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New Smart Trades strategies with Crypto-USDC pair and free USDT to USDC conversion

crypto-usdc pair

Young Platform updates the Smart Trades functionality to ensure a trading environment that is compliant with MiCA regulations. 

The company has decided to modify the pairs in the Smart Trades functionality, migrating from the crypto-USDT pair to the crypto-USDC pair.

With this update, we aim to inform our users about the strategic decisions taken by Young Platform following the entry into force of European Regulation No. 2023/1114 of 31 May 2023 concerning Markets in Crypto-assets (MiCA), effective from 30 June 2024.

These decisions reflect the need to comply with the Italian government’s recent approval of the Legislative Decree of 25 June 2024. This decree aims to align the national regulatory framework with the provisions of the MiCA Regulation and ensure coordination with existing regulations in Italy, particularly the Consolidated Banking Act (TUB) and the Consolidated Finance Act (TUF).

8 July 2024: new Smart Trades strategies with Crypto-USDC pair

Starting on 8 July 2024, Young Platform will implement a significant change in the Smart Trades strategies offered to users, utilising the crypto-USDC pair. Therefore, from 8 July to 15 July, adding new funds to strategies already active or created during this timeframe will not be possible.

This strategic decision is to comply with the MiCA Regulation, which promotes security and transparency in the cryptocurrency sector.

USDC’s adoption as the reference stablecoin in the new Smart Trades strategies is motivated by its growing adoption and complete adherence to the regulatory requirements of the MiCA Regulation. USDC is widely recognised for its stability and regulatory compliance, making it an ideal choice for users seeking safety and reliability in their trading operations.

Young Platform has always placed great emphasis on compliance and protecting the interests of its users. This new implementation represents a further step forward in ensuring a secure, transparent, and compliant trading environment. Our platform continues to evolve to meet the needs of a constantly changing market, offering innovative and regulatory-compliant solutions.

15 July 2024: conversion of USDT to USDC in active Smart Trades

Starting from 15 July 2024, Young Platform will convert all USDT to USDC in Smart Trades strategies activated before 8 July 2024 for free. The user will not incur any fees for this conversion. 

This initiative is part of our ongoing commitment to ensuring compliance with regulations and providing an efficient and advantageous service for users. The free conversion eliminates additional costs for the user, facilitating the transition to a compliant and consolidated stablecoin like USDC.

USDT, PAX Gold, and DAI will not be delisted

Young Platform does not plan to delist USDT, PAX Gold, and DAI until further notice. We are actively collaborating with the foundations of these stablecoins to support their compliance with the MiCA Regulation. By the end of July, we will provide updates on the availability of these currencies on our platform.

Moreover, we will closely monitor any regulatory updates or communications from the stablecoin issuers and promptly inform users of relevant news.

Conclusion

Young Platform remains firmly committed to ensuring a safe, compliant, and advantageous trading environment for all users. The new Smart Trades strategies with the crypto-USDC pair and the free conversion of USDT to USDC are concrete steps towards regulatory compliance and protecting users’ interests. We thank everyone for their understanding and cooperation during this transition phase.

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Communication to Young Platform Users Regarding MiCA Regulation

usdc compliant micar

Communication to Young Platform Users Regarding MiCA Regulation and USD Coin

Following our communication on June 29, we want to update you on the compliance of stablecoins on Young Platform concerning the MiCA Regulation.

USDC Stablecoin Compliance

We are pleased to inform you that the USDC stablecoin is now fully compliant with the MiCA Regulation. The USDC and EURC White Papers, available here, provide further details.

As of 1 July 2024, USDC will be issued as an EMT (Electronic Money Token) under Article 3 of the MiCA Regulation. USDC will remain available on the Young Platform without interruptions or modifications.

Official Website: Take a look at the Circle and USDC websites.

For information and support, visit the Circle website or open a ticket.

For all information requests and subpoenas from law enforcement, send an email to [email protected].

Updates on Other Stablecoins

Regarding the other token (USDT, PAX Gold, and DAI), we await official communications from their respective issuers about their compliance with MiCA. In the meantime, Young Platform has taken the following measures to ensure compliance with the new European regulation:

  • Continuous monitoring of official communications from the issuers.
  • Timely updates to users regarding any news on the compliance of the stablecoins.

We will keep you informed with a new communication shortly about the next steps regarding these stablecoins.

Thank you for your attention, and please stay tuned for further updates.

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Communication to Young Platform Users regarding MiCA Regulation

We are approaching a pivotal stage in the world of cryptocurrencies: the entry into force of European Regulation No. 2023/1114 of 31 May 2023 concerning Crypto-Asset Markets (MiCA). In particular, the first block of the relevant European legislation will come into force on 30 June, which will significantly impact stablecoins and the broader digital asset market across the European Economic Area (EEA). Specifically, under the MiCA Regulation, authorised stablecoins must meet stricter reserve requirements, governance, and transparency requirements. Furthermore, on 25 June 2024, the Italian government approved the Legislative Decree to align the national regulatory framework with the MiCA Regulation, aiming to ensure coordination with existing sector provisions in Italy (particularly with the TUB and TUF).

What changes for Users?

