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Ark Invest sells shares as Bitcoin Price Continues To Rise

By
Paul Ugbede Godwin
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0

Ark Invest, the investment firm led by Cathie Wood, has sold some of its holdings in Coinbase and Grayscale Bitcoin Trust (GBTC) as the cryptocurrency market continues to rally. According to the firm’s daily trade summary, Ark sold 81,600 shares of Coinbase and 57,043 shares of GBTC on Thursday, October 26. The combined value of the sales was about $16.5 million, based on the closing prices of Coinbase and GBTC on that day.

The sales come as bitcoin, the largest cryptocurrency by market capitalization, reached a new all-time high of over $35,000 on Wednesday, October 20. The rally was driven by several factors, including the launch of the first bitcoin futures exchange-traded fund (ETF) in the US, increased institutional adoption, and positive regulatory signals from some countries. Bitcoin has gained more than 120% year-to-date, outperforming most traditional assets.

Coinbase and GBTC are two of the most popular ways for investors to gain exposure to the cryptocurrency market. Coinbase is the largest crypto exchange in the US, offering a variety of services such as trading, custody, staking, and lending. GBTC is a trust that holds bitcoin and issues shares that trade on the over-the-counter market. GBTC is often seen as a proxy for bitcoin, as its share price tends to track the price of the underlying asset.

However, both Coinbase and GBTC have faced some challenges recently. Coinbase has been under pressure from regulators and lawmakers over its plans to launch a lending product called Lend, which would allow users to earn interest on their crypto holdings. The Securities and Exchange Commission (SEC) has threatened to sue Coinbase if it launches Lend, claiming that it would violate securities laws. Coinbase has since decided to shelve Lend and focus on other products.

GBTC, on the other hand, has been suffering from a persistent discount to its net asset value (NAV), meaning that its shares are trading below the value of the bitcoin it holds. This is partly due to the emergence of more competitive products, such as bitcoin ETFs, which offer lower fees and better liquidity. GBTC’s sponsor, Grayscale Investments, has been working on converting GBTC into an ETF, but it is still awaiting approval from the SEC.

Ark Invest is known for its bullish stance on disruptive technologies, such as crypto, artificial intelligence, biotech, and fintech. The firm has been one of the most active buyers of Coinbase and GBTC shares since their inception. As of October 26, Ark held about 4.4 million shares of Coinbase and 8.9 million shares of GBTC across its various funds. The firm has also invested directly in bitcoin and other cryptocurrencies through its partnership with 21Shares.

Ark’s decision to sell some of its Coinbase and GBTC shares does not necessarily mean that it is bearish on crypto. The firm frequently rebalances its portfolio to adjust its weightings and allocations based on market conditions and performance. Ark may also use the proceeds from the sales to buy other crypto-related stocks or assets that it deems more attractive or undervalued. Ark’s founder and CEO, Cathie Wood, has repeatedly expressed her confidence in the long-term potential of crypto and has said that she expects bitcoin to reach $500,000 in the next five years.

The price of Bitcoin (BTC) soared to a new all-time high of $35,000 on Wednesday, October 20. The bullish momentum triggered a massive wave of short liquidations on derivatives platforms, as traders who bet against the market were forced to close their positions at a loss.

According to data from Bybt, a crypto analytics platform, over $220 million worth of Bitcoin short contracts were liquidated in the past 24 hours, with the largest single liquidation order occurring on Binance, worth $10.3 million. The liquidations peaked around 12:00 UTC, when Bitcoin broke above $35,000 and reached a new record high.

Short liquidations occur when the market moves against the traders who have borrowed funds to sell an asset they do not own, hoping to buy it back at a lower price and pocket the difference. However, if the price rises above a certain threshold, known as the liquidation price, the traders are automatically closed out of their positions by the platform to prevent further losses. This creates a positive feedback loop, as the closing of short positions adds more buying pressure to the market, pushing the price even higher.

