, who took part in the meeting, told the business daily that the exchanges and the brokers supported the idea to trade digital assets, which would expand the array of financial instruments available to them. At the same time, the information system operators were skeptical about the proposal.
They fear that admitting stock exchanges into this market will jeopardize the business of digital asset platforms which have not had enough time to develop yet. Their representatives also warn about various challenges, including those related to the implementation of blockchain technologies and the slower pace of operation of traditional exchange platforms.
On the other hand, officials from the Moscow Exchange welcomed the initiative, stating they were ready to discuss it further. “The concept involves the use of existing exchange and settlement infrastructures. This will contribute to the concentration of liquidity, which has been confirmed by the global practice of secondary circulation of both fiat and digital assets,” they noted during the talks.
According to Pavel Utkin, a lead lawyer at Parthenon United Legal Center, Bank of Russia seeks to gain control over the circulation of DFAs and turn their trading into something similar to the regular stock market. “Since the regulator has lost the battle with the Ministry of Finance to block the circulation of cryptocurrencies in the country, it is necessary to create a platform that will make it possible to control the circulation of these assets,” the expert elaborated.
KunciCoin(BSC)🟨⬜️
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
https://www.kuncinft.com
They are verified on
Kuncicoinglobal Twitter✅
Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
Twitter
https://twitter.com/Kuncicoinglobal?t=ukp3EkVapq19IsXICqHomw&s=09
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
https://www.kuncinft.com
They are verified on
Kuncicoinglobal Twitter✅
Kunci-Indo Twitter ✅
CoinMarketCap ✅
With a market cap of 7 million
They have listed in 18 exchanges
Now they will keep pushing listing until they reach 100 exchanges
Since we posted, over 18 top exchanges were listed, over 5M$ to $11M of daily trading volume and a game studio with downloads.
They are Coming with their OWN BLOCKCHAIN ECOSYSTEM
U need to check this Wonderful coin from Indonesia
It had best utilities more than any token in the world
They are conducting events all across Indonesia
Full Doxxed Team
JOIN TG
@KunciGlobalOfficial
Announcement channel
@kunciglobalchannel
https://twitter.com/Kuncicoinglobal?t=ukp3EkVapq19IsXICqHomw&s=09
CA
0x6cf271270662be1c4fc1b7bb7d7d7fc60cc19125
With an ‘Aggressive’ Fed Rate Hike Expected Next Week, Stocks and Crypto Markets Lose Billions
Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve policymakers are expected to raise the benchmark interest rate aggressively. The top U.S. stock indexes saw significant losses at the end of the week, and the Nasdaq composite saw its worst four-month starting performance since 1971. Crypto markets have had a rough week as well, as the crypto economy has shed 8.99% against the U.S. dollar since April 25, dropping from $1.967 trillion to $1.79 trillion.
A number of financial institutions, analysts, and economists expect the Federal Open Market Committee (FOMC) will raise interest rates next week in an aggressive manner. Reuters’ authors Lindsay Dunsmuir and Ann Saphir reported on Friday that there may be “big Fed rate hikes ahead” and the authors also cite two reports that claim “hot inflation is peaking.”
“U.S. Federal Reserve policymakers look set to deliver a series of aggressive interest rate hikes at least until the summer to deal with hot inflation and surging labor costs, even as two reports Friday showed tentative signs both may be cresting,” the report explains.
In addition to the Reuters report, the Dutch multinational banking and financial services corporation ING Group believes a big hike will come this Wednesday. In the report, ING expects the FOMC and Fed Chair Jerome Powell to announce a 50 basis point rise. ING’s report says that “inflation worries outweigh temporary GDP dip.”
“The Federal Reserve is widely expected to raise its policy rate by 50 basis points next Wednesday as 8%+ inflation and a tight labour market trump the surprise 1Q GDP contraction attributed to temporary trade and inventory challenges,” ING Group’s report published on April 28 notes. While 50bp is a large raise, ING also believes the Fed will reveal a tightening plan when it comes to the central bank’s monthly bond purchases.
“We will also be looking for the Fed to formally announce quantitative tightening on Wednesday,” ING’s report details.
