Biden has officially withdrawn from the US presidential election race. What happens now? What impact has the news had on the market?
This week started with a very important piece of news: Joe Biden, the current president of the United States, has announced that he will not runin the nextUS elections. According to him, he will “focus on finishing the current term as best he can.”
The diplomatic tones of the announcement are not enough to hide the truth. Joe Biden is retiring because of bad public appearances in recent years and strong pressure from the Democratic Party, which considers him no longer up to the electoral battle due to health problems. Read more in the article.
Biden resigns: Kamala Harris in his place?
“Biden launches Kamala Harris” headlined the New York Times after the news, also given the post on X (formerly Twitter) immediately following the withdrawal letter in which the president announced his full support for his deputy. The announcement came during the day yesterday, shortly after two o’clock in the afternoon, in American time (East Coast time).
It must be specified, however, that Biden did not resign as President of the United States, an action that would have made life much easier for Harris. Had it gone this way, the transition of the leading Dem in the US elections would have been much easier. The main problem with this is that Biden won the primaries and, therefore, there are delegates associated with his name who should have confirmed his nomination as the nominee at the Democratic convention in Chicago. As he did, Biden can only suggest, not dictate, that these vote for Kamala Harris. The fear of an ‘open’ convention, i.e., multiple candidates vying for the vote not of the voters but of the delegates indicated by the primaries in the past months, has been at the centre of much political analysis in recent weeks.
Predictably, after Biden’s announcement, the candidates’ odds of winning also changed. Before the announcement, the poll by Polymarket, the most popular decentralised prediction app, gave Trump a 71% win and Biden a 16% win. However, Donald Trump’s odds of winning have dropped to 64%, and Kamala Harris’s are at 30%.
A short while ago, we witnessed the opening of the US stock market, which performed very well in the first few minutes of trading after Biden’s departure. The NASDAQ 100, the index that tracks the performance of the hundred most capitalised technology companies, recorded +1.56%, and the S&P 500, +1%. However, the impact of Biden’s withdrawal onBitcoinwas visible from the minutes immediately following the announcement. BTC returned above $68,000, if only for a few hours.
What will happen in the crypto world if Trump wins the November election? In recent months, the entrepreneur and former president has been increasingly pro-crypto. After several pro-BTC statements, the most important news concerns his presence at Bitcoin 2024, the world’s largest conference dedicated to the crypto world scheduled for 22-25 July in Nashville.
However, there is more; a Trump re-election could also cause an injection of liquidity in the ‘traditional’ markets, especially the stock market. His first term was already characterised by expansionary economic policies aimed at stimulating the economy, which could be applied again, given the recent slowdown in inflation. Will his very likely victory in the November 2024 elections signal the start of the most explosive bull run ever?
What are the most widely used Ethereum Layer 2s? Here’s who is winning the race to speed up and reduce transaction costs
What are the most widely used Ethereum Layer 2s? These protocols aim to provide faster and cheaper transactions than the main blockchain. The urgent scalability challenge for the ‘world computer’ is played out in transactions per second (tps) and Total Value Locked (TVL). The first metric measures how many transactions a protocol can handle per second, and the second is the total value of locked cryptocurrencies and, thus, the available liquidity. This value is used to assess a project’s spread.
Ethereum’s main Layer 2s (excluding Polygon, a real blockchain) differ in the scalability technology used: zero-knowledge rollup, optimistic rollup, Validium, or Plasma. Each determines trade-offs between speed, security, and cost. For example, Arbitrum is considered the best solution for developers, Optimism is the most compatible with Ethereum, and zkSync is unbeatable in terms of security.
Here is the ranking of the most used Ethereum Layer 2s!
Layer 2 Ethereum: Arbitrum in focus
Arbitrum is at the top of the list of the most used Ethereum Layer 2s, a protocol that uses optimistic rollups. You can find NFT marketplaces, play-to-earn games, and stablecoins in its vast ecosystem. It is also supported by the most important decentralised finance dapps, such as Uniswap, Aave, and Balancer.
Regarding numbers, Arbitrum has an LTV of $16 billion, can theoretically process a maximum of 1,500 transactions per second, and the commission to send ETH costs $0.05 on average.
Several decentralised applications have sprung up on Arbitrum that have dominated the DeFi landscape since the bear market in 2022, notably GMX and Pendle. The ARB token was distributed via airdrop to users who interacted with the blockchain months before its release.
And continuing to talk about the more popular Layer 2s, another scaling solution is Optimism, which, as its name implies, also exploits optimistic rollups. This protocol is known for being integrated with the mother blockchain, so much so that it is said, ‘if it works on Ethereum, it also works on Optimism but at a fraction of the cost’, and for having open source code available to programmers. Synthetix, one of the most popular trading platforms, is developed on it; the network also promised a series of airdrops for its most active users.
Optimism’s LTV is $7 billion, it processes about 2,000 tips, and the average commission per transaction is $0.03.
Base
The blockchain developed by Coinbase, one of the most popular centralised exchanges on the market and the only one listed, has exploded in recent months. The reason? Mainly meme coins. Yes, you got that right. Cryptos born ‘for fun’ have increased the popularity of this Layer 2 incredibly.
