Aurelia Butler
More stories
- in Economy
Argentina cuts interest rate to 70% citing ‘pronounced’ inflation slowdown
BUENOS AIRES (Reuters) – Argentina’s central bank cut its benchmark interest rate by 10 points to 70%, the monetary authority said on Thursday, the third adjustment since libertarian President Javier Milei took office in December and targeted tamping down rampant inflation.The move, from the previous level of 80%, confirms a Reuters report earlier this week saying that a rate cut was imminent, and underscores government confidence over bringing down inflation that’s running on an annual basis at over 275%.”After the initial correction of relative prices in December 2023, we’re seeing a pronounced slowdown in inflation, despite the strong statistical drag that inflation carries in its monthly averages,” the central bank said in a statement.The bank added that since Milei took office the monetary base had been reduced substantially, which helps to mop up liquidity and tamp down prices rises.The country is set to reveal March inflation data on Friday, which analysts peg at 12% for the month and the government has said should be close to 10%. That’s down from a peak of over 25% in December following a sharp currency devaluation by Milei.Milei’s tight fiscal policies have boosted the mood of investors in Argentina, propelling shares and bonds, although poverty levels are increasing along with an economic recession, as activity, production and consumption slide. More
Metacade Unchains Web3 Gaming: Multi-Chain Integration Unites the Industry
Metacade, the leading blockchain gaming platform, takes a monumental leap forward with the integration of multi-chains into its ecosystem.This Omni-layer development provides universal application reach, resolving blockchain fragmentation and empowering builders across diverse chains.The rapid integration of the Metacade Tournament Platform with the Base Layer 2 Rollup within 12 hours showcases Metacade’s technical prowess and underscores a commitment to delivering best-in-class solutions for partners and players.The decision to introduce multi-chain functionality highlights Metacade’s vision to create the largest Web3 gaming platform, grounded in open market principles.What began as a vision to connect Web3 game developers with seasoned players has become an omni-layer movement to unify games across chains and provide fluid liquidity, expanding economic opportunities for builders and players alike.A multi-chain infrastructure will optimize liquidity access, mitigate inefficiencies, and simplify asset trading processes. It offers an efficient on-ramp for gaming partners to facilitate the use of their tokens regardless of where the core of their liquidity is situated.This pivotal development future proofs Metacade’s robust, diverse, and accessible ecosystem. For more information on Metacade and its multi-chain expansion, users can visit the new website: metacade.co.About METACADEMetacade is a seamless Web3 Gaming platform connecting developers and players through plug-and-play community initiatives. Providing an unfair advantage through early access, dev-player collaborations, and financial rewards.ContactElly [email protected] article was originally published on Chainwire More
CoinGames Builds World’s First Fully Decentralized Gambling Platform
Web3 platform offers blockchain-based, smart contract-backed online casino and sportsbookCoinGames, the first fully Licensed decentralized gambling platform, has launched and is offering users a safe, secure, and streamlined online casino service powered by the latest in blockchain and smart contract technology. The CoinGames web3 casino allows for instant withdrawals, access to daily promotions, and 24/7 live support for their 10,000+ offered games. Through the implementation of these technologies, players are able to enjoy an easy-to-access platform that is built with optimization, transparency, and entertainment at its core.Coingames addresses the largest challenge facing the online casino industry today, which is conversion rate. As the only true Web3 casino, players do not need to deposit funds to play because the whole game session is handled through the smart contract, removing a major barrier to participation. This innovative approach has led to a 380% improvement in conversion rates and a 200% increase in customer Lifetime Value (LTV). Users enjoy shorter wait times for registration and deposit without the need for third parties that complicate and slow down processes at every turn. Players maintain full autonomy over their funds with no restrictions on when or how much they can withdraw using their non-custodial wallets. All transactions are completely transparent and recorded on the CoinGames framework built upon the Binance Chain, Polygon Chain, and soon on Solana and Ethereum. The implementation of these decentralized technologies and frameworks contributes to an unparalleled user experience that is both fully secure and streamlined.CoinGames is currently launching its CoinGames Token, initially available to private investors and subsequently to the public through pre-sale and public sale phases. Soon, their NFT collection will also be ready for direct purchase on Magic Eden.About CoinGamesCoinGames is revolutionizing the iGaming industry by leveraging the latest in blockchain technology. Through innovation in Web3 development and adoption, CoinGames aims to transform the gaming sector, particularly focusing on environments rich in high-frequency microtransactions and developing blockchain solutions to facilitate the expansion of decentralized business operations.For more information, users can visit CoinGames’ official website | Twitter | Discord | BlogContactCommunicationsRonnie WelchVEW [email protected] article was originally published on Chainwire More