The launch of the ProShares Bitcoin Strategy ETF (BITO) on Tuesday, October 19, was a major catalyst for the Bitcoin rally, as it marked the first time that US investors could gain exposure to Bitcoin through a regulated and mainstream investment vehicle. The ETF tracks the performance of Bitcoin futures contracts, rather than the spot price of Bitcoin, and trades on the New York Stock Exchange (NYSE) under the ticker BITO.

The ETF attracted a huge demand on its debut day, with over $1 billion worth of shares traded, making it one of the most successful ETF launches in history. The high volume also caused some technical issues on the NYSE website, which briefly displayed incorrect prices for BITO. The ETF closed at $41.94 per share on Wednesday, up 4.8% from its opening price of $40.02.

The success of the ProShares ETF could pave the way for more Bitcoin-related products in the US market, as several other firms have filed applications for similar funds with the Securities and Exchange Commission (SEC). Some analysts expect that the SEC could eventually approve a Bitcoin spot ETF, which would track the actual price of Bitcoin rather than futures contracts and offer lower fees and less complexity for investors.

 

The Best Crypto Presales to Invest in Today for 5x Gains in 2024

By
TI Partners
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0

Cryptocurrency has been trending significantly in the last 48 hrs due to its sudden upswing in the market. Now with everyone searching the big names like Dogecoin, Ethereum, Bitcoin etc, this article is set to explore the lesser known crypto presales that have the potential to at least 5x in 2024.

Crypto presales might come with their fair share of twists and turns, but the opportunity to generate substantial profits is undeniably real. It’s time to unearth the hottest opportunities and unlock the secrets to making significant gains in the crypto universe.

Introducing the Top 3 cryptocurrency presales currently making a splash in the crypto sphere.

  1. Scorpion Casino Token (SCORP) – Unleash the potential to earn up to $10,000 USDT in daily passive staking income with this crypto presale.
  1. yPredict (YPRED) – Dive into an all-encompassing AI ecosystem that provides invaluable trading signals and insights.
  1. Meme Kombat (MK) – Step into the arena where meme-inspired characters engage in epic battles within an AI-driven world.

Calling all crypto and gaming enthusiasts: Scorpion Casino Token is a game-changer!

Scorpion Casino Token (SCORP), the crypto gaming and casino platform, is creating ripples in the crypto realm, attracting a significant number of investors to its new presale. This ecosystem offers a number of features that are enticing crypto experts and crypto newbies alike.

So why SCORP? Let’s take a look at the features.

  • $SCORP TOKEN: This utility and reward token fuels gaming within the ecosystem.
  • STAKING POOL: Passive daily income through staking $SCORP tokens, reducing circulating supply, and rewarding token holders.
  • STRATEGIC BUYBACK: 20% of the operating profit will be used to buy back $SCORP tokens.
  • AUTOMATIC AND MANUAL BURN: 50% of the buyback tokens will be permanently removed from circulation.

Unlocking the Power of yPredict

yPredict.ai presents an all-encompassing ecosystem for AI/ML developers, financial quants, and traders. The prediction marketplace, driven by AI experts, empowers traders to make informed investment decisions.

YPRED tokens offer staking opportunities and voting rights in the marketplace. With a limited supply of only 100 million tokens, it holds long-term potential. YPRED tokens are currently in the presale stage.

Meme Kombat: A Meme Coin Packing A Punch

Meme Kombat introduces an exciting crypto presale where meme-inspired characters battle it out in an AI-driven arena. This innovative project combines memes, play-to-earn (P2E) games, and advanced AI technology. It’s not just another meme coin; it’s a unique opportunity for long-term growth.

Meme Kombat ($MK) operates on the Ethereum blockchain and offers automated battles, meme interactions, and staking.

Do you want 5x Gains in 2024?

Cryptocurrency presales offer an exciting entry point to the crypto world and a unique opportunity to get in on projects from the ground up. Our top recommendation for 2023 is the Scorpion Casino Token presale. With its standout features, longevity, and the excitement surrounding it, it stands as a strong contender for a crypto project that is set to make at least 5x gains in 2024.

