Moonbirds NFT Holders Fuming Over Canceled PROOF of Conference
On February 20th, 2023, PROOF Collective disclosed that the reasoning behind the PROOF of Conference cancellation was due to “considerably…Continue Reading on DailyCoin More
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Major Crypto Firms Eliminate Employees: Layoff Rate Increases
Reportedly, crypto layoffs have been increasingly affecting employers of Web3 space, from “quiet layoffs” to “wildcat firms.” According to the crypto analytic platform CoinGecko, almost 2,806 crypto employers lost their job.Many leading crypto companies including Genesis, Crypto.com, Coinbase (NASDAQ:COIN), Huobi, Gemini, Wire, DCG, Blockchain.com, etc. have cut short their employees, making crypto layoffs in 2023 reach more than 41% of the total layoffs in 2022.For instance, reports suggest that Genesis let off 30% of the company’s employees and applied for a bankruptcy filing. Crypto.com fired one-fifth of the total employees while Coinbase eliminated almost 950 employees, constituting 20% of the total strength.Denise Carlin, the Head of People at MPCH Labs, told that “quiet layoffs” still exist. He added that “people are trying to quietly lay off”, referring to two firms that terminated a major percentage of their staff.Interestingly, the founder of the Web3 firm Up Top Talent, Dan Eskow added that he had seen firms that silently lay off their staffs, citing the example of the crypto market maker and ecosystem partner GSR.Referring to the laid-off Meta, Amazon (NASDAQ:AMZN), and Google (NASDAQ:GOOGL) staff applying for crypto jobs, Eskow told:We see plenty of engineers coming from the FAANG layoffs that are definitely interested in those roles. But the reality is, it’s not a good time to make a pivot from web2 to web3. The crypto-native devs are going to take priority.Many factors including market volatility, bankruptcies, legal constraints, crypto regulations, technological difficulties, and many more constitute the cause of the increasing unemployment rate.The post Major Crypto Firms Eliminate Employees: Layoff Rate Increases appeared first on Coin Edition.See original on CoinEdition More
- in Economy
S&P 500 index seen climbing 5% by end of 2023: Reuters poll
NEW YORK (Reuters) – Wall Street’s benchmark S&P 500 index is expected to advance about 5% from Tuesday’s close by year-end although high interest rates and inflation have many strategists in a Reuters poll predicting a correction within the next three months.The S&P 500 was expected to end 2023 at 4,200 points, which would amount to a 9.4% increase for the calendar year, according to the median forecast of 42 strategists polled by Reuters. This forecast target is unchanged from a November 2022 poll.After falling 19.4% in 2022, the S&P 500 index is up 4.1% for the year so far.Over 70% of analysts, 10 of 14, who answered an additional question said there was a high chance of a correction in the U.S. equity market over the coming three months. The remaining four said low.However, more than a three-quarters majority said their year-end forecasts did not depend, even in part, on central banks like the U.S. Federal Reserve cutting interest rates within 12 months.”The odds of rates going higher and staying (higher) longer have increased. That also increases the probability of a Fed mistake of some kind which would weigh on multiples,” said Sameer Samana, senior global market strategist at Wells Fargo (NYSE:WFC) Investment Institute in Charlotte, NC. Because the labor market and the broader economy have been more resilient than previously expected, Samana sees that making “the glide path for inflation a shallower dip,” than he had initially expected.The S&P was trading at 18.5 times expectations for earnings for the next 12 months compared with its average forward P/E of 15.8 for the last 20 years, according to recent Refinitiv data.As of Feb. 17, Wall Street’s expectation for S&P earnings growth for 2023 has fallen to 1.6% from an expected 4.4% on Jan. 1, according to Refinitiv. Graphic: S&P valuations have fallen but still above 20-year average https://fingfx.thomsonreuters.com/gfx/mkt/zjvqjykkkpx/valuationgraphicSnP500.PNG Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis sees “significant headwinds for equities” including elevated inflation, the Fed’s rating hiking cycle and decreasing earnings expectations for 2023. As such he said it is “difficult to envision equities trending meaningfully higher” but still he said “sentiment is becoming increasing constructive.” But while Sandven’s year-end S&P 500 target doesn’t depend on interest rate cuts he said “it does depend on moderating inflation and improved earnings visibility”.Survey respondents (12) were equally split, six for six, on whether growth or value stocks would perform better this year. The poll also showed the Dow Jones Industrial average was expected to rise 9.2% for the full year to 36,200 by year end. This compared with its Tuesday close of 33,129.59 and its 2022 closing level of 33,147.25, which represented an 8.8% drop for last year.Strategists had expected the Dow to end 2023 at 36,500, according to a November poll.(Other stories from the Reuters Q1 global stock markets poll package:) More
AI Tech Firm Invents Bot that Analyzes and Predicts Crypto Movement
