Leverage
Bitcoin leverage ratio reaches new highs
The estimated leverage ratio for Bitcoin (BTC) hit a new all-time high last night according to CryptoQuant. Further metrics point to growing leveraged interest, but liquidations have remained relatively low. According to on-chain analytics resource CryptoQuant, while the Bitcoin price fell off a cliff over the past 24 hours, the estimated leverage ratio reached 0.224, an all-time high. The metric works by dividing exchanges’ open interest by their coin reserve. The result shows how much leverage traders are using on average. A higher ratio, such as 0.22, indicates that more investors are taking high leverage risks. Conversely, lower values mean traders are increasingly risk-averse in their derivative trading. The blue line on the graph below, it’s trended upwards since June 201...
2 key Bitcoin trading metrics suggest BTC price has bottomed
Bitcoin (BTC) has been struggling to sustain the $47,500 support since the Dec. 4 crash, a movement that wiped out over $840 million in leveraged long futures contracts. The downside move came after the emergence of the Omicron variant of the Coronavirus and recent data showing U.S. inflation hitting a 40-year high. Bitcoin/USD price at FTX. Source: TradingView While newcomers might have been scared by the 26% price correction over the past month, whales and avid investors like MicroStrategy added to their positions. On Dec. 9, MicroStrategy announced that they had acquired 1,434 Bitcoin, which increased their stake to 122,478 BTC. According to some analysts, the rationale behind Bitcoin’s weakness was the contagion fear that Evergrande, a leading Chinese property developer, defaulte...
Analysts say Bitcoin’s open interest wipeout ‘will give way to further upside’
The weekend is upon us and fear remains the dominant short-term sentiment in the cryptocurrency market. Earlier today Bitcoin (BTC) price dropped to $47,250 and investors are biting their nails after data from the U.S. consumer price index (CPI) shows inflation reaching a forty-year high at 6.8%. Data from Cointelegraph Markets Pro and TradingView shows that a midday push by bulls to reclaim the $50,000 support level was handily defeated and sellers sent the price back below $48,000 which could possibly force another daily lower high for the top-ranked cryptocurrency. BTC/USDT 4-hour chart. Source: TradingView With the prospect of a major run up in price to end the year all but dashed, traders have shifted their attention to managing risk and identifying the best levels to buy dips. ...
Yahaya Bello: Nigeria deserves the best captain no matter where he comes from
The Governor of Kogi State, Alhaji Yahaya Bello, has said that rather engage on the unconstitutional issue of rotational presidency, what Nigerians should focus on is look for that Nigerian, no matter where he comes, who can be the captain to pilot the country to the promised land. The governor who stated this at the First Annual Governor Yahaya Bello (GYB) Seminar for Nigeria’s Political and Crime Correspondents/Editors at the Transcorp Hilton, Abuja, said that even after 16 years of Peoples Democratic Party (PDP) and another six years of All Progressives Congress (APC), in the country, the problems of the nation has not been solved by the rotational presidency that has taken place over the years. Bello insisted that the political party must not limit the choice of Nigerians to any region...
UNN vice chancellor: Coronavirus pandemic most global challenge since World War II
Prof. Charles Igwe, the Vice-Chancellor of University of Nigeria, Nsukka (UNN) has said that COVID-19 pandemic is arguably the most global challenge since world war II. Igwe said this in Nsukka on Monday during UNN 1st Annual International Conference titled: “A Whole New World; Research, Development and Innovation in the Pandemic Era.” He said that COVID-19 which has killed many people across the globe as well as infected many others has affected the economy, lives, people’s ways of living in virtually every country of the world. “COVID-19 pandemic is the most serious global challenge since the world war II the world has witnessed. “As this has affected the economy, people’s ways of life and behaviour of entire people of the world,” he said. He commended federal government on handling the ...
