Connect with us

Business News

Crypto investors lose $340 million as Bitcoin drops in 6 straight days

Published

on

1641878420 Crypto assets

In the wake of the latest price declines in Bitcoin and major altcoins, investors who made leveraged bets in the notoriously volatile markets are suffering a large amount of pain, resulting in about $340 million in liquidations just for today.

As bitcoin dropped below $40K for the first time since September, more than 106,000 trades were liquidated on Monday. BitMex had the largest liquidation, valued at $5.95 million.

Advertisement

During the past week, prices of the flagship crypto dipped for six straight days after the minutes of the United States Federal Reserve’s meeting revealed policymakers discussed aggressive interest rate hikes and accelerating the normalization of their balance sheets.

A small recovery over the weekend did not prevent the pioneer crypto from falling again on Tuesday.

FTX data shows Bitcoin changed hands at above $40K at press time, down about 1% in the past 24 hours. In the early hours of the day, the most valuable crypto fell below $40K briefly before moving back above $41.5K.

Risk assets like equities and crypto are predicted to be negatively affected by tighter financial conditions, as they become less attractive than safe-haven bonds.

Advertisement

In the wake of the Federal Reserve’s December meeting, investors reacted strongly to expectations of monetary tightening. This period was marked by high volatility in the Bitcoin price.

Other than Bitcoin, the major cryptos all experienced a down day on Monday. At one point, Ethereum, the second-biggest crypto by market valuation fell below $3K, but has since recovered to above $3K.

Source: NairaMetrics

Advertisement

Business News

Transportation cost is the major cause of food inflation in Nigeria – CBN

Published

on

1643127617 Food inflation

The Central Bank of Nigeria has stated that transportation cost is the major cause of the surge in food inflation in Nigeria.

This was disclosed by the Governor of the CBN, Godwin Emefiele, while speaking at the first monetary policy committee meeting of the year.

Advertisement

The apex bank’s chief identified a wide disparity between the low prices at the Farmgate and high prices at the marketplace, meaning that transport may be a major factor in the surging food prices.

What the CBN is saying about food inflation

The CBN expects that the surge in inflation in December was transitionary and was caused by the December festivities.

To understand the root cause of inflation particularly food inflation, the central bank stated that they noticed that “prices at the farmgate were inline with expectations, however price at the marketplace is high.”

“If prices at the moment are high, it means there are some problems between the farm gate and the marketplace. We see logistics problems particularly transport,” he added.

Advertisement

The governor also identified the destruction of the food products as a primary challenge. He stated that the CBN is out to encourage people through interventions and looking to solve the logistics problem of delivering food from farms to markets.

In case you missed it 

  • The Monetary Policy Committee of the Central Bank of Nigeria has voted unanimously to retain the benchmark interest rate at 11.5%, whilst keeping all other monetary parameters constant.
  • CBN has announced that the increase of interest rates in advanced economies will not affect the Nigerian economy as the funds released in these economies through stimuluses did not flow into Nigeria.
  • The Central Bank of Nigeria has stated that individuals in need of funds don’t need to know anybody to collect loans from banks, and should desist from borrowing from loan sharks.

... Transportation cost is the major cause of food inflation in Nigeria – CBN Read More on ... Nairametrics.

Source: NairaMetrics

Continue Reading

Business News

Sujimoto’s search for a befitting door for the LucreziaBySujimoto apartment – Sijibomi Ogundele

Published

on

WhatsApp Image 2022 01 22 at 2.35.51 PM

With only 2 Units left, the LucreziaBySujimoto Limited edition 4 Bedroom, 2 Maids Quatres, 1 Office, approximately 600sqm,  is more than a masterpiece, it is perfection in a building. Call 0818 325 5555 or 0809 852 1969 to reserve a Unit or visit www.lucreziabysujimoto.com

Source: NairaMetrics

Continue Reading