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Crypto Market Shows Resilience After German Government Sell-Off

By
Paul Ugbede Godwin
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1

The cryptocurrency market has recently witnessed a significant event that has sparked discussions and speculations among investors and analysts alike. The German government, which had previously seized a substantial amount of Bitcoin from criminal activities, has concluded its sell-off, leaving its Bitcoin wallet empty. This move was closely watched by the crypto community, as many feared it would lead to a drop in Bitcoin’s price due to the increased supply hitting the market.

However, contrary to these concerns, the market has shown resilience. Bitcoin’s price has not only held steady but has also exhibited signs of stability and a potential bullish trend post the sell-off. At the time of writing, Bitcoin is trading above $64,985 and Ether around $3459, suggesting that the market has absorbed the impact of the German government’s actions without significant distress.

The completion of the sell-off has alleviated the market jitters that were previously present, as evidenced by the “Fear and Greed” index, which had plunged to “extreme fear” during the sell-off period. Now, with the sell-off over, the index has seen a recovery, indicating a return of investor confidence.

Experts have weighed in on the situation, analyzing the potential long-term effects and the impact on overall market confidence. Some suggest that the market’s ability to withstand such a large sell-off without crashing could be seen as a sign of maturity and robustness in the cryptocurrency ecosystem. Others point out that this event may present prime opportunities for buying, as historical data suggests that optimal entry points in a bull market often follow periods when short-term holders sell at a loss, and the fear index is high.

The German government’s decision to liquidate its Bitcoin holdings was part of a broader effort to offload assets seized from criminal activities. The process involved transferring funds to major crypto exchanges in the U.S. and Europe, such as Coinbase, Bitstamp, and Kraken. The transparency of these transactions, tracked by blockchain analytics firms, provided the market with data to gauge the government’s actions and their potential impact.

As the crypto market continues to evolve, events like the German government’s Bitcoin sell-off serve as important indicators of how external factors can influence market dynamics. The market’s response to this event has been largely positive, suggesting a growing resilience against potential shocks and a readiness to capitalize on new investment opportunities.

For investors and enthusiasts, the key takeaway is the importance of staying informed and understanding the market’s reactions to significant events. The German government’s sell-off has provided valuable insights into the crypto market’s behavior, offering lessons that could be useful for future investment decisions.

The crypto market’s prices pick-up after the German government’s sell-off is a testament to the market’s strength and the confidence of its participants. It also highlights the importance of market sentiment and investor behavior in shaping the trajectory of cryptocurrency prices. As the market matures, it will be interesting to see how it responds to similar events in the future and what new developments will emerge from these dynamics.

Worldwide Smartphone Market Shipments Grew 6.5% in Q2 2024, Samsung Maintains Top Position

By
Ojukwu Emmanuel
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0

According to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, global smartphone shipments grew 6.5% year-over-year to 285.4 million units in the second quarter (Q2) of 2024.

This positive trend marked the fourth consecutive quarter of growth, building momentum towards an anticipated recovery this year. However, demand remains inconsistent across various markets.

The preliminary market results revealed that South Korean multinational manufacturing conglomerate Samsung, captured the top position in Q2 2024, with an 18.9% share of shipments, thanks to a strategic focus on its flagships and a strong AI strategy. Apple followed closely sitting in second place with a 15.8% share with improved performance in China and other key regions.

Chinese designer Xiaomi occupied the third place with a 14.8% share, while Vivo and OPPO tied for the fourth position with 9.1% and 9.0% shares respectively. Xiaomi and Vivo both recorded double-digit growth with strong performances in engaging markets and China, while OPPO’s 1.8% growth was due to a successful ongoing expansion outside China.

Commenting on the report, Nabila Popal, Senior research director with IDC’s Worldwide Tracker team said that there is increasing competition amongst the smartphone leaders and a polarization of price bands.

In her words,

“While recovery is well underway with the top 5 companies all making year-over-year gains, we are seeing increasing competition amongst the leaders and polarization of price bands. As Apple and Samsung both continue to push the top of the market and benefit the most from the ongoing premiumization trend, many leading Chinese OEMs are increasing shipments in the low end in an attempt to capture volume share amidst weak demand.

“As a result, the share of mid-range devices is challenged. Still, there is lots of excitement in the smartphone market today thanks to higher average selling prices (ASPs) and the buzz created by Gen Al smartphones, which are expected to grow faster than any mobile innovation we have seen to date and forecast to capture 19% of the market with 234 million shipments this year.”

As the competition intensifies, IDC expects a very positive and interesting second half of the year with a tight race among the leading OEMS.

“The growth in Q2 2024 continued to provide some relief to the OEMs, though it’s partly supported by a low comparison base and the overall recovery is still at a soft pace,” said Will Wong, senior research manager for Client Devices at IDC Asia/Pacific.

