Aurelia Butler

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    Bitcoin ETF Hype Far From Over: Top Expert Ends Speculations

    Despite this apparent cooling off, Eric Balchunas, a senior ETF expert at Bloomberg, has offered insights that challenge any premature conclusions about the demise of the Bitcoin ETF fervor. Balchunas suggests that such fluctuations are part of a natural ebb and flow within the ETF market, particularly following a period of rapid growth. He emphasizes that the recent net outflows represent a mere fraction of the overall picture, with inflows persisting in other ETFs, notably IBIT, which has maintained an impressive streak of inflows for 67 consecutive days.IBIT, in particular, has garnered attention for its sustained performance, ranking 13th in all-time inflows among over 3,000 ETFs. Its total net flows now stand at $15.3 billion, cementing its position as a leading player in the ETF landscape.While recent headlines may paint a picture of waning interest in Bitcoin ETFs, Balchunas’ analysis offers a counterpoint, suggesting that the hype surrounding these investment vehicles is far from over.This article was originally published on U.Today More

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    in Cryptocurrency

    Satoshi Nakamoto’s Final Words Echo as Bitcoin Halving Set for Next 36 Hours

    These statements, believed to have been made by Nakamoto before exiting the social media scene, have sparked renewed interest and reflection on the significance of the halving event.Nakamoto bowed out of the cryptocurrency scene three years after publishing Bitcoin’s white paper and mining the genesis block. On April 23, 2011, he emailed another Bitcoin developer, informing him that he had “moved on to other things.”As the Bitcoin community counts down the final hours to the much-anticipated halving event, a sense of reflection permeates the air. Oklink says the current countdown to the Bitcoin halving event is one day, 11 hours.Galaxy’s tweet and report on the Bitcoin halving event echo Satoshi’s words: “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” – Satoshi Nakamoto, Feb. 11, 2009. In its report, Galaxy stated that Satoshi programmed the halving function on Bitcoin as a countermeasure to the ongoing debasement of fiat currencies, which prompted the reflection on this particular Satoshi Nakamoto comment. On April 20, 2024, Bitcoin is expected to perform its fourth halving at block 840,000. Following this, the Bitcoin block reward will decrease from 6.25 to 3.125 BTC. As a result, Bitcoin’s annualized issuance rate will fall from 1.7% to about 0.85%. A total of 93.7% of the total Bitcoin supply will be in circulation at the time of the event. These facts demonstrate that Bitcoin’s monetary policy is fixed, and each halving confirms its lifespan once more. Halvings will continue, but stakeholders might not be bailed out by the financial system. The impending halving, scheduled for April 20, 2024, underlines these fundamentals and serves as a reminder to the market of Bitcoin’s unique features.”If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” Galaxy Research echoed one of Satoshi Nakamoto’s statements that dates back to July 29, 2010.This article was originally published on U.Today More

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    in Economy

    BOJ’s Ueda signals possible rate hike if weak yen boosts inflation

    WASHINGTON (Reuters) -Bank of Japan Governor Kazuo Ueda said on Thursday the central bank may raise interest rates again if the yen’s declines significantly push up inflation, highlighting the impact currency moves may have on the timing of the next policy shift.”There’s a possibility the weak yen could push up trend inflation through rises in imported goods prices,” Ueda said in a press conference after attending the Group of 20 (G20) finance leaders’ meeting in Washington.”If the impact becomes too big to ignore, it might lead to a change in monetary policy,” he said, signaling the chance of another rate hike depending on the inflationary impact of the weak yen.The BOJ will scrutinize how the yen’s declines so far this year could affect the economy and prices, and take the findings into account in producing fresh quarterly growth and inflation forecasts due at next week’s policy meeting, Ueda said.Ueda’s remarks heighten the chance the BOJ will revise up its price forecasts next week and project inflation, as measured by an index stripping away the impact of fresh food and fuel, to stay around its 2% target through early 2027.Any such projections would reinforce market expectations that the central bank will hike rates again this year, after having ended eight years of negative interest rates last month.The yen has weakened since the BOJ’s stimulus exit in March as traders focused on its dovish guidance, which heightened the chance Japanese rates will stay near zero for some time.While a weak yen boosts exports, it has become a headache for Japanese policymakers as it inflates the cost of living for households by pushing up import prices.A broad dollar rally driven by receding market expectations of a near-term U.S. interest rate cut has recently pushed the yen to a 34-year low, heightening the chance of currency intervention by Japanese authorities.Japanese Finance Minister Shunichi Suzuki, speaking at the same press conference, said the yen’s recent declines likely reflect various factors, not just interest rate differentials.”Exchange-rate levels aren’t determined just by interest rates. Various other factors, such as each country’s current account balance, market participants’ sentiment, and speculative trade, drive currency moves,” Suzuki said.Separately, a senior International Monetary Fund official on Thursday said the yen’s recent falls, while “quite significant,” largely reflect the interest rate gap between Japan and the U.S. More