Meanwhile, when Wall Street closed the day on Friday, all the major U.S. stock indexes had suffered from a blood bath during the intraday trading sessions. Nasdaq, the Dow Jones Industrial Average, S&P 500, and NYSE all dropped significantly before the start of the weekend. Reports show that the Nasdaq composite saw its worst four-month start in over 50 years and S&P 500 dropped like a rock on Friday as well.
“By the end of trading on Friday, the selloff had gotten worse and we were staring at the worst start to a year since the Great Depression,” Barron’s author Ben Levisohn wrote.
Gold reaped the benefits from the storm at the end of the week and the precious metal saw a steady increase against the U.S. dollar heading into the weekend as well. On Saturday, an ounce of fine gold is up 0.08% and 6.47% over the last six months. Presently, an ounce of fine gold is exchanging hands for $1,896 per unit. Trends forecaster Gerald Celente believes as long as inflation rises, precious metals will follow.
“The higher inflation rises, the higher safe-haven assets gold and silver rise. And, when the Banksters raise interest rates, it will bring down Wall Street and Main Street very hard… and the harder they fall, the higher precious metal prices will rise,” Celente tweeted on Saturday.
Investors will be focused on the U.S. central bank this Wednesday as Federal Reserve policymakers are expected to raise the benchmark interest rate aggressively. The top U.S. stock indexes saw significant losses at the end of the week, and the Nasdaq composite saw its worst four-month starting performance since 1971. Crypto markets have had a rough week as well, as the crypto economy has shed 8.99% against the U.S. dollar since April 25, dropping from $1.967 trillion to $1.79 trillion.
A number of financial institutions, analysts, and economists expect the Federal Open Market Committee (FOMC) will raise interest rates next week in an aggressive manner. Reuters’ authors Lindsay Dunsmuir and Ann Saphir reported on Friday that there may be “big Fed rate hikes ahead” and the authors also cite two reports that claim “hot inflation is peaking.”
“U.S. Federal Reserve policymakers look set to deliver a series of aggressive interest rate hikes at least until the summer to deal with hot inflation and surging labor costs, even as two reports Friday showed tentative signs both may be cresting,” the report explains.
In addition to the Reuters report, the Dutch multinational banking and financial services corporation ING Group believes a big hike will come this Wednesday. In the report, ING expects the FOMC and Fed Chair Jerome Powell to announce a 50 basis point rise. ING’s report says that “inflation worries outweigh temporary GDP dip.”
“The Federal Reserve is widely expected to raise its policy rate by 50 basis points next Wednesday as 8%+ inflation and a tight labour market trump the surprise 1Q GDP contraction attributed to temporary trade and inventory challenges,” ING Group’s report published on April 28 notes. While 50bp is a large raise, ING also believes the Fed will reveal a tightening plan when it comes to the central bank’s monthly bond purchases.
“We will also be looking for the Fed to formally announce quantitative tightening on Wednesday,” ING’s report details.
Meanwhile, when Wall Street closed the day on Friday, all the major U.S. stock indexes had suffered from a blood bath during the intraday trading sessions. Nasdaq, the Dow Jones Industrial Average, S&P 500, and NYSE all dropped significantly before the start of the weekend. Reports show that the Nasdaq composite saw its worst four-month start in over 50 years and S&P 500 dropped like a rock on Friday as well.
“By the end of trading on Friday, the selloff had gotten worse and we were staring at the worst start to a year since the Great Depression,” Barron’s author Ben Levisohn wrote.
Gold reaped the benefits from the storm at the end of the week and the precious metal saw a steady increase against the U.S. dollar heading into the weekend as well. On Saturday, an ounce of fine gold is up 0.08% and 6.47% over the last six months. Presently, an ounce of fine gold is exchanging hands for $1,896 per unit. Trends forecaster Gerald Celente believes as long as inflation rises, precious metals will follow.
“The higher inflation rises, the higher safe-haven assets gold and silver rise. And, when the Banksters raise interest rates, it will bring down Wall Street and Main Street very hard… and the harder they fall, the higher precious metal prices will rise,” Celente tweeted on Saturday.
Anonymous Hackers Claim to Have Breached Russian Payment Service Provider Qiwi
A hacking group linked to the Anonymous collective has allegedly hit the popular Russian payment processor Qiwi. Network Battalion 65 announced on social media it had managed to gain access to the platform’s databases — a claim the company has denied.
