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    China seeks ‘damage control’ on Ukraine with Zelenskyy call

    Chinese president Xi Jinping has met or called his Russian counterpart at least five times since Moscow’s full-scale invasion of Ukraine. But his first call to Ukraine’s Volodymyr Zelenskyy came just this week, days after a Chinese envoy angered Europe by questioning the sovereignty of post-Soviet states.Chinese officials say the timing was coincidental and have hailed the call as the latest step in Beijing’s push for peace. But in Europe, the call to the Ukrainian leader is viewed by many as an attempt to contain the fallout from the remarks by the ambassador to France.“They need to do some damage control after the Paris ambassador’s comments,” said one senior EU official.After Vladimir Putin ordered last year’s invasion, Xi faced growing criticism in the west for maintaining a close relationship with the Russian president, and the US has warned Beijing not to supply Moscow with weapons.In February, China released a 12-point position paper on the war, but this was attacked in the west for failing to condemn the invasion and containing more veiled criticism of Nato than Russia.That scepticism mounted last month after Xi attended a state visit in Moscow but did not, as was widely expected, immediately follow that up with a call to Zelenskyy.Many western analysts believe the outburst last weekend by ambassador Lu Shaye, in which he also cast doubt on Ukraine’s sovereignty over Crimea, played a role in finally precipitating the call.Others say China realises it needs to do more to convince Europe of its sincerity if it is to participate in any postwar settlement. This is particularly important as the EU starts work on a new policy towards China expected to be concluded by the end of June.“Russia may not win this war,” said Yu Jie, senior research fellow on China in the Asia-Pacific Programme at Chatham House. “China wants at least to have a voice in Ukraine after the conflict to prevent Ukraine totally pivoting to the west during the post-conflict state-building process.”In the hour-long conversation between the presidents, the first since the war started, China also said it would dispatch a special envoy to shuttle between the warring parties, its strongest step yet towards trying to act as mediator in the conflict.The person chosen is Li Hui, a veteran diplomat and former ambassador to Moscow who is currently special representative of the Chinese government on Eurasian affairs. Li will engage in “in-depth communication with all parties on the political settlement of the Ukrainian crisis”, according to an official Chinese statement.Wang Wen, dean of the Chongyang Institute of Financial Studies at Renmin University in Beijing and a prominent pro-government scholar, said Xi’s call “gives significant pushback against rumours that China is pro-Russia and is benefiting from the conflict . . . China is a peacemaker, not a troublemaker.”

    China’s foreign ministry officials attend a briefing about the phone call, the first between the Ukrainian and Chinese leaders since the war began © Greg Baker/AFP/Getty Images

    Chinese scholars in Beijing argued that the call would have been planned weeks in advance and probably had little to do with Lu’s outburst.Instead, China was taking its time to find its own position on the war rather than being forced into a stance by the west, said Cui Hongjian, dean of European studies at the China Institute of International Studies in Beijing.“China wants its own autonomy; we will not just ‘follow you’,” he said.For Ukraine, the call did not produce concrete results. But at least it opened a dialogue with Beijing that could help ensure that China remains militarily neutral. While China’s trade with Russia has risen rapidly, there is no evidence that the country is sending weapons to Putin’s army.Before the war, China and Ukraine had a close relationship. Academics in Beijing cite Ukraine’s sale to China in 1998 of a hull that became the Asian country’s first aircraft carrier as a mark of their long friendship.Outwardly European leaders praised the call. “It is an important, long overdue first step by China,” said Eric Mamer, spokesman for Ursula von der Leyen, president of the European Commission. An Elysée official underlined that Emmanuel Macron had urged Xi to speak to Zelenskyy during the French president’s state visit to Beijing earlier this month. Macron has long said he believes China has a role to play in influencing Russia and has told his top diplomat to liaise with his Chinese counterpart to prepare for potential peace talks, should Ukraine agree to take part. US officials, however, responded sceptically.“Whether that’s going to lead to some sort of meaningful peace movement or plan or proposal, I just don’t think we know that right now,” said National Security Council spokesman John Kirby. Russia’s foreign ministry said the call demonstrated “China’s readiness to make efforts to straighten out the negotiating process”, but added that the US would probably push its Ukrainian “puppets” to reject Beijing’s proposals. Dmitry Peskov, Putin’s spokesman, told reporters Russia was “prepared to welcome everything that could bring the end of the conflict in Ukraine closer” but said Russia was still intent on “achieving all of the goals that have been set”.Xi’s call and the appointment of Li as an envoy allowed China to continue positioning itself as a potential peacemaker while doing little to stop the war, said Alexander Gabuev, director of the Carnegie Russia Eurasia Center.

