Aurelia Butler

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  • 125 Shares149 Views

    in Economy

    G20 watchdog to study Silicon Valley Bank, Credit Suisse turmoil

    LONDON (Reuters) – How rules are applied to banks and the calculation of their liquidity buffers should be reviewed following recent turmoil in the banking sector, Klaas Knot, chair of the G20’s Financial Stability Board said on Thursday.European banking stocks plunged after the collapse of Silicon Valley (SVB) bank in the U.S. in March, creating turmoil that lead to the forced takeover of ailing Credit Suisse by UBS in Switzerland.U.S. regulators had deemed that SVB was not a “systemic” risk and therefore not required to comply with more onerous liquidity rules under the Basel III Accord. While in Switzerland regulators chose not to resort to so-called “resolution” tools introduced after the 2008 global financial crisis for banks considered “too big to fail”.Knot, who also heads the Dutch central bank, said the FSB has begun evaluating lessons from how the U.S. and Swiss authorities had responded to these events.”Why did FINMA, the Swiss supervisor, use a market and not a resolution solution to enable this sale? After all, we have come a long way in improving crisis preparedness in the banking sector,” Knot told an event held by the European Banking Federation.Regulators should also reconsider which type of banks are deemed to be systemically important and therefore come under global “Basel III” capital standards, Knot said.”It’s not a European issue, but it is an issue in other parts of the world.” he said. “Supervision on our side has clearly stood up better than on the other side of the Atlantic.”Social media is also having an impact on the financial sector with one tweet able to cause a bank run to create liquidity problems, Knot said.SVB’s demise was precipitated by social media reports that an influential investor was recommending clients to withdraw funds, sending customers scrambling to redeem deposits.It was therefore time to reconsider the calibration of the liquidity coverage ratio, a buffer of cash and other liquid instruments banks are required to hold to cope with short term funding squeezes, Knot said, echoing comments from other regulators.Unrealised losses may also need to be better reflected in bank capital buffers, he added.Knot also cautioned markets against pricing in interest rate cuts next year.”If they have to adjust that expectation, which in my view is not unlikely, this could of course lead to renewed corrections on financial markets,” he said. More

  • 125 Shares139 Views

    in Cryptocurrency

    Here’s how OpenAI plans to cleanse ChatGPT of false information

    In March, the introduction of the latest version of ChatGPT — ChatGPT-4 — further propelled AI into the mainstream. However, generative AI chatbots have long grappled with factual accuracy, occasionally generating false information, commonly referred to as “hallucinations.“ The efforts to reduce these AI hallucinations were announced through a post on OpenAI’s website.Continue Reading on Coin Telegraph More

  • 163 Shares199 Views

    in Economy

    Japan to issue new bonds aimed at supporting child care – PM Kishida

    TOKYO (Reuters) -Japanese Prime Minister Fumio Kishida said on Thursday that the government would issue special bonds aimed at filling a projected funding gap as it boosts child care support towards 2030, as the proportion of young people in the population falls more sharply.Kishida has made new child care measures one of the top items on the agenda of his government’s mid-year economic policy roadmap due out this month, as Japan struggles with the costs of its ageing and shrinking population.Speaking at a government panel meeting, Kishida said the government would not impose any further financial burden on the public over its child care support measures.”We will frontload child care measures to avoid lagging behind the 2030 target year,” Kishida said. “We will issue ‘child special bonds’ to fill funding shortfalls in the meantime.”The government plans to earmark about 3.5 trillion yen ($25.92 billion) a year for the next three years for new child care policy, ranging from child allowances to further support for higher education.That would put it on a par with Sweden, a leader among the OECD nations in terms of its family-related spending per child.However, Kishida said his government would come up with specific measures to secure stable funding sources by the year end, effectively pushing back any decision on funding until later on, raising worry on the spectre of runaway debt.For now, the government aims to streamline fiscal spending and accelerate economic growth along with wage hikes to help ensure it has stable funding sources by fiscal 2028.”We won’t raise sales and other taxes to fill the funding gap,” Economy Minister Shigeyuki Goto told reporters later.The government has been struggling to secure permanent funding sources to pay for a boost to child care support, with Japan – the world’s third-largest economy – already saddled with the industrial world’s heaviest public debt at more than twice the country’s economic output.($1 = 135.0500 yen) More

  • 138 Shares199 Views

    in Cryptocurrency

    XRP Rises in the Backdrop of Downtrend, Are the Bulls Charging?

