Aurelia Butler

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    in Cryptocurrency

    Crypto Trader States That BTC Will Drop Below $20K This Month

    The crypto market leader, Bitcoin (BTC), experienced a drop in price over the last 24 hours according to CoinMarketCap. At press time, BTC’s price is down 0.85% and is trading at $21,705 as a result. This 24-hour drop in BTC’s price has added to its negative weekly performance. Currently, BTC’s price is down more than 7% over the last 7 days.The crypto trader, Rekt Capital, uploaded a video on Youtube yesterday wherein he shared his technical analysis for BTC. The trader started the video off by highlighting the fact that BTC’s price is seeing its first dip of 2023, which can be seen on its monthly chart. CoinMarketCap shows that BTC’s price is currently down 6.21% this month. This is after BTC printed a 39.79% monthly gain in January of this year.Monthly chart for BTC/USDT (Source: TradingView)Rekt Capital added that BTC’s price will likely target the psychological $20k level this month. This level is also the range…The post Crypto Trader States That BTC Will Drop Below $20K This Month appeared first on Coin Edition.See original on CoinEdition More

  • 138 Shares119 Views

    in Cryptocurrency

    ‘US Exchanges Lose To Foreign Exchanges’: ARK Invest CEO Cathie Wood

    ARK Invest Founder, CEO, and CIO, Cathie Wood replied to a Twitter thread discussing staking-as-a-service in the US with “US exchanges lose to foreign exchanges.”The conversation started when Castle Island Ventures partner Nic Carter shared that “3rd party staking ban isn’t good for exchanges,” however, it is a “blessing in disguise” for the protocols. According to Carter, Staking enables exchanges to become dominate nodes, allowing protocols to capture is the main reason behind PoS failure mo…The post ‘US Exchanges Lose To Foreign Exchanges’: ARK Invest CEO Cathie Wood appeared first on Coin Edition.See original on CoinEdition More

  • 125 Shares149 Views

    in Cryptocurrency

    Meterverse Will Hit $5 Trillion in Investments by 2030: McKinsey

    According to research by McKinsey, a global management and consulting firm, the metaverse could generate up to $5 trillion across consumer and enterprise use cases by 2030. That is equal to the current size of Japan’s economy, the third largest in the world.McKinsey’s report attributed the expected exponential growth of the metaverse to an alignment of several factors. It identified the acceptability quotient of the metaverse across genders, geographies, demographics, and generations as a key element that promotes its growth and adoption.I…The post Meterverse Will Hit $5 Trillion in Investments by 2030: McKinsey appeared first on Coin Edition.See original on CoinEdition More

  • 138 Shares99 Views

    in Cryptocurrency

    XRP Price Prediction: What to Expect in the Next 48 Hours

    Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb. Ripple’s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies.The token used for the cryptocurrency is premined and utilizes the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks – as a sort of temporary settlement layer.XRP (XRP) is ranked as the sixth biggest crypto by market cap, according to CoinMarketCap. It experienced a 1.31% drop in …The post XRP Price Prediction: What to Expect in the Next 48 Hours appeared first on Coin Edition.See original on CoinEdition More

  • 138 Shares189 Views

    in Cryptocurrency

    Tether Has Moved Reserves to Capital Union and Two Other Firms

    According to the latest report, Tether Limited Inc., the leading cryptocurrency exchange that launched the asset-backed stablecoin Tether has moved a major share of its reserves to three financial institutions including Capital Union Bank, Ansbacher Limited, and Cantor Fitzgerald.Reportedly, the company hasn’t yet revealed any details regarding its ties with the three institutions. The complete data on the distribution of the reserves of Tether or the accounts of the finances is still absurd.The company’s lawyer told that Tether’s financing details aren’t transparent, stating that it “does not make public its banking relationships”. In addition, the lawyer has also told that the value or the composition of its reserve assets is also not made public.Notably, as per the internal records, in 2021, Tether transferred almost $37 billion of its reserves to the Capital Union Bank, an offshore,…The post Tether Has Moved Reserves to Capital Union and Two Other Firms appeared first on Coin Edition.See original on CoinEdition More