As AI technology makes a mark in the world with its revolutionary technology, many organizations seek innovative solutions that could benefit future generations. One such organization is INSAI.INSAI is a team of developers and engineers that has created a machine learning-based algorithm which can accurately analyze a range of parameters to predict the price of cryptocurrencies. The company has just announced its plans to introduce a new bot by merging two new techs, AI and blockchain. The team discloses that INSAI is in the final stages of testing to launch v2, a Telegram bot.The AI-powered Telegram bot is designed to provide analyses and predictions for any token address on the blockchain. Recently, the company released its first utility, v1.0, which provides the forecast for cryptos in CoinMarketCap.Addressing INSAI’s entrance into the market, the team points out that the project’s success in the market is evidenced by the launch of its native token, INSAI. The company’s native token witnessed a market cap of over $400,000 on its first day.“INSAI is making waves with its cutting-edge predictive AI technology,” says a team representative. “The team of talented developers and engineers behind INSAI has created a machine learning-based algorithm that can accurately analyze a range of parameters to predict the price of cryptocurrencies.”The team also believes that the INSAI beta will provide reliable and accurate predictions on cryptos for traders. This indicates that INSAI is focused on delivering crypto traders and investors with data-driven insights to make investment decisions.Furthermore, INSAI aims to contribute to blockchain’s mission for global adoption through market analysis. They also expect to reduce market volatility and improve stability for more accurate price forecasting, thus, improving access to blockchain trading opportunities.Some AI cryptos observed a double-digit and triple-digit surge at the beginning of this month denoting the sudden interest in AI tech. Market analysts believe that this surge was because of ChatGPT’s sudden craze. Many experts foretell the mass consumption of many revolutionary techs such as AI and blockchain in the future.The post AI Tech Firm Invents Bot that Analyzes and Predicts Crypto Movement appeared first on Coin Edition.See original on CoinEdition More
Klaytn Foundation Proposes A Massive Token Burn Exercise
According to a tweet by Collins Wu, a Chinese blockchain reporter, the Klaytn Foundation has submitted a new proposal to the Klaytn Governance Council (GC). The proposal aims to optimize and revise the tokenomics of Klaytn, and enable the project to secure a more sustainable and verifiable token economy.The new proposal tagged the KGP-6 proposal will destroy 7.281 billion undesignated KLAY tokens and designate a balance of 2 billion tokens as the “KLAY Value Creation Reserve” for three years tentatively. The foundation also wants to seize the opportunity to restructure the treasury management system of the Klaytn ecosystem.Kakao, the South Korean internet provider, developed Klaytn. It is a protocol designed to enable businesses to customize and operate their service-oriented blockchains built atop Klaytn architecture.Upon launching the Klaytn mainnet, the project minted 10 billion KLAY tokens during the Token Generation Event (TGE). Having passed through several integrations over the years, the total supply of KLAY tokens increased, reaching 11.001 billion as of the time of the proposal. Out of this total amount, only 3.073 billion KLAY are in circulation.Of the remaining 7.478 billion KLAY tokens, the Klaytn Foundation proposes to transfer 0.197 billion KLAY to a separate wallet. Klaytn will use this for settlements with GroundX, as per the original agreement. Once the transfer is made, the Foundation will be left with a balance of 7.281 undesignated tokens, of which 5.281 billion KLAY will be burned and permanently removed from the supply.The burning of tokens will leave the project with 2 billion KLAY that the foundation proposes to be used to run the ecosystem for three years. The batch will be called “KLAY Value Creation Reserve”, and will run within the ecosystem for activities that will help to facilitate deflationary economics.According to the proposal, the GC will approve all transactions from the reserve. Also, all discussions over using the KLAY Value Creation Reserve will be performed in public forums, and decisions will base upon on-chain voting.The post Klaytn Foundation Proposes A Massive Token Burn Exercise appeared first on Coin Edition.See original on CoinEdition More
Blur Announces Distribution of 300+ Million Tokens in Season 2
The leading NFT marketplace Blur officially announced on February 22, 2023, that the platform has decided to distribute more than 300 million BLUR, the ERC-20 governance token of the marketplace, in Season 2.Notably, Blur in Twitter thread declared that “Users with 100% loyalty have the highest chances of Mythical Care Packages, which are worth 100x Uncommon Care Packages”:Significantly, Blur informed the community about a gaming program, in which the customers would be provided with a “loyalty score”, depending upon their use of the trading platform.In a chain of tweets, Blur explicitly explained the three ways customers could add loyalty scores. Accordingly, the platform mentioned “list through Blur”, as the first way to gain points.Secondly, Blur affirmed that a 100% loyalty score would be acquired only if the customer doesn’t have a listing elsewhere. Disclosing more information on how they could add loyalty score, Blur stated:Notably, the platform highlighted the significance of listing in each method mentioned. As the third point, Blur affirmed that “listing rewards will be as large as bidding rewards”, reiterating the rule that maximum listing points equal listings multiplied by loyalty.Further, the marketplace reminded the customers that relisting NFTs at unrealistic prices or listing dead collections wouldn’t contribute to adding points. It added that listing and bidding from the same wallet would be better. Finally, Blur assured that the maximum tokens would be distributed to the members who bestow on the protocol’s success, adding that loyalty is the best contribution.The post Blur Announces Distribution of 300+ Million Tokens in Season 2 appeared first on Coin Edition.See original on CoinEdition More
