DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 3470

Post-Halving: Bitcoin Price Surge Amidst Bullish Predictions

0

The price of Bitcoin has begun a rally to the upside, sparking excitement in the crypto market as several traders and analysts predict a continuous rally.

With Bitcoin currently trading at $66,224 as of the time of writing this report, the crypto asset has resumed its upward price trajectory, with the volume rising to 14.63% to $25.03 billion in the last 24 hours, amidst bullish predictions.

It is understood that due to the just concluded Bitcoin halving event that occurred on April 20, the price of Bitcoin is expected to move upwards.

Historically, the price of Bitcoin has followed a four-year cycle believed to be associated with each halving event. There has been a reliable pattern of rallies and blow-off tops before and after the halving.

While past performance does not guarantee future results, these historical precedents suggest that the reduced supply of new bitcoins entering circulation after a halving can lead to increased scarcity and, consequently, higher prices.

A Look at Previous Bitcoin Halving Events

Halving 1

  • The first halving occurred on November 28, 2012, and reduced the block reward to 25 BTC from 50 BTC.
  • Price of Bitcoin at time of halving: $13
  • Following year’s peak: $1,152

Halving 2

  • The second halving occurred on July 16, 2016, and reduced the block reward to 12.5 BTC.
  • Price of Bitcoin at time of halving: $664
  • Following year’s peak: $17,760

Halving 3

  • The third halving occurred on May 11, 2020, and reduced the block reward to 6.25 BTC.
  • Price of Bitcoin at time of halving: $9,734
  • Following year’s peak: $67,549

With the just concluded fourth halving event, there are significant bullish predictions of the price of Bitcoin. CoinCodex sees a BTC price peak above $170,000 in August 2025 before a retracement to levels near $95,000 to $100,000. BitQuant believes there will be a new all-time high sometime during the pre-halving rally, with the post-halving peak seeing prices over $250,000.

While the halving event is often preceded by a Bitcoin price rally, several analysts have warned against overly simplistic expectations of post-halving price surges, pointing out that Bitcoin’s price trajectory over the past years has been shaped by several external factors such as economic trends, monetary policies, the stock market, etc.

Notably, amid the ongoing discussions surrounding the recent Bitcoin halving and its potential impact on prices, analysts are divided between long-term optimism and short-term caution regarding market volatility.

Analysts and several crypto experts are closely monitoring the market, with prominent figures providing insights into potential future trends. This analysis has injected fresh optimism into the market, fueling anticipation among investors.

Unilever Nigeria Records N1.17bn FX Revaluation Gain in Q1 2024 As Access Holdings Shareholders Approve $1.5bn Offering for Recapitalization

0

Unilever Nigeria Plc has reported a significant foreign exchange revaluation gain of N1.17 billion in the first quarter of 2024, as per its unaudited financial results published on the NGX.

This marks a notable turnaround from the corresponding period in 2023 when the company recorded a foreign exchange revaluation loss of N458.29 million. The contrasting results reflect the volatility witnessed in the Nigerian foreign exchange market, with the naira depreciating by 184.34% over one year.

The depreciation of the naira, from N460.35/$1 in Q1 2023 to N1309/$1 as of March 31, 2024, has had profound implications for companies operating in Nigeria, including Unilever. The unification of the foreign exchange market by the Central Bank of Nigeria (CBN) in June 2023, coupled with subsequent devaluations, resulted in significant foreign exchange losses for firms with exposure to foreign currency-denominated loans.

Despite the challenges posed by naira volatility, Unilever Nigeria reported revenue of N32.31 billion in Q1 2024, accompanied by a profit-before-tax of N4.35 billion. While this represents a marginal decline from the previous year’s figure of N4.49 billion, the company’s prudent management is evident in its ability to navigate the turbulent economic environment.

Unilever’s reversal of foreign exchange revaluation losses in Q1 2024 has been noted as a positive indication amidst broader economic challenges. The company’s proactive measures and resilience are said to be underscored by its ability to mitigate the impact of currency fluctuations and sustain profitability.

Additionally, the increase in profit after tax to N3.35 billion, compared to N2.67 billion in the same period of 2023, reflects Unilever’s commitment to delivering value to its shareholders amidst evolving market conditions.

