Tag: Update

You can now buy Flare (FLR) on Young Platform. If you were eligible for its airdrop, check your wallet!

You can now buy, sell and store FLRs on Young Platform! The good news, however, does not end there. 

An airdrop is also coming/coming for users who held Ripple (XRP) in December 2020. Here’s what Flare (FLR) is, everything you need to know about the free distribution of this token and how it fits in the context of the benefits provided to our Club members.

Flare: all you need to know

Flare is a Layer 1 Proof-of-Stake blockchain that aims at interoperability, a key component for projects that intend to communicate with decentralised applications (dapp) and protocols built on other blockchains. 

Its primary use case has to do with this very feature. As stated in its whitepaper, published in August 2020, the mission was to enable the development of smart contracts on networks that needed to be prepared to receive them.

Flare’s blockchain, which before the release of the second version was called Spark, has always been closely linked to Ripple and, in particular, to the XRP Ledger, as evidenced by the airdrop dedicated to cryptocurrency holders of the same name.

How to use FLR on Young Platform

Here are all the features available for Flare(FLR) on Young Platform and Young Platform Pro:

• Buying and selling with EUR
• Recurring purchase
• Creating a Single Currency or Customised Money Box

FLR’s airdrop: who gets it?

Young will distribute the Flare token (FLR) to all users who own Ripple (XRP) in their wallet on 12 December 2020, 00:00 UTC. The number of Spark tokens that each user will receive depends on the amount of XRP held and will be calculated according to the following formula:

User A = Amount of XRP held by User A at the time of airdrop / Total XRP held by Young at the time of airdrop * Total FLR received by Young for the Airdrop.

Finally, Club members will be pleased to learn that the ‘airdrop reward’ advantage applies to this free distribution of tokens. This means that these users will receive progressively more tokens depending on which Club they belong to:

• Club Bronze +10%;
• Club Silver +15%;
• Club Gold +20%;
• Club Platinum +25%.

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For the fourth consecutive meeting, the Federal Reserve keeps interest rates unchanged. Powell is sceptical about March cuts.

In a move anticipated by the market, during the FED’s meeting on January 30-31, 2024, it was decided to maintain the federal funds rate between 5.25% and 5.5%. This decision marks a continuation of the stance adopted since July 2023, reflecting the committee’s strategy in the face of good but not solidified economic indicators. “We don’t have a growth mandate. We have a mandate of maximum employment and a price stability mandate,” commented Federal Reserve Chairman Jerome Powell following the meeting.

Since the strong inflationary wave in 2022, which reached its highest peak in forty years, the Federal Open Market Committee (FOMC) has undertaken a strict policy to rebalance the economy. This led to a series of interest rate hikes aimed at containing inflation, starting in March 2022. Indeed, since then, it has shown signs of slowing down. However, such high interest levels had not been recorded for over two decades, increasing market pressure for the Fed to intervene with a cut in the coming months.

During the January 2024 FED meeting, the Committee emphasised its intention to maintain a high vigilance. Balancing economic factors remains a delicate and non-guaranteed task: reducing interest rates could jeopardise the downward trend of inflation. On the other hand, the U.S. economy risks falling into a recession. “Inflation is still too high, ongoing progress in reducing it is not guaranteed, and the path forward is uncertain,” said Jerome Powell in his post-meeting press conference.

Despite such statements, traders continue to bet on a rate cut that would bring them between 3.75% and 4% by the end of the year. This would mean that the FED should start consistently cutting rates with increments of a quarter of a percentage point at each meeting starting in May. For those still anticipating a cut in March, Powell emphasised, “I don’t think it’s likely that the Committee will reach a level of confidence by the March meeting.”

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As the ECB meeting in January 2024 approached, speculation in the financial markets was rife. However, the decisions made at the January 25, 2024 meeting reflected a cautious approach in a continually evolving economic landscape. In line with analysts’ expectations, the European Central Bank maintained interest rates at their current levels.

Maintaining Interest Rates

The Governing Council of the ECB, in its meeting on January 25, 2024, unanimously decided to keep the three key ECB interest rates unchanged. This decision means that the interest rates on the primary refinancing operations, the marginal lending facility, and the deposit facility remain at 4.5%, 4.75%, and 4%, respectively. This move aligns with the ECB’s commitment to ensuring medium-term inflation aligns with its 2% target.

