Aurelia Butler

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    in Economy

    US is vulnerable to inflation shocks, top Fed official warns

    Standard DigitalStandard & FT Weekend Printwasnow $29 per 3 monthsThe new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.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 editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal 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 editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Cryptocurrency

    Arcana Network Launches the First Ever Chain Abstraction Wallet, Ushering a New Era of Multi-Chain Transactions

    Arcana Network is thrilled to announce the launch of the Arcana Wallet Beta, now available on the Chrome Store, setting a new standard in blockchain accessibility and user experience through its pioneering Chain Abstraction Protocol. Built as the first Externally Owned Account (EOA) wallet to leverage Chain Abstraction, Arcana Wallet enables a frictionless, multi-chain experience where users can spend assets across Ethereum, Base, Polygon, Arbitrum, and Optimism seamlessly, with 20+ new chains coming soon.The Chrome Extension wallet is available at www.arcana.network/walletUnified Balance: Spend your assets held across chains, in 1-click, without bridgingArcana Wallet offers a range of features designed to eliminate fragmentation and provide users with streamlined access to decentralized finance. Through Arcana’s Chain Abstraction protocol, users can now manage their aggregated USDC, USDT, and ETH balances across multiple networks, all in a single wallet interface, and spend these funds instantly on any supported chain without the need for bridging.At its Beta launch, Arcana Wallet supports popular dApps, including Uniswap, Aave, Polymarket, Hyperliquid, and Jumper, with compatibility for additional applications and chains on the horizon. From currently supporting Ethereum, Base, Polygon, Optimism, and Arbitrum, the protocol aims to scale support to +20 EVM and non-EVM L1s, L2s, and appchains. Allowing users to manage funds from any of the integrated networks, it will mark a significant step toward a unified blockchain ecosystem.Arcana’s Chain Abstraction SDKTo cater the developer community, Arcana Network is also launching the Chain Abstraction SDK, enabling developers to implement Arcana’s Chain Abstraction features in their own dApps. The SDK is intended to provide a versatile toolkit for developers to build chainless user experiences and simplify blockchain interactions for end users, helping to grow Arcana’s vision of a unified Web3 UX.Joining the Arcana CommunityAs the Arcana Wallet Beta moves through its Testnet phase, feedback from users and partners will help shape the next generation of blockchain interactions.Users can download Arcana Wallet from the Chrome Store and experience the power of Chain Abstraction: Arcana Wallet Chrome StoreAbout Arcana NetworkArcana Network is a leading Chain Abstraction Protocol, powered by an Appchain, with the mission to transform the Web3 UX.Since its inception in 2021, Arcana Network has introduced products that make web3 effortless, with more than 4 million wallets generated, 500,000 active users, and 6 million transactions to date. The upcoming Chain Abstraction Protocol built on a Cosmos Appchain and powered by $XAR, is the next evolution in simplifying Web3.$XAR is the utility token that captures protocol fees, secures the network, incentivises early adopters, and rewards resource providers.Arcana Network’s innovative technology is backed by prominent investors, including Balaji S., Polygon founders, John Lilic, Santiago Roel, and investment funds such as Woodstock, Fenbushi, Republic, Polygon Ventures, DCG, LD Capital and others.Website | Twitter | Telegram | YouTubeContactMarketing ManagerAndria EfstathiouArcana Networkandria@arcana.networkThis article was originally published on Chainwire More

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    in Economy

    COP29 summit battle intensifies over finance, fossil fuels and gender

    $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 Economy

    China’s solar stranglehold and Taiwan’s AI aims

    $1 for 4 weeksThen $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.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

  • 188 Shares159 Views

    in Cryptocurrency

    Bitcoin price today: hits record high over $97k on Trump hype, ETF options launch