The total value locked up within Base is currently USD 5.4 billion; at the beginning of March, it was less than a third!
Blast
The fourth Ethereum Layer 2 for TVL today is Blast, a recently born project that has managed to attract more than USD 2.5 billion in liquidity quickly. This sudden popularity is attributable to the aggressive marketing campaign undertaken in recent months. Blast, in fact, announced an airdrop before the launch of its blockchain, thus attracting all users who wanted to receive that free distribution of tokens.
This Ethereum Layer 2 has not yet released its governance token, which will arrive soon. To increase your chances of receiving it, you can buy ETH on the Young Platform, withdraw funds on the Ethereum network, and use a bridge to reach the network.
Returning to the subject of Ethereum layer 2 whose development is managed by the foundations of decentralised exchanges, we cannot fail to mention Mantle. The fifth scaling solution for Ethereum for TVL, which stands at around USD 1.2 billion, is developed by BitDAO, the autonomous and decentralised organisation launched by ByBit.
Starknet
A Layer 2 of the Starkware Industries ecosystem specialising in cryptography. Starknet runs on zero knowledge rollups and STARK Proof. Its LTV is $63 million, and commissions are $0.09.
zkSync Era
In seventh place in the most used and popular Ethereum Layer 2s ranking is zkSync Era. This protocol is based on zero-knowledge technology and aims to scale Ethereum while maintaining its decentralisation. It has over 500,000 active users and supports all projects on the core network without code changes.
The TVL of zkSync Era is $521 million, and the fee for transferring ETH is$0.09.
Manta
Manta is a multi-modular Layer 2 consisting of two networks utilising zero-knowledge rollup technology. Manta’s story began with Atlantic, a fast Layer 1 network built on Polkadot, and continued with Pacific, a highly scalable EVM-compatible Layer 2 network.
Manta Pacific’s LTV is currently $795 million, which is why it ranks eighth among the most used Ethereum Layer 2s.
Line
Linea is a Layer 2 blockchain developed by Consensys, the web3 company that developed the crypto wallet Metamask. This is also why this project has raised huge capital through several funding rounds, some USD 725 million.
Linea’s current LTV is $780 million.
dYdX
The ranking of the most widely used Ethereum Layer 2s continues with dYdX, which, unlike the previous projects, is a truly decentralised exchange with an LTV of 335 million.
Metis Andromeda
Metis Andromeda is another Layer 2 compatible Ethereum Virtual Machine, born from a fork of Optimism. This protocol is currently the cheapest, with transaction fees less than $0.01. Its Total Value Locked is 94.26 million.
Loopring
In sixth place in the ranking of the most used Ethereum Layer 2s is Loopring, an emerging DeFi project based on zero-knowledge cryptography. It processes over 2,000 tps, has a blocked value of 101 million and costs around $0.02 per transaction.
Immutable X
Known primarily as a decentralised gaming network, Immutable X exploits StarkEx’s Validum technology (zero knowledge) to make play-to-earn faster and cheaper. A total of USD 187 million has been blocked on this Layer 2.
Polygon zkEVM
The ranking ends with Polygon zkEVM. Perhaps the project par excellence that has spread the ‘zero knowledge’ trend in crypto communities. It is also one of the most recent protocols launched last March 2023. Polygon zkEVM has a blocked value of 38.03 million. The fees for a transaction amount to $0.03.
Looking at the ranking of the most popular and widely used Ethereum Layer 2s, it is clear that with these numbers, one can already speak of mass adoption. Scalability remains the real goal on which crypto projects are working relentlessly. Among the upcoming releases to watch is Scroll (currently under testnet), especially for possible airdrops.
Let’s summarise the Q2 2024 YNG token report. What happened in this news-packed quarter? What are the following steps to be taken?
What happened in the last quarter? What were all the targets achieved in Q2 2024? How many tokens were issued, bought and sold, and what are the next steps? A complete overview in this report, compiled in July 2024.
The numbers of Young Platform Clubs in Q1 2024
YNG is Young Platform’s utility token, which grants access to Clubs the subscription plans that offer exclusive benefits dedicated to our biggest supporters.
The clubs currently consist of 1,699 people, divided into:
1256 for the Bronze Club
195 for the Silver Club
123 for the Gold Club
125 for the Platinum Club
To join a Club, a certain amount of YNG must be blocked on the Young Platform exchange. Therefore, the number of registered members is essential for analysing the distribution of the token, especially since the more people join a Club, the lower the selling pressure on YNG will be. The main consequence? A more stable price of YNG.
If we compare these figures with those of the past, Q2 2024 was flat from the point of view of Young Platform Club adoption. At the end of Q1 2024, there were 1,687 members, divided into:
1238 for the Bronze Club
199 for the Silver Club
122 for the Gold Club
128 for the Platinum Club
As a result, club membership has remained virtually the same, with a weak growth rate of around 0.7%. However, given the market performance of the past months, we can be quite optimistic for the near future. Despite the general bearish movement, which, as anticipated, also affected YNG, the number of members in the Clubs has, albeit slightly, grown.
Distribution of the YNG token
The number of YNG in circulation in April was about 23.5 million. The circulating supply in July was about 23.6 million, meaning a net increase of about 78,449 tokens or 0.33%.