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    in Economy

    LVMH accounts for bigger share of French exports than agricultural sector

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Global sales of handbags and perfumes made by LVMH account for a larger share of France’s exports than all of the Camembert and wine produced by the country’s famed agricultural sector. The Paris-based luxury leader accounted for 4 per cent of all French exports last year, according to a study by consultancy Asterès for LVMH released on Thursday. The €23.5bn value of its goods heading abroad last year beat the 3.2 per cent contribution of the entire agricultural sector, reinforcing the importance of the luxury sector to France’s trade balance. LVMH has become one of France’s most recognisable companies internationally, producing the majority of its goods in France or Italy to maintain the quality that allows it to command premium prices. The US accounted for a quarter of sales in its most recent quarter, while Asia accounted for just under 40 per cent. “We achieved pretty sustained growth in Europe, in Japan and the rest of Asia last year, but a bit less strong in the US due to the economic situation, which is in the process of inverting now,” chief executive Bernard Arnault said on Thursday at the group’s annual meeting.China has become a more complex situation for the sector as luxury goods demand softens amid an uncertain economic outlook and increased trade tensions with Europe. “I hope the economic tensions will quiet down and that we will be able to continue a solid economic collaboration with China,” Arnault said. Though France accounts for less than a tenth of global sales, the luxury group — which includes brands ranging from fashion label Louis Vuitton to Moët & Chandon champagne — is keen to trumpet its contribution to the French economy as it undergoes changes to leadership at the family-controlled company. Two of Arnault’s sons were welcomed on to the board on Thursday, joining their two older siblings and reinforcing the family’s control. All five of Arnault’s children work at the company in operational roles and all but the youngest, Jean, now have board seats. The changes to the family’s role have happened in tandem with changes among top LVMH executives outside the family. Longtime Arnault deputy Antonio Belloni has stepped back as group managing director, to be replaced by Stéphane Bianchi, the 59-year-old former head of watches and jewellery.The leadership shifts come amid a global slowdown in sales following a multiyear boom for a sector that is critical to the French economy. France’s luxury sector, which also includes LVMH rivals Hermès, Chanel and Gucci owner Kering, accounted for just under 12 per cent of French exports in 2023, according to luxury industry association Comité Colbert. LVMH accounts for about a third of the total. LVMH this week reported lower demand for designer bags and champagne in the first quarter, its weakest since the pandemic recovery supercharged luxury sales in early 2021. More

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    in Cryptocurrency

    Bitcoin halving: Here are 5 key investor questions and answers

    To shed light on the event, analysts at Bernstein delved into five key questions.What is Bitcoin halving?Bitcoin halving refers to the process where the reward for mining new Bitcoin blocks is reduced by half approximately every four years. This mechanism is built into the Bitcoin protocol to control the supply of Bitcoin and ensure its scarcity over time. The upcoming halving will reduce the block rewards from 6.25 to 3.125 Bitcoins per block.How has Bitcoin price reacted to past halving cycles?Analysts at Bernstein explain that historically, Bitcoin has experienced price cycles tied to halving events, typically initiating new four-year cycles. However, they state the halving itself does not guarantee price appreciation; instead, price gains often coincide with increased “demand catalysts,” such as institutional adoption and favorable market conditions, they explain.What will be the impact on Bitcoin network hash rate post halving?The analysis by Bernstein suggests a potential 7% reduction in the network hash rate post-halving. Despite this, the investment research firm expects strong Bitcoin prices and additional revenue sources like network fees to mitigate significant disruptions in mining operations.How does halving impact the miners covered by Bernstein?”For top listed Bitcoin miners we cover, ‘halving’ is a potential catalyst for further market consolidation,” say analysts at Bernstein. Top Bitcoin miners, such as RIOT and CLSK, anticipate doubling their capacity by 2024 to offset reduced block rewards. These miners operate at competitive production costs and are strategically positioned to capitalize on market consolidation through acquisitions and organic growth.Why have mining stocks experienced constant selling?Despite Bitcoin’s optimistic outlook, mining stocks have underperformed the cryptocurrency in 2024. This discrepancy is attributed to mining stocks being viewed as “mere Bitcoin proxies,” overshadowing fundamental differences among mining companies.Overall, the analysis by Bernstein underscores the resilience of Bitcoin amid market fluctuations, with mining stocks poised for potential revaluation post-halving. The firm recommends “investors to start adding RIOT, CLSK here, and expect, post halving, the market would reward these names for superior execution as they emerge market leaders by self-mining hash rate.” More

