Aurelia Butler

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    in Cryptocurrency

    Who’s Selling Bitcoin? Billionaire Novogratz Breaks It Down

    Based on his opinion on Galaxy Research’s data, the billionaire says a lot of it is down to 2024 buyers who got in at prices above $56,000. It looks like these market participants are just taking profits, which is pretty standard market behavior, Novogratz is convinced.It seems that there is more to it than just people taking profits. Novogratz also pointed out that a lot of the recent buyers — especially over the past two weeks — are long-term holders, not short-term traders. This group, often called “HODLers,” tends to hold onto their assets through price swings, which helps keep things stable.As a result, there is less and less supply available, which Novogratz believes is a positive long-term trend for the cryptocurrency.Even so, there are still some unanswered questions. For weeks now, billions of dollars’ worth of Bitcoin have been traded, but the supply-demand balance has not shifted enough to push prices over the six-figure mark in spot trading.While some of the selling activity might be due to institutional profit-taking strategies, the scale of recent activity suggests there are broader, more complex market forces at play. Large round numbers, like $100,000, often act as psychological barriers on markets, attracting both aggressive selling and cautious buying.For Novogratz, this is not a complete surprise. Markets often consolidate near significant milestones before breaking higher. With new buyers consistently absorbing supply, Novogratz is cautiously optimistic that Bitcoin’s path forward will be shaped by steady, organic growth rather than unsustainable spikes.This article was originally published on U.Today More

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    in Economy

    Slackening demand likely weighed on India’s GDP growth in September quarter: Reuters poll

    BENGALURU (Reuters) – India’s economy likely grew at its slowest pace in one-and-a-half years in the three months to end-September as weak consumption offset a strong recovery in government spending, which for years has helped drive growth, a Reuters poll found.Asia’s third-largest economy grew more than 8.0% in the fiscal year to end-March but has since slowed sharply as skyrocketing food inflation drives up the cost of living and forces households to cut spending.Private consumption accounts for about 60% of India’s gross domestic product (GDP) but sales of items from cars to biscuits have plummeted.Passenger vehicle sales recorded their first decline in 10 quarters and sales of two-wheelers experienced a sharp slowdown, while lacklustre quarterly earnings from fast moving consumer goods (FMCG) company Hindustan Unilever (NS:HLL) showed the country’s consumption story was under strain.Gross domestic product in the world’s fastest-growing major economy was forecast to have increased 6.5% year-on-year in the July-September period, down from 6.7% in the preceding three months, according to the Nov. 18-25 poll of 54 economists in which forecasts ranged from 6.0% to 7.1%.That would mark the slowest growth in six quarters and a third consecutive quarter of slowing growth. Economic activity, as measured by gross value added (GVA), was forecast to show a more modest 6.3% expansion.”A host of high frequency indicators showed signs of slowing,” said Dhiraj Nim, an economist at ANZ.”Manufacturing and mining growth likely slowed during the quarter. Passenger vehicle sales put up a poor show, reflecting weakness in private consumption. While government capex provided some lift, the uptick in overall public spending excluding interest payments was not as sharp as expected.”The Reserve Bank of India (NS:BOI) (RBI), citing a rebound in private consumption, expects growth of 7.6% in the current quarter to end-December when the nation of more than 1.4 billion celebrates major festivals like Dussehra and Diwali.However, most economists in the Reuters poll said that was too optimistic.”I suspect (the RBI) is underestimating the length and severity of the current cyclical slowdown in growth, which is taking place amid a continued tightening in both fiscal policy and monetary policy,” said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics.Economists downgraded their growth forecast for this fiscal year to 6.8% and for next year to 6.6%, from 6.9% and 6.7%, respectively, in a survey last month.India needs consistent economic growth above 8% to generate enough jobs for the millions of young people entering the workforce. More

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    in Cryptocurrency

    Exclusive: OpenTrade raises $4M to build future of real world asset-backed lending