These tokens were distributed via the Young Platform Step app in different ways:
19,473 through the completion of Quizzes, Challenges and Up&Down (before the implementation of the levels).
58,975 through the completion of the Levels.
The YNG token market is managed via an algorithm defining the exchange rate through two underlying liquidity pools, EUR and YNG. At launch in May 2022, these pools contained:
1 million
4 million YNG
Considering the sales and purchases of tokens handled in recent months, as of July 2024, the pools contain:
669,000 Euro
6.32 million YNG
This configuration is the result of purchases and sales during the third quarter, summarised below together with the price trend:
YNG’s emissions in 2023
What happened during the second quarter of 2024 from the point of view of tokenomics? How the token is issued changed last year after the 3.0 Step update. Now that a bit of history is available let us see how the introduction of XPs aimed at limiting YNG inflation has affected it.
As can be seen from the graph, thanks to the latest Step update, we were able to severely limit thedistribution of YNG. The issuance of new tokens was reduced by 95%, and a reduction in active users also caused this effect.
The price of YNG
In terms of price action, the second quarter of 2024 was in line with the crypto market’s performance.
The YNG token in the first quarter of 2024, also thanks to the launch of the new Smart Trades feature, rose from the €0.10 level to the €0.13 level. In the following months, however, thanks to the retracement of most cryptocurrencies on the market, it returned to support in the €0.10 area. However, from the beginning of July onwards, it seems to have regained some strength.
The main catalyst that could bring YNG back to the vicinity of the resistance that rejected it during April is the launch of the decentralised market, scheduled for the coming months. The following paragraphs provide all the details on this issue.
Targets achieved in the second quarter of 2024
During Q2 2024, we mainly focused on taxation, mainly because the deadline for declaring cryptocurrencies was 30 June 2024. In addition, we carried out all the necessary activities to comply with the European crypto regulation, Market in Crypto Assets (MiCA), which partially came into force at the end of June. This report is an excellent excuse to summarise the work done over the last three months. Let’s look in detail first at all the steps taken in 2024 to increase the attractiveness of our YNG token.
The Fees and Reports Functionality
The central topic of Q2 2024 was the crypto declaration. Compared to previous years, mainly due to the Agenzia delle Entrate, circular 30E and the Italian Legge di Bilancio for 2023, the obligation to declare one’s crypto was explicitly highlighted. Mainly due to two issues, as the documents mentioned above state:
Meet regulatory requirements for combating money laundering and terrorist financing.
Determine the taxes due based on the potential income generated.
How did we enable our users to comply with the latest regulations as easily and intuitively as possible? Above all, how have we tried to make ourYNGtokenmorecentral, also regarding this issue?
The flagship feature, revamped from 2023, is the Tax Report. This time, however, it has been placed within a larger section, which we have decided to call ‘Taxes and Reports‘, built to become the only medicine needed against the declaration ‘headache’, and consists of these services:
The Young Platform Tax Report was updated for the 2024 declaration – valid for the income declaration in Italy.
The Tax Report Integrated with Okipo (exchange, wallet and third blockchain) – valid for the declaration of income in Italy.
The Young Platform Transaction Report
Stamp duty
The consultancy service with our accountants – valid service for the declaration of income in Italy.
To ensure the best possible experience for members of the Young Platform Clubs, populated by our most loyal supporters, we applied graduated discounts for each service in the ‘Fees & Reports’ section.
The following discounts have been applied to the Tax Report, consisting of a practical PDF with a clear and simple outline of all the cryptos you own and the data you need to fill in your tax return, including the facsimiles of Form RW and Form RT, compared to the starting price of €29
Club Bronze: 10%.
Club Silver: 20%.
Club Gold: 40%.
Platinum Club: 80%.
The same percentages were also applied to Okipo’s Integrated Report. This document is designed for Young Platform users who also use other exchanges, own NFTs, have cryptocurrencies on DeFi platforms or simply store their crypto-assets on wallets outside of Young Platform:
Club Bronze: €54 (instead of €229 per fiscal year).
Club Silver: €49 (instead of €229 per fiscal year).
Club Gold: €44 (instead of €229 per fiscal year).
Platinum Club: €39 (instead of €229 per fiscal year).
Listing of the Young Token (YNG)
Some of the most interesting news, as far as the last quarter is concerned, concerns our YNG token. In contrast to what we wrote in the previous report, where we assumed that we would start trading on decentralised exchanges by the end of the third quarter of 2024, the set-up has changed slightly.
First of all, we have decided to place this activity within the evolution process of our products, the main points of which you will find at the end of this Report. In addition, we intend to include, before the opening of the Liquidity Pools, two sales phases (one private and one public). There are three main reasons for this decision:
strengthen YNG’s liquidity;
increase the budget to support the project (to be allocated mainly to development and marketing in order to achieve the ambitious internal goals we have set ourselves);
maximize interest around the event: in this way, we expect to be able to reach a wider audience of crypto users who are active in the decentralised market but are not yet familiar with our ecosystem.
In any case, the work that will allow us to expand into the decentralised market has officially begun, after the company’s management approved the operational plan. This foresees YNG landing on the decentralised exchange (DEX) by the end of 2024.