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    in Cryptocurrency

    Circle of Games secures $1 million of strategic funding from Nazara Technologies and The Hashgraph Association

    Nazara is India’s largest and only listed gaming company with a presence across eSports, Sports Media, Gaming studios, and Adtech. The company recently pledged USD 100 million to invest in successful and innovative brands and IPs with cutting-edge technology in the Web3, Virtual Reality, and AI space. COG intends to use this funding to fast-track its go-to-market strategy, improve platform capabilities, and widen its international presence in the US, EU, Middle East, Africa, and Asia in 2024. With over 250,000 registered users, COG plans to expand its gaming portfolio from the current six games to over ten games by Q4 2024. Through this expansion, COG aims to target millions of gamers in the global casual and hyper-casual gaming community.Alongside the investment, COG remains committed to leveraging its existing strategic partnerships and collaborations with prominent Web3 projects and ecosystems worldwide, namely Chingari, Solana, Foundership, KGeN/IndiGG Metarun, TheFishVerse, Ninja Games and various Gaming Guilds/DAOs, among others. These partnerships provide COG unique and immediate access to a 500+Mn gaming community in 50+ countries.COG has implemented multi-chain technology, with Hedera being the primary mainnet where the majority of on-chain transactions occur, and is empowering players with full ownership and control over their in-game assets and tokens. COG is set to launch its native token ($COG Token) by the end of Q2, 2024, promising an enhanced and innovative user experience. Founded by veterans in the gaming & tech space, COG develops casual and skilled-based games on the blockchain, with play-to-earn reward mechanics. About Circle of Games:Circle of Games, headquartered in the British Virgin Islands, is a pioneering web3 multi-gaming platform founded by Rabilal Thapa (CEO), Rajeeb VC (CTO), and Rohit Tiwari (CMO). United by their visionary ambitions, they conceived a robust web3 casual multi-gaming platform. Established in 2022, the gaming app has garnered over 250,000 registered Android users, with its user base expanding rapidly. The platform is scheduled to launch its app on iOS devices by Q2. COG is driven by the vision to onboard 100 million users to Web 3 by 2026, achieved through the creation of an ecosystem featuring multiple skill-based and casual games.About Nazara Technologies Ltd.Nazara is India’s only listed gaming & esports company with majority ownership of several leading gaming & esports brands with presence in India, US and other global markets. In esports, Nazara has India’s leading esports platform Nodwin; and Sportskeeda / Pro Football Network in the sports media space. Nazara’s offerings across the interactive gaming segment include gamified early learning ecosystems Kiddopia and Animal Jam which are global leaders in their respective segments; India’s most popular cricket simulation franchise World Cricket Championship (WCC) and a wide portfolio of casual games distributed through telco partnerships in many emerging markets. In addition, Nazara controls Datawrkz, a digital ad tech company which supports its other portfolio companies as well as external clients for demand-side user acquisition and supply-side ad monetization services.Nazara is an aggressive investor in the global gaming ecosystem and is on the lookout for successful and innovative brands and IPs with cutting-edge technology in the web3, Virtual Reality, and AI spaceAbout The Hashgraph AssociationThe Hashgraph Association is at the forefront of the digital enablement and empowerment of organisations through the broad adoption of Hedera-powered enterprise-grade solutions and decentralized applications, including funding training, innovation, and venture building programs globally. As a non-profit organization headquartered in Switzerland, The HashgraphAssociation supports and funds innovation, research, and development that enables economic inclusion and a digital future for all, with a positive environmental, social, and governance (ESG) impact.For further information about The Hashgraph Association, users can visit here.ContactPrity [email protected] article was originally published on Chainwire More

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    Bitcoin (BTC) to Trigger $15 Billion in Liquidations If This Happens

    It is worth noting that the implications of Bitcoin seeing liquidations of over $15 billion in Binance alone would ignite huge implications not just for the cryptocurrency but also for the entire crypto market. This could exert pressure on the market, leading to a further decline in prices.Liquidations occur when a trader’s position is forcibly closed due to insufficient funds to cover losses. This happens when the market moves against the trader’s position, resulting in the depletion of their initial margin. CoinGlass data shows Bitcoin has seen liquidations of $95.97 million in the past 24 hours. Of these figures, long positions accounted for $62.7 million, while short positions accounted for $33.24 million. Per liquidations from exchanges, Binance recorded the highest order at $103.9 million, followed by OKX with $92.68 million within the last 24 hours.According to a U.Today report, this is the first time in over a month that the price of Bitcoin has fallen below $60,000. Bitcoin fell to $59,313 on March 5, recovered the next day, and eventually reached its all-time high of $73,679 on the Bitstamp platform on March 13.This article was originally published on U.Today More