    Volodymyr Zelenskyy has his first phone conversation with Xi Jinping, who has called or met Russia’s president at least five times since the conflict began © Ukrainian presidential press service/AFP/Getty Images

    “There are positive side-effects to the war for China: Russia becomes the junior partner selling them energy and other resources at a discount. But there are negative side-effects: China is being criticised for supporting Russia. So China needs to show it’s for peace, not for Russia,” Gabuev said. “European leaders have said for a long time that Xi has to talk to Zelenskyy if he’s seriously interested in peace.”Beijing said that during the call Xi reiterated China’s opposition to any use of nuclear weapons in the war. “No one wins a nuclear war,” Xi told Zelenskyy, according to state-run news agency Xinhua. China’s opposition to the use of nuclear weapons is one of the few areas in which it has openly differed from Putin, who has repeatedly threatened to deploy them.Overall, analysts said, the call represented a “flanking movement” by China to shore up support for itself against its main adversary, the US, with which it is engaged in increasingly tense competition on everything from Taiwan and the South China Sea to the economy and advanced technology. By presenting a more neutral front, according to analysts, China hoped to drive a wedge between the US and the EU while also showing the developing world that it was a force for peace, in contrast to Washington, which it has accused of pumping arms into the war. The senior EU official said the call was a “signal to others in the global south that they are a global leader”.“If you want more influence on everyone, you should have the appearance of some neutrality,” said Shi Yinhong, professor of international relations at Renmin University in Beijing, adding that you “lose nothing” with a simple phone call.Reporting by Max Seddon in Riga, Henry Foy in Brussels, James Kynge and Yuan Yang in London and Leila Abboud in Paris More

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    UNI Price Analysis: ‘Speculation and No Utility,’ Criticizes Traders

    UNI, the token of the decentralized exchange protocol Uniswap built on the Ethereum blockchain, has experienced a significant dip in price over the past seven days. According to CoinMarketCap data, UNI is currently down 15.80% to $5.47 from its 7-day all-time high of $6.50.The decline in UNI’s price comes as the broader crypto market has been on a downward trend recently, with Bitcoin (BTC) and Ethereum (ETH) taking considerable impacts. Despite this dip, Uniswap has maintained a substantial trading volume, with a 24-hour volume above $89 million, representing a 75% increase from the past day.While multiple reports hint that Uniswap remains the most popular decentralized exchange by volume, crypto traders have recently criticized the UNI token for its lack of utility despite its high trading volume. Users have noticed instances where the platform experiences significant trading volume without a corresponding increase in the token’s price. “Seems to be all speculation and no utility,” said a crypto enthusiast on CoinMarketCap’s community forum.
    Source: CoinMarketCapNonetheless, a Uniswap Twitter account dedicated to tracking its activities reported a rise of 158 new UNI token holders in the past 24 hours, which brings the total number of UNI holders to 432,753. This uptick in holders suggests a sustained interest in the platform and the DeFi space overall.Notably, Uniswap is a unique automated market maker system that allows users to earn fees by providing liquidity to the platform. It has processed over $100 billion in total volume since its launch in September 2020.The post UNI Price Analysis: ‘Speculation and No Utility,’ Criticizes Traders appeared first on Coin Edition.See original on CoinEdition More