“Some OEMs took a less aggressive move in 2Q24 amid the BOM costs pressure, which prompted the companies to refine the product specs or pricing to ensure profitability. Nevertheless, the the second quarter is more like a prelude before more Gen Al smartphones are launched in the second half of the year, which will potentially be the next growth driver after 5G and foldables”, he added.

It is worth noting that major brands like Samsung and Apple are seeing significant growth and will continue to grow primarily due to their focus on premium models and advancements in AI technology. The introduction of Gen AI smartphones is poised to be a significant growth driver in the coming months.

In the broader market context, the demand for AI-driven smart devices is rising, driven by consumer interest in seamless experiences. Samsung and Apple’s ability to innovate and lead in these areas positions them well to capitalize on these trends.

How To Receive Casino Sign-Up Bonus?

By
TI Partners
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0

Register at top sweepstakes casinos in the U.S. or Canada, and you can claim an exciting welcome bonus. You don’t want to miss the sign-up offer since it gives you a generous amount of coins to start playing for free. In this post, we’ll review the simple procedure to receive a signup bonus at Fortune Coins Casino. The welcome offer on the site gives you 630,000 GCs and 1,000 FCs, which is incredible. If you find it interesting, follow the below steps to get the bonus.

Step 1: Register an Account

For this step, visit the Fortune Coins Casino official website and tap the Sign Up button. Next, enter your name and email and create a password. At the end of the form, you’ll have to accept the terms and conditions and consent to the privacy policy. Then, hit Create an Account to submit.

Upon creating an account, you instantly become a Fortune Coins player. When you log in, you’ll get 100,000 GCs and 200 FCs as the first part of the casino sign-up bonus. Note that you can sign up much faster using the Google or Facebook option. 

Step 2: Verify Your Phone Number

The second part of the Fortune Coins sign-up bonus gives you 100,000 GCs and 100 FCs. To receive it, you have to verify your phone number. It’s a simple step you can carry out from your account settings. 

So, navigate to the section and locate the option to enter your phone number. Input the digits correctly and submit. Fortune Coins will send you a verification code by SMS to confirm the phone number. Enter the code in the provided space on the casino website, and you’re done. 

Step 3: Opt-in For Email and SMS notifications

As a new Fortune Coins Casino player, it’s ideal to turn on email and SMS alerts to ensure you don’t miss out on promotions. Interestingly, the site even gives you a bonus just for doing so. If you turn on email notifications, you receive 100,000 GCs and 300 FCs. Do the same for SMS, and you get 100,000 GCs and 200 FCs. 

While the bonus is huge, this step is the simplest. You only have to visit your account settings and tap the toggle for email and SMS. It won’t take you more than 30 seconds once logged in.

Step 4: Connect to Google and Facebook

Fortune Coins stays true to its status as a social casino. So, the platform lets you connect to your Google and Facebook accounts, with bonuses up for grabs. This part of the signup offer gets you 20,000 GCs and 100 FCs. In other words, you get 40,000 GCs and 200 FCs in total.

Connecting to Google or Facebook is simple; you do it via your account settings. Registering using either of the two options will give you the attached bonus by default. 

Step 5: Claim the Daily Bonus

Finally, Fortune Coins has a daily bonus during your first three days as a player. It gives you 300,000 GCs and 100 GCs on the first day, adding to the welcome package. Ensure you log in every day, as there’s a grand bonus to claim on the third day. 

Bottom Line

If you add up the bonuses for each step, you get 630,000 GCs and 1,000 FCs. It’s challenging to find a sweepstakes casino with a better deal. So, if you want to receive the best sign-up bonus, visit Fortune Coins Casino today.

OKX to Discontinue Services to Nigerian Users

By
Paul Ugbede Godwin
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0

The cryptocurrency landscape is ever evolving, and with it comes a series of regulatory challenges and changes that affect how digital asset services operate globally. A recent development in this dynamic field is the announcement by OKX, a prominent digital asset exchange, to discontinue its services in Nigeria. This decision is a significant event in the crypto space and has implications for Nigerian users and the broader digital asset market in the country.

OKX’s decision to exit the Nigerian market is attributed to the recent changes in local laws and regulations that have impacted the operation of digital asset services. The exchange has communicated to its users that effective from August 16, they will no longer be able to open new trading positions or access services in the country. However, there is a provision for users to withdraw and close open positions, ensuring that they have the opportunity to secure their assets before the cessation of services.

The move by OKX adds to the list of crypto firms that have had to re-evaluate their operations in Nigeria due to the regulatory environment. It reflects a growing trend where crypto exchanges are facing increasing scrutiny from regulators, leading to a re-assessment of their business strategies and, in some cases, a complete withdrawal from certain markets.

For Nigerian users, this development means they must take immediate action to review their accounts and make necessary arrangements before the stipulated deadline. The discontinuation of OKX’s services underscores the importance for users to stay informed about the regulatory climate and its potential impact on their digital asset holdings and activities.

One of the most prominent exchanges in Nigeria is Binance, which offers a comprehensive platform for trading a wide range of cryptocurrencies. Binance is known for its user-friendly interface, extensive market depth, and robust security measures, making it a popular choice among both novice and experienced traders.

