debt
Bitcoin ASIC miner prices hovering at lows not seen in years
Bitcoin (BTC) ASIC miners — machines optimized for the sole purpose of mining Bitcoin — are currently selling at bottom-of-the-barrel prices not seen since 2020 and 2021, in what is being viewed as another sign of a deepened crypto bear market. According to the latest data from Hashrate Index, the most efficient ASIC miners, those generating at least one terahash per 38 joules of energy, have seen their prices fall 86.82% from May. 7, 2021 peak of $119.25 per terahash down to $15.71 as of Dec. 25. Miners in these category include Bitmain’s Antminer S19 and MicroBTC’s Whatsminer M30s. The same statement holds true for the mid-tier machines, with prices now averaging out at $10.23 after falling a massive 89.36% from its peak price of $96.24 on May. 7, 2021. However, the least efficient machi...
Nearly $55M worth of Bored Ape, CryptoPunks NFTs risk liquidation amid debt crisis
Many owners of precious Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, who used them as collateral to take out loans in Ether (ETH), have failed to repay their debts. The situation could lead up to the NFT sector’s first massive liquidation event. gm. As a result of the floor dropping to 72, the first BAYC liquidation auction on BendDAO has begun Starting price of 68.4e… Any takers or is this going to be the first bad-debt domino that falls for the platform? pic.twitter.com/7qxsIi661e — Cirrus (@CirrusNFT) August 18, 2022 BAYC “death spiral” incoming? DoubleQ, the founder of web3 launchpad Double Studio, says lending service BendDAO could liquidate up to $55 million worth of NFTs to recover its loans, fearing the so-called “health factor” of these deb...
Bitcoin on-chain data hints at institutions ‘deploying capital’ at expense of ‘hodlers’
“Sophisticated passive buying” on Bitcoin (BTC) spot exchanges coincides with the trend of BTC leaving exchanges to cold storage. Adjusted Bitcoin supply shock. Source: Willy Woo The price recovery witnessed in the Bitcoin market across the last two weeks coincided with a rise in hodlers and speculative investors selling their coins, according to data provided by researcher Willy Woo. Nonetheless, BTC’s price ability to withstand the selling pressure meant there was buying pressure coming from elsewhere. As Cointelegraph reported earlier this week, so-called Bitcoin whales are accumulating BTC at current price levels. “This selling is contrasted by exchange data showing sophisticated passive buying on spot exchanges and movement of coins to whale-controlled wallets,...
African leaders mourn Zambia’s founding president Kenneth Kaunda
African leaders and diplomats on Friday joined Zambia in mourning its founding president and liberation hero Kenneth Kaunda, who died last month aged 97 after a bout of pneumonia. “KK”, as he was affectionately known, ruled over Zambia from 1964, when the southern African nation won its independence from Britain, until losing an election in 1991. He died on June 17 in a military hospital in Lusaka. Kaunda’s casket draped in the green, orange, black and red national flag was driven into the main arena of the Lusaka show ground on a gun carriage by an army jeep. His son, Panji, wept, as did Kenyan President Uhuru Kenyatta. Other mourners waved white handkerchiefs, one of the most prominent idiosyncrasies of Kaunda, who after leaving office became a committed activist against HIV/AIDS. Althou...
EFCC has recovered over $100 million for NPA – chairman
The chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, says the agency has recovered over $100 million for the Nigerian Ports Authority Bawa said the recovery was part of the outstanding remittances owed to the country through the Nigerian Ports Authority. In 2017, the federal government had terminated the boat pilotage agreement it signed with Intels, after Abubakar Malami, attorney-general of the federation (AGF), said it violated the constitution. The company was also accused of not paying taxes in 2017 — the same year NPA accused it of failing to remit an outstanding debt. Speaking at the weekly ministerial briefing organised by the presidential media team at the presidential villa, Abuja, on Thursday, Bawa said EFCC had made recoveries directly for the...
Can Debt Consolidation Help Your Credit Score?
Image sourced from Focus Federal Credit Union. /* custom css */ .tdi_4_37e.td-a-rec-img{ text-align: left; }.tdi_4_37e.td-a-rec-img img{ margin: 0 auto 0 0; } So, you have heaps of debt and finally decided to get help. You’ve settled on debt consolidation, but you’re worried about how the financial strategy might affect your credit. But can debt consolidation actually help your credit score? You may be pleasantly surprised. Why Consolidate Debt? /* custom css */ .tdi_3_d63.td-a-rec-img{ text-align: left; }.tdi_3_d63.td-a-rec-img img{ margin: 0 auto 0 0; } Let’s start there. In short, consolidating your accounts can save you cash. For instance, if you have cards with an aggregate rate of, say, 24%, you can try to consolidate your balances into a new credit card or loan with a lower interest...