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    Cosmos (ATOM) Trading Volume Overflows by 147% in the Past 24Hrs

    The price of Cosmos (ATOM) has experienced a short-term increase in volume in the past 24 hours. According to data from the popular market tracking website, CoinMarketCap, the 24-hour trading volume of ATOM has surged by over 147%, putting its price above $11, one of its highest points recently.ATOM saw a 2.18% increase, while many other cryptocurrencies traded in the red zones in the last 24 hours. Its market share stands at $3.23 billion, securing its position among the 21st most prominent cryptos, while its 24-hour trading volume nearly crossed $200 million.This increase in price and volume follows the announcement of several partnerships and developments in recent weeks. The Cosmos community is buzzing with excitement as they begin voting for the proposal to launch Neutron on Replicated Security, the first Consumer Chain onboarding proposal.According to a recent update from Cosmos’ official Twitter, Neutron will be secured by the Cosmos Hub validator set, if successful, marking the dawn of the Atom Economic Zone. This is expected to help strengthen ATOM’s position as an interchain’s reserve currency.Notably, Neutron is a decentralized exchange (DEX) built on top of the Cosmos Software Development Kit (SDK), allowing users to swap tokens across different blockchains without going through a centralized exchange.Based on the recent update, the Cosmos Hub will receive 25% of transaction fees from Neutron, 25% of MEV revenue, and 7% of the supply of NTRN, the Neutron network native token, as an initial drop. Ultimately, the proposal aims to provide more value shared and synergies between the Hub and Neutron.The post Cosmos (ATOM) Trading Volume Overflows by 147% in the Past 24Hrs appeared first on Coin Edition.See original on CoinEdition More

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    Adidas Launches ‘Indigo Herz Pack’ As Part of Metaverse Campaign

    Adidas is steadfastly striving towards being a trailblazer in fashion innovation by launching the “Indigo Herz Pack” collection. The Indigo Herz Pack constitutes the company’s homage to its recent metamorphosis with the “Into the Metaverse” campaign.The collection encompasses 2145 pairs of Superstar shoes and 2195 printed hoodies, both of which draw inspiration from the renowned NFT, Indigo Herz. Moreover, exclusive token-gated access to Indigo Herz Pack is granted to ALTS NFT holders, indicating the brand’s commitment to web3.The ALTS NFTs by Adidas began with Chapter 1: ALT[er], which marked the commencement of a quest to possess an exclusive ALTS by Adidas identity. The ALT[er] ego was the first of eight traits that determined holders’ unique identity. This trait provided exclusive utility tailored to their interests, and their digital fashion statement evolved based on their interests and engagement. Additionally, holders enjoy exclusive access to the Adidas Web3 ecosystem.Holders are able to procure the Indigo Herz Pack collection from April 26, with early access granted to adiClub members. However, the public sale of the Indigo Herz Pack will commence on May 5 via Adidas’ website, app, and handpicked outlets worldwide.Meanwhile, Adidas also announced its integration with Token Proof in the App which is now live. This integration, along with the Indigo Herz Pack launch, underlines the company’s resolve to embrace an exciting future. Holders will enjoy exclusive entry to Adidas’ Web3 ecosystem and have access to more token-gated experiences, which reinforces the brand’s commitment to bridging Web2 to Web3.The post Adidas Launches ‘Indigo Herz Pack’ As Part of Metaverse Campaign appeared first on Coin Edition.See original on CoinEdition More

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    Circle Launches USDC Cross-Chain Transfer Protocol (CCTP)

