Aurelia Butler

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    in Economy

    Stimulus measures should not spur inflation -Germany’s Scholz

    German consumer price inflation, harmonised to compare with other European Union countries, rose by an annual 6.4% in August, preliminary data showed on Wednesday, edging lower from 6.5% in July but more than the 6.3% forecast in a Reuters poll. Earlier data had shown inflation rising in four of six key German states this month, raising fears that a recent downward trend in the national figure would stall. “Measures to promote the economy (must be) so targeted and so precisely developed that they do not lead to a new surge in inflation, but that they only help to stimulate growth,” Scholz said at a cabinet retreat in Meseberg.The Growth Opportunities Actapproved by the cabinet on Wednesday covers the period 2024 to 2028. It gives incentives to companies to make climate-friendly investments, provides tax incentives for research and allows companies to offset more losses against profits from other financial years.The draft law will now enter a process of consultation with states and municipalities and German finance minister Christian Lindner said their feedback would be heard. “However, I would like to make one point, namely that the states and municipalities, just like the federal government, must have an interest in securing the economic strength of our country,” Lindner said, calling on them to support the law. The German economy – Europe’s biggest – stagnated in the second quarter, showing no sign of recovery from a winter recession and cementing its position as one of the world’s weakest major economies.Responding to criticisms that the government had been slow to react to mounting signs of economic slowdown, Lindner said: “The overall political signal is that this government knows the situation in the country, it knows the situation in the economy and it is acting, it is agile.”Scholz said there were signs an economic upswing is on the way and that fighting inflation is a priority. Inflation is not good for businesses and citizens and the European Central Bank is therefore on the right path with its monetary policy tightening campaign, Scholz said.”The central bank’s decisions to reduce inflation are right in the interest of monetary stability, the future viability of Europe, the citizens and companies,” he added.The European Central Bank raised interest rates for the ninth time in a row in July, increasing the rate it pays on banks’ deposits from 3.50% to 3.75%, the highest level since 2000, before euro banknotes and coins came into circulation.($1 = 0.9185 euros) More

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    in Cryptocurrency

    Massive New Ethereum Update Here

    EELS has been in the works for over a year and aims to replace the Yellow (OTC:YELLQ) Paper as the go-to guide for Ethereum’s inner workings. But unlike its predecessor, EELS is not stuck in the past. It is fully up-to-date with all the latest forks and offers a user-friendly approach that is geared toward programmers.What is EELS? It provides a complete snapshot of the protocol at every fork, including the ones still on the drawing board. This is a big deal because, until now, Ethereum Improvement Proposals (EIPs) have only ever suggested changes.They have not given developers a full picture of how those changes fit into the existing framework. EELS solves this problem by offering a comprehensive, easy-to-follow guide that could become the new gold standard for Core EIPs.EELS is set to become the main resource for Ethereum developers. It offers a clearer, more efficient roadmap for innovation and stands to make Ethereum more robust and transparent than ever. So, whether you are a developer, an investor or just a crypto enthusiast, keep your eyes on EELS. It is going places, and it is taking Ethereum with it.This article was originally published on U.Today More

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    in Cryptocurrency

    Bitcoin price prediction for September in light of the Grayscale court win

    Bitcoin (BTC) rose 6.2% yesterday to close above the 200-DMA for the first time since January.‘Landmark’ win for cryptoThe appeals court ruled that the SEC’s rejection of Grayscale’s Bitcoin ETF application was “arbitrary and capricious.”The SEC had initially declined Grayscale’s GBTC (Grayscale Bitcoin Trust) application, citing concerns that the products were insufficient in preventing fraudulent and manipulative practices.In response, Grayscale pursued legal action, and the recent ruling has overturned the SEC’s decision.In a court filing on August 29, U.S. Court of Appeals Circuit Judge Neomi Rao granted Grayscale’s petition for review and vacated the SEC’s order denying the listing application for GBTC. Judge Rao had previously criticized the SEC for not providing an adequate explanation for its decision against Grayscale.Still, it’s important to note that this court ruling doesn’t guarantee the eventual listing of a Grayscale spot Bitcoin ETF. Citi analysts say the decision “makes the advent of a spot Bitcoin ETF more likely.”“Recent court decisions plus advancing legislation globally are helping sentiment,” the analysts wrote in a report.Bernstein analysts believe the decision is another “landmark win” for the crypto sector.“This ruling likely clears the path for a spot Bitcoin ETF and gives Grayscale a fair chance to be reviewed along with other 7 applicants (Blackrock, Fidelity, Invesco, Valykrie, ARK, Van Eck, Bitwise),” the analysts wrote.Bitcoin price prediction for SeptemberBitcoin price gained more than 6% on Tuesday to close above the 200 daily moving average for the first time in almost nine months. The price action is now coming back lower to re-test the broken resistance.A close above this important technical indicator could attract more buying activity with the 200-DMA ($28,465) acting as the next important resistance level. The key target for the bulls in September remains the 2023 high near $32,000.“[The] move higher is associated with upturns in our short-term indicators, supporting follow-through in the coming days within the context of bitcoin’s trading range,” said analysts at Fairlead Strategies.“However, our intermediate-term indicators still point lower, supporting more consolidation in the coming weeks, similar to late May/early June. Initial resistance is at the 50-day MA (~$28.8K), and secondary resistance is at the weekly cloud, near $31.9K.”Bitcoin is still down 6.3% in August. More

