Economics
Macroeconomic data points toward intensifying pain for crypto investors in 2023
Undoubtedly, 2022 was one of the worst years for Bitcoin (BTC) buyers, primarily because the asset’s price dropped by 65%. While there were some explicit reasons for the drop, such as the LUNA-UST crash in May and the FTX implosion in November, the most important reason was the U.S. Federal Reserve policy of tapering and raising interest rates. Bitcoin’s price had dropped 50% from its peak to lows of $33,100 before the LUNA-UST crash, thanks to the Fed rate hikes. The first significant drop in Bitcoin’s price was due to growing market uncertainty around potential rate hike rumors in November 2021. By January 2022, the stock market had already started showing cracks due to the increasing pressure of imminent tapering, which also negatively impacted crypto prices. BTC/USD daily price chart. ...
Crypto users renew calls for Satoshi Nakamoto to win Nobel Memorial Prize for economics
Bitcoin (BTC) enthusiasts on social media platforms have reiterated their annual petition to have the Nobel Memorial Prize in Economic Sciences awarded to Satoshi Nakamoto. On Oct. 10, the Royal Swedish Academy of Sciences announced three recipients of the economic prize — former Federal Reserve Chair Ben Bernanke, and U.S. economists Douglas Diamond and Philip Dybvig — for “research on banks and financial crises.” Many crypto enthusiasts have argued for years that Nakamoto, the pseudonymous creator of Bitcoin, was the most deserving candidate for the economic award, first instituted in 1968, “according to the same principles as for the Nobel Prizes that have been awarded since 1901,” according to a description from the institution. “In 2008: Bernanke printed money to bail out banks w...
Russian crypto volume across major exchanges plunges by 50%
Data from blockchain-analysis firms show that Russian denominated crypto purchasing and trading on major exchanges have faltered, debunking theories that the country will pivot to digital assets to circumvent sanctions. When Bitcoin rallied over 15% last week, some industry experts attributed the surge to Russians buying cryptocurrency in the face of increasing economic sanctions. This theory seems to be proved false, however, as data from Chainalysis showed that ruble-denominated crypto trading volume was just $34.1 million on March 3, around half of a recent peak of $70.7 million a week ago on Feb. 24. Speaking on the matter of sanctions-fueled crypto purchasing to Bloomberg, Citigroup analyst Alexander Saunders said, “Russian volumes have been relatively small so far, suggesting t...
Chanchangi braces up to resume flight operations
Nine years after ceasing operations, Chanchangi Airlines Nigeria Limited is set to return to the country’s airspace. With its head office in the Chanchangi Office Complex in Kaduna, Nigeria, the airline had operated scheduled domestic passenger services. The Director General of the Nigerian Civil Aviation Authority (NCAA), Capt Musa Nuhu, who disclosed the plan Friday said the Kaduna based airline is preparing a comeback. He gave the hint while explaining the high demand for air travels in the country, saying that “Chanchangi wants to come back and they want to use ATR. They are planning to come back. The demand is there.” Capt Nuhu equally observed a new trend in airline operations where operators are now shifting to smaller aircraft against the bigger ones. The DG said: “You mentioned th...
Apple Music pays one penny per stream
Engadget Apple Music’s payment rate for artists and labels is fundamentally a penny per stream, according to a letter from the company posted on its artist dashboard and first reported by the Wall Street Journal. That payment rate is higher than Spotify, which has a confusing variable rate scheme that basically tops out at a half-penny per stream. Announcing a penny-per-stream rate is a nice PR win for Apple Music, since it is 1. very simple and 2. Spotify hates talking about its per-stream payments, which the company insists are a misleading figure. Seriously, it just launched an entire website called Loud&Clear last month designed to help artists and fans understand how payments work, and a good chunk of it is devoted to explaining why per-stream rates are not the right thing to focu...
IMF, World Bank advocate flexible fiscal support, debt relief
Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic. In a paper that was titled: ‘Tailoring Government Support’, IMF staff said until the pandemic is brought under control, fiscal policy will have to remain flexible and supportive. It advised governments to prioritize certain policy measures that include targeted support to vulnerable households, investment in health system and more focused support to viable firms, warning that if the pandemic persists, widespread corporate insolvencies could result, destroying millions of jobs, particularly in contact-intens...
Police nab two Bayelsa university students with gun
The Bayelsa State Police Command has arrested two students of the state-owned Niger Delta University (NDU) for unlawful possession of a revolver pistol and cultism. A statement on Wednesday by the Police Public Relations Officer, Mr Asinim Butswat, identified the two NDU undergraduates as Joshua Daniel and Kevin Are. While Daniel is a 300-level student of the Department of Economics, Are is a 200-level student of the Mechanical Engineering Department. Butswat said the suspects were picked up with their gun on Tuesday at the jetty in the university town of Amassoma, Southern Ijaw Local Government Area of the state. According to him, the two of them confessed to be members of the Vikings Confraternity, a secret cult. He said they would be arraigned in court when investigation was concluded. ...
President Buhari appoints Adolphus Aghughu as the Auditor-General of the Federation
President Muhammadu Buhari has nominated Adolphus Aghughu for appointment as the Auditor-General of the Federation pursuant to Section 86(1) of the Constitution of the Federal Republic of Nigeria (as amended). In a statement by by the Senior Special Assistant to the President of National Assembly Affairs (Senate), Senator Babajide Omoworare, said Aghughu has been acting as the Auditor-General since the voluntary retirement of Mr. Anthony Ayine from service upon attainment of the mandatory retirement age of 60 years on 25th October 2020. The Auditor-General designate hails from Edo State and, holds a master’s degree in economics; he is a Fellow of the Association of National Accountants of Nigeria, Member of the Nigerian Institute of Management and Associate member of Chartered Institute of...
UNIPORT acting vice chancellor inaugurates committees to resolve crisis rocking varsity
Acting Vice Chancellor of the University of Port Harcourt, Prof. Stephen Okodudu, has expressed worries over the lingering crises rocking the institution. The post UNIPORT acting vice chancellor inaugurates committees to resolve crisis rocking varsity appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