Access Holdings Receives Shareholders’ Approval to Raise $1.5 Billion for Recapitalization.

Meanwhile, Access Holdings has obtained shareholders’ consent to raise $1.5 billion from local and international capital markets as part of its recapitalization strategy.

The decision was made during the company’s annual general meeting (AGM) held in Lagos on April 19. This move aligns with the Central Bank of Nigeria’s (CBN) recent announcement of increased minimum capital requirements for financial institutions, prompting Access Holdings to bolster its capital base to meet regulatory standards.

Access Holdings plans to raise the capital through various methods, including public offerings, private placements, rights issues, and book-building processes. The company aims to issue ordinary shares, preference shares, alternative tier one, convertible and/or non-convertible notes, bonds, or other instruments to bolster its financial position.

At the AGM, shareholders voted in favor of increasing the company’s issued share capital from N17,772,612,811.00 to N26,658,919,216.50 ordinary shares. This decision reflects their support for Access Holdings’ recapitalization efforts in response to the regulatory requirements set forth by the CBN.

The CBN’s announcement on March 28 mandated financial institutions to enhance their minimum capital requirements within 24 months.

Commercial banks with international licenses are now required to maintain a capital base of N500 billion, while national and regional financial institutions must have capital bases of N200 billion and N50 billion, respectively.

The regulatory adjustment aims to bolster banks’ resilience, solvency, and capacity to support Nigeria’s economic growth amidst prevailing macroeconomic challenges and external shocks.

Lagos-Calabar Coastal Highway: Obi Asks Nigerian Government to Prioritize Existing Roads

0

Peter Obi, the former presidential candidate of the Labour Party, has voiced concerns regarding the Lagos-Calabar Super Highway project. His concerns stem from the dilapidated state of numerous roads across Nigeria, which he deems more pressing for rehabilitation due to their contribution to hazards faced by travelers and the stagnation of economic growth. 

In a statement issued through his X (formerly Twitter) account on Monday, Obi highlighted the need for a strategic allocation of resources to address existing infrastructure challenges before embarking on ambitious new projects. He expressed reservations about the timing and prioritization of the Lagos-Calabar Super Highway project, urging the federal government to redirect resources towards rehabilitating existing roads critical for regional connectivity and economic development across the six geo-political zones.

Besides indicating his reserved concerns about the cost of the project, Obi noted the perilous conditions of many Nigerian roads, which have become death traps for travelers, citing instances of vulnerability to kidnappers and other dangers. 

“At the forefront of my concerns is the pressing issue of numerous uncompleted roads scattered across the country, many of which have become hazardous death traps and security risks,” he said. “It is disheartening to witness the plight of innocent Nigerians who traverse these dilapidated roads under perilous conditions, vulnerable to kidnappers and other dangers.”

The Lagos – Calabar coastal highway, expected to gulp N15.36 trillion or N4.39 billion per kilometer over 30 years, has become a subject of controversy since it was announced. A large section of Nigerians, including the former Vice President Atiku Abubakar, have described the project as a conduit of corruption.

Obi outlined a comprehensive list of vital roads in various zones, including the North-West, North-East, North-Central, South-West, South-East, and South-South regions, which are in dire need of repair and completion.

  1. NORTH-WEST Abuja – Kaduna – Zaria – Kano Road, – Sokoto – Funtua – Zaria Road, Kano – Hadejia Road, Kano – Katsina Road , Zaria – Funtua – Shema – Tsafe – Gusau – Talata – Mafara – Sokoto Road , Kano – Kwanar – Danja – Hadejia Road.
  2. NORTH-EAST Kano – Damaturu – Maiduguri Road – Mubi – Maiduguri Road, Nguru – Gashua – Bayamari Road, Gombe – Biu – Numan Road, Dikwa – Marte – Monguno Road, Potiskum – Fika – Bajoga – Gombe – Biu Road , Mayo Belwa – Jada – Ganye – Tongue Road , Tumu – Pindiga – Kashere – Bashar – Wase – Wamba – Nassarawa Road. 

