An index tracking the strength of the U.S. dollar against a basket of rivals touched its highest level since mid-November on Tuesday, adding to the headwinds facing U.S. stocks.
Source link
Rich Dad Poor Dad author Robert Kiyosaki has urged investors to ditch the U.S. dollar and buy bitcoin alongside gold and silver. He warned that “baby boomers’ retirements are going broke as paper assets crash.” The famous author stressed: “I do not trust anything that can be printed.” Robert Kiyosaki’s Latest Warnings and Advice The […]
Source link
In a dramatic opening to a much-anticipated trial, the US SEC cast Terraform Labs and its co-founder, Do Kwon, as central figures in a vast financial deception that left investors nearly destitute following its collapse, Reuters reported on March 26.
The trial, unfolding in the US District Court for the Southern District of New York, marks a significant moment in closing the chapter on one of the biggest black swan events in the crypto industry.
The SEC accused Terraform Labs and Kwon of conducting a multi-billion dollar crypto asset securities fraud, leading to the lawsuit filed in February 2023.
House of cards
The SEC’s legal team, led by attorney Devon Staren, did not mince words, describing Terra as a “house of cards” that inevitably toppled, erasing vast amounts of investor capital.
Central to the SEC’s allegations is the claim that Terraform Labs and Kwon deliberately misled investors regarding the stability of Terra USD (USTC).
The algorithmic stablecoin dramatically failed to maintain its peg to the US dollar, resulting in billions of dollars being wiped from the network within hours. This failure is cited as a catalyst for broader turbulence in the crypto market during 2022, leading to a cascade of bankruptcies among various crypto enterprises.
Originally slated to begin in January, the legal saga was postponed to March, partially due to expectations that Kwon would attend in person to mount a defense. However, Kwon remains in Montenegro after the country overturned a previous ruling to extradite him to the US.
In a December 2023 development, Judge Jed Rakoff issued a summary judgment favoring the SEC’s stance on Terra’s dealings with unregistered securities while siding with Kwon and the platform on charges related to the offer and sale of security-based swaps.
Terra’s side of the story
In a poignant message released just before the trial, Terraform Labs broke its recent silence, expressing the gravity of the situation.
CEO Chris Amani acknowledged the intense preparation that preceded the trial and the company’s strategic decision to limit public communication during the proceedings.
Amani wrote:
“The next couple of weeks will determine the future of TFL. There have been a lot of allegations and this is our chance to finally tell our side of the story.”
The statement urged followers and observers to keep an open mind and assess the facts as they unfold in court.
Gratitude was a recurring theme in the message, with heartfelt thanks directed toward the Terra community, which has stood by the company through tumultuous times. The acknowledgment extended to developers who continued to build on the Terra platform and partners who maintained their collaborations, illustrating a steadfast support network.
Mentioned in this article
The U.S. dollar has strengthened its grip on the global financial system since Russia invaded Ukraine two years ago, defying expectations of “de-dollarization.”
Source link
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has outlined a “very real economic difference” between crypto like bitcoin and fiat currencies like the U.S. dollar. “You have a whole central bank, and support for one currency, generally per economic region,” the SEC chief noted, adding that we don’t have the same in bitcoin. […]
Source link
The crypto industry has responded to criticism from Hillary Clinton, who said that cryptocurrency can undermine the role of the U.S. dollar as the world’s reserve currency. Galaxy Digital CEO Mike Novogratz argued that the only thing that can undermine the U.S. dollar as a reserve currency is reckless spending by both U.S. political parties. […]
Source link
After a spectacular climb of over 150% in 2023, Cardano (ADA) has reached a new yearly high, touching a peak of $0.67 for the second time last month.
Notably, the increase coincides with an impressive rise in important Cardano ecosystem components, with the leading Decentralized Exchange (DEX) Minswap witnessing an astounding 26,000% gain and drawing a sizable influx of new users.
On its one-day timeframe, Cardano, the eighth-largest cryptocurrency by market value, and currently trading at $0.61, is now exhibiting optimistic signals. The digital currency’s trajectory indicates that, despite a minor growth of 1.28% over the past week, a retest of the $1 threshold may occur soon.
Monthly stats are here!
Highlights
Trading Volume up BIG (+166.80%) to 300mn USD for the month, mostly from $SNEK and $FREN.
