Greed
Crypto markets bounced and sentiment improved, but retail has yet to FOMO
An ascending triangle formation has driven the total crypto market capitalization toward the $1.2 trillion level. The issue with this seven-week-long setup is the diminishing volatility, which could last until late August. From there, the pattern can break either way, but Tether and futures markets data show bulls lacking enough conviction to catalyze an upside break. Total crypto market cap, USD billion. Source: TradingView Investors cautiously await further macroeconomic data on the state of the economy as the United States Federal Reserve (FED) raises interest rates and places its asset purchase program on hold. On Aug. 12, the United Kingdom posted a gross domestic product (GDP) contraction of 0.1% year-over-year. Meanwhile, inflation in the U.K. reached 9.4% in July, the highest figur...
Bitfinex Bitcoin longs hit a record-high, but does that mean BTC has bottomed?
Bitcoin (BTC) has been unable to close above $32,000 for the past 28 days, frustrating bulls and pushing the Fear and Greed index to bearish levels below 10. Even with June 6’s small boost, the tech-heavy Nasdaq stock market index is down 24% year-to-date. Investors who keep a close eye on regulatory development were possibly scared after New York state made clear its intention to regulate the crypto industry, including Bitcoin mining. On June 2, New York Attorney General Attorney Letitia James issued an investor alert against “risky cryptocurrency investments,” citing the assets’ volatility. According to Cointelegraph, the attorney general is convinced that crypto investments create “more pain than gain” for investors. The New York State Senate approved a pro...
Bitcoin price can’t find its footing, but BTC fundamentals inspire confidence in traders
Bitcoin’s (BTC) sudden crash on Jan. 10 caused the price to trade below $40,000 for the first time in 110 days and this was a wake-up call to leveraged traders. $1.9 billion worth of long (buy) futures contracts were liquidated that week, causing the morale among traders to plunge. The crypto “Fear & Greed” index, which ranges from 0 “extreme fear” to 100 “greed” reached 10 on Jan. 10, the lowest level it has been since the Mar. 2020 crash. The indicator measures traders’ sentiment using historical volatility, market momentum, volume, Bitcoin dominance and social media. As usual, the panic turned out to be a buying opportunity because the total crypto market capitalization rose by 13.5%, going from a $1.85 trillion bottom to $2.1 trillion in le...
Lagos traders send SOS to police, governor over planned market raid
Traders, shop owners and stakeholders operating under the aegis of Balogun Business Association (BBA) in Lagos have raised the alarm over a rumoured threat to raid their market by thugs loyal to a former chairman of the association. The aggrieved traders who addressed reporters yesterday at the Association Secretariat at the popular Lagos International Trade Fair Complex, Badagry Expressway, Ojo, alleged that credible intelligence at their disposal indicates that the planned invasion of their peaceful market would take place between Sunday, June 27 and Wednesday, July 28. Warning of imminent bloodshed of innocent traders should the alleged invasion happen, the Principal Stakeholders, recalling that similar attacks by the same person in the years 2005 and 2007 had led to the loss of lives, ...
Rivers governor: Why I shun building more state universities
Governor Nyesom Wike on Monday said he was apathetic to establishment of more Rivers State owned universities because of the enormous challenge of adequately funding such institutions to effectively meet set development objects. Wike at the flag off of Emohua Campus of the Rivers State University (RSU) in Emohua Local Government Area said he was rather concerned about committing more funds to state’s existing varsities so they can offer needed holistic grooming for requisite man power for the country. However, a dissenting voice, Enefaa Georgewill of Rivers State Civil Society Organisation (RIVSCO) accused Wike of “expressing hypocrisy” in his disposition on ground that RSU multi campuses the state has embarked on under Wike amounted to building more varsities in disguise. Wike had stated,...
