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  • 163 Shares199 Views

    in Economy

    Thailand plans stimulus as 2024 growth seen low at 2.5%, Finance Minister says

    BANGKOK (Reuters) -Thailand plans stimulus measures in the short term to jumpstart its economy, which is expected to grow just 2.5% this year when it should be expanding at least 3.5% annually, the finance minister said on Monday.Southeast Asia’s second-largest economy has lagged regional peers, with growth at 1.5% in the first quarter, slowing from 1.7% growth the quarter before. Last year’s growth was 1.9%.The economy has good potential to expand at least 3.5% per year, Finance Minister Pichai Chunhavajira told a briefing after a meeting of economic ministers to seek ways to revive growth.”We must do everything we can. I will not be satisfied with 2.5%,” he added.The measures will include providing credit access for smaller businesses, offering tax measures and accelerating government spending, officials said at the briefing.Pichai said he would meet the central bank chief to review the inflation target range of 1% and 3%, which will lead to appropriate interest rate settings. Annual inflation has been below the target range for a year.Prime Minister Srettha Thavisin has urged the central bank to cut interest rates to help economic activity, but the central bank has refused to bow to pressure, keeping rates at a more than decade-high of 2.50%. The next interest rate review is on June 12.On Monday, the Budget Bureau said a planned additional budget of 122 billion baht ($3.34 billion) for the 2024 fiscal year, which is to help finance a household stimulus scheme, will go to the cabinet for approval on Tuesday.The extra spending will adhere to fiscal discipline laws and will lift the budget deficit by 112 billion baht ($3.1 billion), Budget Bureau Director Chalermphol Pensoot told reporters.The government expects revenue to increase by 10 billion baht in the fiscal year from its original projections, he said.The current 2024 budget plan projects spending of 3.48 trillion baht, with the deficit at 693 billion baht.Economists and two former central bank governors have said the handout programme, which will give 10,000 baht each to 50 million Thais to spend in their communities, is fiscally irresponsible. Srettha reiterated on Monday that it was necessary, however, in order to stimulate growth.Last month, the finance ministry cut its 2024 economic growth forecast to 2.4% from 2.8% but said it could reach 3.3% if the handout stimulus plan is deployed in the fourth quarter as planned.($1 = 36.55 baht) More

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    in Cryptocurrency

    EthosX Launches New Perpetual Options Product

    EthosX is excited to announce the launch of its new Perpetual Options product being launched in partnership with kanalabs.io on their front end. Called OPerps, it aims to be one of the most accessible and efficient ways to enhance returns by using knowledge about short-term market events.The product aims to help users leverage their market predictions to generate consistent income and maximize returns. OPerps is a decentralized platform for short-term options trading. It harnesses the power of blockchain technology to enable efficient and transparent options trading, which happens via a user-friendly interface designed to empower those new to derivatives. OPerps lets users trade tokenized (ERC-20) options that never expire but settle every few minutes/hours. These perpetual options solve the problem of cascading liquidations found in traditional perpetual futures. Furthermore, offering them in a decentralized, tokenized format allows for continuous trading opportunities while enhancing security and flexibility on the platform. OPerps OpportunitiesOPerps aims to maximize the trading potential of investors by giving them opportunities to profit from sudden market movements. This can happen through two avenues; Long Call OPerps and Long Put OPerps. Investors can engage in trading Long Call and Long Put OPerps to capitalize on market movements. Long Call OPerps profit from rising markets, while Long Put OPerps benefit from downtrends. Conversely, Short OPerps allow users to potentially earn premiums from Long OPerps token holders, with Short Call OPerps profiting in falling markets and Short Put OPerps in rising markets.OPerps live options positions aren’t restricted to the platform. A live options transfer feature allows users to move their live option positions to other wallets and protocols for added convenience. As part of the trading experience, the new platform gives users more leverage and APY choices. Traders can choose between high leverage (up to 1000x on BTC/ETH) or high APYs (triple-digit returns). OPerps includes features to limit losses and avoid sudden liquidations, providing a safer trading environment.OPerps is a rare innovation in the history of capital markets that leverages the structure of decentralized finance (DeFi) to give traders the ability to transfer live options positions to anyone anywhere in the market. The platform offers different operational modes: Normal mode on Binance Smart Chain (BSC) and DEGEN mode on Arbitrum for varied trading experiences.OPerps uses data from the Pyth network for prices of options underlyings (BTC & ETH for now). Pyth’s real-time data feed makes the Degen mode possible.About EthosXEthosX is a protocol for trading high-value vanilla/exotic derivatives without going through banks, brokers, and other intermediaries. It provides a platform for investors to trade directly with one another with minimal counterparty and minimize settlement risks. The platform is designed from both crypto and traditional asset classes. But whether a user is trading cryptocurrency options or TradFi derivatives, clearing and settlement are done in an automated and decentralized smart contract-based clearinghouse for capital-efficient trading.To learn more about Operps, follow below: EthosX Website | Twitter/X | LinkedIn | OperpsEthosX is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.ContactJamie [email protected] article was originally published on Chainwire More