Hackers from Network Battalion 65 (NB65), a group linked to the decentralized hacktivist collective Anonymous, revealed in a recent tweet they had hacked Qiwi, which is a major provider of payment and financial services in the Russian Federation and other countries in the post-Soviet space.
A message posted by the xxNB65 Twitter account notes that the group, which includes the Qiwi payment system, Qiwi Bank, the Contact money transfer system, and other platforms, also offers the most widely used payment app in Russia — that being the main reason why it was targeted.
The alleged perpetrators of the attack say they have encrypted Qiwi’s networks with a ransomware kit. NB65 also claims it has the credit card data of around 12.5 million of the company’s clients, as well as about 30 million payment records.
“We will release 1 million records each day after your 3 day contract period has expired. You should probably reach out to us soon if you want your business to survive,” the hackers have warned, adding that if there’s someone to blame for the situation, that’s Russian President Vladimir Putin.
Moscow launched a military assault on neighboring Ukraine in late February and Anonymous vowed to disrupt Russia’s internet space in response to the invasion. The group has since targeted the websites of the Kremlin, the State Duma, and the Defense Ministry, attacked Russian TV channels, and released millions of emails. In March, the collective said it had published 28GB of Bank of Russia documents.
The authors of the NB65 tweet remark that Qiwi said in a recent press release the sanctions aimed at Russia’s financial system had not affected its business. Following the news of the Anonymous attack, Qiwi was quoted by Tass as stating that its payment services are operating normally and insisting its customers’ personal information was safe.
A hacking group linked to the Anonymous collective has allegedly hit the popular Russian payment processor Qiwi. Network Battalion 65 announced on social media it had managed to gain access to the platform’s databases — a claim the company has denied.
Hackers from Network Battalion 65 (NB65), a group linked to the decentralized hacktivist collective Anonymous, revealed in a recent tweet they had hacked Qiwi, which is a major provider of payment and financial services in the Russian Federation and other countries in the post-Soviet space.
A message posted by the xxNB65 Twitter account notes that the group, which includes the Qiwi payment system, Qiwi Bank, the Contact money transfer system, and other platforms, also offers the most widely used payment app in Russia — that being the main reason why it was targeted.
The alleged perpetrators of the attack say they have encrypted Qiwi’s networks with a ransomware kit. NB65 also claims it has the credit card data of around 12.5 million of the company’s clients, as well as about 30 million payment records.
“We will release 1 million records each day after your 3 day contract period has expired. You should probably reach out to us soon if you want your business to survive,” the hackers have warned, adding that if there’s someone to blame for the situation, that’s Russian President Vladimir Putin.
Moscow launched a military assault on neighboring Ukraine in late February and Anonymous vowed to disrupt Russia’s internet space in response to the invasion. The group has since targeted the websites of the Kremlin, the State Duma, and the Defense Ministry, attacked Russian TV channels, and released millions of emails. In March, the collective said it had published 28GB of Bank of Russia documents.
The authors of the NB65 tweet remark that Qiwi said in a recent press release the sanctions aimed at Russia’s financial system had not affected its business. Following the news of the Anonymous attack, Qiwi was quoted by Tass as stating that its payment services are operating normally and insisting its customers’ personal information was safe.
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Survey: Almost Three out of Four Argentinians Are Willing to Purchase Crypto for Investing or Saving Purposes
A new survey, whose results were released earlier this week, has given more insight into how Argentinians view cryptocurrencies and how they might put them to use. The survey found out that eventually, almost three out of four citizens would purchase cryptocurrency to invest, or as a way of preserving buying power.
A survey whose results were released on May 4, offers a clear panorama of the popularity of crypto in Argentina, and how Argentinians might be capable of using crypto for different purposes. The survey, which was carried out by Opinaia y Muchnik, two consulting offices, asked several crypto-related questions to a sample of 2,400 Argentinian citizens from all around the country, living at different economic levels.
On the issue of crypto popularity, the survey found that 90% of the citizens consulted had heard about cryptocurrencies before the survey. However, this popularity does not lead to operating with crypto directly. The survey also reported that only 38% have knowledge about the operation and the inner workings of crypto assets.
However, Argentinians are willing to use crypto in different ways if they have to. 74% of the surveyed stated they would buy and use cryptocurrencies either as investment assets or just to save part of their purchasing power.