Presidency: Niger Delta Avengers’ threat unnecessary
File Photo The Presidency on Sunday reacted to the threat by the Niger Delta Avengers to bomb oil installations if some demands were not met by federal government, saying the recent threat of force by the Avengers is unnecessary. It, however, said it was curious that the threat was coming barely 48 hours after President Muhammadu Buhari met with the leadership of the Niger Delta and Ijaw National Congress (INC), at the State House, Abuja and the germane issues, especially call for restructuring of the federation, and the inauguration of a Board for the Niger Delta Development Commission (NDDC), had been thrashed out. A release on Sunday by the Media Adviser to the President, Femi Adesina, stressed that the media was Sunday awash with threats and demands by a group, Niger Delta Avengers, to...
IGP charges police officers to keep up with modern policing techniques
The Inspector General of Police (IGP), Usman Alkali Baba, has charged officers of the Nigeria Police Force to keep themselves abreast of techniques and strategies of modern policing. Baba gave the advice Wednesday while addressing officers and men of the Nigeria Police at the Bompai Police headquarters in Kano. The Inspector General, who was on his first official visit to the Command since he assumed office, charged the officers to improve their knowledge on issues of democratic policing, human rights and other aspects of modern policing. Baba enjoined them never to be overwhelmed by challenges. Challenges are welcome and challenges are surmountable, he stated in respect to the plea for additional manpower to be deployed to Kano. He noted that even an additional 7,000 policemen were added ...
Rivers government seeks relocation of NIMASA cabotage department
The Governor of Rivers State, Nyesom Wike, has appealed to the Nigerian Maritime Administration and Safety Agency (NIMASA) to return its Cabotage Services Department to Port Harcourt. Wike made the appeal when the Director-General of NIMASA, Dr. Bashir Jamoh, visited him in Port Harcourt, recently. Wike said operations of the Cabotage Services Department of NIMASA used to be in Port Harcourt, Rivers State, but it was relocated to Lagos. The governor said in spite of his administration’s procurement of gunboats for security agencies, especially the Police and Navy to assist in the fight against piracy and ensure safety on the waterways for NIMASA’s businesses to thrive, the state did not get anything in return. He commended Jamoh for the initiative aimed at harnessing ocean resources as an ...
Sustaining economic empowerment through financial inclusion, energy access
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of over 200 million, about 50 per cent of the total population live in rural areas, and only 39 per cent of those living in rural communities have access to electricity. This is in addition to over 40 per cent of the entire population who are financially excluded or underserved. However, the proliferation of digital financial services in Nigeria – powered largely by growth in fin-tech companies – has catalysed an unparalleled increase in the current number of people with access to formal financial services, while further opening up opportunities to address power supply challenges across rural communities; a major feat instrumental towards achieving the broad...
Akwa Ibom first lady leads women’s protest on raped, murdered job seeker
Wife of Akwa Ibom State’s Governor Udom Emmanuel, Dr. Martha Emmanuel, on Wednesday led over 3,000 women from different walks of life on a solidarity march to protest the gruesome murder of Miss Iniubong Umoren. The women took over Uyo metropolis, singing dirges and carrying placards with different inscriptions like: “We want justice for Iniubong,” “Justice for one is justice for all,” “No more rape, no more gender-based violence.” Other inscriptions said: “#Stand in Solidarity with Akwa Ibom State women and demand justiceforIniubongUmoren,” “#Rape is a crime punishable by law,” among others. The women marched from Ibom Connection down to Nuwana Iba and then moved to Wellington Bassey Way leading to the state’s Government House. Other dignitaries who accompanied the wife of the Governor on...
DPR: Market forces should determine gas prices
File Photo The Department of Petroleum Resources (DPR) has advocated that market forces should be allowed to determine gas prices to guarantee the security of supply and demand of the commodity. Mr Sarki Auwalu, the Chief Executive Officer, DPR, disclosed this while presenting keynote address at the pre-summit conference on “Decade of gas’, in Abuja, on Monday. Auwalu said that the right and market-based pricing of gas was critical, as it would assure producers of returns on their investments. He also outlined five critical levers for gas development, especially as Nigeria moves to leverage its abundant gas resources for national growth, diversification of the economy and to use gas as the fuel for economic transformation. According to him, the levers include availability, accessibility, a...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...