In addition, we have started to dialogue with several decentralised blockchain protocols, specifically some Layer 2s of Ethereum. This activity has several objectives. First of all, it aims to identify the ecosystem that best matches our principlesand values since we want to open the pools on at least one other blockchain besides Ethereum, where the deployment of YNG took place. We also need to define, together with the stakeholders, the incentive programme for those who will use our token.
In the first few days after the ‘green light’, we worked on the necessary documentation to tackle the next steps, which we will present to the Platinum Channel members of our Discord server in the coming weeks. If you are a club member but are not yet in the dedicated channel, join and check your mail. You should have received a form!
As already mentioned, work on the ‘token project’ is being carried out in a manner consistent with that on the corporate roadmap, as we intend to make YNG increasingly central within our ecosystem. As was already the case with the Smart Trades feature, in fact, each new feature will introduce new benefits for club members, incentivising users who are not members to join.
Discord Leaderboard
The first round of prizes for Discord users is on its way! These days, we are collecting all the necessary data to send out the prizes at the beginning of September.
If you are registered on Young Platform, you should have received a notice about it. For those who don’t know what it is, it is the Young Platform community’s common space where you can exchange opinions and thoughts about your journey in the crypto world.
OK, but what is the communication for? Within the server, there is a leaderboard in which members are ranked according to the XP (experience points) they have earned through their activity. In order to reward the most active members, however, we need to link their username to their Young Platform account. If you are not yet part of this exciting group, you have to join! After all, an adventure becomes much more exciting when shared.
Now ‘comes the good stuff’ and even some spoilers.
As anticipated, during the second quarter of 2024, we focused a lot on the fiscal and regulatory aspects of our industry, given the various deadlines that were looming. At the same time, however, we were also able to plan for the future, setting new and ambitious goals for the coming ones. Check out the main ones.
Staking, we’re almost there!
At the end of June, the European Securities and Markets Authority (ESMA), the body that regulates financial markets and instruments for the European Union, commented on this issue by publishing a Q&A on its official website. One of the questions in the document concerned staking, specifically whether or not MiCA prohibits such activity. ESMA’s answer was quite clear: MICA does not prohibit staking and does not assume that a licence is required to offer it, provided that those providing the service, the so-called crypto-asset service providers (CASPs), act in a manner compliant with the regulations and are liable to their clients for any loss of crypto-assets attributable to them.
For this reason, we immediately set to work on integrating this service along with the ever-present benefits for our Club members, due out by the end of Q3 2024.
As many of you may have noticed, we are gathering your feedback and opinions through a form and one-to-one interviews to decide our next big innovation. Your ideas are crucial in shaping our future.
We have something special in the works, a project that has been part of our plans for a long time. Recently, we decided to take it up again, thanks to new opportunities that allow us to think big.
Imagine a novelty that allows you to combine the best of traditional and digital worlds, a feature that does not merely offer a simple tool but aims to transform your daily experience into something revolutionary. We want to differentiate ourselves from our competitors and create something unique, not just an accessory but a valid extension of our ecosystem.
We aim to launch this novelty by the end of the first quarter 2025. We are working on various ideas to reward our Club members and further enhance the YNG token, perhaps with incentives to increase your engagement and rewards.
What are the 9 most ultra-rare Pokémon cards? Discover the ranking and their staggering prices.
The world of ultra-rare Pokémon cards has captivated collectors and enthusiasts for decades, creating a thriving secondary market. Pokémon, an abbreviation of “pocket monsters,” is derived from the eponymous Japanese video game created by Satoshi Tajiri and Ken Sugimori. The game took the world by storm upon its release in 1996, and the Pokémon trading card game (TCG), launched the same year, quickly gained global popularity.
Today, Pokémon cards are used for gameplay and as coveted collectables. Each card features a specific Pokémon with unique abilities and health points, allowing players to engage in strategic battles. With over 9,000 cards released, some ultra-rare Pokémon cards have fetched exorbitant prices, placing them on par with classic collectables like coins and stamps.
Read on for the ranking of the nine most ultra-rare Pokémon cards in the world – you might just have a hidden gem tucked away somewhere in your home.
What makes Pokémon cards ultra rare and valuable?
Several factors contribute to the rarity of these Pokémon cards. Primarily, it’s their history. Due to their limited production, cards released during special events, exclusive tournaments, or anniversaries tend to be more valuable.
Condition is also crucial. Cards in mint condition, graded “gem mint”, or highly rated by grading services like PSA or Beckett, can command much higher prices than those showing wear and tear.
Like stamps, printing errors can turn an ordinary card into a valuable collectable. These “defects,” such as missing shadows, typos, or altered colours, can be subtle, making them particularly intriguing to avid collectors who know these ultra-rare Pokémon cards by heart.
Lastly, the value of the cards also depends on the Pokémondepicted. Iconic Pokémon like Charizard or Pikachu tend to have higher-valued cards simply because they are more sought after and beloved by fans.
In recent years, non-fungible tokens (NFTs) have mirrored the scarcity and rarity of traditional collectables. From stamps and coins to trading cards, clothing, musical instruments, and finally, unique digital assets, the world of collecting continues to evolve. Are NFTs poised to become the new frontier in this domain?