The study dwelled on how citizens trusted cryptocurrencies when compared to other investment assets, such as stocks and bonds. In this sense, cryptocurrencies fared in the middle, below classic instruments such as the dollar, but over other instruments. Guido Moscoso, public opinion manager at Opinaia, summarized:
Cryptocurrencies have an average level of trust, similar to that of an investment fund or shares, but below more classic or entrenched forms such as the dollar, the fixed term, or Mercado Pago. But yes, they are well above the confidence put on bonds.
The survey, according to Moscoco, is a sign of the times, when Argentinians are very worried about the economic climate in the country and are studying different ways of saving their money in a highly inflationary environment. But he also explained that this interest is blocked by the high knowledge barrier that the average citizen faces when trying to enter the cryptocurrency world. Of the 74% of Argentinians that would be willing to purchase crypto assets, 49% stated that they would purchase them, but they don’t know how to do it.
A new survey, whose results were released earlier this week, has given more insight into how Argentinians view cryptocurrencies and how they might put them to use. The survey found out that eventually, almost three out of four citizens would purchase cryptocurrency to invest, or as a way of preserving buying power.
A survey whose results were released on May 4, offers a clear panorama of the popularity of crypto in Argentina, and how Argentinians might be capable of using crypto for different purposes. The survey, which was carried out by Opinaia y Muchnik, two consulting offices, asked several crypto-related questions to a sample of 2,400 Argentinian citizens from all around the country, living at different economic levels.
On the issue of crypto popularity, the survey found that 90% of the citizens consulted had heard about cryptocurrencies before the survey. However, this popularity does not lead to operating with crypto directly. The survey also reported that only 38% have knowledge about the operation and the inner workings of crypto assets.
However, Argentinians are willing to use crypto in different ways if they have to. 74% of the surveyed stated they would buy and use cryptocurrencies either as investment assets or just to save part of their purchasing power.
The study dwelled on how citizens trusted cryptocurrencies when compared to other investment assets, such as stocks and bonds. In this sense, cryptocurrencies fared in the middle, below classic instruments such as the dollar, but over other instruments. Guido Moscoso, public opinion manager at Opinaia, summarized:
Cryptocurrencies have an average level of trust, similar to that of an investment fund or shares, but below more classic or entrenched forms such as the dollar, the fixed term, or Mercado Pago. But yes, they are well above the confidence put on bonds.
The survey, according to Moscoco, is a sign of the times, when Argentinians are very worried about the economic climate in the country and are studying different ways of saving their money in a highly inflationary environment. But he also explained that this interest is blocked by the high knowledge barrier that the average citizen faces when trying to enter the cryptocurrency world. Of the 74% of Argentinians that would be willing to purchase crypto assets, 49% stated that they would purchase them, but they don’t know how to do it.
Report: Nigerian Crypto Restrictions and Twitter Ban Have ‘Crippled Foreign Direct Investment in the Fintech Industry’
A new report has concluded that restrictions on cryptocurrency trading, as well as the banning of Twitter by Nigerian authorities, may have “crippled foreign direct investment in the fintech industry.”
A new report has found that restrictions imposed by Nigerian authorities on crypto trading may have contributed to the reduced foreign direct investment that goes to the fintech industry. The same restrictions, as well as the banning of Twitter, have also adversely affected young Nigerians who were earning money via crypto trading.
The report, which is noscriptd Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was jointly published by the secretaries-general of the Organisation for Economic Co‑operation and Development (OECD) and the United Nations (UN).
“The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector,” the report concluded.
However, an excerpt from the report published by Business Insider Africa suggested some Nigerian youths may have found ways to “lawfully bypass these restrictions and continue the business.”
By switching to alternative yet legal ways of transacting, the report opined that traders were “effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”
A new report has concluded that restrictions on cryptocurrency trading, as well as the banning of Twitter by Nigerian authorities, may have “crippled foreign direct investment in the fintech industry.”
A new report has found that restrictions imposed by Nigerian authorities on crypto trading may have contributed to the reduced foreign direct investment that goes to the fintech industry. The same restrictions, as well as the banning of Twitter, have also adversely affected young Nigerians who were earning money via crypto trading.