Statements from Christine Lagarde

Christine Lagarde, President of the European Central Bank, commented, “The Eurozone economy likely stagnated in the last quarter of 2023 and was weak in the first quarter of 2024. However, some indicators point to a recovery later in the year. Inflation, which fell to 2.9% in December, is expected to continue to decline in 2024.” She emphasised that discussing interest rate cuts is still premature, as the ECB must progress further in the disinflation process before being sure that inflation will reach its 2% target.

At the World Economic Forum in Davos, Lagarde highlighted the factors the ECB is monitoring that will influence future interest rate decisions. Notably, she mentioned a shift from the ‘normality’ pre-2023, suggesting that the normalisation observed in 2023 is leading towards a “non-normal” period, where we will witness a change in the drivers of the global economy and new growth modalities.

The Role of Consumption

Until now, consumption has acted as a vital growth engine, driven by favourable conditions that are waning. This gradual depletion of positive factors implies a transformation in the economy’s driving force.

Drastic Reduction in Savings

We have witnessed a significant reduction in excess savings in advanced economies, dropping from an average of 10% to figures close to zero. This decrease, along with a less tense labour market, suggests a decline in consumption power as an economic driving force.

Global Trade and Growth Prospects

Global trade is another element showing signs of normalisation and significantly impacting the Council’s decisions. Europe struggles to keep pace with the significant powers, burdened by the geopolitical situation. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, emphasised that thanks to the resilience of international trade, Europe has been able to overcome the cut in energy imports from Russia following the invasion of Ukraine.

Governing Council’s Outlook

In the ECB meeting in January 2024, the Governing Council highlighted that new information essentially confirms their previous assessment of medium-term inflation prospects. Despite a base effect causing an increase in overall energy-related inflation, the downward trend in underlying inflation continues.

Monetary Policy: What’s Next?

The Governing Council remains committed to bringing inflation back to the 2% target on time. Based on its current assessment, the Council believes that the ECB reference rates, if maintained sufficiently long, will significantly contribute to achieving this objective.

Asset Purchase Program (APP) and PEPP

During the ECB meeting in January 2024, the Council noted that the APP portfolio is reducing at a measured and predictable pace. Regarding the PEPP (pandemic emergency purchase program), the Council plans to reinvest the capital repaid on maturing securities in the first half of 2024, reducing the PEPP portfolio by an average of €7.5 billion per month in the second half of the year, and ending reinvestments by the end of 2024.

Analysts’ Reactions

Analysts like Morgane Delle Donne, Head of Investment Strategy Europe at Global X, noted that markets anticipate a more dovish turn by the ECB within the year. Martina Daga, Macro Economist at AcomeA SGR, pointed out that the ECB’s acknowledgement of positive progress in inflation and the labour market shows a softer stance. Nicolas Forest, CIO at Candriam, highlighted the ECB’s data-dependent approach, not expecting policy easing before June. David Chappell, Senior Fixed Income Portfolio Manager at Columbia Threadneedle Investments, noted that Lagarde hinted at the possibility of a rate adjustment starting in June.

Growth Estimates

The ECB revised downward its inflation and growth estimates for the Eurozone for the first quarter of 2024. This emerged from the Survey of Professional Forecasters (SPF), involving 59 economists and financial analysts, conducted between January 5 and January 10.

Inflation is expected to decrease to 2.4% in 2024 and stabilise at 2% in 2025 and 2026. Real GDP growth expectations for 2024 and 2025 have also been revised downward, with a slowdown projected at 0.6% this year and a recovery to 1.3% next year.

Conclusion

The ECB meeting in January 2024 concludes with a cautious yet vigilant approach to monetary policy, reflecting the central bank’s commitment to price stability and economic growth amid revised forecasts and changing global conditions. The decision to keep interest rates unchanged, along with the downward revisions in inflation and growth estimates, indicates careful navigation in a complex economic environment.

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Despite earlier announcements by the team at the launch of the blockchain, Base’s airdrop might be just around the corner. Base, the Layer 2 developed by Coinbase, the world’s largest cryptocurrency exchange, might reward its network users in the coming months.

A few months ago, the same team said they would not launch a token. However, the situation appears reversed, given the recent shift in the relationship between the exchange and U.S. regulatory bodies. Learn about the potential Base airdrop, Ethereum’s Layer 2, developed by Coinbase.

