On March 9, ARK purchased 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor notification seen by Cointelegraph. The company has also bought 52,525 Coinbase shares ($3 million) for its ARK Next Generation Internet ETF, referred to as ARKW.Continue Reading on Coin Telegraph More
“I think the underlying fundamentals of the economy are strong, I really do,” Sunak told reporters on a trip to Paris to meet French President Emmanuel Macron.”If you look at some of the things that have been coming out in the last month … they’re all showing encouraging signs that things are better than people had feared, that sentiment is improving, confidence is returning.”Sunak said borrowing costs had fallen after surging last year when his predecessor Liz Truss and her finance minister Kwasi Kwarteng announced big, unfunded tax cuts.”Those are all positive signs. They show our plan is working, that it’s the right one, and we need to stick to it. But beyond that, I’ll leave it to the chancellor next week.”Hunt is expected to avoid announcing big changes in tax and spending in his budget plan on Wednesday, with many analysts saying he will probably keep his fiscal options open until nearer to the next national election expected in 2024. More
Rishi Sunak, the UK prime minister, has declared that “confidence is returning” to the British economy after new data showed it rebounded by more than expected in January.Gross domestic product rose 0.3 per cent in January, following a 0.5 per cent contraction the previous month, the Office for National Statistics said on Friday.The improvement was driven by growth in the services sector, according to the official statistics published ahead of the Budget next week. The expansion was higher than the 0.1 per cent forecast by economists polled by Reuters. The services sector rose 0.5 per cent, propelled by education, transport and storage, and human health activities.Sunak, speaking to journalists ahead of a UK-France summit in Paris, was upbeat on the prospects for the economy ahead of the Budget.“I think the underlying fundamentals of the economy are strong,” he said, citing recent data from purchasing managers and the construction sector.“They’re all showing encouraging signs that things are better than people feared, that sentiment is improving, confidence is returning and that is partly because of the plan we have put in place.”
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Jeremy Hunt, chancellor, will present a Budget next week that will focus on stability and maintaining downward pressure on inflation. There will be only limited room for big tax giveaways.Friday’s GDP figures add to signs of economic resilience seen in recent data and raise expectations that the UK will avoid a deep recession.“Our hunch is that there will still be a recession, but that recession may be smaller, shallower and commence later than we had initially envisaged,” said Ruth Gregory, economist at Capital Economics.The higher than expected growth will reinforce expectations of a 25 basis point rate increase at the Bank of England’s next Monetary Policy Committee meeting on March 23.Commenting on the data, the chancellor said the UK economy had “proved more resilient than many expected”. He added that next week he would “set out the next stage of our plan to halve inflation, reduce debt and grow the economy”.The Budget “could have a significant impact” on the UK’s near-term outlook said Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales. “While extending energy support will provide some relief to struggling households, aggressive tax rises would risk eliminating any lingering momentum from the economy,” he added.Despite the uptick in growth in January, output was still 0.2 per cent below its level in February 2020 and unchanged from January 2022, reflecting the negative impact of high inflation and rising interest rates on household finances.The UK is the only G7 economy that has not yet recovered to pre-pandemic levels. In the final three months of 2022, the US economy was 5.1 per cent larger than in the fourth quarter of 2019, before the first Covid-19 restrictions were put in place; the eurozone’s was 2.4 per cent bigger in the same period.Darren Morgan, ONS director of economic statistics, said that the main drivers of January’s growth “were the return of children to classrooms, following unusually high absences in the run-up to Christmas, the Premier League clubs returned to a full schedule after the end of the World Cup and private health providers also had a strong month”. He added that the partial recovery of postal services after strikes in December also helped boost output.However, construction fell 1.7 per cent in January, which the ONS attributed to heavy rain and economic uncertainty leading to cancellations and lower demand, particularly in the housing sector.Manufacturing production also dropped by 0.4 per cent in January and was down 5.2 per cent compared with the same month last year. This showed “some underlying weakness as a result of high inflation and high interest rates”, said Gregory.
Video: Fractured markets: the big threats to the financial system More
In accordance with the latest Forkast NFT reports, the leading NFT blockchain platforms including Ethereum and Solana have been exhibiting a negative trend in their NFT sales, while the third largest NFT network, Polygon, had a surge in its sale of non-fungible tokens (NFTs).Interestingly, the Forkast 500 NFT Index, a proxy measurement for the performance of the NFTs based on 500 smart contracts, has fallen in Asia trading this morning. Asia’s Forkast 500 Index declined to nearly two months low, with the trade on the leading blockchains including Ethereum and Solana slipping down.Significantly, the Forkast 500 NFT Index plummeted by 1.12 % to 4,187.01 over the span of 24 hours in Hong Kong.Notably, the largest blockchain network for NFTs, Ethereum slumped in its sale by almost 46.71% to $21.1 million over the past 24 hours. However, the total number of transactions has increased to 104,849, marking a surge of 5%.While estimating the Forkast ETH NFT Composite, the measurement of the performance of the Ethereum NFT market through 20 smart contracts, it was understood that the value went down by 1.36% to 1,395.69, at the time of reporting.Similarly, the second largest NFT blockchain, Solana has been witnessing its sales decline by almost 33.7% to $2.59 million. The Forkast SOL NFT Composite, which measures the performance of the Solana NFT market through 100 smart contracts lost to 1,160.70 by around 2%.Nonetheless, the NFT sales on Polygon had a substantial growth to almost $2.56 million, marking a sudden surge of almost 246.45%. It is noteworthy that the NFT sales were led by Coinllectibles, the Poygon project that focuses on art and auction. The project had almost $2 million in NFT sales over the past 24 hours.The post Forkast 500 NFT Index: Ethereum and Solana Descend in NFT Sale appeared first on Coin Edition.See original on CoinEdition More
Things have been very rocky in the crypto market after Silvergate Capital (NYSE:SI) Corp, a major crypto lender, announced that it will shut down its operations. Since this announcement was made, many cryptocurrencies have suffered as a result, and meme coins did not get out unscathed.