The report, which is noscriptd Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities, was jointly published by the secretaries-general of the Organisation for Economic Co‑operation and Development (OECD) and the United Nations (UN).
“The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector,” the report concluded.
However, an excerpt from the report published by Business Insider Africa suggested some Nigerian youths may have found ways to “lawfully bypass these restrictions and continue the business.”
By switching to alternative yet legal ways of transacting, the report opined that traders were “effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”
Russian Crypto Mining Giant Bitriver Considers Challenging US Sanctions
Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions.
Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against Russian businesses and individuals. Russia’s coin minting potential was specifically targeted with the new penalties imposed over the war in Ukraine.
In comments to the RIA Novosti news agency, Bitriver stated that the actions of the department are damaging its reputation and international business since the accusations are unfounded. The company is also convinced there are no legal grounds for the restrictions and intends to demand that American authorities remove it from the blacklist. It also emphasized:
Bitriver is not a government agency, but a 100% private company that in no way helps the Russian Federation to circumvent sanctions.
The Russian group also accuses the Treasury of unfair competition practices and lobbying for the U.S. mining industry, thus violating the rules of the World Trade Organization. Bitriver CEO Igor Runets describes the department’s move as “an attempt to change the global balance of power in favor of U.S. companies and remove the largest Russian player from the market.”
Bitriver claims that despite the restrictions, all its production facilities and offices in the Russian Federation are operating normally. The company also continues to provide services to its international clients who, it says, have confirmed their intentions to further cooperate with the Russian bitcoin mining operator.
Western allies have introduced several sanctions packages against Russia that have limited its access to global finances and foreign reserves. Concerns have been raised that the Russian government and citizens may use cryptocurrencies to evade the restrictions. Officials in Moscow have highlighted Russia’s competitive advantages for mining in terms of cheap energy resources and cool climate. A draft law tailored to regulate the sector was submitted to the parliament in April.
Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions.
Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against Russian businesses and individuals. Russia’s coin minting potential was specifically targeted with the new penalties imposed over the war in Ukraine.
In comments to the RIA Novosti news agency, Bitriver stated that the actions of the department are damaging its reputation and international business since the accusations are unfounded. The company is also convinced there are no legal grounds for the restrictions and intends to demand that American authorities remove it from the blacklist. It also emphasized:
Bitriver is not a government agency, but a 100% private company that in no way helps the Russian Federation to circumvent sanctions.
The Russian group also accuses the Treasury of unfair competition practices and lobbying for the U.S. mining industry, thus violating the rules of the World Trade Organization. Bitriver CEO Igor Runets describes the department’s move as “an attempt to change the global balance of power in favor of U.S. companies and remove the largest Russian player from the market.”
Bitriver claims that despite the restrictions, all its production facilities and offices in the Russian Federation are operating normally. The company also continues to provide services to its international clients who, it says, have confirmed their intentions to further cooperate with the Russian bitcoin mining operator.
Western allies have introduced several sanctions packages against Russia that have limited its access to global finances and foreign reserves. Concerns have been raised that the Russian government and citizens may use cryptocurrencies to evade the restrictions. Officials in Moscow have highlighted Russia’s competitive advantages for mining in terms of cheap energy resources and cool climate. A draft law tailored to regulate the sector was submitted to the parliament in April.
Onchain Analysis Report Says Terra’s Bitcoin Reserves Were Sent to Binance and Gemini
After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent, according to the firm’s network surveillance tools.
While reflecting on the recent crypto market chaos and the Terra stablecoin implosion, a great number of people on forums and social media asked the question: “Where is LFG’s Bitcoin reserve?” For instance, this weekend on Twitter one individual wrote:
Luna Foundation Guard (LFG) had a bitcoin reserve that was worth over $3B before the UST and Luna crisis began. But the LFG reserve wallet is now empty but it was reported that Bitcoins weren’t used to calm the crisis. Then where did the Bitcoins go to? People need answers.
Furthermore, on May 13, Terra’s founder Do Kwon told the public that the team was planning to update the crypto community on the subject of the bitcoin (BTC) reserves.
“We are currently working on documenting the use of the LFG BTC reserves during the de-pegging event,” Kwon said. “Please be patient with us as our teams are juggling multiple tasks at the same time.” Following Kwon’s Twitter thread, the blockchain analytics company Elliptic published a blog post that explains the LFG’s BTC moves in more detail.