Ondo governor: No land in southern Nigeria will be ceded to invaders masquerading as herdsmen
The Ondo State Governor and Chairman of the Southern Governors Forum, Mr Oluwarotimi Akeredolu, has declared that “no inch of the space delineated and known, currently, as South West, and indeed the whole South, will be ceded to a band of invaders masquerading as herdsmen under any guise.” Akeredolu made the declaration in a statement signed by his Senior Special Assistant Special Duties and Strategies, Dr Doyin Odebowale. The declaration was sequel to a statement signed by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, on the position of President Muhammadu Buhari, on the farmer-herder clashes and what was termed as “Deep Rooted Solutions to the herdsmen attacks”. Shehu had in the statement revealed the presidency’s position that ranching and revival...
European Super League shelved as more clubs withdraw
The European Super League collapsed on Wednesday as eight of the 12 founding members from England, Italy and Spain abandoned the breakaway project. The project collapsed after it came under massive pressure from fans, politicians, football officials and even the British royals. Founder and Juventus chairman Andrea Agnelli told Reuters he was reluctantly calling time on the new league. This was after six English clubs withdrew on Tuesday, with Inter Milan and Atletico Madrid following suit and AC Milan indicating they would too. “The voices and the concerns of fans around the world have clearly been expressed about the Super League, and AC Milan must be sensitive to the voice of those who love this wonderful sport,” the Italian club said in a statement. Agnelli said he still believed in the...
UEFA exco member: Super League clubs will be thrown out of Champions League
Manchester City, Chelsea and Real Madrid could be kicked out of this season’s Champions League this week, according to the Danish FA chairman Jesper Moller. Moller, who is a member of UEFA’s Executive Committee, says the teams involved in the new Super League could face sanctions following Sunday’s groundbreaking announcement. One team that wasn’t part of the Super League’s unveiling was Paris Saint-Germain, who are the only semi-finalists currently not involved in the new competition. “The clubs are going out, and I expect that to happen on Friday, and then you have to see how to finish the Champions League,” Moller told DR Sport. He added: “There must be one extraordinary executive committee meeting on Friday. I have an expectation that the 12 clubs will be thrown out.” As things stand, ...
Premier League clubs excluded from Super League set meeting to discuss path forward
The 14 Premier League clubs excluded from Super League plans are set for a meeting on Tuesday, according to a report. Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham were not invited to the meeting, with the remaining teams set to discuss a path forward. The aforementioned six teams were among the 12 clubs confirmed for the new competition, which was announced on Sunday. Though six of its biggest clubs have announced their involvement, the Premier League released a strong statement on Sunday condemning the proposal. “The Premier League condemns any proposal that attacks the principles of open competition and sporting merit which are at the heart of the domestic and European football pyramid,” the statement read. “Fans of any club in England and across Europe c...
Kaduna monarch: Nigerian politicians are greedy opportunists
The emir of Birnin Gwari, Malam Zubairu Jibril Mai Gwari II, has lashed out on Nigerian politicians whom he described as greedy opportunists. The monarch made the comment in Kaduna during the North-West Conference on the State of the Nation and contemporary challenges in Nigeria organised by Arewa Research and Development Project ARDP and Savanah Center. He said some politicians have capitalised on illiteracy and poverty among the people to attain power. “I have said it on so many occasions and so it’s easy for me now to repeat what I have said before. Why do we have failure in politicians running state, local and federal governments? I traced the problem to who we consider as politicians in our localities. “If you go to every part of the country those who call themselves politicians, stak...
Edo governor, PDP leaders fighting over sharing formula for positions – APC
Chairman of the Caretaker Committee of the All Progressives Congress, (APC), in Edo State, Col. David Imuse (Rtd) said Governor Godwin Obaseki-led government is unexplainably slow because of hidden conflict. Imuse alleged that at a time when the number of persons who test positive for the Coronavirus (Covid-19) is on the increase, Obaseki and the ruling Peoples Democratic Party (PDP), are busy fighting themselves. Imuse’s position was contained in a statement by the Assistant Publicity Secretary of the party, Victor Ofure Osehobo. He added that the alleged infighting is a confirmation that Obaseki has no plans for the state. According to the statement, the infighting over positions and booties of victory has already thrown the state into confusion, as the wheel of governance has since stoo...