- in Economy
What eight centuries of data tell us about interest rates
Stay informed with free updatesSimply sign up to the More
- in Economy
Tory election hopes fade with prospects for interest rate cuts
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Rishi Sunak’s hopes of going into a general election on the back of lower taxes and cheaper mortgages suffered a blow on Thursday as traders scaled back expectations of interest rate cuts in 2024.Conservative officials admitted that unexpectedly high inflation data in the US on Wednesday was “concerning” and could have a knock-on effect for the UK economy and the party’s election strategy.Investors are now betting on only two quarter-point rate cuts from the Bank of England this year, compared with expectations in January of at least six during the course of 2024 and about three in March, when chancellor Jeremy Hunt delivered his Budget.That poses a potential problem for Hunt and Sunak, who hoped the BoE would start cutting interest rates well before a general election, widely expected in the autumn. “That probably is the moment when people will begin to have more confidence about their own personal prospects and the prospects of their family,” Hunt told the Financial Times in December.Traders are no longer fully pricing in the first UK interest rate cut by August and now expect borrowing costs to begin to fall in either that month or September.International markets have also scaled back expectations of imminent rate cuts in the US and the eurozone. Traders in both regions have at least halved the number of interest cuts they anticipate this year compared with their expectations in January.The European Central Bank kept rates at an all-time high on Thursday while signalling it was considering a cut at its next meeting in June.The big rethink by investors is pushing up the cost of UK government borrowing, potentially reducing Hunt’s scope for pre-election tax cuts in an autumn “fiscal event”.Benchmark 10-year borrowing costs have risen to 4.2 per cent from 4 per cent in March and 3.6 per cent at the start of the year.“What’s happening in the US could have an effect here and affect the forecasts,” said one Tory insider, referring to the Office for Budget Responsibility’s assessment of the public finances.Megan Greene, one of the more hawkish members of the BoE’s monetary policy committee, argued in the Financial Times on Thursday that investors had underestimated the risk that inflation would remain high for longer in Britain than in other advanced economies.“In my view, rate cuts in the UK should still be a way off,” she added. For Sunak, time is running out to start reaping political dividends from what he will claim are the fruits of his sound economic management.Tory officials are still hopeful that UK inflation will fall below the BoE’s 2 per cent target soon — probably in May — and that next month’s growth data will confirm that Britain has exited the mild recession it entered in late 2023.They also point to seven months of real wage growth and the effects of Hunt’s cuts to national insurance — worth £900 a year to the average worker — feeding through into pay packets. Mortgage rates for people coming off fixed deals are already falling, they added.But Labour, which intends to fight the election on the economy, believes that regardless of when the BoE cuts interest rates, voters will not be grateful to the Conservatives. “We’ll ask a simple question: do you feel better off?” said one ally of Rachel Reeves, shadow chancellor.Tomasz Wieladek, chief European economist at T Rowe Price, estimated that the latest rise in UK gilt yields would raise government interest costs by about 0.1 per cent to 0.15 per cent of gross domestic product compared with the forecasts set out in March’s budget. Mark Dowding, chief investment officer at RBC BlueBay Asset Management, said: “All of this has a negative influence on UK public finances — it feeds back into politics. If you end up with rate cuts that are not being delivered it’s another nail in the coffin for the Tory party.”Other economists believe a delay by the Federal Reserve in cutting rates in the US could reduce pressure on the BoE to do the same in the UK.“That makes it easier for the bank to postpone tricky decisions and wait for more evidence that inflation is indeed falling sharply,” said Ruth Gregory, deputy chief UK economist at the consultancy Capital Economics.But she added that the BoE could still choose to cut interest rates earlier and further than the Fed if inflationary pressures subsided sooner in the UK — with its decision “determined not by the Fed, but by the domestic economy”. Rob Wood, chief UK economist at the consultancy Pantheon Macroeconomics, said he thinks markets are “overreacting a bit” to the US inflation data and expects the BoE to cut rates in June, September and December. More
Bitcoin Halving 2024: Will Crypto Miners See Lower Profits?