For more information, check out the following links:

Presale: https://presale.scorpion.casino/

Twitter: https://twitter.com/ScorpionCasino

Telegram: https://t.me/scorpioncasino_official

The Profits’ Rains in Nigerian Banking

By
Ndubuisi Ekekwe
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1

Do not give up on Nigeria: GTBank’s parent company reports for the period ended September 30, 2023 a  profit before tax of N433.2 billion, representing about 155% over N169.7 billion recorded in the corresponding period ended September 2022.

“Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment.

Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value” – Segun Agbaje, Group CEO of Guaranty Trust Holding Company Plc

These results were predicted and expected. Though GTCO is a rainmaker when it comes to making profits, part of this profit is vapour profit due to the floating of Naira; each US dollar gain is increased by about 2x. Yet, it is key to understand that value remains in Nigeria, if you position yourself at the appropriate portion of the Smiling Curve. GTCO has strategically positioned at the edges of the smiling curve even as it solidifies its position at the center.

My video explains…

You can explain what is happening in a curve: the smiling curve. The companies which are at the center capture least value, and most times, there are the ones which support the ecosystem the most.  But those at the edges capture the most value even though they do not provide a lot of catalytic support in the ecosystem.

My Response: Until you close all your bank accounts and go bank-less, that fact will remain. In other words, you make this huge profit possible. Allow us to report when it happens because you are part of the reason it does. Reporting news is not a celebration.

DLM Trust Company Disassociates From Patricia as Strategic Partner to Refund Customers Funds

By
Ojukwu Emmanuel
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0

DLM Trust company, a Development investment bank that provides innovative solutions to economic and social development problems, has disassociated itself from Nigerian crypto exchange Patricia, as a strategic partner to refund customers’ funds.

This is coming in the wake of media reports that the embattled crypto exchange company has signed an agreement with DLM Trust company to initiate and manage the process of repayment of funds to customers, as part of a wider strategy plan aimed at reassuring them of the safety of their funds and rebuilding trust.

In a statement seen and signed by the Managing Director of DLM Trust company, Mrs. Ololade Razaaq, she stated that the company will no longer be the escrow company for Patricia because the crypto company falsely presented DLM Trust as a partner.

She noted that the company was only acting as an escrow trust in repayment of N2 billion withheld customer funds.

Explaining that the development investment group was appointed as Escrow Trustee by Patricia to coordinate the management and disbursement of customers’ funds in Naira on October 18. Mrs Razaaq said the company was shocked that the crypto company portrayed the appointment as a partnership.

DLM Trust company wrote,

“On this note, DLM Trust Company is announcing its resignation as Escrow Trustee to Patricia Technologies and dissociating itself from the town hall session announcement, which Patricia has circulated through emails to customers.

“It was our initial intention to assist thousands of Nigerians as an assigned Escrow to disburse their withheld funds with Patricia Technologies through the Naira Escrow Trust accounts; however in light of this situation, we sincerely apologize to all whose hopes were restored in anticipation of the disbursement by DLM Trust Company”.

The company further reiterated that it is a SEC-licensed trust company that prides itself in the transparent and prudent management of funds, and following certain violations by Patricia Technologies, it will no longer act as its escrow trust.

The MD Mrs Razaaq further clarified that DLM Trust Company, its parent company -DLM Capital Group, and seven other subsidiaries, have no affiliation with Patricia Technologies or any digital money companies, whether operating in Nigeria or offshore.

The company warned that they are not liable and will not be held accountable for Patricia Technologies’ withheld funds to its customers.

It would be recalled that Patricia CEO Hanu Fejiro had earlier announced a town hall session themed “Patricia Relaunch, DLM Partnership, All You Need to Know” which was  slated to hold at 2 p.m. on Friday, 27th October 2023.

He said,

“This partnership is part of our efforts to rebuild trust and reassure depositors of our commitment to repaying them fully and fairly. DLM Group is a reputable and experienced trustee company that will play a crucial role in ensuring that the repayment process is transparent, efficient, and equitable”.