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    in Cryptocurrency

    Iris Energy diversifies into AI with $10m Nvidia GPU purchase 

    The company expects the 248 GPUs to be delivered in the coming months and aims to utilize them in cloud computing opportunities.Daniel Roberts, co-founder and co-CEO of Iris Energy, stated that the company aims to use its existing data centers to meet the burgeoning demand for generative AI computing.Iris Energy operates in areas abundant in renewable energy resources like wind, solar, and hydro. The company has strategically located its modular data centers close to these inexpensive, surplus renewable energy sources, which it uses for Bitcoin mining.The firm has also expressed its commitment to contributing to skill development and job creation in the communities where it operates and enhancing local revenue through tax contributions.According to information on Iris Energy’s website, the company has four significant data center mining facilities. These are located in Canal Flats, Mackenzie, and Prince George in Canada’s British Columbia, as well as in Childress, Texas.The acquisition comes as renewable energy-powered Bitcoin mining operations continue to attract investment. For instance, Genesis Digital Assets Limited recently opened a new data center in Sweden, which will run on abundant power from the nearby Porjus Hydroelectric Power Station.Meanwhile, Nvidia, the manufacturer of the GPUs purchased by Iris Energy, has also benefited from the surge in demand for AI-powered tools, reaching a market capitalization of over $1 trillion in May 2023.However, it’s worth noting that Iris Energy has faced financial challenges. As crypto.news reported earlier, the company defaulted on a $108 million loan repayment in November 2022 but ended the year with $39 million in cash and no debt.Despite these setbacks, the firm appears undeterred in pursuing ambitious projects, including the recent acquisition of Nvidia GPUs.This article was originally published on Crypto.news More

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    in Economy

    As inflation soars, Argentines say they’ve seen this film before

    BUENOS AIRES (Reuters) – Argentina is battling against triple digit inflation, its highest in over three decades, and that could climb to near 200% by the end of the year, stirring memories of hyperinflation in the late 1980s and other economic crises.Rapidly rising prices, which have sped up this month after the government allowed a near 20% devaluation of the peso currency, are hammering consumers, pushing up poverty and stoking voter anger ahead of October general elections.With costs often varying day-to-day, the specter of runaway inflation of years past has returned, despite hopes it can still be avoided and regular government measures including sharp interest rate hikes and price freezes to tamp inflation down.”This is like a movie one has already seen several times,” said Roberto Gonzalez Blanco, a retired 80-year-old public accountant, who has four daughters and 11 grandchildren, one of whom went to Australia in search of better opportunities.The high inflation rate, which J.P. Morgan has forecast could hit 190% this year, has left four-in-10 people in poverty as prices have risen faster than wages, leading to a cost-of-living crisis and stoking anger on the streets. August monthly inflation is likely to top 10%, analysts say.That has also boosted an outsider radical presidential candidate, Javier Milei, who came first in an August open primary election, beating the two main traditional parties and making himself the favorite in what remains an uncertain race.He has pledged to dollarize the economy over time and shutter the central bank, blaming a “caste” of political elite for the economic crisis in boisterous tirades to cheering supporters who love his abrasive, no holds barred style.’VERY AFRAID OF WHAT IS COMING’Nora Marful, 63, a former bank employee, said she felt none of the presidential candidates represented her as a working Argentine. Milei will compete against Economy Minister Sergio Massa and conservative ex-Security Minister Patricia Bullrich.”I am very afraid of what is coming. It seems to me that it is the same as what I experienced years ago, in 2015, in 2001,” she said, referring to past economic crises in the country.”The way I see it, these characters are focused on a certain sector, a sector of wealth, well-being, upper class. They forget about the middle class and the poor.”While the late 1980s were dominated by inflation, the period around 2001 was a more full-blow economic and political crisis, which saw a revolving door of presidents and one, Fernando De la Rua, fleeing the presidential palace by helicopter amid riots.Argentina recently saw some scattered looting of shops and supermarkets, with over 100 arrests, though that has calmed down in recent days.”The issue of looting and everything that has been happening these days hits me badly because I lived through 2001, which was very ugly,” said retiree Jorge Del Teso, 68, who has three daughters and previous worked in finance.”People are just fed up with politics.” More

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    in Cryptocurrency

    Bitcoin’s break above $28,000 was driven by derivatives

    The CryptoQuant report highlighted some key factors that likely propelled this price rally. The report further calls for caution amid the growing FOMO (fear of missing out) creeping into the market.Interestingly, a comparison of the trading volumes of spot and derivatives exchanges indicates a decrease in the role of spot exchanges in driving the price up. This suggests that the surge in BTC price yesterday was not primarily driven by spot exchanges, per the analysis platform.On-chain metrics reveal a consistent decline in trading volume compared to the surges experienced earlier this year, notably in January, March, and June. The trading volume hit its lowest point this year during the recent surge.Moreover, the report revealed that the trading volume on spot exchanges stood at 74,699 coins, while derivatives exchanges registered a substantially higher volume of 1,416,108 BTC on the same day.Despite the decrease in trading volume for spot exchanges, it’s important to acknowledge that even small volumes can still lead to significant price fluctuations due to the reduced liquidity in the global crypto market. Furthermore, the CryptoQuant report recommends a measured approach characterized by a balanced perspective that tempers excitement and relies on data-driven analysis.Notably, this price rally coincided with the recent verdict in Grayscale’s win against the U.S. Securities and Exchange Commission (SEC). The court ruled in favor of the digital asset investment company, affirming that the U.S. arbitrarily rejected Grayscale’s spot BTC exchange-traded fund (ETF) while approving futures BTC ETFs.BTC price – Aug. 30 | Source: Trading ViewThe decision triggered speculations that the market could be close to getting a spot-based BTC ETF. However, following the surge above $28,000, BTC plummeted, trading at $27,450 at the time of writing. The asset is up 5.82% over the past 24 hours with a $534 billion market cap.This article was originally published on Crypto.news More