    An influx of speculative trading, after the launch of options on a spot Bitcoin exchange-traded fund this week, also boosted prices. The world’s largest crypto hit a record high of $97,792.6, before trading slightly lower at $96,909.4 by 00:54 ET (05:54 GMT). Bitcoin was now within spitting distance of the coveted $100,000 level.Bitcoin remained an outperformer among its crypto peers, with most major altcoins moving in a flat-to-low range on Thursday. A rally in crypto prices beyond Bitcoin had largely petered out over the past week.Bitcoin’s recent rally was fueled chiefly by optimism over a second Trump presidency, after he won the 2024 elections in early-November.The crypto was close to the coveted $100,000 level, which analysts said could be hit soon if price momentum persisted. But Bitcoin was also seen pushing further into overbought territory, which could herald a sharp drop, especially if traders lock in recent profits. Trump- who had campaigned on a pro-crypto platform, is considering creating a new White House role dedicated towards crypto regulation, Bloomberg reported this week. The report comes amid close focus on just what a Trump administration will entail for crypto.The president-elect had promised to make America the crypto capital of the world. Options trading for Blackrock’s iShares Bitcoin Trust (NASDAQ:IBIT) ETF launched on Tuesday, drawing more capital into crypto markets. Options trading generated nearly $1.9 billion in notional exposure, Bloomberg Intelligence ETF analyst James Seyffart said. Options trading ties further into crypto’s speculative nature, and is expected to further underpin capital inflows to crypto markets.Elsewhere, Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong sold nearly $300 million in shares this week, regulatory filings showed on Wednesday.Armstrong’s sales come as Coinbase shares soared to a three-year high on cheer over Trump’s election win. They were also trading up more than 100% so far in 2024. Broader crypto prices largely lagged Bitcoin as an altcoin rally petered out.World no.2 crypto Ether rose 0.1% to $3,111.0. Meme token Dogecoin, which had shot up in popularity after being potentially referenced by Trump, fell 1% to $0.383335, although it remained close to recent three-year peaks. XRP, SOL, ADA and MATIC rose between 0.6% to 3%, although they were nursing a mostly rangebound performance this week. More

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    in Cryptocurrency

    GMT DAO Launches Groundbreaking Burn Initiative with a Target of Up to 600 Million GMT

    The GMT DAO, an independent community organization of GMT holders, is excited to announce the launch of the GMT Burn Initiative—an event designed to place the future of GMT firmly in the hands of its community. Through this initiative, GMT holders will vote on the decision to burn up to 600 million GMT, equivalent to 100 million USD, marking this as one of the most ambitious token burns in the web3 ecosystem.The GMT Burn Initiative reflects the GMT DAO’s commitment to transparency, governance, and sustainable token management. This community-driven approach aligns with the DAO’s goal to shape GMT’s future responsibly and collaboratively.How It Works:This initiative showcases a proactive effort to ensure GMT’s sustainable future, emphasizing innovation and community engagement. The GMT DAO remains committed to true decentralization, empowering GMT holders to shape its direction. By enabling votes on key proposals, including a potential major token burn, the DAO highlights the power of collective input and its dedication to building a strong, thriving ecosystem.The GMT Burn Initiative marks a new chapter in GMT’s journey, giving every holder a voice. Voting, which starts at 100 GMT, is now open at burngmt.com, inviting all GMT holders to help shape the token’s future.About GMT DAOThe GMT DAO is an independent organization of GMT holders dedicated to overseeing GMT’s future through transparent and community-led governance. The DAO’s formation represents a commitment to empowering GMT holders with a voice in key decisions, from token management to ecosystem development.For more information on the GMT Burn Initiative and to participate, users can visit burngmt.com.About GMT GMT sits at the heart of the FSL ecosystem. Exclusively earned through STEPN, this token plays a crucial role across all FSL products. GMT operates on four blockchains—Solana, BNB Chain, Ethereum, and Polygon—and is pivotal in Gas Hero, where it’s used to trade items and burn for NFT level-ups. On MOOAR, all items can be traded using GMT, and it’s also central to primary sale raffle mints with key partners and is used in the newly launched STEPN GO to buy Sneakers and perform various in app functions. ContactGMT DAOhello@gmtdao.comThis article was originally published on Chainwire More

