Aurelia Butler

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    in Economy

    Get cracking with phasing out remaining Libor, UK watchdog says

    LONDON (Reuters) – The financial sector should not bet on remaining deadlines changing for the phasing out of the use of Libor interest rates, Britain’s Financial Conduct Authority (FCA) said on Wednesday.Helen Boyd, head of markets policy at the FCA, said the market had “categorically proven” it can ditch the London Interbank Offered Rate or Libor, a widely used rate tarnished after banks tried to rig it.The bulk of contracts such as mortgages, credit cards and business loans pegged to Libor, which was compiled across five currencies, were phased out by the end of 2021.Phasing out Libor, one of the biggest market changes in decades, felt like an “anti-climax” given it went so smoothly, Boyd said.Contracts are being transferred to interest rates compiled by central banks like the Federal Reserve, Bank of England and European Central Bank based on market transactions and seen as far harder to rig.Outstanding dollar Libor contracts must be phased out by the end of June 2023, and since the end of 2021 the rate can no longer be used in new contracts.”Don’t expect the deadlines to change,” Boyd told an event held by the derivatives industry body ISDA.There were contracts worth about 30 trillion pounds ($37 trillion) linked to sterling Libor at the start of 2021, but this has been whittled down to just 1% of that figure, Boyd said.The FCA has allowed the use of a “synthetic”, temporary form of Libor for yen and sterling contracts to aid transition to central bank rates for so-called “hard legacy” contracts.The FCA will hold a public consultation in coming weeks on winding down these synthetic rates, she said.”We have been clear that synthetic rates will not be continued simply for the convenience of those who could take action, but don’t,” Boyd said.No one should be relying on the creation of a synthetic dollar Libor rate after June 2023, she added.($1 = 0.8172 pounds) More

  • 113 Shares149 Views

    in Cryptocurrency

    ‘Every Day Above Zero Makes Bitcoin Resilient,’ Says Analyst

    In a recent tweet, crypto analyst Alistair Milne said that Bitcoin is more resilient and more valuable everyday it stays above zero. He was replying to another market analyst Samson Mow who had reported the current hurdles facing Bitcoin.Samson had said:In a response to a tweet by Samson Mow, Allistair Milne replied stating that Bitcoin will remain resilient as long as prices remain above the zero mark.In general, the cryptocurrency market has seen a significant decline over the past week. Bitcoin currently trades at $20,423.55 with a 24-hour trading volume of $28,446,608,772 and the price is down by 3.04 percent.Ever since the market crash, cryptocurrency influencers are making their opinions known about the market conditions. According to reports, many believe Bitcoin has the potential to pass $100K in 2025. For instance, Mike McGlone, a Senior Commodity Strategist for Bloomberg, predicts that the widespread use of cryptocurrency and Bitcoin, in particular, may result in BTC rising to $100k.However, some other market influencers remain bearish on Bitcoin. CNBC’s Jim Cramer says Bitcoin is likely to drop further in the short term rather than bounce. The investor argues that it’s time for those in the industry to accept that BTC is ready for a big fall.The contradictions in opinions about Bitcoin’s future price movements show that the market is still highly volatile and prone to big swings.Continue reading on CoinQuora More

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    in Economy

    Union calls 24-hour warning strike from Thursday in German ports

    Workers in Emden, Bremerhaven, Bremen, Brake, Wihelmshaven and Hamburg were called on to take part, after a fourth round of wage negotiations fell through. The union is demanding a pay rise of 1.20 euros ($1.26) per hour and inflation compensation over 12 months for some 12,000 workers.The union had already called for temporary work stoppages to increase the pressure on employers at the start of June.Ports are already clogged up as import containers are not being picked up and slots are in short supply, forcing shipping companies to go off schedule.According to the Hamburg coordination office, half a dozen container ships are waiting to dock in Germany’s bay alone.Industry experts expect the situation on the North Sea coast to worsen in the coming weeks, as many ships are on their way to Europe following the end of the lockdowns in China.($1 = 0.9517 euros) More

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    in Cryptocurrency

    Shiba Inu (SHIB) Finally Shakes off the Crypto Winter, Deleting a Zero

    One of the core reasons for the recent spike in Shiba Inu’s market price has been the regular burning of SHIB tokens, and the constant reminders from social media influencers like ‘Milkshake’ and ‘Shytoshi Kusama’ to set some coins ablaze and earn rewards in the Shiba Inu ecosystem’s governance token, $BONE.Multiple Achievements in the Last 24 HoursThe last 24 hours have been flaming hot for Shiba Inu, as 98 million SHIB tokens were burned. The biggest burn transaction of the day involved 47,226,551 SHIB tokens. To date, more than half of the Shiba Inu (SHIB) tokens originally in circulation have been burned, with the intent that the shorter supply eventually reflects positively on the meme coin’s price.The popular dog-themed meme coin has also made waves on Twitter (NYSE:TWTR), seeing #ShibaInu trend under the “Business & Finance” topic. Furthermore, Shiba Inu managed to climb the charts on both CoinMarketCap and CoinGecko, moving up to #14 position in each case, from 17th and 16th, respectively.How Many Zeros Can Shiba Inu Chew up?This crypto winter has seen many controversies and attempts to recover. As for SHIB, Social media is full of Shiba-related trending tags, such as #SHIBARMYSTAYSTRONG, #HODL, #TOTHEMOON. It’s evident that the asset’s strong community support, and their unassailable belief in the token has had a lot to do with Shiba Inu (SHIB) making it into the green, especially when many other cryptocurrencies have been left shoveling snow.Continue reading on DailyCoin More

  • 163 Shares159 Views

    in Cryptocurrency

    Two Meme Coins That Might Keep You Captivated: RoboApe (RBA) And Dogecoin (DOGE)

    A relatively new iteration of cryptocurrencies named ‘meme coins’ has shown the great potential a humorous approach coupled with brand designs has, to elevate the market’s visibility. These types of coins provide a quirky niche to the crypto market, arming individuals with a cryptocurrency that has originated from a meme online or viral image. This article will explore two meme coins that aim to keep investors captivated through their unique features: RoboApe (RBA) and Dogecoin (DOGE).The Future Meme Coin – RoboApe (RBA) RoboApe (RBA) is an upcoming meme coin that plans to tackle economic shackles by making it sustainable and rewarding a thriving community culture. The blockchain network describes itself as a meme token that intends to revolutionise the crypto market by operating a diverse set of services.These unique services include RoboApe Academy, RoboApe Merch, RoboApe eSports, and running charity events. Their academy aims to educate people on what they need to know about crypto – a free hub that will undoubtedly aid many beginners and further teach active investors.Having exclusive RoboApe merchandise will further gain awareness, expand their community and potentially increase their market hold. Their eSports platform could elevate blockchain technology by offering users a gaming experience that they can dictate. RBA is currently in its presale phase, being inexpensively priced at $0.0006173 for one token. They plan to officially launch on 29th August 2022, giving people plenty of time to join its community.The Veteran Meme Coin – Dogecoin (DOGE) Dogecoin (DOGE) is considered to be the very first meme coin, 2013 being its arrival, just four years after Bitcoin was introduced to the world. It’s based on the popular ‘doge’ internet meme, which shows a Shiba Inu dog glancing at a camera being accompanied by text written in a broken form of English. DOGE is arguably responsible for pioneering meme coins and hurling them to the forefront of the crypto market through its light-hearted and fun idiosyncrasies.Business magnate Elon Musk has publicly supported the use of Dogecoin on numerous occasions. Just two days ago (19th June), Elon Musk tweeted “I will keep supporting Dogecoin” – showcasing his admiration for the currency. Having a high-profile entrepreneur like Musk cosign a blockchain network adds another level of legitimacy to this exotic coin.Dogecoin is currently the tenth most profitable cryptocurrency globally according to CoinMarkeCap, with a market capitalisation of $8,632,093,626. If there’s any meme coin to place your trust in, it’s Dogecoin.Meme coins have helped contribute to the growth of popularity in the crypto market by providing their users with unique branding. Many meme coins help crypto investors build a solid community through their endorsement and influence of high-profile figures such as Elon Musk, Vitalik Buterin, and Roger Ver.Though crypto can undergo waves of volatility, these meme coins have the potential to level up the market once again. It is advisable to conduct further research on meme coins to explore whether they are worthy of your financial investment.To find out more about RodoApe visit official website or Telegram. To find out more about the presale, click here.Continue reading on DailyCoin More