The ranking of the 9 most ultra-rare Pokémon cards in the world
9. Kangaskhan family event trophy
This card, released in 1998, celebrates familyteamwork in TCG battles. Its symbolic importance and rarity give it a value of $150,000.
8. Umbreon gold star holo
This rare card, featuring a holographic Umbreon, was distributed in 2005 to JapanesePlayers Club members who had accumulated over 70,000 points. Due to its exclusivity and striking design, it is valued at around $180,000.
7. Ishihara GX promo card (autographed)
This unique card was issued in 2017 to commemorate the 60th birthday of Tsunekazu Ishihara, founder of the Pokémon franchise. Exclusively given to company staff and autographed by Ishihara, it has reached an astonishing value of $247,230, making it one of the most coveted cards by collectors.
6. Snap Pikachu
This rare card from 1999 was the prize in a contest associated with the Pokémon Snap game. Only one copy exists, and it is valued at approximately $270,000.
5. Trophy Pikachu N. 3 trainer bronze
This trophy card, given to the top three winners of the first Pokémon tournament in Japan in 1997, holds significant historical value. Auctioned for an impressive $300,000, it represents one of the first official competition prizes.
4. Trophy Pikachu N. 2 trainer silver
Released in 1998, this trophy card celebrates one of Japan’s early competitive Pokémon card events. Its value reflects its rarity and historical significance.
3. Blastoise Wizards of the Coast presentation galaxy star holo
Created in 1998 as a preview for Wizards of the Coast’s TCG line, this card is extremely rare, with only two known copies. Its scarcity and special status confer a value of $360,000.
2. Charizard Base Set Shadowless 1st edition
This rare Pokémon card from 1999 became famous due to a printing error, lacking the typical shadowing of its more common counterparts. This makes it one of the most desired cards among collectors, with a value reaching $420,000.
1. Pikachu-Holo Illustrator
Distributed to fewer than 20 illustrators as a prize in an art competition 1998, this card is the most valuable and rarest in the world. Due to its extreme rarity and historical significance, it is considered the holy grail of Pokémon cards, with the value of one, perhaps the last in mint condition, estimated at $6 million.
Now that you know which are the 9 most ultra-rare Pokémon cards in the world, it’s time to turn your house, garage, and attic upside down to see if you might have owned one!
You can now purchase zkSync on Young Platform Pro! Everything you need to know zkSync is now available on Young Platform Pro and is ready to buy, hold, and sell.
We resume our listings with ZK, one of Ethereum’s most promising Layer 2 solutions and one of the most advanced projects in scalability.
zkSync: everything you need to know
zkSync is an Ethereum Layer 2 solution that enables users to execute transactions more quickly and cheaply. The Matter Labs team founded it in 2020, aiming to enhance scalability through Zero-Knowledge Rollup technology.
zk-rollups group transactions are executed on the network in batches and sent to the main blockchain in a compressed format. This maintains Ethereum’s security and decentralisation while reducing transaction costs. This technology was developed to solve major issues with the Ethereum network, which can often become slow and expensive when congested.
In just a few months since the launch of the leading network, zkSync Era, it has attracted many users and a significant amount of Total Value Locked (TVL). ZK, zkSync’s cryptocurrency, is the network’s governance token, allowing holders to participate in essential decisions for the protocol’s future.
zkSync was launched via an airdrop in June 2024, distributing 3.7 billion tokens to users who had used the protocol in the preceding months. From its launch, the zkSync network has hosted some of the most promising and popular decentralised applications (dapps) like Uniswap and Curve Finance, along with native DeFi platforms like Sync Swap and Holdstation.
As previously mentioned, this Ethereum Layer 2 is one of the most promising in the crypto world. Over the past years, it has raised nearly $500 million through various funding rounds. Venture capital firms investing in the project include Andreessen Horowitz (a16z), DragonFly Capital, ConsenSys, and Alchemy, some of the most prominent funds in the sector.
How to Use zkSync on Young Platform?
Here are all the features available for zkSync (ZK) on Young Platform Pro:
Purchase and sale with USDT.
Network deposit and withdrawal.
What are you waiting for? Access the Young Platform app or web version to purchase the cryptocurrency of this Ethereum Layer 2.
Attention! All CEX withdrawals for Zk Sync (ZK) are disabled until 12 p.m. UTC tomorrow, June 18, 2024.
Which are the richest countries in the world? Discover the ranking.
To compile the ranking of the world’s richest countries, the GDP (Gross Domestic Product) per capita is one of the most effective and widely used parameters to measure a country’s wealth. This indicator represents the total value of goods and services produced in a country in a year, divided by the number of inhabitants. A high GDP per capita indicates greater economic productivity and a higher standard of living for the citizens of that country.
In the global economy, wealth is distributed unevenly, with some countries boasting an extremely high GDP per capita. The economies of these states are often characterised by advanced industrial sectors, strong technological innovation, and a high level of education.
But let’s get back to the central theme of this article: which are the richest countries in the world? Here is the updated ranking for 2024.