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    in Economy

    The risks of being too gloomy on Trump tariff plans

    Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldThe writer is chief economist at INGDonald Trump’s resounding victory has upset conventional economists almost as much as American liberals. The Republican candidate’s pledge to implement trade tariffs and other protectionist measures has provoked a spate of dire economic prognostications. But much of the current doom-mongery doesn’t consider mitigating factors — and risks undermining the credibility of globalisation’s defenders.These are difficult times for economic experts. Politicians hardly seem to take their advice seriously any more. Economists continue to warn about the dangers of deglobalisation in the form of higher prices and less GDP growth but electorates are rolling their eyes. Trump’s victory amplifies this trend.Some economists estimate that “blanket” tariffs on all imported goods will add up to a big hit to the global economy, leaving American and European households worse off. For example, the Peterson Institute for International Economics estimates that tariffs will add more than $2,600 in annual costs to the typical US household. The prestigious Wharton school at the University of Pennsylvania warns a trade war “could reduce GDP by as much as 5 per cent over the next two decades”. Not to be outdone, the IMF estimates US GDP will be 1.6 per cent lower by 2026 as a consequence of Trump-like policies.However, there are a couple of problems in general with forecasting the impact of tariff rises. First, some forecasts do not always place enough emphasis on likely mitigants, or the economic mechanisms that will soften the blow. For example, a stronger dollar would lower the inflationary impact of tariffs in the US, by reducing the effective price of imports of good and services priced in euros or pounds. Corporates will certainly adapt and find ways to cushion the blow — rerouting the trade via other countries, adding more value in the US rather than at home — and economic simulations usually underestimate these. Also, monetary policy will help out. In Europe, for example, the European Central Bank could lower interest rates.Second, Trump has also promised economically supportive policies, such as deregulating the energy sector, which could help cut prices, and also low taxes, which would support net income.In addition, there is a big but well-known question mark over the extent to which tariffs will be implemented. Trump is a dealmaker; ergo, it seems reasonable to assume he will make deals. And, judging from his last administration, American corporates might be able to convince the president-elect of the negative impacts on their businesses given a huge share of imports are intra-company.Economists’ forecasts sometimes sound worse to the average consumer than they probably are. For example, Wharton’s estimated 5 per cent GDP hit would occur over two decades; that hardly constitutes a crisis. Similarly, the IMF’s 1.6 per cent GDP decrease over two years is substantial, but not enough to constitute a meaningful recession in itself.Tellingly, the IMF does not expect Trump’s proposals to lead to significant inflation, but that has not been given much attention. And even the direst economic conjecture has not yet forecast price increases similar to those seen recently, particularly in energy and food. In sum, the shock effect of proposed tariffs are pretty slight compared with the economic stress that consumers and corporates have experienced over the past few years. To be sure, economists are not wrong to say protectionism comes with a hefty price. But, much like Brexit, the damage done by tariffs specifically and deglobalisation generally is likely to be slow and cumulative. There are multiple downsides to presenting it as a shock. First, it reduces fragile confidence and thus businesses and consumers may refrain from investing or shopping, hitting growth more than necessary. Second, governments may rush to policies and compromises that are overdone, such as concessions in a trade deal or tit-for-tat protectionism.Third, it could slow momentum for much-needed European economic integration, including capital markets and banking unions, as politicians wait for a crisis that will never come before starting their negotiations. Finally, voters will see overly pessimistic warnings on inflation and other economic damage as yet another reason not to listen to experts.The consequences of deglobalisation will show up in the slow erosion of long-term productivity and economic wellbeing. It will leave us all poorer in the long-run. That’s less catchy — but a crucial defence of why it matters. Overly gloomy warnings of a Trump shock risk weakening crucial support for globalisation and open trade even more. More