2023-10-18 10:37

Copyrighted Image by: Reuters. The Nigerian Naira experienced a significant drop on Tuesday, hitting an all-time low against the US dollar in both official and parallel markets. The currency depreciated by 8.9% from Monday's closing value, falling to N848.12/$1 from N778.80/$1 in the official market, according to data from FMDQ. This sharp decline was triggered by a 212% surge in forex supply, which increased from $43.09 million to $134.8 million. The intraday rates fluctuated between a high of N700.00 and a low of N981.00 before settling down. Simultaneously, the Naira traded at N1,050/$1 in the parallel market, up from the previous rate of N1,040/$1 due to a shortage in dollar circulation and increased demand. This even pushed the unofficial rate to N1,060/$1, resulting in a spread of N201.88 between the markets and a market margin of 24%. Tuesday's depreciation represents an 80% depreciation since June 13, 2023, prior to the radical forex reform of June 14 when the Naira traded at N472/$ and N768/$ at the official and parallel markets respectively. Street currency dealers across Lagos sold it between N1,040 to N1,049/$ while the activity volume escalated to $234.28 million from $43.09 million recorded on Monday. The Central Bank of Nigeria (CBN) had previously indicated its plan to operate a “managed float” regime and intervene when necessary. Tuesday's depreciation is seen as part of this apex bank's deliberate act allowing a free float of the Naira to bridge the gap between official and parallel markets. https://www.investing.com/news/forex-news/naira-plummets-to-record-low-against-us-dollar-in-both-markets-93CH-3201660

2023-10-18 09:45

Copyrighted Image by: Reuters In an unprecedented event this week, the transaction volume of dominant stablecoin, Tether (USDT), soared from $12 billion to $47 billion within a day. This surge was triggered by inaccurate news of spot Bitcoin ETFs' approval, which sparked significant interest in the market. Investors often turn to stablecoins such as Tether during periods of price instability to safeguard their capital while maintaining market involvement. The recent volume surge underscores the heightened investor interest in spot Bitcoin ETFs and points towards potential future crypto acquisitions. Data from Santiment revealed that during this spike, the largest Tether whale wallets increased their holdings. The top 10 wallets now control a quarter of all USDT in circulation. Currently, Tether has a circulating supply of 83.6 billion USDT. The crypto community celebrates October as 'Uptober', a month typically associated with bullish trends that also marks the inception of Tether. This year, in October 2023, Tether is set to celebrate its 9th anniversary. The recent surge in transaction volume adds another layer to Tether's significance during this month. https://www.investing.com/news/cryptocurrency-news/tether-transaction-volume-surges-amid-bitcoin-etf-anticipation-93CH-3201576

2023-10-18 01:59

Reddit's spokesperson, Tim Rathschmidt, announced on Wednesday that the company will end its Community Points program by November 2023 due to its resource-intensive nature and complex regulatory environment. The announcement was made during an interview with TechCrunch. The Community Points program, which rewarded users with Ethereum-based ERC-20 tokens MOON, BRICK, and DONUT, saw a significant devaluation following the announcement. The MOON token dropped by over 85%, BRICKS by more than 50%, and DONUT nearly 48%. This severe depreciation in value resulted in substantial investor losses and sparked speculation about a potential rug pull. A rug pull is a fraudulent practice within the cryptocurrency community where developers abandon their projects, leading to sudden crashes in the value of related cryptocurrencies. This situation has been highlighted by blockchain security expert Jameson Lopp, who cited a Reddit user who lost thousands of dollars due to the crash. The termination of Reddit's Community Points program underscores the challenges faced by social media platforms in managing cryptocurrency reward systems amidst a complex regulatory landscape. As the November deadline approaches, users and investors are urged to monitor the situation closely. https://www.investing.com/news/cryptocurrency-news/reddit-to-terminate-community-points-program-by-november-2023-93CH-3201467

2023-10-18 01:53

Copyrighted Image by: Reuters. Despite signs of an impending US economic downturn starting next spring, Commerzbank (ETR:CBKG) economists remain steadfast in their prediction of a sustained rise in gold prices over the mid to long term. As reported on Tuesday, the forecast hinges on the speculated rate cuts that are expected to bolster gold prices. The economists have, however, revised their year-end estimate downwards to $1,900 from the initial $2,000. Despite this adjustment, they maintain their projection that gold will reach an unprecedented $2,100 by the end of 2024. They also stated that despite imminent signs of a US economic slump from next spring, the forecast for Gold price to scale an unprecedented $2,100 by 2024 remains firm. This recession is projected to trigger rate cut speculation, thus boosting Gold's value. The Gold recovery trajectory is predicted to commence at a lower point and later than first thought. https://www.investing.com/news/commodities-news/gold-forecast-holds-firm-despite-economic-slump--commerzbank-93CH-3201470

2023-10-18 01:44

Copyrighted Image by: Reuters. The Ethereum layer-2 network, Scroll, has launched on mainnet, following a successful testnet phase that saw over seven million transactions from more than 900,000 wallet addresses. Scroll uses zkEVM roll-up technology to permit efficient proof batching via bytecode-level compatibility. This innovation facilitates quicker transactions at lower costs for Ethereum projects that deploy directly onto it, stated Scroll's co-founder, Sandy Peng. In this system, smart contracts store transaction bytecode on Scroll, which is subsequently verified by a centralized zkEVM node without revealing the content of the transaction. Once verified, these transactions are updated on Ethereum without the need for re-execution. The mainnet code of Scroll has undergone audits by several entities including Zellic, Trail of Bits, OpenZeppelin, and KALOS. The team behind Scroll is currently exploring a decentralized prover network and sequencer to prevent protocol halts and allow for forced batches during sequencer halts. Presently, upgrades can be made through a multi-signature wallet managed by the core team. However, future plans include the development of an SGX-based second prover with TEE experts. Other planned advancements include a Multi-Prover on Scroll and the establishment of a Security Council coupled with a delayed upgrade mechanism. https://www.investing.com/news/cryptocurrency-news/bytecodes-ethereum-layer2-network-scroll-launches-mainnet-93CH-3201464

2023-10-18 01:21

Copyrighted Image by: Reuters. In the face of regulatory pressures, Binance, a leading global cryptocurrency platform, has seen a significant increase in Turkish lira transactions. The data, provided by Kaiko, shows that the market share of the Turkish lira surged from 9% at the beginning of 2021 to a peak of 81% in August 2023. However, it slightly receded in October. The rise in Turkish lira transactions comes as Binance.US was compelled to suspend dollar transactions and withdrawals due to regulatory pressures. This has led to a shift towards a system primarily focused on cryptocurrency and stablecoins. Meanwhile, the Euro and Sterling have lost their footing on the platform. In contrast, the Brazilian real has gained popularity. Despite these changes, current data reaffirms the dominance of the Turkish lira on the platform, followed by the Euro and Brazilian real. The shift in currency preferences on Binance's global platform reflects broader trends in the cryptocurrency market as it continues to navigate regulatory challenges and shifts in user behavior. https://www.investing.com/news/cryptocurrency-news/binance-sees-surge-in-turkish-lira-transactions-amid-regulatory-pressures-93CH-3201459