For those looking for local exchanges with support for Nigerian Naira (NGN), NairaEx provides a straightforward and efficient service for buying and selling cryptocurrencies with NGN. It is designed to cater to users who prefer a more direct and simple trading experience.

Quidax is another exchange that has gained traction in Nigeria, offering an easy-to-use platform with a focus on customer support. It provides various trading pairs and is geared towards users who are new to the cryptocurrency space.

Luno, with its emphasis on simplicity and security, is also a favored option for Nigerian users. It supports NGN and is tailored for those who are just starting out in crypto trading, offering educational resources to help users navigate the crypto ecosystem.

Bybit and KuCoin are exchanges that, while not offering NGN spot trading pairs, allow users to buy crypto with NGN. These platforms are suitable for users looking for alternatives to the more mainstream exchanges and those interested in a wide selection of altcoins.

Yellow Card and ByBarter are platforms that facilitate crypto purchases with NGN and provide services for cross-border payments in Africa. They are particularly useful for users who need to make international transactions using cryptocurrencies.

The broader implication of OKX’s departure is a signal to the crypto industry about the challenges of navigating regulatory frameworks that vary significantly across different jurisdictions. It highlights the need for ongoing dialogue between the crypto community, regulators, and policymakers to find a balance that fosters innovation while ensuring user protection and market integrity.

As the situation unfolds, it will be crucial to monitor how the Nigerian market adapts to this change and what it means for the future of cryptocurrency services in the region. The case of OKX serves as a reminder of the volatile nature of the crypto industry and the need for agility and responsiveness to the changing regulatory landscapes.

The Nigeria’s Windfall Tax on Banks

By
Ndubuisi Ekekwe
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0

The government has brought clarity now on the banks’ FX-induced profits: “[Nigerian government] has petitioned the Senate for a substantial budget increase of N6.2 trillion. This request, if approved, will elevate the 2024 appropriation act from N28.7 trillion to a staggering N34.9 trillion….To fund the budget expansion, Tinubu’s administration is targeting the financial sector with proposed amendments to the Finance Act of 2023. The president seeks to implement a one-time windfall tax on the substantial foreign exchange gains reported by banks.

“It could be recalled that the Central Bank of Nigeria (CBN) prohibited banks from using the proceeds of the FX windfall for their recapitalization. The CBN has outlined various avenues for banks to raise fresh equity capital, including private placements, rights issues, offers for subscriptions, and strategic mergers and acquisitions.”

On Wednesday, Senate President Godswill Akpabio read Tinubu’s letter to the upper legislative chamber. According to the president’s request, N3.2 trillion is earmarked for infrastructure projects, while N3 trillion is intended for recurrent expenses. These funds, it said, are crucial for the “Renewed Hope Infrastructure Projects” and the seamless functioning of the federal government.

“Pursuant to section 58 (2) of the constitution of the federal republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the senate. The appropriation act amendment bill seeks to amend the principal act to provide the sum of N3,200,000,000,000 for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country and the sum of N3,000,000,000,000 to meet further recurrent expenditure requirements necessary for the proper operation of the federal government. They shall be funded by accruing to the federal government of Nigeria,” Tinubu said in his letter.

Many months ago, I argued that not allowing banks to use their profits for recapitalisation, was not unfair for existing bank shareholders, as hitting the market was simply going to dilute them. But that is a stale matter as the issue now for banking sector investors is clear: how much would Nigeria go for this special one-time windfall tax? 40%, 50%, 60? We do not know. (Update: it seems the amount is 50%)

President Bola Tinubu has proposed a N6.2 trillion increase to the 2024 budget, raising it from N28.7 trillion to N34.9 trillion. This request was made in a letter to the National Assembly, which has passed the amendment for a second reading. The proposed increase is intended to fund various projects and address economic challenges. Additionally, there is a proposal to tax banks 50% of their realized profits on foreign exchange (FX) gains. This move has sparked discussions and concerns about the country’s debt servicing and revenue resources.

To the banks, you may need to work with the government to clear the air very fast as under this veil, you may struggle to meet the capitalisation target. If Nigeria can impose a special windfall profit, it can become a constant going forward. New disclosures needed.

The FX matter is a poison pill; Nigeria created vapour profits for banks even as Nigeria put itself at a disadvantage where it has to use Naira-based tax revenue to service US dollar-based loans. But because many manufacturing companies went under or are struggling, those banks have to bail out the government.  Just hope those profits are actually there in the virtual and physical vaults!

Tinubu Asks National Assembly for N6.2trn Budget Increase, to Be Funded by Tax on Banks’ FX Windfall Profits

Question: What happens to current bank IPOs and Share Prices?

My Response: The banks may re-price things since that “profit” does not belong to them 100%. So, if you bought for a balance sheet of xx with cash at hand x, that cash number has changed, as Nigeria is asking for a part of that cash.

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