The Richest Countries in the World Ranking
Here is the ranking of countries with the highest GDP per capita in 2024, based on data from the International Monetary Fund (IMF). Some advanced economies have long been active in the cryptocurrency and blockchain technology sector. Luxembourg and Singapore, for example, are known for being innovative financial hubs that are actively exploring this world. Knowing Bitcoin and other major cryptos could be an opportunity to emerge in an increasingly digitalised global economic context.
With a GDP per capita of about $140,000, Luxembourg ranks first among the richest countries in the world. A robust financial sector and a significant and constant influx of foreign capital characterise its economy.
2. Ireland ($110,000)
Ireland is in second place, with a GDP per capita of around $110,000. Its success is largely due to the presence of the headquarters of European tech and pharmaceutical multinationals. This country has attracted many successful companies in recent years thanks to a favourable tax situation.
3. Switzerland ($106,000)
Switzerland is known for its high quality of life and the efficiency of services provided by both public entities and private companies. Additionally, the country excels in the finance and industrial sectors.
4. Norway ($96,000)
In fourth place among the richest countries in the world is Norway, primarily due to the natural resources present in the territory, particularly oil and gas. Norwegian companies are also highly developed and leading worldwide in several fields, thanks partly to the significant work done by Norwegian researchers.
5. Qatar ($90,000)
Qatar owes its wealth to its enormous oil and natural gas reserves, accounting for about 13% of the world’s reserves.
6. Singapore ($87,000)
Singapore is a global financial and commercial hub with a strong economy based on financial services, advanced technologies, and international trade. Many underestimate the impact of the city-state’s shipping industry, favoured by its geographical position at the centre of important East-West routes.
7. United States ($84,000)
The United States is seventh among the richest countries in the world, with a GDP per capita of $84,201. The US is still one of the most powerful economies in the world, driven by its enormous domestic market fueled by the largest tech, financial, and industrial companies.
Singapore and the United States are also effectively integrated into the cryptocurrency sector. To delve into this innovative finance branch, download the Young Platform app!
The strength of the Icelandic economy derives primarily from tourism, fishing, and renewable energy production. This state is among the best places to live, ranking high in almost all quality-of-life indices.
9. United Arab Emirates ($76,000)
The United Arab Emirates is one of the most dynamic economies in the Middle East. Its wealth comes primarily from oil but also from the significant development of tourism and the financial sector in recent years.
The ranking of the richest countries in the world provides an interesting snapshot of how global wealth is distributed. These countries boast a high GDP per capita and often offer a high quality of life, with access to advanced services, modern infrastructure, and economic opportunities.
If you want to learn more about the global economy and the factors that influence a country’s wealth, follow us for insights.
Trading has just started for spot ETFs on Ethereum. Discover everything about these new financial instruments in the crypto world.
Spot ETFs on Ethereum approved exactly two months ago on May 23, are finally available on the market. After more than two months of discussions between the Securities and Exchange Commission (SEC) and American investment funds, these long-awaited financial instruments are tradeable from 12:30 PM UTC.
What are the main predictions for capital inflows in the coming months and the price of Ethereum? Find out in the article!
The launch of Ethereum ETFs
The approval of spot ETFs on Ethereum, which seemed quite unlikely at the beginning of the year, came on Thursday, May 23, 2024, while the SEC gave the green light for trading today, Tuesday, July 23. The investment funds issuing them are BlackRock, Fidelity, VanEck, ARK Invest, 21 Shares, Grayscale, Hashdex, and Invesco. These players, already issuers of spot ETFs on Bitcoin, can now offer their clients these brand-new financial instruments as well.
Those following the issue would have noticed the differences compared to the launch of b instruments on BTC, which were immediately available after approval. The main reason behind these differences concerns the event’scredibility. Few expected the approval of Ethereum ETFs, while Bitcoin’s approval seemed almost certain before it was officially confirmed by the SEC.
Capital inflows and price impact
After the launch of Ethereum ETFs, we can confirm that 2024 marks a new era for the cryptocurrency sector, characterised by a radical change in perception compared to past years. Additionally, the time interval between the launch of Bitcoin ETFs and ETH ETFs allows us to analyse likely future developments and make data-supported predictions.
Bitcoin ETFs have attracted about $17 billion to the market since January 10, 2024, with Bitcoin’s price increasing by over 50% since the approval day. What will happen to Ethereum?
Of course, it is difficult to imagine this level of adoption for these financial instruments on Ethereum, but it is worth noting that the crypto’s market capitalisation is about one-third of Bitcoin’s. Therefore, the ETFs may significantly impact the price even if the inflows are lower.
In this regard, Crypto.com expressed its views in a report published a few days ago. The Exchange believes that if the performances of these two ETFs are similar, Ether could reach the $6,000 level within 60 days of trading.
And the capital inflows? Various predictions have been made on this aspect. For example, Standard Chartered, one of the leading banks in the United Kingdom, predicts that Ethereum ETFswillrecordinflows between 52% and 155% compared to Bitcoin ETFs. Conversely, analysts from Bloomberg and JP Morgan are a bit more pessimistic, expecting inflows of 20%- 25% and 7%- 21%, respectively, compared to BTC ETFs.