  • 50 Shares129 Views

    in Cryptocurrency

    HOGE is Officially BASE(D)

    Hoge Finance, the pioneering meme token, is excited to announce its official bridging to the Base Network. For those tired of rug pulls, quick pump-and-dump schemes, and superficial communities, Hoge offers a refreshing alternative. Backed by an immutable value-creating smart contract and supported by a time-tested, dedicated community, Hoge stands as one of the rarest tokens in the cryptocurrency market.Launched on Ethereum in February 2021, Hoge was the original deflationary, auto-rewarding token. Over the past three years, it has built a robust Defi ecosystem, inspiring creators and fostering a unique brand culture. Most tokens today barely last a day; some don’t even make it an hour. Last week alone, over 30,000 brand-new tokens were launched on Solana. Real communities are built over years sharing in the failures and successes. Hoge has thrived through community-driven efforts, supported by a DAO-governed wallet with over $400,000 in funds. This wallet enables the community to vote on and fund new ideas, ensuring that Hoge continues to innovate and grow.HOGE is ScarceHoge employs a 2% transaction tax that redistributes tokens to all holders, including a burn wallet that has accumulated over 60% of the total tokens. This deflationary model means every day a user wakes up to more Hoge in their wallet, and simultaneously, there are fewer Hoge tokens in existence. These tokenomics get supercharged by volume. There’s currently less than 39% of Hoge left. The smart contract is unchangeable and will exist as long as Ethereum does.Users can check out Hoge on Coin Market Cap, which has over 68,000 holders, with 98.5% holding less than $1,000 worth of Hoge. Remarkably, 97% of all wallets have not moved their Hoge in over a year. Being a three-year-old meme token, many of these wallets are dead or lost, but they’re still collecting more Hoge every day, adding forever value to the community. Users can review Hoge’s all-in-one dashboard at Hoge.Report to dive deep into the Hoge token statistics.Innovative DeFi ProductsHoge’s community has developed various DeFi products, enhancing its ecosystem:Embracing AI and Web3 GamingHoge is at the forefront of the AI and Web3 gaming narratives with the upcoming launches of HogeAI and OptiGames. HogeAI, a custom-built text-to-image generator, enhances storytelling and gives each holder the tools to express themselves. Hoge content creation is now limitless. OptiGames integrates ERC20 tokens into provably fair arcade gameplay. Game creators can seamlessly integrate their game on the OptiGames platform and monetize the results for players. The flagship game, Bulldog Blast, will allow players to compete against each other in a turn based multiplayer death match for Hoge tokens. Or you can simply play a stranger in rock paper scissors for your favorite ERC20 token.Community Engagement and Information SourcesUsers can stay updated on Hoge news and updates by visiting Hoge.gg and following @HogeFinance on X. Users can join every Friday for the Weekly Wrap-Up Report, where the week’s crypto news and Hoge updates are discussed. The official contract address can be found on Hoge.gg, as there are many scam copies out there. DeFi is a fun new world, and Hoge gives creators a place to create. For further information, users can join the Telegram group or ask on any platform, and the community will provide answers.ContactCommunity ManagedHoge AdvisorsHoge [email protected] article was originally published on Chainwire More

  • 163 Shares199 Views

    in Economy

    ECB has room to cut rates but should take its time, policymakers say

    The ECB has all but promised a rate cut for June 6, so the debate has shifted to subsequent moves and the speed at which they come, and markets have dialled back their expectations to bet on just one more cut this year.”Barring a surprise, the first rate cut in June is a done deal, but afterwards we have several degrees of freedom,” French central bank chief Francois Villeroy de Galhau told Germany’s Boersen Zeitung.He did not call for a quick follow-up but he gently chided colleagues like board member Isabel Schnabel who are already discussing a pause after the initial step.”Why so, if we (go) meeting-by-meeting and data-driven?” Villeroy said. “I don’t say that we should commit already on July, but let us keep our freedom on the timing and pace.”ECB chief economist Philip Lane took a more measured stance but warned that easing too late risked pushing inflation below target, which would then force the ECB to rush with rate cuts. “Keeping rates overly restrictive for too long could push inflation below target over the medium term,” Lane said in a speech in Dublin. “This would require corrective action through a subsequent acceleration in rate cuts that could even require having to descend to below-neutral levels.”Markets currently see just one more rate cut this year after the initial move in June, a big reversal compared with the start of the year, when up to six cuts were expected.Still, Lane insisted that disinflation was on track and even if price growth figures could be choppy in the coming months, trends remained in line with the bank’s projections that put inflation back at the ECB’s 2% target in 2025. Villeroy said that this could then allow the ECB to ease policy further and that expectations that its deposit rate, now at 4%, could settle at 2%, were not outlandish.”We have significant room for rate cuts,” he said. “From today’s perspective, my feeling is that present market expectations for our terminal rate are not unreasonable.”Speaking to the Financial Times, Lane also said that ECB policymakers needed to keep rates in restrictive territory all year and more progress was needed on inflation. “But within the zone of restrictiveness we can move down somewhat,” he said.Both Lane and Villeroy agreed that a recent rise in negotiated wage growth was not particularly worrisome and a further deceleration in earnings was expected.”Deceleration does not necessarily mean an immediate return to steady state,” Lane said. “This year the adjustment is clearly quite gradual.” More