— Minswap Labs (@MinswapDEX) January 1, 2024
Prominent analyst Dan Gambriello emphasizes how Cardano depends on the dynamics of the Bitcoin market to make significant gains. He points out that ADA emerged from a crucial symmetrical triangle and suggests $0.80 as a possible target.
In spite of this bullish forecast, he cautions about the barrier the 200-week moving average presents, indicating a possible obstacle or reassuring element for Cardano’s upward journey.
Cardano Faces Resistance, Struggles Persist
Cardano’s critical resistance zone, according to cryptocurrency expert LuckSide, is $0.60 to $0.67. There are two situations that could occur: an increase to $0.70 or a probable decrease to $0.40.
Notwithstanding regulatory obstacles, such as monitoring from the SEC, the analyst continues to have an optimistic prognosis for Cardano in 2024.
Meanwhile, when comparing Total Value Locked (TVL) and decentralized exchange (DEX) volumes, Cardano has found itself lagging behind prominent platforms such as Solana (SOL) and Avalanche (AVAX).
Despite witnessing significant growth in both TVL and DEX volumes over recent months, Cardano continues to face the challenge of attaining parity with other Layer-1 blockchains. Although strides have been made, reaching a comparable standing remains an ongoing endeavor for the Cardano ecosystem.
The Total Value Locked (TVL) chart shows that Avalanche C-Chain has the highest TVL, followed by Solana and then Cardano. However, all three blockchains have seen their TVL grow in recent months. Cardano’s TVL has grown the most, from about 200 million on October 4, 2023 to about 800 million on January 1, 2024.
The DEX Volumes chart shows a similar pattern, with Avalanche C-Chain having the highest DEX volumes, followed by Solana and then Cardano. However, the growth in DEX volumes has been less pronounced than the growth in TVL. Cardano’s DEX volumes have grown from about 10 million on October 4, 2023 to about 40 million on January 1, 2024.
Overall, the chart shows that Cardano’s TVL and DEX volumes have grown in recent months, but they still lag behind those of Avalanche C-Chain and Solana. This suggests that Cardano is still making progress in the DeFi space, but it has not yet caught up to its competitors.
Cardano (ADA) Price Analysis
The present price movement of Cardano (ADA) is being supported by an upward sloping trendline. If a collapse occurs, it would provide an opportunity for buyers who have been waiting on the sidelines to accumulate more. However, if there is a breakout above a significant obstacle, it might push ADA to higher levels.
Cardano’s inclining trendline suggests that buyers have been stepping in as the price dips down towards the trendline, preventing a significant breakdown.
A breakdown below the trendline could signify a period of weakness for Cardano, potentially leading to further declines. This could be an entry point for “sidelined buyers,” who have not already purchased ADA, to accumulate coins at a discount.
Conversely, a breakout above a key hurdle could trigger a surge in buying pressure, propelling Cardano’s price higher. Identifying this key hurdle on the chart is crucial for understanding the potential upside.
Featured image from iStock
-
India’s efforts to achieve increased international acceptance for its currency are floundering.
-
No oil trades were settled in rupees during the financial year 2022-2023, the Press Trust of India reported.
-
Countries from China to Russia and India have been seeking to rely less on the dollar in global transactions.
India’s campaign to achieve wider international acceptance for its currency isn’t going so well.
The country’s push to pay for crude-oil imports with rupees have hit a wall, with its trade partners remaining reluctant toward the arrangement, the Press Trust of India, a local newswire, reported, citing the Asian nation’s oil ministry.
Global oil suppliers have remained resistant toward receiving rupee payments, citing higher transaction costs and foreign-exchange risks related the Asian currency’s limited global acceptance, according to the report.
No oil imports were settled in rupees during the Indian financial year 2022-2023 that ended in March, the country’s oil ministry told a parliamentary committee, the PTI reported.
India’s push to internationalize the rupee has been seen as part of a wider drive among nations from China to Brazil to reduce their reliance on the dollar in international payments and investments. The movement, known as de-dollarization, gained momentum in recent years as the US leveraged the greenback’s global dominance to slap economic sanctions on countries including Russia and Iran.
China and Russia also have been pushing to increase the global usage of their own currencies, while the BRICS group of nations have been weighing the possibility of a shared tender. More countries have joined the trend this year — Indonesia recently set up a task force to widen the use of its currency, the rupiah.
Last year, India’s central bank allowed local importers to open special overseas bank accounts that would enable making rupee payments to their trading partners.