Finally, suppose these reflect the difference in market capitalisation between the two cryptos. In that case, we will see inflows at a ratio of 1 to 3, meaning about $6 billion could flow into Ethereum over the next seven months.
Bitwise donates part of profits to Ethereum developers
We conclude this article with an interesting fact about Ethereum ETFs. Bitwise, one of the eight investment funds issuing a spot ETF on Ethereum, will donate 10% of the profits from trading these financial instruments to Ethereum developers.
According to the recent announcement, the donations will be divided between two organisations: Protocol Guild and PBS Foundation. Protocol Guild supports over 170 developers dedicated to Ethereum’s “research and development” segment. PBS Foundation is a non-profit organisation that funds Ethereum’s open-source development and related research.Today, it will be long remembered by enthusiasts in this sector. The first months of 2024 have kicked off a new chapter in the history of this innovative technology, also thanks to the arrival of Ethereum ETFs. Compared to last year, the status quo has completely changed: Ethereum is not a security, and for the first time, a crypto other than Bitcoin will be tested in the traditional investor market.
The FED and its president, Jerome Powell, have decided that interest rates will remain unchanged. When will we see the first cut?
The situation on interest rates has changed dramatically compared to last month. Chairman Jerome Powell announced the Federal Reserve’s (FED) decision of 1 May 2024, which ruled out a rate hike in the coming months.
This statement denotes a change of course on the part of the US central bank, as its president had announced his intention to make at least three rate cuts during 2024 in past meetings.
The FOMC (Federal Open Market Committee) meeting on 1 May ended like the four previous ones, i.e. with nothing. The Federal Reserve decided not to change interest rates, which remain fixed in the range of 5.25% to 5.5%. What weighed on the decision, which was taken by a unanimous vote of all meeting participants, was mainly inflation. According to the latest Consumer Price Index (CPI) data, published on 10 April 2024, inflation in the US stands at 3.5%, still well above the 2% target.
In short, the current scenario is very different from the one assumed at the beginning of 2024. At that time, experts predicted six or seven downward adjustments in interest rates, in the grip of the wave of optimism that had swept through the investment sector. In March, then, after revising expectations, Powell announced his intention to make at least three cuts during 2024 starting in June.
The labour market also falters
In April, the US labour market was also less buoyant than in previous months. According to the report released in early May, the unemployment rate rose and new jobs were fewer than analysts had expected.
The ‘Nonfarm Payrolls‘ figure, i.e. payrolls excluding the agricultural sector, returned +175,000 instead of the +240,000 expected, while the unemployment rate rose from 3.8% to 3.9%. These figures are particularly harmful compared to those of March (around 300,000 new jobs and the unemployment rate at 3.8%), reflecting the market’s optimism.
The reaction of the markets
Although, in theory, the postponement of the interest rate cut should not be exactly positive news for the markets, the major US indices reacted well to the FOMC decision.
On the same day, the S&P 500, the index tracking the performance of the five hundred most capitalised American companies, lost about 1.5%, only to recover in the following days. It is currently in the 5,185 area, thanks to a bullish movement that started the day after the meeting of about +3.5%. The NASDAQ and the Dow Jones also performed well over the past week. They rose by 4.7% and 3% respectively.
In recent months, the performance of the US stock market seems increasingly decoupled from the country’s monetary policy. The leading indices are close to all-time highs and do not suffer from the periodic postponement of interest rate cuts.
What will the Federal Reserve decide in the coming months? The central bank’s main objectives remain the same as in March: to control inflation and promote employment, although the situation has worsened compared to two months ago. Will inflation go back down, and will this allow the US central bank to proceed with the first, long-awaited interest rate cut? Or will the FOMC and Jerome Powell change their minds again, and the cost of money remains unchanged throughout 2024?
If we were to see the first scenario, interest in the crypto sector could also grow as government bond yields decrease. You can prepare for this possible scenario by buying Bitcoin on our app!
Bitcoin’s halving was successful. What to do? Historical data predicts rises in the months following the event, so why set up a recurring buy now?
What should we do now that Bitcoin’s halving has happened? After the rewards for miners have halved, many wonder what will happen to cryptocurrency’s price.
Historically, this event has established a market cycle that seems to repeat itself at similar intervals. Where do we stand now? Could the recent cryptocurrency retracement be an opportunity to buy Bitcoin at a lower price?
Halving Bitcoin, what to do: analysis of the BTC price in 2024
For the price of Bitcoin, 2024 has been an interesting year. At the beginning of the year, BTC was in the $40,000 price range, while today, it orbits around $56,000 after the crypto recorded a new all-time high at $73,000 in March. Just comparing historical data might be the right way to get an idea of its future price targets.
In the days following the 2020 halving, which occurred on 11 May of that year, Bitcoin’s price was in the $8,000 zone. In January 2021, it broke to its current all-time high at $20,000, while less than 12 months after the event, it recorded a new one at $64,000.
The main difference from that market cycle concerns the new all-time high. Bitcoin recorded a new all-time high about a month before the important event.
If you have been with us in the crypto market for a few years, you may remember that BTC rose in a similar move during the bear market of 2018-2019. At that time, the rise was 100%, but then it quickly subsided. Due to the market shake-up over the last few weeks, we are again below the ATH, but given Bitcoin’s performance during 2024, we might reach it again soon!