    The company said it intends to use the funds to scale operations, enhance product capabilities, and develop additional offerings including yield products backed by new asset types.OpenTrade’s platform allows companies building stablecoin-based financial services to earn interest, typically 3-6% APR, on their digital dollar balances, backed by high-quality assets such as U.S. Treasury Bills.The London-based company, launched in late 2022, has been riding the recent boom in stablecoin markets.The stablecoin market has over $175 billion currently in circulation and transaction volumes of $11.1 trillion rivaling those of Visa and MasterCard.New applications and services built on ‘digital dollars’ like USDC have gained adoption from mainstream ‘non-crypto’ consumers and played a key role in the rapid growth of the stablecoin market.”Stablecoins play a critical role in the crypto ecosystem, bridging that gap between digital assets and traditional finance,” said David Sutter, CEO of OpenTrade.OpenTrade’s platform has already processed over $100 million in total transaction volumes for clients like Colombian neobank Littio, powering stable USD-denominated wealth generation opportunities for over 100,000 end users.OpenTrade expects to build on its recent success as the crypto ecosystem continues to mature.”As the crypto ecosystem continues to mature, our technology empowers fintechs and exchanges to offer stablecoin yield products that are seamlessly integrated, safe and fast, matching high demand levels,” Sutter said.The funding round was led by AlbionVC, with existing investors a16z Crypto and CMCC Global also participating.”The job David and his team have done to successfully take their core product to market and secure high-profile partnerships is hugely impressive, especially given the business has only been operational for a short period of time,” Jay Wilson, Partner at AlbionVC said. More

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    in Economy

    U.S. lawmakers say Hong Kong is becoming hub for financial crime, WSJ reports

    Hong Kong has turned into a hub for many violations of U.S. trade controls, including export of controlled western technology to Russia and the creation of front companies to buy Iranian oil, the bipartisan leaders of the House Select Committee on the Chinese Communist Party said in a letter to Yellen, reviewed by the Journal. The letter, which is scheduled to be publicly released on Monday, said that Hong Kong has shifted from being a trusted global financial center to a critical player in the deepening authoritarian axis of China, Iran, Russia and North Korea.”We must now question whether longstanding U.S. policy towards Hong Kong, particularly towards its financial and banking sector, is appropriate,” it said, according to the Journal.The letter, signed by John Moolenaar, a Michigan Republican who chairs the committee, and Raja Krishnamoorthi, an Illinois Democrat who is the committee’s ranking member, cited research that shows nearly 40% of goods shipped from Hong Kong to Russia in 2023 were high-priority items such as semiconductors that Russia could use to prosecute its war in Ukraine, WSJ said.The U.S. Treasury department and the House Select Committee did not immediately respond to Reuters’ requests for comments. Hong Kong’s trade office in New York could not be immediately reached for comment. More

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    in Economy

    UK employers warn tax rise will hit investment and pay

    LONDON (Reuters) -British employers have been caught off guard by a 25 billion-pound ($31 billion) tax rise at last month’s budget and plan to cut training, investment and jobs in response, a leading employers group said on Monday.The Confederation of British Industry said a survey of its members showed 61% viewed Britain as a less attractive place to invest and nearly half intended to cut staff levels or lower pay rises after a big increase in employers’ social security payments.”The rise in National Insurance and the stark lowering of the threshold caught us all off guard,” CBI Chief Executive Rain Newton-Smith said as the organisation met for its annual conference.”Set alongside the expansion and rise of the National Living Wage … and the potential cost of the Employment Rights Bill changes … they put a heavy burden on business,” she said.Prime Minister Keir Starmer and his finance minister Rachel Reeves – who say speeding up economic growth is their top priority – argue the move will allow them to spend more on public services including the National Health Service.”I’m not surprised, quite frankly, that as we’re doing the tough stuff, there are plenty of people who say, ‘well, I’m impacted, I don’t like it’,” Starmer told ITV (LON:ITV) television.”But we’ve got to make the sort of big calls on the NHS and on schools that are really important for the here and now and for the future.”The CBI’s complaint comes amid broader signs of an economic slowdown in Britain both before and after the budget.Reeves has said she does not expect to have to raise taxes again by 40 billion pounds, part of the Labour Party’s first budget in 14 years.But Britain’s budget watchdog reckons Reeves has left little room to absorb any increase in government borrowing costs without either raising taxes or missing her goal to reduce debt.”Tax rises like this must never again be simply done to business,” Newton-Smith said.The big rises in national insurance and the minimum wage particularly hurts CBI members such as big retailers and hospitality chains who employ many low-paid part-time staff.Newton-Smith said greater economic stability under Labour was not enough on its own to boost growth, as reduced profits directly hit businesses’ ability and willingness to invest. “Profit’s not a bad thing.  It’s not a dirty word,” she said. Britain has low investment by international standards and many economists see this as a key cause of its weaker productivity compared to the United States, Germany and France.($1 = 0.7996 pounds) More

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    in Cryptocurrency

    $7 Billion in Bitcoin (BTC) in 24 Hours: $100,000 Incoming?