When the nonprofit organization LFG decided to move the bitcoin on May 9, Elliptic’s blockchain analytics software monitored the situation. After LFG revealed it would loan $750 million in BTC to market makers, Elliptic’s blog post details that Kwon clarified LFG would use the BTC “to trade.” Then Elliptic’s software caught two transactions worth 52,189 BTC sent to a new address tied to the LFG stash.
In addition to the 52,189 BTC, LFG held another wallet with 28,205 BTC, and LFG’s entire bitcoin reserve added up to approximately 80,394 bitcoin (BTC) total. According to Elliptic, all the funds were sent to Binance and Gemini amid the market chaos.
“The entirety of this 52,189 BTC was subsequently moved to a single account at Gemini, the US-based cryptocurrency exchange – across several bitcoin transactions,” Elliptic said on Friday. “It is not possible to trace the assets further or identify whether they were sold to support the UST price.” The blog post adds:
This left 28,205 BTC in Terra’s reserves. At 1 a.m. UTC on May 10th, this was moved in its entirety, in a single transaction, to an account at the cryptocurrency exchange Binance. Again it is not possible to identify whether these assets were sold or subsequently moved to other wallets.
After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent, according to the firm’s network surveillance tools.
While reflecting on the recent crypto market chaos and the Terra stablecoin implosion, a great number of people on forums and social media asked the question: “Where is LFG’s Bitcoin reserve?” For instance, this weekend on Twitter one individual wrote:
Luna Foundation Guard (LFG) had a bitcoin reserve that was worth over $3B before the UST and Luna crisis began. But the LFG reserve wallet is now empty but it was reported that Bitcoins weren’t used to calm the crisis. Then where did the Bitcoins go to? People need answers.
Furthermore, on May 13, Terra’s founder Do Kwon told the public that the team was planning to update the crypto community on the subject of the bitcoin (BTC) reserves.
“We are currently working on documenting the use of the LFG BTC reserves during the de-pegging event,” Kwon said. “Please be patient with us as our teams are juggling multiple tasks at the same time.” Following Kwon’s Twitter thread, the blockchain analytics company Elliptic published a blog post that explains the LFG’s BTC moves in more detail.
When the nonprofit organization LFG decided to move the bitcoin on May 9, Elliptic’s blockchain analytics software monitored the situation. After LFG revealed it would loan $750 million in BTC to market makers, Elliptic’s blog post details that Kwon clarified LFG would use the BTC “to trade.” Then Elliptic’s software caught two transactions worth 52,189 BTC sent to a new address tied to the LFG stash.
In addition to the 52,189 BTC, LFG held another wallet with 28,205 BTC, and LFG’s entire bitcoin reserve added up to approximately 80,394 bitcoin (BTC) total. According to Elliptic, all the funds were sent to Binance and Gemini amid the market chaos.
“The entirety of this 52,189 BTC was subsequently moved to a single account at Gemini, the US-based cryptocurrency exchange – across several bitcoin transactions,” Elliptic said on Friday. “It is not possible to trace the assets further or identify whether they were sold to support the UST price.” The blog post adds:
This left 28,205 BTC in Terra’s reserves. At 1 a.m. UTC on May 10th, this was moved in its entirety, in a single transaction, to an account at the cryptocurrency exchange Binance. Again it is not possible to identify whether these assets were sold or subsequently moved to other wallets.
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Billionaire Investor and Galaxy Digital CEO Mike Novogratz Addresses the Terra LUNA and UST Fallout
On May 18, the billionaire investor and crypto proponent Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his firm Galaxy Digital were big believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses, the crypto economy felt this past week, Novogratz stressed that he still firmly believes the “crypto revolution is here to stay.”
Just recently, reported LUNA and UST’s implosion and the big name backers that invested in Terraform Labs. One of the investors mentioned in our report was the billionaire investor and crypto proponent Mike Novogratz. For quite some time, Novogratz and his firm Galaxy Digital were big believers in the Terra ecosystem. On January 26, 2021, Bloomberg quoted Novogratz and the investor called the Terra blockchain project one of “the canaries in the coal mines of what else is going to happen.”