3. NORTH-CENTRAL Abuja – Lokoja – Okene- Auchi – Benin Road, Ilorin – Jebba Road Kabba – Omuaran Road, Suleja – Minna Road, Makurdi – Gboko – Yandev – Katsina-Ala Road, Buruku Bridge across Katsina River. 

4. SOUTH-WEST Lagos – Badagry Road , Ibadan – Ife – Ilesha – Osogbo Road , Itoikin – Ijebu Ode – Ibadan Road, Ibadan – Ilorin – Jebba – Mokwa – Bokani Junction Road Abeokuta – Ibadan Road, Ikorodu – Shagamu Road, Ado – Igede – Aramoko – Itawure Road Ajasse Ipo – Offa – Erinle – Osun State Border Road.

5. SOUTH-EAST 9th Mile – Oturkpo -Makurdi Road , Enugu -Port Harcourt Road , Onitsha – Awka – Enugu Road , Onitsha – Owerri – Umuahia Road, Bende – Arochukwu – Ohafia Road , Okigwe – Afikpo Road , Nsukka – Obollo Afor Ehamafu – Nkalagu Road, Oba – Nnewi – Okija Road 

6. SOUTH-SOUTH Benin – Sapele – Warri Road, East-West Road, (Warri – Kaiama – Ahoada – Port Harcourt – Eket – Oron) Yenegoa Road, Junction – Kolo – Otuoke Road, Sapele – Agbor – Ewu Road, Benin – Akure – Ore – Ife Road, Ikot Ekpene – Aba – Owerri Road, – Jattau – Fugar – Agenebode Road, Bodo – Bonny Road with Bridge across Opobo Channel, Port Harcourt – Onne Road, – Agbor – Sakpoba – Ogharefe Road, Odukpani Junction – Itu – Ikot Ekpene – Umuahia Road. 

“Most of these roads, vital for economic growth, regional connectivity, and overall development, have been under construction for several years if not decades now and are unlikely to be completed any time soon due to poor and unplanned funding,” he said.

Emphasizing the importance of prioritizing road infrastructure funding, the former Anambra State governor noted that the allocated capital budget of N892.461 billion for the Federal Ministry of Works in 2024, along with additional funding from multilateral loan projects totaling N94.828 billion, and expected contributions from sources such as the China-Exim Bank and the World Bank, will not suffice for comprehensive work on all critical roads. 

He stressed that this funding would not be adequate for completing the necessary infrastructure projects, including those listed earlier.

“So, why embark on another huge project that will not be completed in the next 20 or 30 years?” he asked, adding that doing so will only exacerbate the problem of abandoned, uncompleted projects that are not contributing to economic growth and overall development. 

“It will merely worsen our already sagging debt burden. Given the state of our economy now, prioritization and fiscal discipline should be our critical guiding principles now,” he said. 

Obi said although the superhighway possesses potential benefits, completing existing projects, and “the urgent needs of people must be prioritized” to ensure that our investments serve the collective good of the nation. 

“In any development formula, the primary focus should be on completing and rehabilitating existing infrastructure rather than embarking on colossal new projects that may never reach completion within the next 30 years,” he concluded.

Nigeria Must Look Beyond The Planting Season to What Happens during the Harvest Period

0

Political Leader: “This is the farming season and we’re going to provide farmers with fertilizers, seeds, etc and everything they need to plant crops”. 

Just as noted, politicians will visit farming communities and support them with seeds, fertilizers, herbicides and other necessary farm inputs.

But wait… once those farm inputs are provided, the politicians will think that the job is done. Then everyone relaxes expecting bumper harvests and food in the land.

Unfortunately, that is an illusion. What happens is the root of Africa’s hunger: farmers will actually improve yields, but a part of the output will also go to waste.

In Tekedia Capital, we have startups which fight to reduce those wastes, and I get to see data. There was this case in Bauchi where a farmer needed a truck to move tomatoes within four days. The farmer begged, cried and begged, but unfortunately, there was no truck available. He lost the farm output!

Nigeria has about 100,000 trucks (of any standard) with Dangote Group controlling about 50,000 of them, leaving the rest for everyone to share. With no railway system, everything has to move via roads. So, guaranteeing your supply chain playbook involves closing the ranks on trucks.