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    in Economy

    ECB’s Lane says cuts will depend on underlying inflation, demand

    DUBLIN (Reuters) – The European Central Bank will cut interest rates at a slower or faster pace depending on the strength of underlying inflation and demand, ECB chief economist Philip Lane said on Monday.”The subsequent pace of rate cuts will be slower if there are upward surprises to underlying inflation (especially in relation to the underlying dynamics of domestic inflation and services inflation) and the level of demand (in view of the implications of demand conditions for the medium-term inflation outlook) and will be faster if there are downward surprises,” Lane told an audience in Dublin. More

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    in Economy

    ECB has significant room for rate cuts – Villeroy

    After a first rate cute next month that Villeroy described as a “done deal”, debate among ECB policymakers remains open about how fast and far to keep easing after that.Villeroy, who is also the governor of the French central bank, has repeatedly made the case for the ECB adopting an approach of “maximum optionality” after June.In an interview with German newspaper Boersen Zeitung, he pushed back against suggestions that the ECB should only cut once a quarter when its economic forecasts are updated, which would exclude a July move.”I don’t say that we should commit already on July, but let us keep our freedom on the timing and pace,” Villeroy added.Looking through the debate about the short term, market analysts surveyed regularly by the ECB expect it to cut its main rate over time to 2%, which Villeroy described as “not unreasonable”.”This doesn’t mean that we should go to this rate, but that with a deposit facility rate of 4%, we have significant room for rate cuts,” he added.An increase in a key euro zone wage indicator last week injected some uncertainty into the outlook, but several policymakers were quick to stress the data should not be over-interpreted.”For me services inflation matters more than wages or margins,” Villeroy said. More

  • 163 Shares199 Views

    in Cryptocurrency

    Meme coins hit records as bitcoin kicks off the week in the red

    Two tokens within the Ethereum ecosystem, PEPE and MOG, soared to record highs on Monday, continuing the impressive rallies from last week.  These gains also coincided with a nearly 5% rise in ether. The surge followed the U.S. approval of key ether exchange-traded fund filings, prompting traders to consider meme tokens as beta bets.The rise is part of a broader meme coin rally, with most meme-based cryptocurrencies trading in the green. The sector saw a surge in interest over the last few weeks after legendary trader and investor Roaring Kitty returned to the trading world following a three-year absence.Moreover, the number of addresses holding meme coins for less than thirty days reached a record high last month, which indicates a massive influx of new traders entering the market.Traders have been considering PEPE and MOG as leveraged ways to gain exposure to ether. The rally in these tokens began when analysts increased the probability of ether ETFs being approved for trading in the U.S.In the past 24 hours, frog-themed PEPE and cat-themed MOG gained 11% and 45%, respectively, as the beta bet narrative gained traction. A beta bet allows investors to gain exposure to a main asset by investing in related networks or protocols. Trading volumes for PEPE across spot and futures markets reached over $1.8 billion, well above the usual $400 million to $600 million range.Futures data revealed a massive increase in open interest for instruments tracking PEPE and MOG in the past 24 hours. PEPE’s open interest climbed to $720 million from last week’s $550 million, and MOG’s rose to $8.3 million from $5 million. An increase in open interest is typically seen as an indicator of new capital entering the market, potentially leading to more price volatility.Despite the bullish sentiment, the long-to-short ratio for PEPE is tilted towards bears at 54%, indicating that traders are largely betting against further price increases.PEPE even entered the top 20 largest tokens by market capitalization, surpassing $6 billion, and provided early investors decent returns from initial investments as low as $460. Since 2023, meme tokens—typically perceived as having no intrinsic value but enjoying sizable followings —have risen in prominence as beta bets on their respective ecosystems.  More

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    in Economy

    China’s property stimulus raises risks for banks in smaller cities, S&P Global says

    The measures announced earlier this month such as cutting down payment requirements and removing the floor for mortgage rates are expected to temporarily increase property demand, but the increased leverage could also cause an uptick in mortgage defaults, according to a S&P Global report. Property prices in smaller tier-three cities are expected to decline about 14% through the 2024-2025 period, the report said. This could potentially push some homebuyers into negative equity situations, where their outstanding mortgage balances exceed the value of their properties, it said.Consequently, some homebuyers may walk away from their properties and default on the mortgages, the report said.”The removal of the floor on mortgage rates will also give lenders less buffer to absorb potential losses when defaults do happen,” said S&P Global Ratings credit analyst Ryan Tsang.”Banks would have to incur additional costs to pursue defaulters’ other assets to mitigate the losses in such cases,” said Tsang. A number of cities across China, including first-tier Shanghai and lower-tier Wuhan and Changsha, have lowered down payment and mortgage loan interest rates in response to the nation’s “historic” steps announced on May 17 to stabilise its crisis-hit property sector.The lower limit of down payment was cut to 15% from 20% at a national level for first-time homebuyers and to 25% from 30% for second-time homebuyers. More