Aurelia Butler

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    in Cryptocurrency

    Exclusive – Transak adds Chiliz support to simplify acquisition process

    The collaboration facilitates access to Chiliz’s Fan Token ecosystem, offering fans a direct gateway to participate in its token-based initiatives. The integration also broadens the scope for sports enthusiasts to engage with fan tokens while simplifying access to cryptocurrencies for wider adoption. Transak provides payment and onboarding services that enable users to buy and sell digital assets, taking care of the know-your-customer (KYC) obligations, risk surveillance, and compliance for its customers. It serves major crypto wallet providers like MetaMask and Coinbase (NASDAQ:COIN) Wallet and also joined Visa (NYSE:V) Direct to enable users to convert their crypto holdings into fiat in nearly real-time.“This partnership is a significant move for both companies, unlocking a wider user base of sports fans to enter the world of fan tokens. “We believe that simplifying crypto access is a crucial step in mainstream adoption,” said Sami Start, CEO of Transak. “By listing Chiliz on Transak, we further lower the barrier to entry for the rapidly flourishing world of sports and entertainment fan tokens.”The integration of Chiliz will also enhance the user experience for fan token enthusiasts. “We’re constantly working to ensure fans have a seamless and effortless way to acquire CHZ and their favorite Fan Tokens. Working with Transak is a major step forward in that mission. This integration opens up new avenues and markets for us,” added Alexandre Dreyfus, CEO of Chiliz and Socios.com.The Chiliz Chain is a layer-1 blockchain that aims to be the preferred blockchain for sports franchises. It originated as a fork of the Binance Smart Chain and employs a staking-based consensus mechanism that uses its native CHZ token. More

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    in Cryptocurrency

    Bitcoin price today: Pullback is a result of profit taking – crypto expert

    The flagship cryptocurrency fell more than 4% in the past 24 hours to $65,174 by 09:10 ET (13:10 GMT). The downswing pushed Bitcoin price below the previous week’s stable range of $68,000 to $72,000.The dollar index, a measure of the U.S. dollar’s strength against a basket of major currencies, crossed the 105 mark for the first time since mid-November, driven by an unexpected uptick in ISM manufacturing PMI figures for March.The report showed the first increase in factory activity since September 2022, rising 2.5 points to 50.3 from February’s 47.8.This development, marking an end to 16 months of contraction, challenges the likelihood of imminent Federal Reserve rate cuts.Key components such as new orders also returned to growth, and the prices index saw a significant increase to 55.8% from 52.5%.Following this report, market expectations for Fed rate cuts have adjusted, with swap contracts now forecasting less than 65 basis points in reductions for the year, down from previous expectations, according to Bloomberg. Put simply, it reduces the odds of a Fed rate cut in June to below 50%.A stronger dollar typically makes assets priced in dollars, such as Bitcoin and gold, more expensive and less attractive, potentially reducing demand. Moreover, a continuously strong dollar can lead to global financial tightening, reducing investors’ appetite for risk assets.”This (dollar) strength is an extension of the move seen late last week when the Federal Reserve’s Christopher Waller delivered a less dovish speech,” said Chris Turner, head of global markets at ING.The notable drop in Bitcoin price extended into crypto altcoins as well, with the likes of Ethereum, Solana, and Doge seeing even sharper declines.”I am not surprised to see increased Bitcoin volatility as we approach the halving of Bitcoin emissions later in April. There was significant volatility as well when we approached the expected approval of Bitcoin ETF back in January,” Ken Timsit, Cronos Labs Managing Director, told Investing.com.Specifically, ether and Cardano’s ADA each slid more than 5% over the past 24 hours, while Solana’s SOL and Dogecoin tumbled over 7.8% and 10%, respectively.The broader crypto market faced significant liquidations, with over $400 million in long positions being liquidated, compared to $85 million in short positions. “There are lots of automated trades and derivatives at play, which can trigger large temporary sell offs. However, the outlook for crypto adoption remains positive,” Timsit added.The total crypto market cap fell around 5.3% during the same period to $2.62 trillion, according to Coingecko data.Kristian Haralampiev, Structured Products Lead at Nexo, told Investing.com that today’s pullback is most likely the result of profit-taking from holders.”Cashing in at the top of the market has to be among every investor’s goals,” he said.Citing Glassnode’s data, Haralampiev noted that onchain metrics are showing “increased volumes to exchanges from holders with one specific cohort appearingly most active – short-term holders in profit.””While the pull-back may be at odds with the common expectation for Bitcoin to simply rip right through all-time highs, it’s also an excellent opportunity for market entry for late bulls before the bitcoin halving.”Still, Haralampiev is not ruling out a deeper pullback in Bitcoin price. “When looking ahead, the put/call ratio moved further in favor of the puts, suggesting that the options market is open to the concept of a further pullback occurring,” he concluded.  More

