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Anticipated 20,000-Fold Increase in BlockDAG Value Following Whitepaper Launch, Gets Investors from GALA and NEAR Protocol

By
TI Partners
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0

The cryptocurrency community is alive with anticipation as the Bitcoin price stabilizes near $70,000, just 5.55% below its record high of $73,750 achieved on March 14. Analysts predict a significant bullish trend across the market in the coming weeks, with optimistic forecasts for most major cryptocurrencies.

In the midst of these developments, updates to the NEAR Protocol and positive predictions for GALA’s value have placed these tokens in the limelight and are expected to witness substantial growth. Amidst this, BlockDAG (BDAG) is emerging in pre-sale discussions as the cryptocurrency poised for a staggering 20,000-fold increase in value.

GALA Cryptocurrency Predictions

Predictions for 2024 indicate that GALA is set to experience remarkable growth, with projections pointing to a price increase to $0.210969 by April 30. This represents a 226.94% rise from its current value.

This optimistic outlook is reinforced by a high Fear & Greed Index score, marking “Extreme Greed” at 79, alongside predominantly bullish signals from technical indicators. The recent performance of GALA, showing a 50% rate of positive days in the past month and a volatility rate of 17.09%, further supports this sentiment.

Updates on NEAR Protocol

The NEAR Protocol has recently been updated to include integration with The Graph’s subgraph support, enhancing the platform’s appeal by offering developers a more affordable and decentralized environment.

This significant update has led to a substantial increase in the valuation of the NEAR Protocol, with its price rising from $3.40 to $6.52 in just one month. This improvement strengthens the protocol’s market presence and lays the groundwork for potential future growth, with projections suggesting a rise to $8.26 by the second quarter of 2024.

BlockDAG: The Cryptocurrency Set to Skyrocket by 20,000-Fold

BlockDAG is quickly becoming a focal point of discussion within the cryptocurrency community, especially after its impactful presentation in Tokyo’s Shibuya Crossing and its impressive presence in Las Vegas’ Sphere. With its trading debut, BlockDAG has ambitiously aimed to rank among the top 50 cryptocurrencies on renowned platforms such as Coinmarketcap and CoinGecko.

Dedicated to fostering a self-sustaining digital economy, BlockDAG is centered around the BDAG coin, which seeks to redefine cryptocurrency transactions and investments. BlockDAG is also introducing a cryptocurrency payment card and the innovative X-series crypto mining rigs, designed to enhance the BDAG coin’s market utility and value.

Following significant interest from early investors and quick fundraising of $14.7 million, BlockDAG, valued at $0.004 in its seventh batch, has announced a $2 million mega giveaway for 50 community members. Participation in this giveaway requires following BlockDAG’s social media, submitting wallet addresses, completing various quests, and inviting friends to improve their chances of winning.

The Last Say

With the NEAR Protocol’s latest update and integration of The Graph’s subgraph support, its valuation is poised to reach $8.26 by the second quarter of 2024. GALA is expected to significantly increase value, targeting a price of $0.210969 by April 30, 2024. Meanwhile, BlockDAG, a new entrant in the presale market, aims for top 50 placement on Coinmarketcap and seeks a 20,000-fold return on investment for its early backers.

Join the BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram:https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

 

Cryptocurrency Market Projected to Double in Size by The End of 2024 – Ripple CEO

By
Ojukwu Emmanuel
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0

The CEO of Ripple Brad Garlinghouse has predicted the cryptocurrency market to double in market value, reaching $5 trillion by the end of 2024.

Brad’s predictions are based on some factors which include the approval of 11 Bitcoin Exchange Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), which marked a significant milestone in the history of crypto, as well as the upcoming halving event.

He said,

“I have been around this industry for a long time, and I have seen the trends come and go. I am very optimistic. I think the macro trends, the big-picture things like the ETFs, they are driving for the first time real institutional money. You are seeing that drives demand, and at the same time demand is increasing, and supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands”.

The SEC’s decision to approve 11 Bitcoin ETFs was a historic moment, introducing a new asset class to the global financial markets. This move is expected to lower barriers to entry for investors, simplifying access to Bitcoin investments through traditional investment channels.

Also, the ETF approval has triggered a global ripple effect, with other financial hubs like Hong Kong gearing up to launch additional Bitcoin ETFs. The gradual widespread adoption globally underscores Bitcoin’s growing acceptance and its potential to become a standard fixture in investment portfolios worldwide.

Notably, it is poised to significantly impact Bitcoin’s market value. Analysts predict a significant increase in demand, with price targets ranging from a short-term $100,000 to $150,000 and a long-term potential of $500,000 within the next 3 to 5 years.

It is worth noting that financial advisors across the globe are beginning to recognize Bitcoin as a viable asset class and will now recommend varying allocations in investment portfolios. This change reflects a shift in the perception of Bitcoin from a speculative instrument to a legitimate investment option.