    According to the most recent network flow chart, the Bitcoin network has been experiencing a lot of activity. Increased buying pressure, which frequently coincides with price increases, is indicated by spikes in inflows. When such large quantities reach the market, they typically serve as catalysts for price increases. Sustained momentum, however, will rely on whether these inflows are accompanied by steady demand or if they slow down and could result in profit-taking. The dashboard for on-chain risk offers vital information about the state of the market. Bitcoin is currently not in the red zone of overvaluation, with a risk level of 0.634. This creates space for additional development.Yet risk indicators like the RHODL ratio and MVRV Z-score imply that Bitcoin might be getting close to elevated valuation levels, so the coming days will be critical in determining its course. A price chart analysis reveals that Bitcoin is clearly consolidating just below the $100,000 threshold. The present pause close to this level suggests strong resistance, even though the overall trend is still bullish. Around $86,000, the 50-day EMA offers strong support; bulls must defend this level to keep the market moving higher. There has also been a discernible increase in volume, which supports the possibility of a breakout.The $7 billion investment in Bitcoin shows how optimistic and in-demand the market is. However, persistent buying pressure and a positive macroeconomic climate are necessary for breaking $100,000. Although on-chain indicators point to potential for expansion, prudence is advised as resistance increases at this crucial stage.This article was originally published on U.Today More

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    in Economy

    The climate cash that’s not going to come

    $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

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    in Cryptocurrency

    Anzen announces TGE and launchpad sale on Base as TVL reaches $92 Million

    https://anzen.finance/everything-you-need-to-know-about-anz

    Anzen, the financial platform behind USDz, plans to launch on December 2nd for their launchpad sale of the Anzen protocol token on Fjord Foundry. Anzen is designed to create a broad range of options for USDz holders to potential returns in a stable, real-world-asset-backed environment. Users can see the official announcement here.USDz and sUSDz are already used across the DeFi landscape with integrations on over 35 protocols, including: lending and borrowing on decentralized platforms, liquidity provisioning on DEXs, and stable and fixed-yield investment opportunities.The launch of $ANZ token is designed to decentralize the platform and reward users who have contributed to growing the Anzen ecosystem. It will be allocated to USDz users, including but not limited to, USDz stakers, USDz-USDC LPs, and USDz Bond holders. Participants in the launchpad sale will have the opportunity to purchase ANZ.Joining the Launchpad Sale$ANZ will be listed on Fjord Foundry launchpad on December 2nd for a fixed-price sale.Anzen is backed by Circle Ventures, Mechanism Capital, Frax Finance, Tribe Capital, and others. Anzen’s network enables it to scale quickly and open up powerful DeFi utilities backed by institutional-quality assets.About $ANZ tokenANZ holders can benefit by having a direct say in how rewards are allocated and influencing liquidity incentives, expanding USDz’s footprint across DeFi. Anzen enables staked ANZ users to exercise governance rights and control over USDz rewards. Staked ANZ (veANZ) holders can earn extra rewards from trading fees, bonds, and potential lending revenue, providing value to veANZ holders.Overall, ANZ and veANZ holders can allocate rewards, capture protocol fees, and guide USDz’s development as a stable DeFi asset. As a governance token, ANZ empowers holders with meaningful influence and tangible utility, aligning their interests with USDz’s long-term stability and expansion across DeFi.More on AnzenAnzen redefines digital assets, establishing USDz as a digital dollar backed by a diversified portfolio of credit assets that are rigorously underwritten by TradFi institutions and listed transparently on the Anzen transparency page. The founding team brings over a decade of experience in capital allocation and asset management, leveraging an extensive network to unlock premium opportunities with market-leading risk-adjusted potential returns.Anzen goes beyond simply creating a “safe” token. The focus is on applying proven financial principles—such as stability, assets that generate potential returns, transparency, and predictability—in a manner that is accessible and open to all users. The project’s mission is to provide individuals worldwide with the opportunity to generate stable potential returns by utilizing their assets within DeFi, an option that remains inaccessible to many.For more information on how to be eligible for Anzen’s upcoming airdrop and join the launchpad sale, users can visit:https://x.com/AnzenFinancehttps://anzen.finance/ContactMarketingCindy LinAnzen Financecindy@anzen.financeThis article was originally published on Chainwire More