  • 125 Shares129 Views

    in Economy

    Column-Stock market crashes are rare, equity bubbles even rarer: McGeever

    ORLANDO, Florida (Reuters) – If you’re sure we’re in a mass-market equity bubble, you probably have to rely on instinct as to what happens next as there are precious few historical examples to guide you as to when, where or even if it will implode.One reason people continually compare the tech-led U.S. stock market boom of the moment to the disastrous dotcom implosion in 2000 is that the latter is really the only true U.S. equity market bubble and bust of the post-World War Two period.And while there’s good reason to fear a repeat of that millennium psychosis – the bear market that ensued lasted almost three years and markets didn’t durably recover the peaks for over a decade – the timing of the bust was almost random. The market eventually just fell over itself. It’s one of the few stock market busts in decades not triggered by an external shock or specific event – or circumstances beyond what might be deemed the plain old ‘irrational exuberance’ of stock investors themselves.Black Monday in 1987? High valuations, yes, but also worries over growth, inflation and the trade deficit. 2008? A U.S. housing bust, banking crash and credit crunch. 2020? A global pandemic. 2022? An energy and supply chain shock from Russia’s invasion of Ukraine that spiked inflation and interest rates.But more than most, the bursting of the dotcom bubble in 2000 was the result of ever crazier valuations that eventually succumbed to the laws of gravity – in large part because there was scant revenue or profit growth emerging to back them up.Tech today is nowhere near as expensive, and is riding a very real boom in underlying revenues. Yet pockets could get extremely frothy very soon.And if there is a bust looming, like 2000, it is not immediately clear what will trigger it. Recession seems a ways off, businesses are not over-extended and are cash-rich, the Fed’s next move on rates will almost certainly be a cut, and earnings growth forecasts are in double digits for next year. FAIR VALUEThe crash of 2000 was the most prolonged and one of the deepest of recent decades – the Nasdaq bubble took three years to deflate, the peak-to-trough fall was a staggering 80%, and it was 16 years before the index revisited its previous high.Black Monday in October 1987 may have been the biggest one-day collapse ever, but the Dow and S&P 500 ended that year higher. The recoveries from the Great Financial Crisis and pandemic crashes, aided by vast monetary and fiscal support, were far quicker too. On some level, it may be that purely speculative market runs that eventually get crushed under their own weight leave deeper scars.”Only the dotcom implosion was an equity bubble,” says Barry Ritholtz, CIO of Ritholtz Wealth Management, noting that a bubble is typically an asset class that becomes un-moored from intrinsic value, that leads to excessive speculation, that leads to a giant market crash. He echoes the broad consensus that while the ‘Magnificent 7’ clutch of mega tech stocks powering the market higher are expensive, they are not in that space yet. Expectations of $2 trillion in revenue and $300 billion profits this year see to that.”Are they above fair value? Probably, but all great stocks are. Fair value is not a magnet that automatically draws markets there. In fact, stocks rarely find themselves at fair value,” he says.HOPE AND MOMENTUMAccurately assessing ‘fair value’ is difficult, but most people would agree tech and the wider market were well above it in early 2000 – tech stocks were trading up to 70 times forward earnings.Contrast that with valuations just before the busts in 2008 and 2020. They were much lower, particularly in 2008, which may help explain why the drawdowns were shallower and relatively short-lived. In real terms the dotcom drawdown lasted over a decade, second only behind the Great Depression, according to UBS.Stocks today are expensive, but they were pricier in 2021. Since then, the Nasdaq and S&P 500 have entered bear markets, rebounded 50-60%, and reached new record highs.This suggests today’s optimism about the productivity-enhancing effects of technology may be more justified than 25 years ago. That may change if some of the eye-popping revenue and profits forecasts fail to materialize. But consumer and corporate balances sheets are in good shape – the S&P 500’s market cap has soared by almost $11 trillion in the last five months.Brett House, professor at Columbia Business School, doesn’t believe the current tech boom is history repeating itself. If he’s right the drawdown, when it comes, is unlikely to be as prolonged or painful either.”If there are reasons to justify valuations beyond pure hope or momentum, it may be that the scale of any subsequent correction is smaller and the length of the correction is shorter,” he said.(The opinions expressed here are those of the author, a columnist for Reuters.) (By Jamie McGeever; Editing by Chizu Nomiyama) More