What is Base, Coinbase’s Blockchain?

Base is an Ethereum Layer 2 developed by the world’s leading crypto company, Coinbase. Available in over 100 countries for several years, the exchange offers a wide range of products to an equally broad customer base (about 7.3 million) and manages approximately $130 billion in assets on its platform.

This network is built using Optimism’s development stack, which is similar to the current second most famous Ethereum scalability solution. It utilises optimistic roll-up technology to allow users to process transactions quickly and cheaply and is compatible with the Ethereum Virtual Machine (EVM).

How to Qualify for Base’s Airdrop?

Neither the Base team nor Coinbase has confirmed the arrival of the Layer 2 token, so the existence of a future Base airdrop is not particular. Contrarily, they specified the opposite in the months before the mainnet launch. However, after statements by Paul Grewal, Chief Legal Officer (CLO) of Coinbase, many are more optimistic and believe that this free token distribution is imminent.

It’s important to note that it’s usually too late to qualify when a protocol announces an airdrop. Therefore, starting early is almost always mandatory, even if its arrival isn’t sure.

Since we don’t know if Base’s airdrop will occur, the requirements to receive it remain a mystery until the possible announcement of the free distribution. However, we can speculate based on past airdrops, which almost always rewarded frequent interactions with a particular protocol and the volume of crypto traded.

Practical Guide to Base’s Airdrop

Assuming Base’s airdrop is on the horizon, let’s explore the most likely steps to qualify.

1. Access to a Decentralized Crypto Wallet and Network Integration

To receive Base’s airdrop, you must act on-chain directly on Ethereum’s Layer 2. First, you need a decentralised wallet and add Coinbase’s blockchain. Several wallets support it, notably Metamask and Coinbase Wallet, the decentralised wallet developed by the exchange.

To add the Base blockchain to your Metamask, consult the official documentation of Layer 2 and enter the necessary data. For convenience, here are the details below, but be aware that the RPC address might change over time, so always check Base’s official website.

– Name: Base Mainnet

– Description: The public mainnet for Base

– RPC Endpoint: https://mainnet.base.org

– Chain ID: 8453

– Currency Symbol: ETH

– Block Explorer: https://basescan.org

2. Purchase Ethereum on Young Platform and Withdraw

Base, as mentioned, is an Ethereum scalability solution, so if you want to qualify for the airdrop, you need to own some Ether. This will enable you to use the dapps and process the necessary transactions to qualify for the distribution. You can use Young Platform by clicking this button if you don’t own any.

To transfer your ETH from your Young Platform account to your decentralised wallet, follow this guide. Remember, it’s essential to withdraw the ETH you want to use through the Ethereum network.

3. Reach Base through an Official Bridge

The best way to reach Base is through the official bridge. Using it could be one of the essential requirements to qualify for free token distribution. To transfer your Ethereum (ETH) to Base, simply connect your wallet, select the amount you want to send, confirm, and approve the transaction.

4. Utilise dapps on the Blockchain

Once your ETH has reached its destination, you should start interacting with the decentralised applications (dapps) on Layer 2 to qualify for the potential Base airdrop. Decide how to proceed based on the amount of ETH you intend to use (necessary to cover the gas fees, which are relatively low due to the high scalability of this network).

The most popular strategy for “airdrop hunting” involves making swaps between tokens available on the blockchain, using native decentralised exchanges (DEX) if possible – specifically created for that network. The most famous on Base are Aerodrome and BaseSwap, but you can check Defillama’s dedicated page to discover all the most used dapps on the network.

If you’re feeling adventurous, you can explore more advanced protocols like yield farming. Lastly, you could use one of the most popular platforms exclusively on Base, such as Friend Tech, the most famous example of socialFi.

4. Regular Use of the Blockchain

Finally, the frequency of your interaction with this network might be necessary for receiving the Base airdrop if it happens. Past free token distributions have rewarded users who regularly interacted with the network.

Therefore, it’s advisable to repeat the actions described in the previous steps over time. Another criterion the Coinbase team might consider is the variety of dapps used. To meet this requirement, connect your wallet and carry out operations on different platforms of Layer 2.

Should it be confirmed, you’ve just read the likely fundamental requirements to receive the Base airdrop.