On the other hand, the Bitcoin upcoming halving event in April, where the reward for mining new blocks is halved, is anticipated to further enhance the crypto asset scarcity, thus potentially driving up its value. This supply shock, combined with a wall of institutional money that is going to come, contributes significantly to Bitcoin’s appeal as a long-term investment.

As Bitcoin continues to make strides into mainstream finance, it’s not only reshaping the investment landscape but also challenging the traditional notions of finance and asset management. With institutional backing, reduced barriers to entry, and a growing acceptance among the general public, Bitcoin is poised to play a pivotal role in the future of global finance.

With the crypto market currently valued at around $2.68 trillion, if eventually the market doubles by the end of the year, it would likely hit a market cap of $5.2 trillion.

Elon Musk Announces Plan to Unveil Tesla Much-Awaited Robotaxi

By
Ojukwu Emmanuel
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0

CEO of Tesla Elon Musk has announced plans to unveil the much-awaited Robotaxi on the 8th of August.

Musk posted this announcement on his X handle after denying reports that the company would cancel its lower-priced EV, typically referred to as the Model 2.

Tesla’s robotaxi reveal came on the heels of a report by Reuters that the company had abandoned Musk’s long-touted plan to manufacture an electric car model selling close to $25,000 to drive adoption in the mass market.

Recall that Musk has promised shareholders a robotaxi for years but has not yet managed to deliver on his self-driving dreams and promises. The recent plan to roll out Tesla’s Robotaxi sent the company shares higher on Monday. The stock was up 4.7% at $172.71, while the S&P 500 and Nasdaq composite were but close to break even.

The surge in share price is coming after the company reported worse-than-expected first-quarter earnings for 2024 on April 2.

Tesla delivered about 387,000 vehicles over the first three months of the year, falling short of analysts’ expectations of 457,000. This marked a 9% decline compared to 423,000 deliveries recorded in Q1 2023,

The EV company has suggested that its next-generation vehicle platform will underpin both a cheaper car and the dedicated robotaxi, and the vehicles are expected to be similar.

Notably, Musk has continued to bet that Tesla customers and shareholders will stick with the Tesla brand regardless of self-driving delays.

However, despite the announcent to roll out Tesla Robotaxi, the managing partner and co-founder of The Future Fund LLC, an SEC registered investment advisor, Gary Black said investors are not excited about the unveil until Tesla can provide assurance FSD will be 99.99% intervention-free, and that the company is prepared to assume liability for injury or damages to appease regulators tasked with granting robotaxi licenses.

In his words,

“Our view on $TSLA is that investors will not get excited Electric-vehicle sales have struggled industrywide, and Elon Musk’s automaker is no exception to economic forces. Until TSLA can provide assurance FSD will be 99.99% intervention-free, and that TSLA is prepared to assume liability for injury or damages to appease regulators tasked with granting robotaxi licenses.

“TSLA investors are so far believing the robotaxi unveil potential, as we saw Friday after the market closed and Elon tweeted the Aug 8 robotaxi event.  Hopefully, this won’t delay production of the TSLA $25K compact.”

Gary’s statement is coming following Tesla’s disappointing deliveries in the first quarter of 2024, but the problems exceed deeper than a single quarter. Tesla’s sales haven’t been boosted by lower prices, and that indicates a demand problem.

The company shares have tanked 34% this year. Investors raise doubts over whether the EV maker will return to form. As Electric vehicle sales have struggled industrywide, and Elon Musk’s automaker is no exception to economic forces, the company has carried out numerous price cuts of its cars significantly hurting its profits to boost sales.

First Bank Holding Plc Proposes N300bn Capital Raise, Seeks Shareholders Approval

By
Samuel Nwite
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0

First Bank Holding Plc, a prominent player in Nigeria’s banking sector, is set to embark on a substantial capital-raising endeavor, with plans to seek shareholders’ approval for a staggering N300 billion injection.

This critical decision is set to be deliberated upon at the group’s Extraordinary General Meeting (EGM) scheduled to take place virtually on Tuesday, April 30, 2024.

“To consider and if thought fit, pass the following as ordinary resolutions of the company: That the company be and is hereby authorized to undertake a capital raise of up to N300,000,000,000.00 (Three hundred billion naira),” FBN Holdings said.

Outlined in the group’s amended notice of the EGM, the proposed capital raise aims to fortify the bank’s financial position and support its growth trajectory. The multifaceted approach to the capital raise encompasses share issuance through public offer, private placement, or rights issues in both Nigerian and international capital markets. The pricing mechanism will be determined via a book-building process or other valuation methods, ensuring a comprehensive approach to determining fair market value.

The notice further articulates the flexibility of the capital raise, allowing for issuance in tranches, series, or proportions, with the board of directors empowered to decide on pertinent terms and conditions, subject to regulatory approvals. Additionally, shareholders will be presented with special resolutions pertaining to underwriting arrangements, listing and trading of securities, and necessary actions to facilitate the capital raise process.

The resolutions:

That the capital raise referred to in resolution (a) above may be underwritten on such terms as may be determined by the directors subject to obtaining the approvals of the relevant regulatory authorities.