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    in Cryptocurrency

    NAVI Protocol Introduces NAVI X Ecosystem Fund to Support Sui Blockchain Development

    NAVI Protocol has announced the creation of the NAVI X Ecosystem Fund, committing 10M NAVX tokens to support the growth and innovation of the Sui blockchain’s DeFi and Move-based ecosystem. This initiative aims to provide vital resources for projects at different stages of development, with a focus on enhancing the Sui blockchain’s functionality and user base.The fund is a collaborative effort involving key stakeholders from the DeFi space, designed to equip developers with financial, strategic, and networking resources necessary for the development and scaling of innovative projects on the Sui blockchain.Recognizing the importance of development support, NAVI Protocol’s NAVI X Ecosystem Fund aims to foster a nurturing environment for developers. This involves financial backing and also advisory services, industry connections, and marketing support to ensure the sustainable growth of projects within the Sui ecosystem.The fund marks a significant step towards enhancing Sui’s DeFi landscape, offering a range of incentives for builders, including hackathon bounties, developer grants, and partner rewards. It seeks to attract and support innovators and developers dedicated to broadening the utility and adoption of the Sui blockchain.NAVI X Ecosystem Fund’s main activity will focus on:- Providing financial support to promising projects, thus stimulating growth and innovation.- Enhancing the liquidity and financial stability within the Sui ecosystem.- Supporting the development of secure and resilient DeFi applications.- Encouraging the exploration of new use cases and technologies on the Sui blockchain.- Support community builders with NAVX tokens to foster a vibrant ecosystem.- Attract leading development teams to the Sui blockchain through targeted grants and incentives.- Enhance the Sui blockchain’s infrastructure and developer tools to improve the building experience.About NAVI ProtocolNAVI Protocol offers lending, borrowing, and liquid-staking services on the SUI blockchain, aiming to contribute to the blockchain’s growth and development. The NAVI X Ecosystem Fund represents NAVI Protocol’s commitment to supporting the SUI blockchain ecosystem and its developers.Website | X | Telegram | DiscordContactMarketing LeadIvan [email protected] article was originally published on Chainwire More

  • 138 Shares99 Views

    in Economy

    China opposes US trade barriers report listing it as ‘primary concern’

    The U.S. National Trade Estimate Report on Foreign Trade Barriers released on March 29 “did not provide any evidence to prove that China’s relevant policies and practices violated WTO rules, but arbitrarily accused China of having so-called ‘non-market’ policies and practices and barriers in agricultural products and data policies”, a ministry spokesperson said in a statement.The U.S. should stop making “false accusations” against other countries, abide by WTO rules and maintain a fair and just international trade order, the spokesperson added. More