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After the approval of Bitcoin ETFs, Bloomberg expects Ethereum ETFs to follow. How has the market reacted?

These are festive days for crypto enthusiasts, marked by much positive news. Following the approval of Bitcoin ETFs yesterday evening, many now anticipate Ethereum ETFs. This may be why its price has surged in recent hours.

What will happen in the coming days? Will the anticipated spot ETFs on Ethereum in May arrive? Find out all the latest news on this topic in this article!

Ethereum ETFs: Are They Coming Soon?

According to Eric Balchunas, one of the world’s leading ETF experts, there’s a 70% chance that Ethereum ETFs will arrive. This may be why the SEC’s announcement initially positively impacted Ethereum’s price more than BTC. The most capitalised crypto in the market had already partly priced in the event, although in the last hours, it’s recording a +9% increase compared to yesterday.

In any case, the long-term outlook for the entire market is optimistic; the bear market is officially over, and large investment funds are ready to inject significant amounts of money to offer their “brand new” financial instruments.

The first helpful deadline for Ethereum ETFs, which could grant another victory to the crypto world, is May 23rd. We will see if the SEC and its chairman, Gary Gensler, will set aside their reservations about the crypto created by Vitalik Buterin.

The Impact on Charts of ETF Approval

Those expecting a tumultuous price movement immediately after the ETF approval might be disappointed; Bitcoin’s value in the hours following the announcement remained between $44,500 and $47,000. It’s probably because the whole world expected an affirmative response from the SEC. The situation changed after trading on the ETFs began, which recorded more than 2 billion in volumes in a few minutes. Bitcoin has reached nearly $49,000 and now seems intent on reaching the crucial level of $50,000.

However, Ethereum’s rally started earlier. Probably thanks to the words of Bloomberg analyst Eric Balchunas and other commentators on the Ethereum ETFs. The crypto broke through the $2,400 support and reached $2,600 overnight.

The current scenario in which Bitcoin’s price action is placed could further improve thanks to the entry of investment funds. According to estimates by Chartered Bank, BlackRock, VanEck, and Microstrategy, from 40 to 100 billion in the next four years.

The fact that Bitcoin’s price didn’t react super explosively to the announcement could also be an opportunity for retailers, especially those with a strategy to protect themselves from volatility. Our strategy is recurring purchases involving tiny, regular purchases over time; try it in the Moneybox section of our app!

One question remains: when did the trading of ETFs officially begin? These financial instruments are available on three exchanges: The New York Stock Exchange (NYSE), NASDAQ, and the Chicago Board Options Exchange (CBOE).

Trading on the most famous, BlackRock’s iShares Bitcoin Trust listed on NASDAQ, began a few hours ago, while for the Galaxy Bitcoin ETF by Invesco, available on the CBOE, it was already possible to set purchase orders from last night. The volume counter generated by these financial instruments has gone crazy; at the time of writing, more than 2 billion dollars in spot ETFs on Bitcoin have already been traded.

These are all the latest essential news on ETFs on Ethereum and Bitcoin. Continue following our blog so you do not miss any updates.

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The approval for Bitcoin spot ETFs has finally arrived. Here’s everything you need to know. When will trading begin?

The Bitcoin spot ETFs have been approved over six months since BlackRock’s approval request, followed by those of many significant American investment funds.

A few minutes ago, the SEC announced that these financial instruments meet the guidelines. Here are all the details on the approval of the Bitcoin spot ETFs. When will trading of these financial instruments begin, and what will happen to the price of BTC?

Impacts of the approval

The approval of the Bitcoin spot ETFs, widely anticipated in recent months, has finally arrived today, January 10, 2024.

The SEC has approved the applications of ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton. The document is available on the SEC’s website.

New institutional players will now be able to offer Bitcoin to their clients, radically changing the perception of the leading cryptocurrency and the entire sector. This development opens up new possibilities based on a more robust image and a positive perception from the general public. Inevitably, the rest of the crypto industry will benefit from this change and the exposure to a new public segment, introducing alternative dynamics.

The crypto world expects the most significant influx of capital in its history. According to some estimates, between 100 and 300 billion dollars could enter the market in the next four years thanks to these financial instruments. If this happens, the impact on the price of Bitcoin will be, to say the least, explosive.

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