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US Crypto Regulations Oversee Crypto Activity In US Banks: Impact On Signuptoken.com, Chainlink & Cardano?

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Everyone has moved on after the uncertainties with US crypto regulations when XRP and the SEC were battling it out. However, a new one arose with the Federal Reserve stating that they will oversee crypto activities in the US banks, along with asset tokenization. How will these new US crypto regulations affect SignUp Token (SIGN), Chainlink (LINK), and Cardano (ADA)?

US Crypto Regulations: The Fed To Supervise US Banks On Crypto Activity

The US Federal Reserve recently announced its plan to oversee crypto activities in US banks. It will also require lenders under its authority to get consent before getting involved in crypto activities. These new US crypto regulations do not affect crypto banking but put more emphasis on how central banks handle their oversight. Going forward, the Fed’s specialized experts in digital assets will work with regular supervisors. How will it affect other crypto tokens?

Chainlink Unlocks Secure DeFi Ecosystem Growth

On August 8th, Chainlink Price Feeds were integrated live on Base. Developers building on Base can now access not only Chainlink Data Feeds but various web3 services as well. This move aims to improve DeFi applications and support ecosystem growth for Base, as well as externally connected DeFi applications, including future derivatives markets, futures markets, decentralized lending, and borrowing protocols.

Despite the new US crypto regulations, LINK’s price remains steady, witnessing a 5.86% increase in price in the past seven days. LINK whales have also been stocking on the asset, investing in 14 million tokens, equivalent to over $100 million over the past week. So, is Chainlink a good investment? Definitely.

Cardano Whales & Sharks Stock Up On ADA

The Cardano price had sluggish market performance, but it has been detected that there was significant activity among ADA whales and sharks increasing their holdings. This could hint at a huge future for the Cardano price amidst the new US crypto regulations.

According to Santiment data, whales and sharks holding between 100,000 and 10 million ADA have been continuously buying ADA since September 2022. These holders have invested more than $116 million in ADA since May 21st, resulting in positive sentiment toward the asset. Right now, the Cardano price has been trading at $0.2959 with a 0.98% increase in the past seven days.

SignUp Token: One Email To An Endless Success Journey

Despite the new US crypto regulations, new presales have been making a move in the market. One in particular, SignUp Token (SIGN), has been gaining momentum with over 7,000 email subscribers rooting for the presale’s success. This crypto token only asks you for two things: sign up with your email address and help it reach a million subscribers via referrals. Once this milestone is reached, the project will release its ERC-20 tokens on Uniswap, demolishing the long months of waiting for the token launch.

SignUp Token’s tokenomics is pretty simple. With a total supply of 1 billion tokens, 60% will be allocated to its presale, 20% to community incentives, 15% to listings, and 5% to the team. The project uses a Dynamic Chart where no investor can buy tokens at the same price. This means that as more people buy into the presale, the price will also increase.

The presale started its token price at $0.01 but is expected to hit $0.72 once the coin launches on Uniswap. This is an outstanding ROI of 72x! Therefore, investors must invest in SIGN now to reap the benefits later.

Sign Up Now And Avoid The FOMO Later

The new US crypto regulations do not hinder any crypto investors from investing in Chainlink, Cardano, and SignUp Token. These digital assets have been increasing in success nevertheless. Chainlink has already secured DeFi Ecosystem Growth while Cardano has been attracting whales and sharks into buying more ADA.

Meanwhile, SignUp Token is the only crypto token that asks the least of you: sign up now with just one email address! That’s all it takes to potentially get rich and retire early. With a 72x ROI, you can rest assured that you get to reap a bountiful harvest when the coin launches on Uniswap. However, you must act fast and invest now! Visit SignUp Token on their website and follow them on social media to get the most out of this crypto project.

 

Signuptoken.com:

Website: https://www.signuptoken.com

Twitter: https://twitter.com/_SignUpToken_

Telegram: https://t.me/SignUpToken

The Best Crypto Investment: SignUp Token Triumphs Over Moody’s Bank Downgrades

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SignUp Token (SIGN) has the whole crypto world at its fingertips, with investors flocking to the asset to invest in the best crypto investment of 2023. This is after the financial services company Moody’s cut several small to mid-sized US banks off their credit ratings on Monday. As a result, there has been an increased demand for SIGN tokens as well as other crypto tokens.

Moody’s also announced that it would downgrade some of the biggest lenders and other banks in the US. This warns the whole financial industry that this move would possibly test the credit strength of the country. The company cut 10 banks and is currently contemplating downgrading six banking giants, including State Street (STT.N), US Bancorp (USB.N), Bank of New York Mellon (BK.N), and Truist Financial (TFC.N).

An Increase In Bitcoin Price

After Moody’s move, some of the best crypto investments sprouted in the market. There has been an increase in Bitcoin (BTC) demand, especially from institutional investors led by the ETF frenzy. There were also higher chances of trading volume and crypto liquidity, thanks to the launching of several stablecoins.

These past few months, the US market has become more interested in digital assets, especially cryptocurrencies, just like how many investors are curious about finding the best crypto investments. Recently, the Federal Reserve attempted to lower inflation to 2%. BTC’s inflation is currently below 1%, and investors look forward to it reducing in half in less than a year. As a result, many US institutional investors gained interest in Bitcoin as well as other digital assets, such as the new crypto presale, SignUp Token.

Signuptoken.com: What Makes This Crypto Token Special?

As BTC gains more momentum in favour of banking stocks that have struggled YTD, a new crypto presale has displayed its promising future, making it the best crypto investment in 2023. SignUp Token is a crypto presale that simply asks crypto investors to sign up with their email addresses and support the crypto project. This crypto presale is expected to flourish more, especially with the US banking sector, as well as neighbouring countries, experiencing a contraction period at the beginning of this year. Moreover, these banks have collapsed because of poor customer retention and low deposits, which resulted in investors diverting their focus to cryptocurrencies.

SignUp Token is the best crypto investment that has been turning everyone’s heads. This crypto project aims to invite you to the Millionaires Club, and your golden ticket is just one genuine email address; nothing more, nothing less. Once the project gathers 1 million loyal email subscribers, the team will release that one email that notifies you about the token launch.

One of the things that makes SignUp Token the best crypto investment in 2023 is its emphasis on a solid community. The project encourages all crypto enthusiasts not only to sign up themselves but also to refer family and friends to the crypto project. Therefore, the more people you refer, the sooner the coin launch will be! At the time of this writing, SIGN has garnered more than 7,000 subscribers, with each subscriber holding on to a profitable future.

SignUp Token offers a 72x ROI, with a starting presale price of $0.01 to a whopping $0.72 on the day of the token launch! Moreover, the crypto project has implemented a Dynamic Chart, meaning that all crypto investors will buy their tokens at a unique price sale; no price or token purchase is the same! Therefore, the more people buy tokens, the higher the prices will increase.

If you want to reap high ROI, you’ll have to act fast and sign up today, especially if you want to get the most out of that 72x ROI. Don’t wait for tomorrow. Go to Signuptoken.com and type in that email address. Follow the best crypto investment on their social media as well; you don’t want to miss out on anything. Remember, your millionaire journey begins the moment you sign up.

 

Signuptoken.com:

Website: https://www.signuptoken.com

Twitter: https://twitter.com/_SignUpToken_

Telegram: https://t.me/SignUpToken

Central Bank of Nigeria (CBN) Moves to Implement New Measures to Stabilize the Naira

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The Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has announced that there are new measures approved by President Bola Tinubu to stabilize the fluctuating forex market.

Shonubi, who attributed the current volatility in the FX market to speculation, told journalists at the Presidential Villa, Abuja, that the move was necessitated by the president’s concern about the impact of the naira’s depreciation on Nigerians.

He mentioned that the President voiced concern about the effects on the average individual, particularly because all local economic transactions continue to be influenced by exchange rates in the parallel market.

“Mr. President is very concerned about some of the goings on in the foreign exchange market. One of the things we discussed is what could be done to stabilize and what could be done to improve the liquidity in the market and also the goings on in the various other markets, including the parallel market.

“He’s concerned about its impact on the average person, since, unfortunately, a lot of activities that we do, which are purely local, are still referenced to exchange rates in the parallel market.

“We’ve discussed and I’ve shared with him what we’re doing to improve supply. If you look at the official market, you’ll find that that market has been fairly stable and the spreads of the difference have not fluctuated as much,” he said.

He said foreign exchange market speculators should be mindful of their actions, warning that they would inevitably face substantial losses once the government initiates its proposed strategies.

The head of the central bank also said that the government intends to take stern measures against those engaged in speculative activities within the foreign exchange market.

“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are topped by speculative demand from people.

“Some of the plans and strategies, which I’m not at liberty to share with you, means sooner rather than later, the speculators should be careful because we believe the things we’re doing, when they come to fruition, may result in significant losses to them,” he said.

Shonubi said he met with the president due to his concern about the naira’s performance in the FX market and to assure him that the CBN is doing something about it.
“We are looking at it and we’re doing things which will significantly impact the market in a few days time and we will all see it,” he said.

“The intention is to ensure the environment operates at a level that’s more efficient, but also that is also very reasonable and does not have a negative impact to the best that we can on the lives of the average person,” Shonubi added.

The CBN governor had earlier attributed the naira’s poor performance to some illegal activities in the financial institutions. He said that major FX inflow from diaspora remittances is being diverted to the parallel market by bankers, thereby sabotaging the liquidity of the Investor & Exporter window.

Do Not Bet Against The Naira; I Expect Nigerian Government To Reverse Some Policies

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In the next coming weeks (within the next 5 months),  the Nigerian government will do: return fuel subsidies or/and go back to dual exchange rate policy. Right now, there is a black swan in the economic permutation in the nation, and it is very significant. Yes, the loans which the central bank did not initially disclose, but which it received, through the collateralization of some national financial assets and securities with US big banks, are big problems.

Simply, those securities/assets which many of us think are with the big banks for the Nigerian people to support the Naira are technically gone since the nation has no capacity to pay back those $billions in the short term. The implication is clear: Moody’s, Fitch and S&P will likely hammer Nigeria’s credit rating, jacking up the cost of future borrowing. That will trigger a vicious circle in the national economic sphere: ‘Mr Shonubi (acting governor of Central Bank of Nigeria), who briefed journalists after the meeting at the State House Abuja, blamed speculators for the current exchange rate, saying the president is “very concerned” about the situation.’

My conclusion is simple: the government will give up on either/both of fuel subsidies removal and Naira floating, until it can deal with the foreign reserve mess. If you are taking positions against the Naira, you may experience a huge shock because it could backfire big time. (Nigerians hope it goes that way).

My suggestion to the government is to become more pragmatic and forget the liturgical purity of campaign manifestos because every day matters now. Indeed, time for a practical governing reality.

Worried about the rising exchange rate of the naira to the dollar, Nigeria’s President Bola Tinubu, met with the acting governor of the central bank, Folashodun Sonubi.

At the meeting, both men discussed what “could be done to stabilize” the Nigerian currency and how to “improve the liquidity in the market.”

Mr Shonubi, who briefed journalists after the meeting at the State House Abuja, blamed speculators for the current exchange rate, saying the president is “very concerned” about the situation.

“We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply but are topped by speculative demand from people,” he said.

The bank chief said he briefed the Nigerian leader on some of the plans to address the challenge.

Of course, reversing either or both policies will not deliver the long-term economic redesign Nigeria expects.  Our long-term plan to stabilize the Naira will involve improving productivity and overall innovation systems in the nation.

Comment on Feed

Comment 1: Ndubuisi Ekekwe I begin to wonder if our brains are in sync Sir. I already felt that this will happen pretty soon because the government may be overwhelmed when they keep trying to get out of this new challenge imposed by the Naira and fuel subsidy experiment. Dual exchange rate will come back, but that’s because they couldn’t figure out a quick solution to the Naira crisis, however the policy is a very bad one which may slow down Nigeria’s economic growth drastically.

On the other hand fuel subsidy total removal is not good for the masses and our economy in general. It should be subsidized to at least 20 to 30% while a serious working government will make our refineries to start working so as to be on the net positive on the oil trades.

Finally, if Nigeria thinks well and grows well, it is odd promoting oil produces, especially petrol because I expect a right thinking economist to build around non-fossil clean energy for adoption in transportation and power generation. This is 2023, we are supposed to outgrow this era into something more juicy and environment friendly, but am sure this hypothesis does not go down well with some strongholds or perhaps cartels that does not want oil to lose its power for a long long time.

Comment 2: The outlined economic challenges in Nigeria underscore the necessity of a pragmatic response. Prioritizing the foreign reserve dilemma is imperative to avert adverse credit rating impacts and escalating borrowing costs. Given the potential inflation risks, a measured, strategic approach is crucial.

Furthermore, considering the populace’s suffering over self-interest is paramount. Redirecting resources toward alleviating the masses’ hardships rather than excessive personal expenditures is not only responsible but essential for stability and public trust. It is a pivotal step in steering the nation towards a sustainable economic path.
I hope it will not be too late to learn the hard way!

Nigerian Labour Congress Threatens Strike if Petrol Price Rises to N720 Per Liter

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The Nigerian Labour Congress (NLC) has announced its intention to rally its members, without notice to the government, for an indefinite nationwide strike in the event of a rise in the present petrol price.

The president of the union, Joe Ajaero, said this on Monday during the African Trade Union alliance meeting in Abuja, on the heels of the disclosure by petroleum marketers that fuel pump prices will rise to N680 and N720 per liter in the coming weeks.

“As we are here they are contemplating increasing the pump price of petroleum products and the federal ministry of labour and employment, for some time now, will only go to the federal ministry of justice to come up with injunctions to hold the hands of labour not to respond,” he said.

“Let me say this, Nigerian workers will not give any notice if we wake up from our sleep to hear that they have tempered with prices of petroleum products.

“They have started floating ideas of a likely increase in the pump price of petroleum products.”

Independent Petroleum Marketers Association of Nigeria (IPMAN) said on Sunday that the lack of dollar liquidity in the Investor and Exporter window, and the depreciation of the naira in the parallel market, if not urgently contained, will push the pump price up.

The increase will see Nigerians paying an additional N103, as currently, petrol is being sold at N577 per liter in Lagos and N617 and above per liter in many other parts of the country.

Background of the strike threat

Since the fuel subsidy was removed in June, organized labor has been at loggerheads with the government over the provision of palliatives to mitigate the impact.

Among their demands, the Trade Union Congress (TUC) and the NLC are asking the federal government to increase the minimum wage to at least N200,000 per month from the current N30,000 per month. They are also asking the federal government to revive the CNG project for labor centers.

Other demands include rehabilitation of the nation’s refineries, fixing road and rail networks, and reviewing multiple taxes on businesses.

With the government dragging its feet in meeting these demands, organized labor on July 26, issued a seven-day ultimatum to the federal government to reverse all “anti-poor” and “insensitive” policies.

The NLC said no going back on the strike unless the federal government meets the following demands: “the immediate reversal of all anti-poor policies of the federal government including the recent hike in PMS price, increase in public school fees, the release of the eight months withheld Salary of university lecturers and workers”. It also added “the immediate inauguration of the Presidential Steering Committee.”

But in response to the union’s demands, the federal government invoked a restraining order of the national industrial court, stopping organized labor from embarking on any industrial action concerning the removal of petrol subsidy.

However, defying the government and the court, the unions embarked on a nationwide protest on August 2, prompting the federal government to initiate contempt proceedings against them for disobeying the court order.

Though the protest was suspended on August 3 following a series of negotiations between the leaders of organized labor and the federal government, the NLC has not closed the chapter on a nationwide strike. The union said the conduct of the federal government led by Bola Tinubu “suggests it does not intend to commit itself to the MoU it signed with NLC and TUC.”