Presidency: Nigeria adopting best practices on debt management
The Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang, has said that Nigeria is adopting the best practices of sustainable loan debt management as the repayment plan of the debt is tied to the projects for which the loan is taken. Senator Ita Enang disclosed this while presenting the keynote address at the Chartered Institute of Taxation of Nigeria 2021 Fellow Conferment Ceremony recently in Lagos. Speaking of the topic “Nigeria Adopting Best Practices in External Borrowing and Debt Sustainability” the Presidential Aide noted that “all the terms and conditions of the loan are laid before the National Assembly and approved in details before execution. According to him,” this is to avoid the terms being approved by the National Assembly after th...
CISLAC raises concerns over Nigeria’s debt profile, coronavirus accountability
The Civil Society Legislative Advocacy Centre (CISLAC), has expressed concerns over $2.18 billion foreign loan request to the Nigerian Senate to fund the 2021 Appropriations Act, by President Muhammadu Buhari. It has therefore urged the National Assembly to insist on an analysis of debt repayment strategy to be in place as its key priority to approvals. In a statement by Executive Director, CISLAC and Head of Transparency International – Nigeria, Auwal Ibrahim Musa Rafsanjani, he said national public finance management regime is meant to save the nation’s economic system from collapse: rescuing jobs, supporting livelihoods and bailing out many businesses on the brink. He warned the government to avoid the catastrophe that the international finance institutions forced on Greece: destroying ...
Barcelona secure 500 million Euro loan
Barcelona have secured a €500m loan from Goldman Sachs, with €100m arriving immediately to cover unpaid wages. Like many of the clubs who had signed up to the Super League project, Barca are struggling financially in the wake of the COVID pandemic and in need of fresh funds. President Joan Laporta has seemingly found the key with a loan worth €500m from American investment bank Goldman Sachs. ESPN claim there will be €100m arriving immediately, so Barcelona can settle outstanding payments owed to players. The club’s gross debt is said to now be almost €1.2 billion. Sources told ESPN the situation with outstanding payments was so bad that the squad was preparing to take the matter to the Spanish Footballers’ Association. Barcelona agreed with the players to defer payment of their wages duri...
Washington denies Iran state media report saying prisoner swap agreed
The United States on Sunday denied a report by Iran’s state television that the arch-foes had reached a prisoner swap deal in exchange for the release of $7 billion frozen Iranian oil funds under U.S. sanctions in other countries. Iranian state television said on Sunday that Tehran would free four Americans accused of spying in exchange for four Iranians held in the United States and the release of $7 billion in frozen Iranian funds. The U.S. government denied that an exchange was in the works. The state TV, quoting an unnamed Iranian official, also said British-Iranian national Nazanin Zaghari-Ratcliffe would be released once Britain had paid off a debt on military equipment owed to Tehran. A British Foreign Office official played down that report. Iran and world powers are holding talks ...
Akwa Ibom wins CIRDDOC 2020 best budget transparency award
In a move that gives credence and endorsement of the commitment of the Udom Emmanuel led administration in ensuring openness, transparency and accountability in budgeting and governance, the Akwa Ibom State Government has been ranked one of the best performing states in the 2020 sub-National Budget Transparency Survey. The survey which was conducted by the Civil Resource Development and Documentation Centre (CIRDDOC) to ascertain the level of budget performance by states of the federation revealed that Akwa Ibom and four other states topped the budget performance index for the year, 2020. The Nigerian States Budget Transparency Survey Report also revealed that Akwa Ibom and some other Nigerian States have significantly improved budget transparency and participation, and has improved the ro...
Tunisia president wants debate on new political system, constitutional amendment
Tunisian President Kais Saied called on Tuesday for a dialogue with political parties on creating a new political system and amending the 2014 constitution, which he described as “with locks everywhere”, in an effort to ease the ongoing political crisis. Saied’s comments could pave the way for an end to a months-long political standoff with Prime Minister Hichem Mechichi, who is backed by parliament Speaker Rached Ghannouchi, leader of the moderate Islamist Ennahda party, over powers and political alliances. The Tunisian constitution, approved following the 2011 revolution, has been widely praised as a modernist constitution. But many politicians admit that it includes many controversial chapters and needs amendment. “Let us enter into a credible dialogue… to a new political system and a r...