Novogratz also got a LUNA-themed tattoo and said he was “officially a Lunatic.” After the UST de-pegging incident and the entire Terra ecosystem getting obliterated, Novogratz was not as talkative as he usually is on Twitter. On Wednesday, May 18, Novogratz tweeted for the first time since May 8, 2022. “After much thought, it’s time to talk about last week and, more importantly, the weeks ahead,” Novogratz said. In addition to the tweet, Novogratz left a link to a blog post that discusses the Terra fiasco in detail.
“There is no good news in what happened in markets or to the Terra ecosystem,” the investor detailed in his blog post. “In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and decentralized finance. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion.”
Novogratz then got into Galaxy’s principal investments in LUNA starting in Q4 2020, and how the team noticed that the project had “more than 1.8m users and was a top 5 finance app in South Korea that we considered had significant growth potential.” Galaxy was “intrigued” by the Terra ecosystem, and thought of it as “an example of crypto finding a real-world use case.” Then the investor noted that the global macro backdrop did a number on many risk assets this year, and he believes the “macro backdrop put pressure on Luna and the reserves held to back UST.” Novogratz added:
UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals, triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.
Novogratz said that the LUNA and UST incident shined a light on some core tenets of investing which include diversification, taking profits along the way, risk management, and an understanding of investing under a macro framework. The billionaire investor said that Galaxy Digital kept to these core tenets when it came to its investments in LUNA.
“Reading the stories of retail investors who lost their savings in one investment is heart- wrenching,” Novogratz’s blog post explains. “A core tenet in the crypto belief system is equal access to markets. But it’s important that less experienced market participants only risk what they are comfortable losing. I’ve often said people should allocate 1%-5% of their assets to the space.”
The Galaxy Digital founder concluded by noting that he’s still a firm believer in the crypto space but that does not mean the bottom is in and the market will be going straight up after this. “It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one,” Novogratz added.
On May 18, the billionaire investor and crypto proponent Mike Novogratz published a post about the recent Terra blockchain fallout. Novogratz and his firm Galaxy Digital were big believers in the Terra project, and the investor even got a LUNA-centric tattoo on his arm. Despite the recent events and losses, the crypto economy felt this past week, Novogratz stressed that he still firmly believes the “crypto revolution is here to stay.”
Just recently, reported LUNA and UST’s implosion and the big name backers that invested in Terraform Labs. One of the investors mentioned in our report was the billionaire investor and crypto proponent Mike Novogratz. For quite some time, Novogratz and his firm Galaxy Digital were big believers in the Terra ecosystem. On January 26, 2021, Bloomberg quoted Novogratz and the investor called the Terra blockchain project one of “the canaries in the coal mines of what else is going to happen.”
Novogratz also got a LUNA-themed tattoo and said he was “officially a Lunatic.” After the UST de-pegging incident and the entire Terra ecosystem getting obliterated, Novogratz was not as talkative as he usually is on Twitter. On Wednesday, May 18, Novogratz tweeted for the first time since May 8, 2022. “After much thought, it’s time to talk about last week and, more importantly, the weeks ahead,” Novogratz said. In addition to the tweet, Novogratz left a link to a blog post that discusses the Terra fiasco in detail.
“There is no good news in what happened in markets or to the Terra ecosystem,” the investor detailed in his blog post. “In Luna and UST alone, $40bn of market value was destroyed in a very short amount of time. Both large and small investors saw profits and wealth vanish. The collapse dented confidence in crypto and decentralized finance. Whenever money is lost in such an abrupt fashion, people want answers. I am going to try to add some insights to the ongoing discussion.”
Novogratz then got into Galaxy’s principal investments in LUNA starting in Q4 2020, and how the team noticed that the project had “more than 1.8m users and was a top 5 finance app in South Korea that we considered had significant growth potential.” Galaxy was “intrigued” by the Terra ecosystem, and thought of it as “an example of crypto finding a real-world use case.” Then the investor noted that the global macro backdrop did a number on many risk assets this year, and he believes the “macro backdrop put pressure on Luna and the reserves held to back UST.” Novogratz added:
UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals, triggered a stress scenario akin to a ‘run on the bank.’ The reserves weren’t enough to prevent UST’s collapse.