The crypto exchange company has come under heavy criticism from users after it suffered a major cyberattack that resulted in the loss of customers’ funds. The company still faces the major challenge of refunding customers their funds.

What if Subsidy on PMS is used on Food in Nigeria?

By
Paul Ugbede Godwin
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0

This is a question that many Nigerians have been asking in the wake of the recent fuel price hike. The government has argued that the subsidy on petrol and other petroleum products was unsustainable and wasteful, and that removing it would free up funds for other sectors, such as health, education, and infrastructure. But what if the subsidy was redirected to food instead?

According to the World Food Programme, Nigeria is home to more than 200 million people, of whom 90 million are living in extreme poverty. The country also faces multiple challenges such as conflict, climate change, population growth and COVID-19, which have worsened the food insecurity situation. About 9.2 million people are estimated to be in need of urgent food assistance in 2021, and more than 5 million children under five are suffering from acute malnutrition.

The subsidy on PMS and other petroleum products is estimated to cost the government about N1 trillion ($2.6 billion) annually, which is equivalent to about 0.8% of the country’s GDP. If this amount were redirected to food production and distribution, it could have a significant impact on reducing hunger and poverty in Nigeria.

Food is a basic necessity for human survival, and yet many Nigerians struggle to afford it. According to the National Bureau of Statistics, food inflation rose to 21.03% in August 2023, the highest level since 2017. The rising cost of food has been driven by factors such as insecurity, climate change, exchange rate fluctuations, and supply chain disruptions. As a result, many households have been forced to cut down on their food consumption, or resort to cheaper and less nutritious alternatives.

The impact of food insecurity on the well-being of Nigerians cannot be overstated. Hunger and malnutrition can lead to poor health outcomes, reduced productivity, lower educational attainment, and increased poverty. According to the World Food Programme, Nigeria has the second-highest burden of stunted children in the world, with 10.5 million children under five suffering from chronic malnutrition. Moreover, food insecurity can also fuel social unrest and violence, as people become desperate and frustrated.

Therefore, it is imperative that the government takes urgent steps to address the food crisis in Nigeria. One possible solution is to use the subsidy on PMS and other petroleum products to subsidize food instead. This would mean that the government would reduce the price of food items by paying part of the cost to the producers or distributors. This would make food more affordable and accessible for consumers, especially the poor and vulnerable.

The benefits of subsidizing food are manifold. First, it would improve the food security and nutrition status of millions of Nigerians, thereby enhancing their health and well-being. Second, it would stimulate the agricultural sector and create more jobs and income for farmers and agro-processors. Third, it would reduce the dependence on imported food and save foreign exchange for the country. Fourth, it would ease the pressure on household budgets and increase consumer spending and demand. Fifth, it would foster social stability and peace by reducing hunger-induced grievances and conflicts.

Of course, subsidizing food is not without its challenges and drawbacks. For one thing, it would require a huge amount of public funds that could otherwise be used for other purposes. For another thing, it would entail a complex and efficient system of targeting, monitoring, and evaluation to ensure that the subsidy reaches the intended beneficiaries and does not leak to middlemen or corrupt officials. Furthermore, it would pose a risk of creating market distortions and disincentives for private sector investment and innovation in the food industry.

Therefore, before implementing such a policy, the government would need to conduct a careful cost-benefit analysis and consult with various stakeholders, including farmers, traders, consumers, civil society groups, and development partners. The government would also need to complement the subsidy with other measures to address the root causes of food insecurity, such as improving security, infrastructure, storage facilities, extension services, credit access, input supply, quality standards, and market information.

Using the subsidy on PMS and other petroleum products to subsidize food is a potential option to tackle the food crisis in Nigeria. However, it is not a silver bullet that can solve all the problems in the sector. It requires careful planning, implementation, and evaluation to ensure that it achieves its objectives and does not create unintended consequences.

While it is tempting to imagine what if the subsidy on PMS and other petroleum products is now used on food in Nigeria, it is also important to consider the feasibility, implications and alternatives of such a scenario.

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