    In the last seven days, Ripple (XRP) has singled itself out from the trend displayed by the broader crypto market. For assets in the top 10 as per market capitalization, it has been a season of consolidation and downturns.However, the token performance decoupled from Bitcoin (BTC), as it registered a 12.29% hike, CoinMarketCap revealed. Interestingly, this was a milestone it has struggled to reach in almost 90 days.LDO/USD 7-Day Price Chart (Source: CoinMarketCap)The significant price movement indicates renewed interest in the token and buying pressure. And if continued, it could lead to further upward momentum. But the question is— are bulls committed to this cause?From the technical perspective, there seems to be a strong buying pressure that has triggered the price increase, based on the Directional Movement Index (DMI). As of this writing, the +DMI (green) was 33.61. Its opposite number, the -DMI (red), was 12.84.On the other hand, the Average Directional Index (ADX) was 20.64. The ADX (yellow) acts as a measure of the directional strength of a cryptocurrency. When the value hits 25 or above, it means that there is solid support behind a movement.But if the indicator trends below the value mentioned, it implies a weak directional strength. So, as it stands, XRP buyers may have slowed down the initial pressure that brought about the hike in price.LDO/USD Chart (Source: TradingView)Meanwhile, it is also important to note that the bullish divergence caused by the lower lows from $0.48 to $0.41 also had an effect on the mild rally. The failure to reach a new low demonstrated bears’ loss of control and the bulls’ authority claim.Furthermore, the Bollinger Bands indicated that XRP’s volatility had reached an extremely high level. But there was another thing of note— the price at the time of writing had touched the upper band.When this happens, it reflects how the token has reached an overbought level. However, if the price touches the lower band, it means that the token had reached an oversold level. But since the former was the case, there could be a chance of an XRP price reversal.LDO/USD Chart (Source: TradingView)In addition, XRP’s recent rise has had some influence apart from the technical outlook. One notable macro factor that has impacted the price is the long-standing case with the U.S. SEC. And of course, whale accumulation.Lately, the XRP community has shown confidence in a victory. Besides, there was speculation that the court case could end soon in Ripple’s favor after a recent interview with CEO Brad Garlinghouse.Concerning XRP’s short-term price, the rally has a tendency to continue. However, market participants should be wary of buying action, as bulls may begin to take profit.Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.The post XRP Rises in the Backdrop of Downtrend, Are the Bulls Charging? appeared first on Coin Edition.See original on CoinEdition More

  • 88 Shares149 Views

    in Cryptocurrency

    5 ChatGPT chrome extensions to enhance productivity

    The ability of Chrome extensions to customize and personalize the surfing experience is one of their main advantages. Users have access to a large selection of extensions designed to meet their unique requirements and preferences. These extensions enable people to customize their browser environment to their needs, whether it be for job management, bookmark organization, distraction prevention or accessing helpful information.Continue Reading on Coin Telegraph More

  • 150 Shares119 Views

    in Cryptocurrency

    Bitcoin and AI Tech Stocks Diverge, What Does This Mean for Crypto?

    The paths and performance of Bitcoin and AI tech stocks have clearly diverged in recent times. While AI tech stocks have become an important sector within the larger technology industry, Bitcoin has attracted a lot of interest and investment as the very first cryptocurrency.Bitcoin has drawn fervent admirers as well as critics, causing considerable price changes. Several variables, including market demand, legislative changes, institutional adoption, and investor mood, have an impact on the price of Bitcoin.Data from Bloomberg shows that Bitcoin has been stuck in a narrow trading range since March.A wide spectrum of businesses engaged in artificial intelligence technologies and applications are represented by AI tech stocks. Due to the revolutionary potential of AI in numerous areas, including healthcare, finance, transportation, and more, this industry has consistently experienced growth and investment interest.Advancements in automation, data analytics, machine learning, and other AI-related topics are frequently linked to AI tech stocks. While the price of Bitcoin has fluctuated wildly, AI tech stocks have often seen a more steady growth trend. Market acceptance of AI solutions, technological improvements, company-specific changes, and general investor sentiment toward the technology industry all have an impact on how well AI tech stocks do.Cryptocurrencies and their tightened scrutiny by US regulators have also affected the price of crypto assets, causing them to decouple from AI tech stocks.Fiona Cincotta, senior market analyst at City Index, stated:The price of Bitcoin has been quite fluctuating in the past few months. According to CoinMarketCap data, Bitcoin is down by over 15% YTD and 4.4% in the last 30 days. From a yearly high of $31,693, BTC has plummeted to a low of $26,808 at press time. BTC, which breached $28,000 two days ago, has fallen below the $27,000 range with a 1.4% drop in value over the last 24 hours.It’s crucial to remember that when market dynamics change and new advancements present themselves, the gap between Bitcoin and AI tech stocks may alter over time. As with any investment, it is advisable to do extensive research and consult an expert before making a choice.The post Bitcoin and AI Tech Stocks Diverge, What Does This Mean for Crypto? appeared first on Coin Edition.See original on CoinEdition More