Novogratz said that the LUNA and UST incident shined a light on some core tenets of investing which include diversification, taking profits along the way, risk management, and an understanding of investing under a macro framework. The billionaire investor said that Galaxy Digital kept to these core tenets when it came to its investments in LUNA.
“Reading the stories of retail investors who lost their savings in one investment is heart- wrenching,” Novogratz’s blog post explains. “A core tenet in the crypto belief system is equal access to markets. But it’s important that less experienced market participants only risk what they are comfortable losing. I’ve often said people should allocate 1%-5% of their assets to the space.”
The Galaxy Digital founder concluded by noting that he’s still a firm believer in the crypto space but that does not mean the bottom is in and the market will be going straight up after this. “It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one,” Novogratz added.
Report: BRICS Countries Told to Consider Countering the Dollar’s Global Hegemony
Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.
Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.
As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.
In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.
The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in countries and regions along routes of the Belt and Road Initiative, can be an alternative to the dollar. Therefore, an agreement between BRICS countries could potentially result in the increased use of the yuan in certain regions, the report said.
However, other experts interviewed by Global Times warned that reducing the U.S. dollar’s dominance will take time. Similar sentiments were recently expressed by the former governor of China’s central bank, Zhou Xiaochuan. Xiaochuan has previously warned that reducing the dollar’s dominance will also depend on whether businesses and the public are willing to suddenly abandon a currency they have been using for a long time.
Tian Yun, the former vice director of the Beijing Economic Operation Association, suggested the yuan’s chances of taking the U.S. dollar’s position as the main settlement currency depend on other countries’ confidence in China’s progress.
Still, another expert, Zhou Maohua, a macroeconomic analyst at Everbright Bank, spoke of the Chinese currency’s rising role in global payments, settlements, and foreign exchange reserves over the long term.
Chinese experts have called on leaders of BRICS (Brazil, Russia, India, China and South Africa) countries to consider countering the dollar, whose global hegemony is thought to be abusive. Still, the experts concede that any attempt to diminish the dollar’s dominance will take time.
Chinese experts have urged BRICS countries, namely Brazil, Russia, India, China and South Africa, to counter the dollar’s global dominance which is now being abused by the United States government, a report has said. According to the experts, BRICS countries can achieve this by enhancing trade ties and limiting their reliance on a financial system in which the U.S. dollar dominates.
As explained in a Global Times report, the call by the experts was made just before the foreign ministers from the five countries were scheduled to hold a virtual meeting on May 19. At the meeting, the foreign ministers were expected to discuss enhancing solidarity, building consensus, as well as giving emerging markets a greater voice in global governance.
In making the case against BRICS countries’ continued dependence on the U.S.-dominated financial system, one of the experts, Cao Yuanzheng, the chairman of BOC International Research, claimed the United States only prioritizes its domestic needs and is less concerned about the potential consequences of its policies. Yuanzheng said:
The international transactions and financial markets, which are dominated by the US dollar, have shown growing internal contradictions as Washington’s policies treat its domestic needs as the first goal instead of international needs.
The expert added that the recent sanctioning of Russia, as well as the United States government’s freezing of the former’s forex and gold reserves, means the U.S. dollar is no longer a neutral currency. Meanwhile, the report implied China’s yuan currency, which is popular in countries and regions along routes of the Belt and Road Initiative, can be an alternative to the dollar. Therefore, an agreement between BRICS countries could potentially result in the increased use of the yuan in certain regions, the report said.
However, other experts interviewed by Global Times warned that reducing the U.S. dollar’s dominance will take time. Similar sentiments were recently expressed by the former governor of China’s central bank, Zhou Xiaochuan. Xiaochuan has previously warned that reducing the dollar’s dominance will also depend on whether businesses and the public are willing to suddenly abandon a currency they have been using for a long time.
Tian Yun, the former vice director of the Beijing Economic Operation Association, suggested the yuan’s chances of taking the U.S. dollar’s position as the main settlement currency depend on other countries’ confidence in China’s progress.
Still, another expert, Zhou Maohua, a macroeconomic analyst at Everbright Bank, spoke of the Chinese currency’s rising role in global payments, settlements, and foreign exchange reserves over the long term.
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Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs
Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.
Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.
Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:
Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.
Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.
This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.
The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”
Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.
Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.
Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.
Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:
Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.
Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.
This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.
The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”
Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.