Cryptocurrency investing millions of dollars on primary race
Cryptocurrency has returned and is investing millions of dollars in Super Tuesday primary races in Texas, Alabama, and California. Three independent fundraising groups, Fairshake, Protect Progress, and Defend American Jobs, have spent at least $13 million in these races, supported by investments from Coinbase and the Winklevoss twins. The Federal Election Commission’s records indicate that…
Yen slip while Bitcoin soar high
The Japanese yen’s value declined against the dollar on Friday due to Bank of Japan governor Kazuo Ueda’s premature declaration of success in raising inflation to a target level. The dollar was up 0.39% against the yen at 150.54, following a 6.3% increase in the first two months of the year. The changes have brought…
India’s Focus on boosting economic growth
India’s GDP expanded at its fastest rate in 1.5 years in the last three months of 2023, driven by robust manufacturing and construction activity. The third-largest economy in Asia expanded by 8.4% during the October-December quarter, faster than the 6.6% predicted by Reuters polling analysts. India’s economy is among the fastest growing in the world…
Oil prices declines, interest rate cuts
Oil prices have fallen due to postponing US interest rate reductions and an increase in US crude stockpiles that exceeded forecasts. Brent crude futures dropped 76 cents to $82.89 per barrel, while West Texas Intermediate futures fell 83 cents to $78.04. The price declines were attributed to profit-taking, a spike in US crude stocks, and…
Emergency health was declared on Peru due to dengue fever
Peru has declared a health emergency due to an increase in dengue fever infections caused by a scorching wave and persistent rains. Health Minister Cesar Vasquez announced that the number of virus-related deaths in the country has reached 32 so far this year. The majority of cases have been in the north, where hospital capacity…
China’s dollar investor wait for better exchange rates
Chinese banks purchased the most foreign exchange from their customers via FX swaps in January, reaching $50.9 billion, the largest ever. Exporters are waiting for better exchange rates and larger returns on their dollar investments by using the swap market instead of selling directly in dollars. The increased interest in using FX swaps coincides with…
Changpeng Zhao was fined and released and resign as CEO
Binance has been accepted by a US judge for a guilty plea and a $4.3 billion fine for violating federal anti-money laundering and sanctions laws. The company’s founder, Changpeng Zhao, was accused of failing to disclose over 100,000 suspicious transactions involving terrorist organizations. Binance’s platform was a major source of ransomware revenues and encouraged the…
The FED rates may not decrease soon
Investors sold their positions in global equities funds due to less optimism about the Federal Reserve’s rate decrease due to strong inflation statistics. Despite this, the MSCI World Stock Index surged to a record 761.3 on Thursday, thanks to Nvidia’s forecast of quadruple growth in first-quarter sales. Sectoral outflows were led by financial, healthcare, and…