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Ordi (ORDI) and Aptos (APT) See Substantial Weekly Decline Below Their Support Prices – Meme Moguls (MGLS) Holds Potential Of a 10x Gain Next Month After It Launches

By
TI Partners
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0

Both Ordi (ORDI) and Aptos (APT) are not having a bad run when it comes to their prices from a general point of view. However, they have been exhibiting rocky trajectories throughout the past week with both losing substantially.

Compared to Aptos, Ordi token still holds a pretty strong bullish outlook as the token is maintaining a 155.66% gain from this time last year till date. On the other hand, Aptos crypto is trying to recover from its yearly loss of 28.61%.

Meanwhile, in contrast with these declining stats, Meme Moguls (MGLS) is not slowing down in its presale as it continues to progress. Signaling as one of the best meme coins to watch currently, Meme Moguls is planning to launch this February as it amasses over $2.5M in sales.

Ordi (ORDI) Price Maintains a Bullish Outlook Despite a Substantial Weekly Loss

Ordi token is ranked among one of the largest cryptos with a current market capitalization worth above $1.3B, despite a daily 1.43% drop. The price of Ordi is also holding well above $64, as it prices in a weekly range of $63.85 to $72.97.

While the token is losing a substantial 7.80% value from its weekly outlook, Ordi is maintaining over 150% from this time last year till date. The price of Ordi has also been able to gain as much as 2.75% gain in the past months showing a promising price trajectory in the near future.

While Ordi might be experiencing a deli loss in its market cap and trading volume, the token itself is 89% bullish, thanks to its community support. Ultimately, Ordi is expected to hit a peak price of $100, this year, assuming the bull runs its course.

Meme Moguls (MGLS) Is a Groundbreaking Venture Set to Disrupt The Meme Market

Meme Moguls (MGLS) has stirred up immense excitement with its upcoming pre-sale, drawing in a wave of eager investors. Already amassing an impressive $2.5 million in pre-sale investments, this project is set to shake up the booming meme coin space.

Meme Moguls changes up the crypto game by mixing fantasy gaming with decentralized finance (DeFi) rewards. Users will not only be able to trade and build portfolios but also learn important trading strategies and DeFi ideas while having fun. Meme Mogul’s yield farming, staking, liquidity, and in-game challenges allow players to earn MGLS coins and special NFT collectibles.

During the ongoing Stage 5 pre-sale, new registrants have the opportunity to enjoy a 30% deposit bonus and potentially win up to $10,000 by completing straightforward tasks. This showcases Meme Moguls as a standout contender in the meme coin space.

With Meme Moguls, you can find out how mastering crypto trading can be both enjoyable and financially rewarding with Meme Moguls. Priced at $0.0036 during Stage 5 of its pre-sale, early backers are already enjoying nearly a 100% return on their MGLS investment.

Additionally, with the Meme Moguls’ listing on Uniswap, accessibility and liquidity are poised to increase, further fueling its growth potential and solidifying its position as a formidable player in the meme coin market. Nonetheless, even in its final stage presale, the price of the MGLS token is expected to appreciate $0.042.

Aptos (APT) Records More Than 10% Weekly Decline

Aptos, a platform utilizing smart contracts aiming to blend the rapidity of centralized networks with the safety of decentralized ones, has showcased a promising trend, as noted by its current price trajectory. However, the price of Aptos just lost by over 12.10% from this time last week till now.

Regardless, the APT token price still reflects a 22.06% monthly rise and is holding strongly in a weekly price range of $8.96 to $10.67. Furthermore, subsequent price movements have propelled the native APT token beyond the critical $10 resistance threshold, painting a rather optimistic momentum ahead.

Supported by positive momentum indicators such as the MACD across various time frames, experts have set a target range of $11-12.50 for Aptos in the short-to-medium term, based on the emerging bullish technical signals.

Visit Meme Mogul

Nigeria’s Informal Economy Is Possibly The Bulwark Right Now

By
Ndubuisi Ekekwe
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1

When we write that South Africa’s stock market is valued in excess of $1 trillion, and Nigeria’s is about $60 billion, we are not happy. When we write that South Africa’s budget is about 4X Nigeria’s budget even though Nigeria is more than 3X the population of South Africa, we remind ourselves how much work remains ahead.

Nigeria’s budget is low because we have a huge informal economy – a part of any economy that is not easily taxed or monitored by the government. Our stock market is small because of the same reason where just a handful of companies are formalized and traded in the bourse. The implication of that is this: some citizens in Nigeria have more money than the local governments. 

I would like to read a paper from the Central Bank of Nigeria or from any of our universities which can show how Nigeria’s informal economy – about 60% of the GDP – is acting during this current economic turbulence. 

Is the informal economy affected in the same way the formal economy is  being affected? Largey, now some manufacturers are declaring negative asset positions, what could be happening to these informal sector players? We already know that many are struggling since if fewer people are driving cars, the mechanic will have limited customers. Also, if many lose their jobs, the hairdresser may not have frequent visits from their customers.