Looking at Bitcoin’s past bear market performance, we can see that after the bottom, the crypto took some time to recover. Indeed, it has been “water under the bridge” since November 2022, the month in which Bitcoin hit the low point at $15,000. Should it move as it has in the past, that area of the chart will never be reached again.
Still referring to past movements, buying Bitcoin regularly over the next few months could bring great satisfaction. Indeed, one could put the crypto aside at bargain prices, waiting for the explosion that usually occurs a few months after halving.
Of course, one cannot look at the past to predict the future, but knowing historical data is indispensable for making decisions.
What to do? Focus on recurring purchase
What could stimulate the price rise? In the past, Bitcoin’s halving has jump-started crypto. In fact, the halving of rewards has always been the starting point of a new bullish cycle.
Contrary to what one might think, these price movements and the consequent reaching of new all-time highs never occur suddenly. Above all, the initial phases are usually very slow and gradual and become more explosive after new highs are reached.
It must also be said that the experts’ forecasts for BTC at the end of 2024 are decidedly optimistic: according to Standard Chartered analyst Geoff Kendrick, the price of Bitcoin, after halving, will easily touch $100,000. For TechDev, the outlook is at $160,000.
Setting up a recurring purchase in pre-halving Bitcoin only takes a few minutes. Go to the Piggy Bank section of the Young Platform app, choose the amount and frequency you want and start saving your cryptos by taking advantage of the bear market!
*The information in this article is for educational purposes and is not an incentive to invest. It is based on historical and objective Bitcoin market data, and the charts do not represent future predictions. The performance of any cryptocurrency portfolio is always subject to market conditions and volatility.
Bitcoin halving: here’s the history and dates to keep in mind. When did they occur, and what happened to Bitcoin issues?
There have been three halvings of Bitcoin in history so far, and the dates of each have always been closely monitored. This mechanism, internal to the system, regulates the gradual decrease in rewards given to miners who validate blocks. It reduces crypto in circulation and thus maintains scarcity, and it is one of the most anticipated moments for the entire crypto market.
In this article, we will look at the history of Bitcoin’s halving by specifying the dates on which these halvings occurred and try to understand their effect on the price. So far, during the halving market cycles, Bitcoin’s price growth has been more than exponential.
You will find a complete guide to the upcoming 2024 Bitcoin halving at the following link.
Halving of 2012
The first Bitcoin halving in history took place on 28 November 2012. This event marked a crucial turning point for the crypto world, as this mechanism was activated for the first time.
In the months that immediately followed, the price of BTC was not positively affected by the event. However, from the beginning of 2013 onwards, the value of the crypto began to rise steadily, reaching a high of over $1,100 in April. This figure, which seems derisory to this day, was impossible to predict at the time and was reached from the $8 level, thanks to a bullish movement of 12,000%.
Date: 28/11/2012
Block number: 210,000
Rewards per block: 25 BTC
Price: $12
Price one year later: $964
Halving of 2016
The second halving in Bitcoin’s history took place on 9 July 2016. Because of BTC’s incredible performance in the months following the first halving, many expected the price to rise, which indeed came in May of that year. A few days before, the rewards for miners halved. However, the value plummeted from $750 to $450. In the following months, digital gold literally exploded to the upside, its value orbiting around the $20,000 mark a year and a half later.
Date: 09/07/2016
Block number: 420,000
Rewards per block: 12.5 BTC
Price: $663
Price one year later: $2550
The halving of 2020
The pandemic’s start strongly influenced Bitcoin’s price action at the third halving in history (May 2020). After the disastrous performance in 2018, Bitcoin’s price returned strongly in early 2019. However, the arrival of Covid-19 also strongly influenced digital gold, which lost more than 60% of its value from January to April.
After touching the low point on 20 April 2020, it resumed strongly, using the following month’s halving as a ‘launching pad’. The bullish market cycle of the third halving in history culminated in the current ATH at $69,000.
Date: 11/05/2020
Block number: 630,000
Rewards per block: 6.25 BTC
Price: $8,740
Price one year later: $58,000
Want to prepare for the next halving coming? Consider accumulating some Satoshi through recurring buying. That way, you won’t suffer too much from market volatility.
Now that the halving of 2024 is behind us, one might wonder whether this event will make history in the crypto sector as it has in the past. It has to be said that Bitcoin and the entire cryptocurrency sector are very different from when its predecessors took place. By now, BTC has become a recognised asset even by institutional investors, especially after the approval of spot ETFs issued by large US funds.
Therefore, it can be useful to compare it with other assets to try and predict how it will behave. For instance, there are those who see BTC as the digital store of value par excellence and, therefore, believe that its price can grow tremendously. Today, the market capitalisation of gold (the most important physical store of value) is twelve times larger than that of BTC.
Some instead think that crypto will become the native currency of the Internet. According to the scenario, there is still a lot of room for expansion of this market; the adoption of Bitcoin is still very limited compared to that of the network.
In short, from a historical perspective, the halving of Bitcoin has always positively influenced prices. Of course, one cannot say that the bullish phases of the past were caused solely by these events, but they certainly contributed to a positive narrative.