  • 113 Shares149 Views

    in Cryptocurrency

    Over 35 crypto organizations are starting Bitcoin Emoji campaign

    This effort began with a goal to collect 50,000 signatures for a petition to the Unicode Consortium. The initiative, titled ‘Bitcoin Deserves an Emoji,’ has already seen massive support with 10,000 endorsements in its first week. Prominent crypto firms, such as Nexo, BTC Inc, Bitget, Chainalysis, and Hacken, among others, have joined the campaign to integrate the Bitcoin emoji in a move that is sure to speak to the Zoomers out there.This campaign also aims to amplify the narrative of Bitcoin’s remarkable evolution from a niche concept to a mainstream investment asset, highlighting its role in revolutionizing monetary, technological, and cultural paradigms throughout its journey.Highlighting Bitcoin’s market dominance, with a valuation of $1.34 trillion and over 1.26 billion Bitcoin addresses, Kosta Kantchev, co-founder and executive chairman of Nexo, pointed out the pressing need for a universally recognized symbol that encapsulates Bitcoin’s essence on digital platforms. “The initiative marks a significant moment in cryptocurrency history with BTC’s new all-time high, ahead of the fourth Bitcoin halving. Everyone is invited to join this historic crypto initiative and show support by signing the petition at change.org/bitcoin-deserves-an-emoji to cement Bitcoin’s legacy,” the statement reads.This campaign, which parallels successful endeavors by Taco Bell and Tinder to secure their respective emojis, reflects the increasing role of digital icons in representing and advancing socio-economic movements.Emojis, much like food and music, cross language and cultural boundaries, forming a universal language that spans the globe. In today’s interconnected society, emojis serve as crucial instruments of expression, merging with the inherently borderless nature of cryptocurrency. This synergy makes the introduction of a Bitcoin emoji a natural and logical progression. Supporters are encouraged to contribute by signing the petition on Change.org. More

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    in Economy

    Japan panel calls for shift away from stimulus-driven economy

    TOKYO (Reuters) – Japan must shift its policy focus away from crisis-mode stimulus towards achieving private sector-driven economic growth, a government panel said on Tuesday in the wake of the central bank’s decision to end eight years of negative interest rates.In a proposal to the government’s top economic council, the panel urged policy changes in the face of rising domestic prices and interest rates, as well as wage growth at a 30-year high as companies face job shortages.”Japan’s economic and fiscal policies must shift away from the crisis-mode approach that worked when prices barely moved, to one that responds to rising prices and strengthening growth,” the panel said in the report, which was submitted to the council’s meeting on Tuesday.”We need to achieve a domestic demand-driven growth and a sustainable fiscal structure,” the report said, urging Japan to wean itself off decades of heavy fiscal and monetary support that had underpinned the fragile economy.The recommendations by the panel and private members lay the groundwork for setting the government’s long-term economic policies and their priorities.Private-sector members of the government council also called for continued cooperation between the government and the Bank of Japan to ensure wages keep rising next year and beyond.”With the BOJ having ended negative rates, monetary policy has entered a new stage,” the private-sector members said in their joint proposal. “We’re seeing an opportunity open up to achieve economic growth driven by private demand.”The council’s meeting also debated the impact of Japan’s rapidly ageing population on long-term economic growth.Under a baseline scenario that assumes the economy will keep growing around the current pace, Japan will see its per-capita gross domestic product (GDP) rise just 6.2% in 2060, the Cabinet Office’s estimates showed.While that will be up from 4.1% in 2020, it will be well below 9.6% for the United States, 8.1% for Germany, 7.6% for Britain and 7.1% for France in 2060, the estimates showed.Japan has one of the world’s fastest-ageing populations that is intensifying labour shortages and leading to a shrinking domestic market. The ratio of those aged 65 or higher is expected to rise to 37.9% in 2060 from 28.6% in 2020, the estimates showed.Japan’s economy grew 1.0% in 2022, lower than Germany’s 1.8% and 1.9% in the United States for the same year. More