Read the original article on Business Insider
One trillion is an enormous number. Indeed, just seeing it written out is jarring: 1,000,000,000,000. So it’s no surprise that $1 trillion market caps are a new stock market phenomenon.
The first company to clear the hurdle was Apple in 2018. Currently, there are five American stocks with a market cap of $1 trillion or more: Apple, Microsoft, Alphabet, Amazon, and Nvidia.
But several other companies are knocking on the door. Which ones will enter the exclusive $1 trillion club in 2024? Let’s have a look.
Image source: Getty Images.
Meta Platforms
For Meta Platforms (META -0.20%), 2023 proved to be quite the bounce-back year. The stock has flown somewhat under the radar even though it has ripped higher by 170% year to date. That’s second only to Nvidia‘s 219% among Nasdaq 100 components.
Meta has added $542 billion in market cap since January, bringing its current total to roughly $858 billion.
META market cap data by YCharts.
To cross the $1 trillion line again (Meta briefly did so before in 2021), the company will need to add about $150 billion in market cap next year — roughly an 18% gain.
That looks pretty reasonable, given its stellar fundamentals. Revenue grew around 23%, and its operating margin stood at 41% as of the company’s most recent quarter (the three months ending on Sept. 30). Moreover, analysts expect sales to rise a further 13% in 2024 to $138 billion.
In short, Meta is a hop, skip, and a jump away from rejoining the $1 trillion club. Investors should take notice.
Berkshire Hathaway
In contrast to Meta, Berkshire Hathaway‘s (BRK.B 0.09%) market cap has grown only 14% in 2023. And that’s to be expected. The company’s entire approach promotes slow, steady, long-term growth.
BRK.B market cap data by YCharts.
Nevertheless, the company’s massive $779 billion market cap makes it a real contender to crack the $1 trillion mark for the first time next year. That would require a somewhat un-Berkshire-like 25% jump in market cap in 2024. However, it is possible given its enormous holdings in Apple.
And, as investors have known for a long time, things are changing at Berkshire. Charlie Munger passed away in November, and Warren Buffett, age 93, has passed significant responsibilities on to his successor, Greg Abel.
So 2024 will prove to be a watershed year for Berkshire, if for no other reason than it will mark the first year without Munger. If the company tops $1 trillion in market cap, it could prove to be historic in more ways than one.
Tesla
Lastly, it’s time to talk Tesla (TSLA -0.77%) — by far my spiciest pick to top $1 trillion next year. Like Meta, it is a company that has cleared the $1 trillion hurdle before and is aiming to regain its place.
TSLA market cap data by YCharts.
This year, Tesla’s market cap has swung wildly from a low of $342 billion to a high of $931 billion. And not surprisingly. Tesla remains a polarizing stock for several reasons:
- Elon Musk’s statements.
- The state of the electric vehicle (EV) market.
- Tesla’s declining gross margins.
Nevertheless, for investors, it’s essential to filter out the noise and focus on the big picture:
- Will Musk deliver returns for Tesla shareholders?
- Will EVs continue to gain market share from petroleum-powered vehicles?
- Can Tesla halt the slide in its automotive gross margins through increased production efficiencies?
I think the answer to all three questions is yes.
And in that case, I believe Tesla can more than achieve the 25% gain necessary to increase its market cap to $1 trillion.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Jake Lerch has positions in Alphabet, Amazon, Nvidia, and Tesla. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Berkshire Hathaway, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool has a disclosure policy.
Family Dollar voluntarily recalled dozens of over-the-counter drugs, products and medical devices sold at its stores because they had been stored at improper temperatures, according to the Food and Drug Administration late Tuesday.
On the FDA’s website, the regulator said products affected by the recall were stored “outside of labeled temperature requirements by Family Dollar and inadvertently shipped to certain stores on or around June 1, 2023 through September 21, 2023.”
Brands affected by the recall include Procter & Gamble’s
PG,
Crest, Vicks and Pepto Bismol; Colgate
CL,
; Johnson & Johnson Inc.’s
JNJ,
Tylenol and Listerine; and Bayer’s
BAYN,
Aleve, according to a list provided by the FDA.
The items were sold at stores in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Mississippi, Montana, North Dakota, Nebraska, New Mexico, Nevada, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington and Wyoming, between June 1 and Oct. 4, the FDA said.
Family Dollar was acquired by Dollar Tree Inc.
DLTR,
in a deal that closed in July 2015.
Newer Posts