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    in Economy

    ECB must avoid unnecessary rise in real interest rates – Visco

    ECB Governing Council member Ignazio Visco, who is also the Bank of Italy’s governor, added he did not believe a recession was inevitable in order to reduce inflation.The ECB has raised interest rates by 3 percentage points since July and promised a 50 basis-point hike for March.”Today, disinflation is obviously needed, but given the levels of private and public debts that prevail in the euro area, we must be careful to avoid engineering an unnecessary and excessive rise in real interest rates,” Visco told the Warwick Economics Summit.”Indeed, I am convinced that the credibility of our actions is preserved not by flexing our muscles in the face of inflation, but by continually showing wisdom and balance.” The ECB has kept its options open about subsequent steps after March, raising doubts among investors about the extent of further increases.Investors and economists have focused on a peak in the deposit rate of between 3.25% and 3.5%, which suggests just one or two moves after the March hike and an end by mid-year.Politicians in Italy have expressed concerns about the impact of rising interest rates given the country’s huge debts.Visco said ECB rates must continue to rise “in a progressive but measured way, on the basis of the incoming data and their use in the assessment of the inflation outlook”.Inflation has dropped by around 2 percentage points since its peak in October, and further falls are likely as natural gas prices retreat.But underlying price growth appears to be stubbornly high leading to fears that inflation could get stuck at levels above the ECB’s 2% target, partly due to rapid nominal wages growth.”I see no compelling reasons for inflation not to return to target, notwithstanding the still abundant (and excessive) liquidity present in the economic system,” Visco said.Looking at the persistence of inflation in many countries during the 1970s, Visco said big improvements in monetary policymaking and changes in European economies made that “very unlikely” to be repeated. More

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    in Cryptocurrency

    Armstrong Responds to Grewal’s Comment: SEC Settles Kraken Case

    Brian Armstrong, the co-founder, and CEO of Coinbase (NASDAQ:COIN) Global Inc, the American-based publicly traded cryptocurrency exchange tweeted in response to the comment of the company’s Chief Legal Officer, Paul Grewal, on the former’s post on SEC’s settlement with Kraken.Armstrong tweeted “well said”, referring to Grewal’s comment, claiming that “true on-chain staking services like ours are fundamentally different”:Notably, the US Securities and Exchange Commission’s (SEC) alleged Kraken, the US-based crypto exchange for not registering “the offer and sale of their crypto-asset staking-as-a-service program”.However, on February 10, the SEC declared that it has settled the case by Kraken ceasing the sale of “securities th…The post Armstrong Responds to Grewal’s Comment: SEC Settles Kraken Case appeared first on Coin Edition.See original on CoinEdition More

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    in Economy

    Crucial $1.1 billion IMF deal eludes Pakistan for now; talks continue

    KARACHI (Reuters) – Pakistan and the International Monetary Fund are to resume talks online next week they said on Friday, after ten days of face-to-face discussions in Islamabad on how to keep the country afloat ended without a deal.With the nuclear-armed nation in the grip of a full-blown economic crisis, the IMF talks are aimed at unlocking at least $1.1 billion of stalled funding as part of a $6.5 billion bailout signed in 2019.Finance Minister Ishaq Dar told reporters Pakistan had agreed with the IMF on the conditions to release the funds, which have been delayed since last December. Talks would resume virtually on Monday, he added, citing “routine procedures” for the delay. “We will implement whatever has been agreed upon between our teams,” Dar said. In a statement, Pakistan IMF Mission Chief Nathan Porter confirmed talks were continuing and that considerable progress had already been made. The hold-up though sent the price of the country’s government bonds tumbling again.Pakistan is in dire need of a successful outcome. The $350-billion economy is still reeling from devastating floods last year, and the government estimates rebuilding efforts will cost $16 billion.The heavily-indebted nation only has enough foreign reserves to cover less than three weeks of crucial imports. The longer it takes for the IMF tranche to be paid out, the higher the risk of default, analysts say, especially with elections also looming.Last week, Prime Minister Shahbaz Sharif called Pakistan’s economic situation “unimaginable.””Ideally, Pakistan should have reached a staff level agreement at the end of the IMF mission,” Khaqan Najeeb, a former finance ministry adviser, told Reuters. “Delay is untenable.” GRAPHIC: Pakistan’s payment pain (https://www.reuters.com/graphics/PAKISTAN-CRISIS/znvnbzrrlvl/chart.png) IMF MEASURESThe so-called staff-level agreement, which then needs to be approved by the IMF’s head office in Washington, must be reached before the funds are disbursed.In addition to the stalled tranche, another $1.4 billion remains of the $6.5 billion bailout programme, which is due to end in June.Experts said Pakistan needs the payout as soon as possible. “If this drags on for, say, longer than a month, things get more difficult as our forex reserves have reached a critical level,” former central bank Deputy Governor Murtaza Syed told Reuters.The conditions set by the IMF include a return to a market-based exchange rate and higher fuel prices, measures that Pakistan recently implemented and that have already sent inflation to a record high – 27.5% year on year in January – and created shortages in some imported goods.Dar said Pakistan had also agreed with the IMF to introduce fiscal measures, including new taxes. Analysts fear more fiscal tightening could tip the economy further into crisis.”The government has not only wasted over five months in realising the gravity of the situation, it is still sleepwalking the country into an economic abyss,” said Sakib Sherani, who served as the finance ministry’s principal economic adviser in 2009-10. More