Yet, I posit that the informal economy could be the reason why many communities are holding up, despite the avalanche of economic shocks, as these informally operated companies are not fully connected to the federal government tools. Research would be necessary to know the extent of this correlation, if any. Econs PhD students, you have a research topic in Nigeria!

England’s Law Commission is taking significant steps toward recognizing cryptocurrencies as property

By
Paul Ugbede Godwin
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0

Cryptocurrency, a virtual or digital currency based on blockchain technology, has gained popularity since its creation in 2009. Examples include Bitcoin, Ethereum, XRP, and Tether.

Unlike conventional banking, cryptocurrency is purely digital and decentralized. Transactions occur independently of government-related entities, making it less susceptible to government interference or manipulation.

The Law Commission for England and Wales has recently published a consultation on draft legislation that aims to assign property rights to cryptocurrencies. This move comes after the Commission’s exploration into the nature of digital assets, particularly crypto tokens and non-fungible tokens (NFTs), which have demonstrated the capacity to possess property rights.

The Law Commission is an independent statutory body responsible for reviewing and recommending changes to laws in England and Wales. In its report on digital assets last year, the Commission highlighted that crypto tokens and NFTs could attract property rights. However, due to their unique characteristics, digital assets do not neatly fit within traditional categories of personal property.

The draft legislation seeks to label crypto as property, granting it similar legal status as physical assets. The Law Commission recognizes that personal property rights are crucial for various reasons, including situations involving insolvency or unlawful interference with assets. By assigning property rights to crypto, the proposed legislation aims to provide legal clarity and protection for crypto holders.

The question of whether cryptocurrency constitutes “property” is significant because it affects legal actions that can be taken if cryptocurrency is misappropriated. Recent developments have shed light on this issue:

UK Jurisdiction Taskforce’s Legal Statement (2019): The UK Jurisdiction Taskforce recognized that crypto assets are not outside the law, despite practical obstacles to legal intervention due to their inherent nature. This statement emphasized that crypto assets are still subject to legal principles.

In the case of Robertson v Persons Unknown, the Court held that Bitcoin should be treated as “property” for an asset preservation order. This decision assisted a victim of fraud against a phishing attack where approximately US $1.2 million was transferred to the fraudster.

Similarly, in AA v Persons Unknown, the Court ruled that “crypto assets such as Bitcoin are property” for the purpose of an interim proprietary injunction. The question of whether cryptocurrency constitutes “property” is significant because it affects legal actions that can be taken if cryptocurrency is misappropriated. Recent developments have shed light on this issue.

The UK Jurisdiction Taskforce recognized that crypto assets are not outside the law, despite practical obstacles to legal intervention due to their inherent nature. This statement emphasized that crypto assets are still subject to legal principles.

In the case of Robertson v Persons Unknown, the Court held that Bitcoin should be treated as “property” for an asset preservation order. This decision assisted a victim of fraud against a phishing attack where approximately US $1.2 million was transferred to the fraudster.

Similarly, in AA v Persons Unknown, the Court ruled that “crypto assets such as Bitcoin are property” for the purpose of an interim proprietary injunction.

The Law Commission is actively seeking views from stakeholders, industry experts, and the public regarding this draft legislation. Responses received during this consultation period will significantly influence the final shape of the legislation that will be proposed to the government. The deadline for submitting responses is March 22, 2024.

In addition to its work on crypto legislation, the Law Commission has also called for evidence related to its project on digital assets and electronic trade documents in private international law. This broader initiative aims to address legal challenges arising from cross-border transactions involving digital assets.

ECOWAS Wants Sanctioned Countries to Return

By
Ndubuisi Ekekwe
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0

ECOWAS makes u-turn, lifting some sanctions on the military boys and their countries: ‘Speaking in his opening remarks at the start of the summit, ECOWAS chairman and Nigerian President Bola Tinubu said the bloc “must re-examine our current approach to the quest for constitutional order in four of our Member States”, referring to the three suspended countries, as well as Guinea, which is also military-led. Tinubu urged Niger, Mali and Burkina Faso to “reconsider the decision” and said they should “not perceive our organisation as the enemy”’.

ECOWAS sanctioned them, and they went ahead to cut ECOWAS out, and now ECOWAS wants them to return. Yet, this is not a victory for these military guys. But I think what ECOWAS has done is balanced: do not make lives harder for the citizens.

In my last update, I posited that the United Nations is fading on its capacity to influence the world towards global peace, as most nations disregard whatever it does or says. Good People, my postulation is coming on the news that Mali, Niger and Burkina Faso have exited  ECOWAS membership.  This is a very troubling pattern where few really care about supranational institutions like the UN and ECOWAS.

Then imagine if ECOWAS which cannot sustain a mere sanction had gone to war on this matter. Happy to have shouted: “This is a pivotal moment for ECOWAS and everyone of us must speak out. From Ghana to Nigeria, Ivory Coast to Guinea, tell your leaders that we do not want a military solution to the crisis in Niger Republic. It must NEVER again be recorded that Africans are attacking themselves” .