Dogecoin / Tether US 1D (Source: TradingView)This is evident in the fact that both Dogecoin (DOGE) and Shiba Inu (SHIB) experienced double-digit losses over the last seven days. CoinMarketCap indicates that DOGE is currently trading hands at $0.06524 after a 8.83% drop in price over the last 24 hours. DOGE is also in the red by more than 14% over the last week.
SHIB / Tether US 1D (Source: TradingView)DOGE’s 24 hour trading volume saw an increase of more than 70%, which implies that holders are selling off tokens. Similarly, SHIB is also trading in the red after a 8.49% drop in price over the last day and it is currently worth about $0.00001001.
SHIB supply on exchanges & whale transaction count (Source: Santiment)Another indication of a meme coin selloff is the fact that SHIB’s supply on exchanges has been steadily increasing throughout the past week. In addition to this, the number of SHIB whale transactions have doubled over the last seven days, which could suggest that these whales are gearing up to dump the meme coin.
DOGE whale transaction count (Source: Santiment)DOGE is suffering the same fate as the crypto’s whale transactions have increased by 60% over just the last 24 hours. Once again, this suggests that whales are getting ready to rid themselves of their DOGE tokens.
SHIB burn rate (Source: Shibburn)On the bright side, SHIB supporters do still have something to be happy about as the burn rate for the meme coins saw a more than 3,000% increase yesterday, despite the current drama in the market. This is likely due to the excitement surrounding the Shibarium Beta launch that is expected to happen soon.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post SHIB And DOGE Experience Double-Digit Losses Over The Past Week appeared first on Coin Edition.See original on CoinEdition More
In a paperless order, U.S. District Judge Kevin Moore instructed the plaintiffs to provide cause on why O’Neal and Osaka shouldn’t be dismissed from the suit. According to Moore, whether the two sports stars have been served is unclear. The judge gave the FTX customers until December to show cause.Continue Reading on Coin Telegraph More
Money market funds invest in highly liquid near-term instruments such as cash and short term debt securities. So far this year, investors have put $192 billion into cash, adding $18.1 billion in the week to Wednesday, BofA said. They invested $68.1 billion in cash a week earlier, more than at any time since the depths of the pandemic in 2020. Market expectations for further rate hikes from the U.S. Federal Reserve, which have sent U.S. yields higher, have also made money market funds more attractive. The yield on six-month U.S. Treasury bills reached 5.34% on Tuesday, its highest since 2006.Elsewhere, there were weekly inflows to bond funds of $8.2 billion, and outflows from equities of $500 million and from gold of $4 million, according to the report. Japan equity funds saw largest outflow ($3.0bn) since April 2018, according to BofA, a reversal given Japanese stocks have been in favour with foreign investors in recent weeks. BofA also warned that the rapid increase in global interest rates, and market pricing for further hikes have generated what they call “crashy vibes of March”.”(There are) so many potential catalysts for a systemic deleveraging event that sparks policy panic/end of Fed tightening; … and investors must be ready at that moment to deploy cash in new leadership assets which outperform in era of higher inflation,” they said.These “vibes” could worsen unless there is a soft U.S February payrolls later on Friday, BofA said. The most recent sign of stress in financial markets was sharp tumbles in bank stocks around the world on Thursday and Friday, after Silicon Valley Bank, which lends to the U.S. tech sector, including to start-ups, was forced to raise capital to shore up its balance sheet. More
Ethereum (ETH) and the rest of the altcoin market seem to be at the mercy of the crypto lender, Voyager, given that the lender currently holds large amounts of tokens that are ready to be sold. A report recently released by Arkham Intel (NASDAQ:INTC) noted that the defunct crypto lender has been on a selling spree over the last six weeks. Among Voyager’s wallets are $151 million worth of ETH and $50 million worth of Shiba Inu (SHIB). Both of these token holdings will likely be sold in the coming days, considering the lender’s 6-week history.According to the report, Voyager sold $100 million worth of ETH this month, $25 million worth of SHIB and $11 million worth of the platform’s native token, VGX.Voyager currently holds $750 million worth of assets, and USD Coin (USDC) makes up $488 million of the lender’s holdings. The rest of Voyager’s holdings are broken down as follows; $151.22 million worth of ETH, $49.53 million in VGX, and $41.4 million in SHIB. All of these holdings are at risk of being sold off.The bankrupt lender seems to have begun its selling activity well in advance of the US Bankruptcy Judge Michael Wiles approving Binance’s $1.3 billion bid to purchase Voyager. This restructuring deal with Binance will allow Voyager customers to withdraw their funds using the Binance US exchange.At press time, ETH is down 8.28% and is trading at $1,405.69, according to CoinMarketCap. Meanwhile, SHIB’s price stands at $0.000009996 following an 8.71% drop during the same 24-hour period. The lender’s native token, VGX, plummeted 26.87% over the last 24 hours and now trades at $0.3427.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post SHIB and ETH May Enter Into a Large Selloff in the Coming Days appeared first on Coin Edition.See original on CoinEdition More