    Now, US Dollar Coin (USDC) stablecoin users can transfer their tokens between Ethereum and Avalanche without going through a third party. That became possible after the stablecoin issuer, Circle, implemented the Cross-Chain Transfer Protocol (CCTP) on the mainnet.On Wednesday, April 26, 2023, Circle announced it implemented the CCTP protocol to solve the issues of liquidity fragmentation and poor user experiences caused by unofficial, bridged versions of USDC floating around the ecosystem. According to the announcement, apps built on the newly launched CCTP can teleport native USDC from one chain to another.Circle noted that one of the aims of the CCTP implementation is to provide users with a capital-efficient way to transact in a multichain world.Before now, users could not transfer USDC directly between the Ethereum and Avalanche networks. Customers wanting to do so would require the services of a Circle partner or a third-party bridge before completing the transfer. The CCTP implementation has eliminated the need for such intermediaries.With the new protocol, there would no longer be the need to lock tokens during transfers. Instead, the CCTP destroys them and issues new coins to the receiving network. Users can convert freshly minted tokens into bank deposits by depositing them with Circle or one of its partners.According to Circle, the CCTP will solve the fragmentation problem within the Web3 ecosystem. It will gradually eliminate the use of unauthorized USDC copies currently circulating on other networks as a result of bridging on those networks. The issuer notes that the latest update will make USDC easier to understand and utilize.There are signs that the newly implemented CCTP might enjoy wide adoption, as several cross-chain protocols have already committed to its implementation. The committed cross-chain protocols include Celer, Hyperlane, LayerZero, LI.FI, MetaMask, and Wormhole.The post Circle Launches USDC Cross-Chain Transfer Protocol (CCTP) appeared first on Coin Edition.See original on CoinEdition More

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    US economic growth slows in first quarter; weekly jobless claims fall

    WASHINGTON (Reuters) – U.S. economic growth slowed more than expected in the first, despite an increase in consumer spending, and activity is set to moderate further as the effects of higher interest rates spread. Gross domestic product increased at a 1.1% annualized rate last quarter, the Commerce Department said in its advance estimate of first-quarter GDP growth on Thursday. The economy grew at a 2.6% pace in the fourth quarter. Economists polled by Reuters had forecast GDP rising at a 2.0% rate.Despite the slowdown, which mostly reflected a drag from weak inventory investment, the Federal Reserve is on track to raise interest rates by another 25 basis points next week. The Fed has hiked its policy rate by 475 basis points since last March from the near-zero level to the current 4.75%-5.00% range. Though the economy was not in recession last quarter, the landscape is now vastly different. Credit conditions have tightened following recent financial market turmoil, which together with the Fed’s fastest rate hiking cycle since the 1980s have raised the risks of a downturn by the second half of the year. Following January’s surge, which economists attributed to unseasonably mild weather and difficulties adjusting the data for seasonal fluctuations, economic reports have taken a weaker tone, with retail sales slumping in February and March. Still, consumer spending grew at a rate faster in the January-March period than the pedestrian 1.0% pace logged in the fourth quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, is being underpinned by a tight labor market, characterized by a 3.5% unemployment rate.A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits decreased 16,000 to a seasonally adjusted 230,000 for the week ending April 22. Economists had expected 248,000 claims in the latest week. Though claims, which have elevated since March, remain well below levels that could raise alarm about the labor market, reduced access to credit for businesses and households is seen hurting demand and ultimately employment.The number of people receiving benefits after an initial week of aid, a proxy for hiring, fell 3,000 to 1.858 million during the week ending April 15, the claims report showed. The so-called continuing claims data covered the period during which the government surveyed households for April’s unemployment rate.Continuing claims remain low by historical standards as some of the laid-off workers are quickly finding employment. There were 1.7 job openings for every unemployed person in February.Despite the darkening clouds over the economy, some economists were hopeful that a recession would be avoided. They noted that fears of a downturn were pushing down prices of commodities like oil, which could help to reduce cost pressures for businesses and benefit the overall economy.Oil prices have erased all their gains since the Organization of the Petroleum Exporting Countries and producer allies such as Russia announced in early April an additional output reduction until the end of the year. More