  • 113 Shares139 Views

    in Cryptocurrency

    Pro-Crypto DeSantis Contrast Biden’s Stance in 2024 US Election

    Digital assets have emerged as one of the early focal points in the upcoming 2024 U.S. presidential election. In a surprising move, one of the prominent new candidates has even referenced Bitcoin in his campaign opener, using it as evidence of President Joe Biden’s alleged missteps.While the fiercest battle is expected to unfold among Republican contenders, with former President Donald Trump assuming the role of Biden’s primary nemesis, an unexpected challenge has emerged in the form of Florida Governor Ron DeSantis. DeSantis wasted no time in staking out a position on crypto, employing it as a political shorthand.During his campaign’s launch on Twitter Spaces, DeSantis boldly stated, “The current regime, clearly, has it out for Bitcoin,” portraying crypto as a symbol of innovation and personal freedom. He further added,Insiders and experts believe digital assets in presidential politics could expose government abuses. However, this focus may not advance crypto businesses’ goal of comprehensive regulations over political sentiments.Meanwhile, Accusations abound that Biden’s administration is clamping down on emerging crypto businesses and pushing for a CBDC that critics see as a potential surveillance tool. DeSantis and Biden’s challenger, Robert F. Kennedy Jr., have voiced these concerns.Moreover, DeSantis’ pro-crypto position sets him apart from his main competitor, Trump. The frontrunner for the 2024 Republican nomination stated in 2019 that he was “not a fan” of crypto, citing their volatile value and lack of tangible backing. However, Trump’s recent foray into selling NFTs has blurred his stance.Two weeks before launching his campaign alongside tech mogul Elon Musk, DeSantis capitalized on his state’s so-called “ban” on a U.S. CBDC to create a political spectacle. Legal experts specializing in commercial law have pointed out that Florida’s action does not constitute a ban. Nevertheless, DeSantis’ enthusiasm may resonate with political supporters who are impressed by his zeal.DeSantis’s pro-crypto position overlooks the global nature of cryptocurrencies, which operate independently of sovereign control. His suggestion that Democrats could “kill” crypto if given more time may underestimate the influence of U.S. lawmakers and the thriving potential of crypto in other global jurisdictions like Europe.As the 2024 U.S. presidential election unfolds, it remains to be seen how the crypto industry will influence the political landscape and whether comprehensive regulations will emerge to shape the future of digital assets.The post Pro-Crypto DeSantis Contrast Biden’s Stance in 2024 US Election appeared first on Coin Edition.See original on CoinEdition More

  • 138 Shares199 Views

    in Cryptocurrency

    Crypto Analyst: Bitcoin Could Drop Below $25K in the Short Term

    A crypto analyst on Twitter with the identity CrediBULL Crypto has predicted a short-term bearish movement for Bitcoin. According to the crypto analyst, Bitcoin traded under a significant resistance zone and below an aggregate open interest (OI) level could be considered a danger zone.CrediBULL Crypto shared a chart analysis highlighting critical areas on the Bitcoin chart that influenced his prediction. They include a CME gap, a supply region, and a support level. However, the most crucial indicator influencing CrediBULL’s prediction is the OI level, which he noted to have a lot of room for fulfilling a short-term downward price movement.The confluence of events shared by CrediBULL suggests Bitcoin price would fill the CME gap below it. It also indicates the price will drop along with the OI until it achieves a bottom. Ultimately, CrediBULL projected the price would drop further if the support of around $25,000 breaks.Focusing on the OI metric, CrediBULL considers it a crucial indicator in monitoring how trends develop. In an earlier post, he explained that aggregate OI oscillates between the 10 billion and 6 billion figure levels. According to the analyst, traders use the metric to mark local tops and bottoms in a trending market. Hence, when the OI reaches 10 billion, the traders respond by liquidating long positions, and prices drop.On the contrary, CrediBULL explained that when the OI falls toward the 6 billion level, there is an exhaustion in the liquidation of long positions. At such times, prices begin to move back up healthily. So, traders use this metric to match the price and make decisions.Moreover, CrediBULL noted the OI was at 8.6 billion, with more room to drop lower. In addition to other metrics, the analyst concluded that Bitcoin’s price would likely drop lower in the short term.The post Crypto Analyst: Bitcoin Could Drop Below $25K in the Short Term appeared first on Coin Edition.See original on CoinEdition More