At the beginning of the year, big FMCGs prepay with big truck owners to ensure their supply chain systems are not affected. Other players like farmers are left bare. Largely, there are many farmers who cannot get trucks at crucial harvest periods. The implication is that more than 37% of all farm produce go to waste, and on veggies and fresh produce, the number hits close to 50%: “Currently, Nigeria post-harvest losses are almost 50% for fresh produce. It is critical that we all come together to focus on ensuring that the hard work of farmers is not lost in post-harvest and passes to the consumers who are in need,” says the  United States Agency for International Development (USAID).

I repeat again, if Nigeria can preserve the little it produces, food inflation will not be as bad as we have it. Our strategic frameworks which do not include what will happen during the harvest period must be redesigned to be end-to-end, encapsulating required actions on the day of harvest besides the planting season which has been the focus. If we continue to fail there, we will continue to see hunger in the lands of farmers.

Moon Keynote Teaser Makes Crypto Experts Compare BlockDAG Coin To Early Bitcoin, As Price is Set to Reach $0.006 in 48 Hours

0

The excitement around BlockDAG is reaching new heights as the cryptocurrency community witnesses a pivotal moment reminiscent of Bitcoin’s early days. With the Moon Keynote teaser generating widespread excitement, BlockDAG is quickly becoming a topic of conversation among crypto experts who draw parallels to the nascent stages of Bitcoin.

Predicted to hit a price point of $0.001 within the next 48 hours, BlockDAG’s potential is not just being talked about; it’s being keenly watched by investors and enthusiasts alike. This surge comes on the heels of a successful presale that has already netted $19.3 million, showcasing BlockDAG’s robust market appeal and technological promise. As BlockDAG gears up to redefine the financial landscape with its innovative blockchain integration, the crypto world is on alert, ready to see if it can indeed match or surpass the legendary ascent of Bitcoin.

Unprecedented Success with Bitcoin

In 2023, Block Inc. experienced an impressive surge in its Bitcoin operations, with a 90% increase in gross profit from the previous year, totalling $66 million. Bitcoin sales rose to $2.52 billion, a 37% increase bolstered by the cryptocurrency’s rising market value. Notably, the Cash App was instrumental in this success, generating $205 million in Bitcoin profits from a total revenue of $9.50 billion.

These figures demonstrate Block’s effective integration of Bitcoin into its financial services, emphasising the significant profitability that Bitcoin activities can deliver to the financial sector. This performance serves as a clear indicator of the robust potential and financial benefits that Bitcoin continues to offer.

BlockDAG’s Cutting-Edge Technology

BlockDAG sets itself apart by solving critical blockchain challenges such as scalability and transaction efficiency. Its DAG architecture allows for the simultaneous processing of numerous transactions, significantly cutting costs and boosting speed, which is ideal for both microtransactions and regular commercial activities. Additionally, BlockDAG is environmentally friendly with its energy-efficient proof-of-engagement model and offers enhanced security and privacy through its innovative architecture, making it attractive to privacy-focused users and developers.

Compatible with the Ethereum Virtual Machine (EVM), BlockDAG supports an array of decentralised applications (dApps), pushing the boundaries of innovation within the crypto space. With the ongoing presale of its 9th batch at $0.005 per coin and projections to hit $10 by 2025, BlockDAG has already raised substantial funds, confirming strong market confidence in its potential. The latest price increase to $0.005, with an expected rise to $0.006 in the coming 48 hours, signals strong market dynamics.

The Path of Bitcoin Reimagined by BlockDAG 

The narrative of the Californian who made millions from Bitcoin during the crypto boom of 2024 highlights the life-changing potential of cryptocurrencies. BlockDAG is poised to redefine this story, offering an unparalleled investment opportunity with a projected 30,000% ROI. By tackling the longstanding issues of scalability, transaction speed, and environmental impact, BlockDAG is not merely an alternative to Bitcoin but represents the future of cryptocurrency investments.

With swift presale successes and rising coin values, early investors in BlockDAG are poised to achieve unprecedented returns. This potential mirrors the historical success of Bitcoin but could surpass it, thanks to BlockDAG’s advanced technological infrastructure. This positions BlockDAG as a compelling opportunity for substantial gains in the evolving cryptocurrency arena.

 

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu