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Why Are Binance Australia Users Dumping Bitcoin?

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If you are a crypto enthusiast in Australia, you might have noticed a huge price gap between Binance Australia and other local exchanges. Binance Australia, the local branch of the world’s largest cryptocurrency exchange, has faced some challenges in recent weeks. The platform has lost access to a popular instant payment method called PayID, and has been banned by one of the major Australian banks, Westpac. These developments have affected the ability of Binance Australia users to deposit and withdraw Australian dollars on the exchange.

Bitcoin prices on Binance Australia were at a 20% discount to rival exchanges on May 30, 2023, according to Reuters. This means that customers on Binance Australia were selling their bitcoin at much lower prices than the market average. Why did this happen and what does it mean for the future of crypto in Australia?

As of May 30, 2023, the price of bitcoin on Binance Australia was around A$34,000, compared to around A$43,000 on BTC Markets, a local competitor. Outside Australia, bitcoin was trading at around US$27,790 on other platforms. This means that Binance Australia users were selling their bitcoin at a 20% discount to the market average.

The main reason behind this phenomenon is that Binance Australia announced earlier this month that some customers will not be able to deposit or withdraw money after a third-party service provider cut off its service. The service provider, Westpac, is one of the major banks in Australia and was providing fiat on-ramp and off-ramp.

According to data from CoinMarketCap, the trading volume of bitcoin on Binance Australia dropped by more than 50% in the last week, indicating a mass exodus of traders from the platform. Some analysts believe that this is a sign of panic selling, as Binance users fear losing access to their funds or facing legal consequences.

According to data from CoinMarketCap, the trading volume of Bitcoin on Binance Australia has dropped by more than 50% since the announcement on May 25. The price of Bitcoin has also fallen by about 10% in the same period, indicating a bearish sentiment among Australian traders.

There are several possible reasons for this trend. One is that they are afraid of losing access to their funds or being unable to withdraw them after the ban takes effect. Another is that they are anticipating a further decline in the value of Bitcoin due to regulatory uncertainty and market volatility. A third reason is that they are looking for alternative platforms or cryptocurrencies to trade with, such as Coinbase, Kraken, or Ethereum.

Whatever the reason, this phenomenon shows that Binance’s regulatory troubles are having a significant impact on its user base and market share. Binance is currently facing legal challenges and restrictions in several countries, including the US, UK, Japan, Germany, and Singapore. These actions have raised questions about Binance’s compliance and transparency standards, as well as its ability to protect its customers’ interests and assets.

This means that Binance Australia users were selling their bitcoin at an 18% discount compared to other Australian platforms, and at a 15% discount compared to the global market. This could indicate a lack of liquidity and confidence in Binance Australia’s services, as well as a desire to exit the platform before it delists several trading pairs with the Australian dollar on June 1.

Binance Australia has attributed the suspension of fiat on-ramp and off-ramp services to a decision made by its third-party payment service provider, Cuscal. The company has also said that it is looking for alternative fiat relationships to serve its users. Meanwhile, users can still buy and sell cryptocurrencies using credit or debit cards on Binance Australia.

Binance Australia is not the only crypto exchange that has faced regulatory hurdles in the country. The Australian Securities and Investments Commission recently revoked its derivatives license after Binance requested the cancellation. Binance is also under investigation by several U.S. government agencies, including the SEC, DOJ, IRS, and CFTC.

Binance has stated that it is working with regulators and authorities to resolve these issues and ensure its continued operation in different jurisdictions. It has also assured its users that their funds are safe and that they can still access them through other channels, such as Binance.com or Binance Smart Chain.

Sparklo (SPRK) Soars, Neo (NEO) And Maker (MKR) Struggles in the Crypto Market

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While many cryptocurrencies are turning bearish, Sparklo is consolidating its position in the market with its continuing soaring reputation and value. Similarly, the Neo (NEO) token price seems to be heading downwards, while Maker (MKR) seems to be losing the battle to bearish movement in the crypto market.

Sparklo (SPRK) remains bullish as we await its imminent launch

A significant number of experienced investors with foresight into the future have confidently joined the Sparklo project as they foresee explosive growth of the project in the near future. Still at its presale phase, Sparklo will become the first blockchain-based investment platform that gives investors the opportunity to invest in timeless solid treasures like Silver, Gold and Platinum. Sparklo will allow investors to trade fractionalized NFTs that act as a digital representation of these timeless real-world assets.

The Sparklo token is showing immense potential to become one of the mainstream cryptos in the market. At a projected rise of over 1,000% before the end of the year by crypto experts, the SPRK token is an investment opportunity that shrewd investors will not let pass by. At the current price point of only $0.026 per token, investors can purchase the token and those who purchase the SPRK token will position themselves for the imminent exponential gain soon. As you may have known, it is the early investments in high-potential projects like Sparklo that return significant profits.

Investors’ assets are safe as the liquidity will be locked for 100 years to prevent rug pull. Also, the legitimacy of the Sparklo project has been tested and its audit has been passed by Interfi Network. The project is already in the second phase of the presale. If you missed the first phase, you still have the opportunity to invest in the ongoing second phase of the presale. Sparklo is a very promising investment opportunity that you should check out and invest in.

 

>>>> BUY  TOKENS <<<

Neo (NEO) is struggling to survive the crypto downturn

Neo (NEO) is a community-driven and open-source protocol that allows the production of digital assets and smart contracts on the blockchain network. The price of the Neo (NEO) token saw a significant loss of a -5 % decrease in value within the last 24 hours. However, the 24-hour trading volume increased by 16% to $115,324,430. This downward price movement of the Neo (NEO) coin could be a result of the recent decline affecting many cryptocurrencies.

When you look at the price chart of the Neo (NEO) coin, it shows that the Neo (NEO) coin’s bearish run will likely extend for the next few days. The Neo (NEO) coin, which is ranked #62 in the cryptocurrency market, doesn’t look like a viable investment option for now. Most of the Neo (NEO) coin holders have already diversified to the trending Sparklo project in a bid to recover from their losses. Investors are only after projects that guarantee profit and Sparklo has already been predicted to rise by 1000% in the year.

Significant price slump for the Maker (MKR) token

Maker (MKR) is an Ethereum-based token of the MakerDAO protocol. In the last 24 hours, Maker’s (MKR) price has remained stagnant. Although there are signs that Maker (MKR) could rally but it is still an assumption. Currently, Maker (MKR) is trading at $624.02.

This latest bearish movement of Maker (MKR) may be connected to the news that Tron founder Justin Sun reportedly transferred $4.3 million worth of Maker (MKR) tokens to Binance last Tuesday. This development has been interpreted by traders and analysts as a move by Justin Sun to sell the Maker (MKR) token and if it happens, will have a significant negative impact on the price value of the token. So far, most of the Maker (MKR) investors have ported to the Sparklo project, which is projected to have a bright future.

Find out more about the presale:

 

Website: https://sparklo.finance

Presale: https://invest.sparklo.finance

Twitter: https://twitter.com/sparklo_finance

Telegram: https://t.me/sparklofinance

Hedera (HBAR), Quant (QNT)  Crash As Sparklo (SPRK) Gives Investors Hope

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Many altcoins are now gracing the capital market today because of the success of Bitcoin (BTC). However, only a few can stand the test of time.Sparklo stands out in the cryptocurrency market as a reliable initiative, placing it among the most promising presale ventures. Compared to well-known projects like Hedera (HBAR) and Quant (QNT), it is anticipated to skyrocket after it goes live.

Sparklo (SPRK) makes precious metals easy to purchase  

Sparklo is a cutting-edge and original project causing a stir in the crypto market because it seeks to radically alter how people see and invest in precious metals online. With Sparklo, anyone can purchase a whole NFT and have the precious metal delivered anywhere in the world. They can also opt to buy fractions of an NFT that are backed by the physical asset itself.

Analysts and crypto experts predict Sparklo’s value will increase by 3,000%  before the end of the year. So it’s better to buy the SPRK token for only $0.026 per token now, as Sparklo is already in stage two of its presale. It presents a fantastic opportunity as early investors will receive a 50% bonus on token purchases. This bonus will end soon, so you have limited time to benefit from it.

Sparklo’s smart contract is already audited by the InterFi Network and found secure. Sparklo also went through a KYC verification procedure and will lock the liquidity for a hundred years. Considering all this, we think Sparklo represents one of the top investment prospects you should invest in now.

>>>> BUY SPRK TOKENS <<<

Hedera (HBAR) collaborates with StraitsX to launch XSGD Token

The Hedera (HBAR) network has begun exclusive cooperation with StraitsX. As part of the partnership, StraitsX declared that Hedera (HBAR) will now support its regional XSGD (StraitsX Singapore Dollar) token. The Hedera (HBAR)-based XSGD coin may be offered on international cryptocurrency exchange platforms in the coming months. Hedera (HBAR) is a network without leaders that have successfully achieved the highest level of security.

Regarding transfers made on Hedera (HBAR), the platform combines a massive throughput with quick finality and affordable fees. The main goals established by the Hedera (HBAR) Foundation align with the support offered by the Hedera (HBAR) for XSGD. Executives claim that the XSGD Token’s launch on Hedera (HBAR) would increase value and financial inclusion. Even with these partnerships, Hedera (HBAR) coin has lost 4% of its value in the last 24 hours, forcing most of its investors to look for alternative projects like Sparklo to make gains.

Projects to become more simple and flexible with the latest Quant (QNT) innovation

Quant (QNT) has announced that a new version of its Overledger technology would allow it to link to the Avalanche blockchain. The innovation is a part of Quant (QNT) network’s effort to make blockchain reliable and user-friendly. The Quant (QNT) API gateway, Overledger, includes C-chain that supports Avalanche. According to Quant (QNT) network’s chief product officer, Martin Hargreaves, adding this support will allow customers to issue, manage, and interact with assets on Avalanche.

Quant (QNT) is chain-agnostic, and its main goal is interoperability—between blockchains and between blockchains and older systems. The Quant (QNT) network currently trades at $100.63 with a 24-hour trading volume of $11,883,295. The crypto market chart shows that the Quant coin is down by 2% in the last 24 hours. The last few day’s price chart is also not showing any sign that the Quant (QNT) coin will recover soon. Investors are already moving away from the coin and investing in the Sparklo trending project to make gains since crypto experts predict that Quant (QNT) might not recover this year.

 

Website: https://sparklo.finance

Presale: https://invest.sparklo.finance

Twitter: https://twitter.com/sparklo_finance

Telegram: https://t.me/sparklofinance

Which Crypto Will Top The Charts In 2023 – Solana (SOL), Uwerx (WERX), Or Cosmos Hub (ATOM)?

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Picking a profitable cryptocurrency to invest in can be like finding a needle in a haystack. Numerous new crypto projects are appearing daily, with many looking quite promising. In this article, we will discuss three cryptos and determine which stands out: Solana (SOL), Uwerx, and Cosmos Hub (ATOM). Please keep reading to see how 2023 will go for all of them!

Solana (SOL) With Red Charts All Over

Solana (SOL) has seen a surprising price surge to $25 since the start of the year. However, Solana (SOL) has not maintained this upswing. It currently is worth $21.33, down 2.88% in the past week alone. The trading volume for Solana (SOL) has also been showing red, with a 31% decrease over the last 24 hours.

Sentiment around Solana (SOL) is bearish, with NFT projects like y00ts and DeGods leaving it behind. Investing in Solana (SOL) is not advisable, as this bearish trend is bound to continue.

Cosmos Hub (ATOM) Holders Lose Hope

Cosmos Hub (ATOM) has been losing popularity as investors focus on other projects with more solid fundamentals. Cosmos Hub (ATOM) has a value of $10.88, which is a 0.86% increase in the last day alone. However, this price point leaves much to be desired, as many Cosmos Hub (ATOM) holders had much higher expectations.

And with a 35% loss in the Cosmos Hub (ATOM) trading volume, more and more holders are beginning to grow doubtful if the coin can reach its former peak of $44 again. Experts believe Cosmos Hub (ATOM) is a “high-risk” asset as they advise investors to avoid it.

Uwerx (WERX) Gets The Presale Star Status

Uwerx is set to transform the freelance industry by creating the world’s first decentralized blockchain-based freelance platform. Unlike its competitors, Upwork and Fiverr, Uwerx will only charge a 1% commission, offering a more competitive rate for its users. With its use of blockchain technology, Uwerx provides greater transparency and secure storage of records, ensuring a safer and more efficient platform.

The introduction of WERX tokens as a mode of payment and gamification through performance-based incentives will also provide an innovative and exciting experience for its users. Uwerx offers personalized matching based on freelancers’ skills and experience, and social initiatives that promote inclusion and collaboration within its community.

Don’t let this golden opportunity slip by – Uwerx is set to experience exponential growth this year and beyond. We are thrilled to announce that segments of the Alpha Version have been successfully released and the anticipation for the Beta version is building rapidly. This Friday, the 2nd of June at 15:00 UTC, the WERX price will be rising from $0.0315 to $0.041. Not only that, but the bonus on purchases is about to be reduced from 20% to just 15%.

Seize this opportunity while it’s still available and enrich your portfolio by acquiring WERX at the advantageous price of $0.0315, while also taking advantage of a substantial 20% purchase bonus. We invite you to delve deeper into the potential of Uwerx and make your investment move today by following the links below.

 

Presale: invest.uwerx.network

Telegram: https://t.me/uwerx_network

Twitter: https://twitter.com/uwerx_network

Website: https://www.uwerx.network

Buhari’s Failed Promises, Policies and Nigerians’ Memories of His Dark Foot Prints

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In 2015, when Muhammadu Buhari won the presidential election, actualizing his long-term dream to lead Nigeria for the second time – after his dictatorial spell as a military head of state, a large section of the country was filled with hope of a better future.

The hope, which was evident in the Sai Baba mantra and its emotionalism – buoyed by overwhelming clamor for leadership change, eclipsed the scanty voices calling out his antecedents.

During his campaign pre-2015, Buhari, in the All Progressive Congress (APC) policy document and manifesto, made nearly 100 promises to Nigerians. He promised among many things to: Make Nigeria one of the fastest-growing, emerging economies in the world with a real GDP growth averaging 10% annually; eradicate state of origin, replacing that with state of residence to ensure Nigerians are Nigerians first, before anything else; creation of 720,000 jobs by the 36 states (20,000 per state) in the federation per annum; generate, transmit and distribute at least 20,000 MW of electricity within four years and increasing to 50,000 MW with a view to achieving 24-7 uninterrupted power supply within 10 years.

Buhari also promised to ban all government officials from seeking medical care abroad; preserve the independence of the central bank and strengthen INEC to reduce, if possible, eliminate electoral malpractices in Nigerian’s political life.

These promises kept the bubbles of Sai Baba emotionalism afloat, as they were largely anchored on the perception of Buhari as Mr. Integrity, who is incorruptible, and who has, based on his military background, the will to execute his promises.

But on the eve of the inauguration of Buhari’s successor, Bola Ahmed Tinubu, whose election is being challenged in the Presidential Election Petition Tribunal (PEPT), Nigerians, looking back at the past eight years – rued the time, decisions, events and memories that characterized Buhari’s presidency.

“He led the country without any economic direction. He presided over a Government that failed to secure the lives of Nigerians; 63k dead, 3m IDPs & 366k refugees in neighboring countries. He failed to restructure as he promised. He granted waivers to the rich & impoverished the poor,” Senator Shehu Sani wrote.

The Nigerian economy started on a downward trend soon after Buhari assumed office, erasing the progress made under the preceding government. One of his most impactful economic policies was the closure of land borders and the ban on some food importation, especially rice, which experts believe to have contributed immensely to food inflation hitting its highest level in years at more than 24%.

In its November 2022 ‘Nigeria Poverty Assessment’, report, the World Bank noted that the economic progress recorded by Nigeria between 2001 and 2014, stagnated from 2015, owing to poor economic policies that ensued after Buhari became president.

“Nigeria’s development progress has stagnated. Between 2001 and 2014, Nigeria was a rising star in West Africa, with an average growth rate of seven percent per year, and it ranked among the top 15 fastest-growing economies in the world.

“However, this trend ended abruptly in 2015, as oil prices fell, the security situation deteriorated, macroeconomic reforms were reversed, and economic policies became increasingly unpredictable,” it said.

Buhari was also accused of nepotism, which resulted in the appointments of unqualified men into key positions of leadership. “He appointed & retained failures and rewarded them with extensions,” Sani added.

The abysmal economic performance, which Buhari’s critics said could only be compared to the nation’s economic performance during his time as the military Head of State, became the star of all his other failed promises.

Against this backdrop, the naira took a nosedive – falling to its lowest level in history at more than N800/$1 at the parallel market – following repeated devaluations.

With the economy in shambles, Buhari’s promises to make Nigeria one of the fastest-growing economies in the world with a real GDP growth averaging 10% annually, and to facilitate the creation of 720,000 jobs by the 36 states in the federation per annum, gradually became wishful thinking. It was exacerbated by his failure to increase power generation to 50,000 MW with a view to achieving 24-7 uninterrupted power supply within 10 years.

In July 2015, during his official state visit to the United States, Buhari in his address at the United States Institute of Peace (USIP), made the infamous 97% – 5% speech while answering a question on how he plans to protect the interest of Niger-Deltans.