- in Economy
UK inflation to return to 2% by autumn, Citigroup forecasts
Citigroup has forecast that UK inflation will plunge from the current double-digit rates to close to 2 per cent by the end of this year as rapid falls in gas prices give Rishi Sunak’s government hope of solving some of its biggest economic challenges. Citi said on Wednesday that consumer price inflation was likely to fall to 2.3 per cent in November, well below the Bank of England’s forecast that it would remain around 4 per cent in the fourth quarter of the year. The new projections provide a fillip for the UK prime minister, potentially making it easier to resolve public sector strikes over pay and to fulfil his pledge of halving inflation by the end of the year. The inflation rate in January was 10.1 per cent. Benjamin Nabarro, Citi’s chief UK economist, said the sell-off in European gas prices had prompted the bank to republish its inflation forecasts. He now expects UK headline inflation to slow to below 5 per cent from July. Only a month ago he expected that to happen in October.Citi’s new forecasts reflect the likely fall in household energy bills as wholesale gas prices continue to drop. The price of UK gas for delivery in September has halved in the past two months from £2.60 a therm to £1.26 a therm and fallen more than 80 per cent since its peak last August. These reductions will translate into a lower energy price cap in the fourth quarter of this year from £3,295 for a household with average consumption of gas and electricity to £2,161, according to the latest forecasts from consultancy Cornwall Insight.The fall in the energy prices will in turn pull down inflation, as the cap is forecast to be lower than that imposed by the energy price guarantee of £2,500 for the fourth quarter of 2022. The rapid decline in inflation will be amplified by the Office for National Statistics raising the weighting given to gas and electricity in the consumer price index this year from 3.6 per cent of household spending to 4.8 per cent. As energy prices fall, the higher weighting of gas and electricity in the index will pull the overall rate of inflation down faster.
In a further potential boost to the public finances, Nabarro forecast that inflation measured by the retail price index, which is used to uprate £560bn of inflation-linked government debt, is also likely to fall rapidly, limiting the cost of servicing this debt. He expects the RPI measure of inflation to drop from the current rate of 13.4 per cent to 4.3 per cent in the fourth quarter of this year, well below the Office for Budget Responsibility’s November forecast of 6.3 per cent towards the end of 2023.That would provide further relief to the government on the costs of servicing debt in an area where the UK has been more exposed than other countries because it has a larger share of its debt linked to inflation. The average forecast of CPI inflation in the fourth quarter among economists polled by the Treasury this month stood at 4.5 per cent, down from 5 per cent in the poll carried out in January. The RPI forecast for the same period stood at 6 per cent, down from 6.8 per cent forecast a month earlier. More
DOT, KSM and ADA Shines With Most Monthly Development Activity
The blockchain intelligence firm, Santiment (@santimentfeed), tweeted a list this morning showing the top 10 list of cryptos with the most development activity over the past 30 days. In the tweet, Santiment shared a list of 10 Web3 projects that made the most notable github commits in the last month.
Projects with the most development activity over the last month (Source: Santiment)Leading the list is one of the Ethereum killers, Polkadot (DOT). Second and third on the list are Kusama (KSM) and Cardano (ADA). Next on the list are Internet Computer (ICP) and Decentraland (MANA).Number 6 on the list is the largest altcoin by market cap, Ethereum (ETH). Cosmos (ATOM), Status (SNT), and Vega Protocol (VEGA) occupy the number 7,8, and 9 spots respectively. Lastly, at number 10 on the list, is Filecoin (FIL).According to the data shared by Santiment, almost all of the projects on the list experienced 24-hour price drops, with VEGA being the exception, printing a 2.15% price rise over the last 24 hours.ICP experienced the biggest price drop with a 6.25% decrease over the last 24 hours. MANA experienced the second biggest price drop in the last 24 hours, with its 5.18% drop in price, while FIL’s price printed the 3rd largest 24-hour loss of 4.80%.In terms of 24-hour trading volume, SNT led the way with its daily trading volume of 33.78% at the time that Santiment released the data. The majority of this volume was buy volume.Meanwhile, MANA and ICP experienced the second and third-largest daily trading volumes respectively. However, both of their daily trading volumes comprised mainly sell volume.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 DOT, KSM and ADA Shines With Most Monthly Development Activity appeared first on Coin Edition.See original on CoinEdition More