That the directors be and are hereby authorized to undertake all necessary actions to secure the listing and admission to trading of securities issued pursuant to the foregoing resolution on the official list of the Nigerian Exchange Limited, and/or on any other securities exchanges or market.

That the directors be and are hereby authorized to appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary, to give effect to the above resolutions, including without limitation, executing necessary documents in connection with the capital raise, determining the final structure of the capital raise, interfacing and complying with the directives of any regulatory authority.

Upon completion of the process for allotment of the new ordinary shares in accordance with the resolution above, the Memorandum and Articles of Association of the Company be amended as necessary to reflect the company’s newly issued share capital.

The financial performance of FBN Holdings underscores the rationale behind this strategic move. In FY 2023, the group witnessed a remarkable growth trajectory, with a profit before tax soaring to N362.24 billion, marking an impressive 129% surge from the previous fiscal year’s figure of N157.90 billion. The substantial growth was underpinned by robust interest income, which surged to N917.71 billion, reflecting a noteworthy 66% increase compared to FY 2022.

A significant contributor to this stellar performance was the recognition of a gain of N251.10 billion attributable to the devaluation of the Naira, primarily stemming from exchange differences in the translation of foreign operations. Notably, in Q4 2023, the group recorded a pre-tax profit of N91.91 billion, signaling a substantial year-on-year growth of 75% from Q4 2022.

The group’s balance sheet also witnessed remarkable expansion, with total assets swelling to N16.90 trillion in FY 2023, representing an impressive 60% growth from FY 2022. First Bank of Nigeria Limited, the commercial banking arm of FBN Holdings, emerged as a stalwart performer, generating a remarkable 93% (N1.42 trillion) of the group’s total revenue (N1.52 trillion) in FY 2023.

Noteworthy upticks were observed in investment securities, which increased by 31% to N3.05 trillion, and deposits from customers, which surged by 53% to N10.87 trillion in FY 2023, underscoring the bank’s resilience and growth prospects.

The proposed capital raise, if approved by shareholders, will fortify the bank’s financial foundation, getting it closer to the recapitalization requirement. First Bank is among the banks required by the CBN to recapitalize with as much as N200 billion.

Nigeria’s Central Bank Boosts Naira Performance with $10,000 Sale to BDCs

By
Samuel Nwite
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0

In a fresh bid to boost the Nigerian naira’s performance in the foreign exchange (FX) market, the Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), announcing the sale of $10,000 to each BDC at a rate of N1,101/$1.

This move has further propelled the naira’s strength in the market, marking a significant performance in the country’s currency dynamics.

According to the circular, BDCs are mandated to sell the allocated dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This implies that BDCs are expected to sell dollars at a rate below N1,117/$1. However, this selling rate contrasts starkly with the N1,251.05/$1 recorded at the close of the previous week, as per data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The circular stated, “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1101/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.”

With a list of 1588 eligible BDCs provided by the CBN in the circular, the potential cost to the apex bank for this allocation could reach approximately $15.88 million if all eligible BDCs purchase their dollar allocations.

As a direct outcome of this initiative, the naira has demonstrated sustained appreciation across both the official and unofficial FX markets, surging to 1,200 on the black market. This current rate signifies a notable 3.33% appreciation compared to the N1,240 per dollar exchange rate observed on the previous Friday in the parallel market.

The continuous strengthening of the naira reflects a remarkable gain of 52.08% (N625) against the dollar on the black market, as per rates compiled by various street traders and trading platforms.

This marks the third attempt by the CBN to sell FX to BDCs following a prolonged suspension in 2021. The ban was lifted earlier this year, after the revocation of licenses of over 4173 BDC operators in February.

The Association of Bureau De Change Operators of Nigeria (ABCON) has recently appealed to the CBN to adjust the applicable exchange rate downwards, citing concerns over the current rate of N1,251/$ being expensive. This appeal comes amidst a historic development where, for the first time in 15 years, the parallel market rate of N1,235/$ is lower than the official rate of N1,252/$, which is the buying exchange rate set for BDCs.

The resumption of forex sales to BDCs signals the apex bank’s renewed focus on enhancing liquidity in the retail segment of the forex market. Previously, the prohibition of forex sales to operators was largely due to concerns regarding price arbitrage during the tenure of former CBN governor Godwin Emefiele, when the exchange rate was fixed.

However, with the shift to a “market-determined” exchange rate regime, the CBN believes that operators no longer have the incentive to engage in arbitrage by purchasing at lower rates from the CBN and selling at higher rates in the parallel market.

By enhancing liquidity, the CBN aims to stabilize the forex market, narrow the gap between official and parallel market rates, and ultimately reduce exchange rate volatility. This strategy is expected to improve access to forex for retail and small-scale enterprises, fostering a more transparent and efficient market.

However, sustaining this approach may come at a cost, as the foreign exchange reserve recently experienced a decline of about $1.02 billion within 18 days. Despite potential short-term costs, the impact of improved liquidity is projected to contribute to a stronger naira in the immediate future.

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