By concentrating on Bitcoin and Ethereum, Reddit has associated itself with widely recognized digital assets

By
Paul Ugbede Godwin
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0

Reddit, the popular social media platform known for its message boards and online communities, has made a significant move by revealing its investments in Bitcoin and Ethereum. The company utilized some of its excess cash reserves to acquire these leading cryptocurrencies.

While the exact amount invested remains undisclosed, this strategic move aligns with Reddit’s broader ambitions to integrate blockchain technology into its operations and diversify its revenue streams.

By concentrating on Bitcoin and Ethereum, Reddit has associated itself with widely recognized digital assets. The company’s investment policy focuses on risk mitigation by investing in cryptocurrencies that are not likely to be classified as securities. This cautious yet strategic approach demonstrates Reddit’s prudent decision-making.

The SEC filing did not specify the number of Bitcoins and Ethereum in Reddit’s treasury or the duration of its investment. However, it emphasized the company’s strategy of conserving crypto investments and supporting established companies.

This approach eliminates some of the risks associated with digital currency, allowing Reddit to leverage the growth and adoption of blockchain technology.

The revelation of Reddit’s investment in Bitcoin and Ethereum details the company’s strategy with surplus cash for investment purposes. By concentrating on these two prominent cryptocurrencies, Reddit has associated itself with widely recognized digital assets.

Given the instability of virtual currencies, this choice shows a prudent and tactical approach. The company’s investment policy, approved by its board of directors, aims to reduce risk by investing in cryptocurrencies that regulators are unlikely to classify as securities.

While the IPO prospectus did not specify the exact number of Bitcoins and Ethereum held in Reddit’s treasury or the duration of its investment, it emphasized the company’s strategy of conserving crypto investments and supporting established companies. This approach mitigates risks associated with digital currency, positioning Reddit to leverage the growth and adoption of blockchain technology.

In addition to holding crypto reserves for treasury purposes, Reddit’s filing reveals more about its general intentions to harness blockchain techniques throughout its platform. The company has been actively investigating decentralized applications (dApps) and exploring blockchain’s role in changing how content is produced, distributed, and owned.

This ongoing effort aims to diversify revenue sources and improve Reddit’s digital infrastructure, with cryptocurrencies playing a key role.

Reddit, with its recent filing for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). Within the comprehensive details of its IPO prospectus, the company disclosed its strategic investment in cryptocurrencies, specifically Bitcoin and Ethereum.

Gyeonggi Province successfully recovered $4.6M from Crypto Tax Evaders in South Korea

The Tax Justice Department of Gyeonggi Province, the most densely populated province in South Korea, achieved a significant milestone last year by collecting 6.2 billion won (approximately $4.6 million) of non-declared taxes. This achievement was made possible through the implementation of an advanced digital tracking system aimed at identifying crypto accounts held by tax evaders.

This pioneering system, used for the first time in South Korea, allowed authorities to track crypto accounts associated with tax delinquents. Here’s how it worked:

Local Registration Numbers: The process began by using the local registration numbers of violators (referred to as “delinquents” in South Korea). These numbers were held by local governments and provided a crucial link to identifying the mobile numbers of the violators.

Mobile Number Tracing: Once the mobile numbers were obtained, they were used to track linked accounts on crypto exchanges. This streamlined the process significantly, reducing what used to be a six-month-long endeavor to just 15 days. Identifying Tax Evaders: The system helped identify 5,910 individuals who owed more than $2,262 each in taxes related to their crypto holdings.

Despite facing challenges related to delayed tax policies on crypto earnings, Gyeonggi Province remained committed to its mission. The $4.6 million collected so far represents funds owed by only 2,390 people from last year.

Noh Seung-ho, head of the Provincial Tax Justice Department, emphasized their resolve: “We will continue to take strong collection action against unscrupulous delinquents who say they do not have money to pay taxes and trade virtual assets.”

The Gyeonggi Tax Department utilized the resident registration data of “delinquents” to trace their mobile phone numbers and detect their accounts on virtual asset exchanges. The principal innovation lies in this digital tracking system, which streamlines the process significantly compared to the previous method.

Previously, tax services had to request information from crypto exchanges on a case-by-case basis, leading to lengthy communication and document exchange processes that could take up to six months. However, with the new digital management system developed by the province, this process has been reduced to approximately 15 days.

Using this system, the provincial tax department successfully identified crypto accounts belonging to 5,910 individuals, each owing more than 3 million won (approximately $2,200 in local taxes). In total, they collected 6.2 billion won from 2,390 offenders.

Gyeonggi Province plans to strengthen cooperation with virtual asset exchanges and review administrative measures for platforms that refuse to cooperate. Noh Seung-ho, head of the Provincial Tax Justice Department, emphasized their commitment: “We will continue to take strong collection action against unscrupulous delinquents, such as those who claim they have no money to pay taxes while actively trading virtual assets.”

South Korea’s most populated province, Gyeonggi, has achieved a significant milestone in its efforts to recover taxes from crypto evaders. Through the implementation of a groundbreaking digital tracking system, the province successfully traced and collected $4.6 million from tax evaders who had previously gone undetected.

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