As the event draws near, crypto investors and analysts are also assessing the potential impact on the profitability of Bitcoin mining.Analysts at JPMorgan said in a note this week that the halving event could have “sweeping implications” for the Bitcoin mining industry.“All else equal, the halving will cut industry revenues in half, triggering a wave of consolidation and business closures, while (hopefully) rationalizing the network hashrate and industry capex, which is ultimately good for the remaining operators,” stated JPMorgan.The investment bank estimates that industry-wide gross profits, currently about $2.5 billion per quarter, will decline 30% to 40%, with the network hashrate declining as much as 80 EH/s (or 13%) peak to trough.The block reward, which makes up the overwhelming majority of mining revenues, will be cut in half on or around April 16th, according to Coinbase (NASDAQ:COIN) estimates.“Post-halving, we estimate one exahash of mining capacity will generate ~$50k in daily block rewards (vs ~$100k today), which would be the lowest level since at least Jan ˕21,” highlighted JPM analysts.“That said, some believe transaction fees, which historically accounted for a low single-digit percentage of mining revenue, could increase post-halving due to network upgrades that allow more data to be saved on the Bitcoin blockchain, which could partially offset the smaller block reward.”Furthermore, Neutral-rated CleanSpark (NASDAQ:CLSK) was cited as “best positioned from an ‘optics’ perspective,” as it enjoys the lowest all-in cost per coin in JPMorgan’s coverage universe, at $35,000, and is “on track to report record revenue and gross profits post-halving, due to favorable hashrate compares.”On the other hand, despite having the lowest energy prices of any publicly traded operator, the bank believes Neutral-rated Cipher Mining (NASDAQ:CIFR) is “worst positioned from an optics’ perspective,” given tough hashrate compares and relatively high overhead expenses.While JPMorgan notes that Bitcoin typically rallies post-halving, they state that the reaction isn’t immediate, explaining that Bitcoin appreciated, on average, 11%, 59%, 262%, and 419% in the three, six, nine, and twelve months following the last two halvings due to perceived scarcity.“That said, no two halvings are the same, and bitcoin has appreciated more 56% YTD and more than 150% over the past year,” cautioned JPMorgan.Bitcoin Halving is a process that occurs every four years, where the rate and rewards for mining Bitcoin are reduced by half. The purpose of this event, introduced by Bitcoin founder Satoshi Nakamoto, is to regulate the production of Bitcoin and keep the digital currency deflationary.Speaking at the Bitcoin Investor Day in New York in March, Mike Novogratz, the CEO of Galaxy Digital, provided his insights on why he thinks Bitcoin is likely to continue trending higher.Novogratz highlighted concerns over government spending and borrowing, saying he sees Bitcoin as benefiting from the US’s fiscal indiscipline.”What’s the macro story for Bitcoin?” said Novogratz. “It’s relatively simple. Our government can’t keep its pants on and stop spending money.””Until you see a government, both Dems and Republicans, that says ‘enough,’ bitcoin’s going to keep going higher,” Novogratz added.Earlier in March, Galaxy’s head of research, Alex Thorn, said Bitcoin will “climb the wall of worry.” He believes the bitcoin rise is “still just getting started.””Have conviction, take your coins into self-custody if you can, and enjoy the greatest game the markets have ever seen,” Thorn concluded.The current cryptocurrency market capitalization stands at $2.57 trillion. Bitcoin is, of course, the leader, with a market cap of $1.37 trillion, at the time of writing. It currently trades above the $70,000 mark.Meanwhile, Ethereum, the second largest cryptocurrency, has a market cap of $407.76 billion, with the crypto currently at $3,515. More
Donk.Meme Launches Presale As The Solana Meme Project Readies For Raydium Listing
Donk.meme, a Solana-based meme coin has announced the launch of its presale $DONKM token presale. Following the successful trajectories of predecessors like Bonk and Bome, both of which experienced remarkable growth, the Donk.Meme team is eager to try to follow their footsteps.Donk.Meme draws its inspiration from the beloved, talkative donkey character of the Shrek franchise, hoping not just to entertain but also to carve a niche for itself within the Solana Meme Coin ecosystem.What Makes Donk.Meme Special?Donk.Meme differentiates itself with a no-cap presale model that encourages wide participation and ensures fairness in token distribution. This approach, reminiscent of the strategies employed by successful predecessors like Book Of Meme ($BOME) and Pepe Token, are adopted by Donk.Meme.Donk.Meme Presale Details: Total Supply: 1 Billion $DONKM TokensPresale Allocation: 700,000,0000 $DONKM Tokens (70% of the total supply).Presale Ends: 12th April, 4pm UTCNo Minimum & Maximum Cap, this is to make it as fair as possible.How To Join Donk.Meme PresaleAbout Donk.Meme ($DONKM)Donk.Meme is a pioneering meme coin project launched on the Solana blockchain, inspired by the beloved character Donkey from the iconic Shrek series.To visit The Donk.Meme Presale PageUsers can stay Up to date By Following Donk.meme On Social MediaWebsite | Twitter | Telegram | DiscordDONK 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. Investing in cryptocurrencies is volatile and dangerous.ContactCMODon [email protected] article was originally published on Chainwire More