  • 125 Shares99 Views

    in Cryptocurrency

    Will Bitcoin Hit $13,000? A Strategist Seems to Thinks So

    Absolute Strategy Research co-founder Ian Harnett believes that the downfall of Bitcoin might not be over just yet. He believes that the past crypto rallies bear witness to such a plunge, as Bitcoin tends to lose 80% of its value in such situations.He cited the example of the year 2018 when Bitcoin hit $3,000 after touching $20,000 in 2017. Ian added that if such an event reoccurs, we will witness bitcoin lose 40% and could hit $13,000.Bitcoin hit an all-time high of $69,000 during the bull market of 2021. Ian states that if such an event is likely to occur, bitcoin could hit $13,000, which is a key support area.The present bear market witnessed high inflation combined with the Fed increasing the interest rates. The major impact began last month with the fall of the Terra ecosystem. All of these factors took a significant toll on the stock and crypto markets.These events were also followed by the Celsius issue, where it halted withdrawals, swaps, and trading for over eight days. Three Arrows Capital has also displayed financial instability as it suffered a major loss on its LUNA investment.The market is slightly recovering from Bitcoin’s fall below $18,000 last week. But, if Bitcoin hits $13,000, the market should be ready for another bloodbath.Continue reading on CoinQuora More

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    in Economy

    The U.S. Economy is Like Wile E. Coyote Heading Off A Cliff, Says Former NY Fed President Dudley

    The U.S. economy is heading for a hard landing, and a recession is coming within 12 to 18 months, wrote former president of the Federal Reserve Bank of New York, Bill Dudley, in an opinion column for Bloomberg Economics.Dudley noted that the Fed’s latest set of projections laid out a benign scenario amid rising interest rates, but he sees several reasons to expect a “much harder landing.”The central bank’s employment mandate is now subservient to its inflation mandate, and the new focus on price stability will be “relentless.”“Fed officials recognize that failing to bring inflation back down would be disastrous: Inflation expectations would likely become unanchored, necessitating an even bigger recession later. From a risk management perspective, better to act now, whatever the cost in terms of jobs and growth. Powell does not want to repeat the mistakes of the late 1960s and the 1970s,” wrote Dudley.It will take time for considerable monetary policy tightening to have an effect, but the economist thinks the expansion is uniquely vulnerable to a sudden stop. As inflation outstrips wage growth, the personal savings rate has plummeted, from 26.6% in March 2021 to 4.4% this April, significantly below its long-run average.“No wonder consumer sentiment has fallen to levels last reached in the aftermath of the 2008 financial crisis, and Google searches for the word ‘recession’ are hitting new records,” he added.Dudley concluded, “The Fed has never tightened enough to push up the unemployment rate by 0.5 percentage point or more without triggering a recession … Much like Wile E. Coyote heading off a cliff, the US economy has plenty of momentum but rapidly disappearing support. Falling back to earth will not be a pleasant experience.” More

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    in Economy

    China considers extending purchase tax exemption for new energy vehicles

    BEIJING (Reuters) – China will step up support for automobile consumption and expects vehicle and auto-related consumption to increase by about 200 billion yuan in 2022, state media reported, citing a regular cabinet meeting on Wednesday.China is also considering extending a purchase tax exemption for new energy vehicles, the meeting, chaired by premier Li Keqiang, said. More