“I hope you have a copy of the election results. The constituents, for example, who gave me 97% [of the vote] cannot in all honesty be treated on some issues with constituencies that gave me 5%,” Buhari said to Dr. Pauline Baker, the President Emeritus of The Fund for Peace.

His response riled up a national concern about his promise to “eradicate state of origin, replacing that with state of residence to ensure Nigerians are Nigerians first, before anything else.” Months later, Buhari would show his commitment to the above statement by carrying out what is believed to be lopsided appointments that sidelined the South-south and Southeast regions of the country.

Buhari went further, in a rare interview with ChannelsTV, to describe the Southeast region as “a dot in a circle,” lending credence to the belief that he’s indignant toward the Igbos. The former president is believed to be the most divisive leader that Nigeria has ever had, with many saying that since the civil war, Nigeria has never been divided like it was under his leadership.

On February 5, 2016, eight months after assuming office, Buhari went on his first medical trip to London, the United Kingdom; a trip which eventually culminated in more than seven months of medical tourism, breaching again his campaign promise, this time – in the most hypocritical way.

As Nigeria’s economic situation bites harder, following the plunge in oil revenue, the Buhari-led administration took to borrowing. In eight years, the federal government had moved Nigeria’s public debt profile from N12.6 trillion in 2015 to over N46 trillion in 2023. The staggering debt includes N23 trillion the federal government illegally borrowed from the Central Bank of Nigeria through Ways and Means advancement. The Ways and Means allows the CBN to lend to the federal government. But under the CBN Act, the central bank is not allowed to lend more than 5% of the total revenue generated by the federal government the previous year.

That blatant disregard for the CBN Act, flagrantly opposed Buhari’s promise to preserve the independence of the central bank.

Toward the end of his second term, Buhari signed the Electoral Bill into law. The Electoral Act was seen as a recipe for credible election in line with the former president’s promise to strengthen the Independent National Electoral Commission (INEC) to reduce, or if possible, eliminate electoral malpractices in Nigerian’s political life.

This was seen as a parting gift from the president. With the changes in electoral laws, which allow for the use of technology such as Bimodal Voter Accreditation System, BVAS, and the IREV to be used for accreditation and transmission of results from polling units to the INEC portal in real time, Nigerians were hopeful of free and fair election.

But as it turned out, the election was marred by allegations of irregularities that significantly compromised the credibility of the results and questioned the integrity of the electoral umpire.

“Public confidence and trust in INEC were severely damaged on 25 February due to lack of transparency and operational failures in the conduct of the federal level polls,” the European Union Election Observation Mission noted about the election.

Based on the conduct of the election which failed to follow electoral laws, many believe that the Electoral Act was after all, a Greek gift from Buhari. To a large section of Nigerians, Buhari’s promise of credible election is prominent among his failed promises.

Besides his promises

Besides Buhari’s failure to keep many of his promises, other events born of his decisions left indelible dark marks on his leadership and dented what’s left of his image before most Nigerians, especially the youths.

In 2020, Nigerian youths took to the streets to protest incessant harassment, extortion and killings by the Special Anti Robbery Squad, SARS, a rogue police unit. The protest eventually turned into a global movement. It was described as the most successful protest that has ever happened in Nigeria.

Startled by the relentless determination of the youths to stay in the streets until their demands, which included the disbandment of SARS and the improvement of police welfare – are met, the Lagos State government, in collaboration with the federal government, unleashed soldiers on the protesting youths, killing and injuring many.

A panel of inquiry set up by the Lagos State government a year later, found that officers of the Nigerian Army “provocatively and unjustifiably” shot live bullets and killed several protesters at the Lekki Tollgate, and then took their corpses away.

The incident, which is widely known as Lekki Massacre, drew worldwide condemnation.

But prior to that, there were mass killings of members of the Islamic Movement of Nigeria (IMN) also known as Shiites and members of the Indigenous People of Biafra (IPOB) by the Nigerian security agents under Buhari’s watch.

As Buhari handed the baton to Tinubu on the 29th of May, many Nigerians are happy that they will never have to live under his leadership again. But his footprints, notable in the 133 million Nigerians that fell under multidimensional poverty, more than 18 million jobs lost, 33.3% unemployment rate, booming corruption, 63,000 deaths and grossly divided nation; will remain a lifetime in the minds of many.

The World Bank said that “it would take roughly a decade for Nigeria to return to the level of GDP per capita seen in 2014.”