With the entry into force of the MiCA Regulation, Young Platform is working to ensure that all cryptocurrencies offered on our platform comply with the MiCA Regulation, implementing a series of measures to protect Users and create an even safer and regulated environment.

  • Stablecoin: The MiCA Regulation introduces new rules for Stablecoins, which must meet specific requirements to be offered to the public. For reasons better explained below, Young Platform is already working to comply with this new regulation. Still, no changes are planned to the offering of Stablecoins on our platform. We will continue monitoring regulatory developments and guidance from competent authorities and promptly inform Users of any updates.
  • Greater transparency (Articles 27, 29, and 40 MiCA): We will provide more detailed information on the cryptocurrencies offered, including associated risks and specific characteristics of each token. In particular, we will focus on Asset Reference Tokens (ART) and Electronic Money Tokens (EMT), for which MiCA establishes specific requirements (Articles 16 and 48 MiCA):
    • a) ART Tokens: According to Article 3(6) of MiCA, these are “a type of crypto-asset that is not an electronic money token and aims to maintain a stable value by referencing another value or right or a combination of the two, including one or more official currencies.” The MiCA Regulation requires platforms like Young Platform to obtain written consent from the issuer of the ART token before offering it to the public (Article 16 MiCA) and to comply with specific transparency and communication obligations (Articles 27, 29, and 40 MiCA).
    • b) EMT Tokens: According to Article 3(7) of MiCA, these are “a type of crypto-asset that aims to maintain a stable value by reference to the value of an official currency.” The MiCA Regulation establishes stricter requirements for EMT token issuers, which must be authorised as credit institutions or electronic money institutions (Article 48 MiCA) and must also publish a White Paper containing detailed project information (Article 51 MiCA). Platforms offering EMT tokens must also comply with specific rules on communication and marketing (Article 53 MiCA).
  • Clear communications (Articles 29 and 53 MiCA): Our communications will be even more transparent and informative, in line with MiCA requirements on marketing and advertising. We will provide all the necessary information to make informed decisions. In particular, regarding EMT tokens, our marketing communications will comply with MiCA’s specific provisions for this type of token.
  • Dedicated support: Our Customer Support Team is available to answer any questions or concerns you may have regarding MiCA and its implications.

What changes for Spot Trading services, purchasing Stablecoins with Fiat Currency, and Smart Trades?

Although the MiCA Regulation has introduced specific requirements, particularly for Asset-Referenced Tokens (ART) and Electronic Money Tokens (EMT), it does not provide a definitive and exhaustive list of which cryptocurrencies fall into these two categories.

This means that issuers themselves have not openly declared with certainty whether their Tokens should be considered EMT or not. Consequently, Young Platform is in the position of having to independently interpret the regulation and is awaiting definitive clarification from the relevant authorities.

To date, Young is doing its best to contact all Token issuers that may fall into the aforementioned categories, asking them whether they are working to comply with the new obligations for ART and EMT issuers. Due to the absence, as mentioned, of a precise classification of these types of Tokens and considering the various possible interpretations of the regulation, Young Platform has not made any changes to its Spot Trading service for Users or, for the same reasons, to the service of purchasing Stablecoins with Fiat Currency or the Smart Trades service. It should be noted that in the first week of July, we will send Users a new update regarding the classification of EMTs and ARTs, to provide the latest data on issuers who have decided to regularise their Tokens and to specify how these issuers intend to operate. Furthermore, the same communication will further clarify how Young Platform intends to manage Tokens not authorised under the MiCA Regulation.

Certainly, the Company will continue to monitor regulatory developments and guidance from competent authorities constantly, and we will promptly inform Users of any updates and/or changes to the service.

Finally, we invite you to consult the official MiCA summary prepared by public authorities, available at this link.

If you have any questions or doubts, please do not hesitate to contact our customer service. We are here to help you navigate this new regulatory landscape and make the most of the opportunities offered by the MiCA Regulation.

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The 9 most expensive ultra rare pokémon cards in the world

Ultra rare pokémon cards: ranking and prices

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 Pokémon depicted. 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?

Discover the world of digital assets

The ranking of the 9 most ultra-rare Pokémon cards in the world

9. Kangaskhan family event trophy

This card, released in 1998, celebrates family teamwork 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 Japanese Players 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!

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Keep track of your wallet’s performance with Young Platform’s new Profit and Loss feature

profit and loss young platform

The update of the P&L (Profit and Loss) feature on Young Platform is designed to provide you with a clear and detailed view of your cryptocurrency portfolio’s performance. This article will explain all the features that make the P&L function an essential tool for monitoring and analysing your profits and losses.

What is the Profit and Loss feature?

The P&L feature is the barometer of your cryptocurrency portfolio. It intuitively displays the wallet’s overall performance, from realised gains to potential ones. This helps you make more informed decisions, setting orders based on data presented in simple pie charts, saving you time.

Profit and Loss is located within the Analytics section. Thanks to a convenient menu, you can quickly view data and charts by clicking icons. Let’s examine all the new sections.

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Profit and Loss

Total yield is the core of the Profit and Loss feature. It shows you the total sum of your profits and losses in percentage and monetary terms (€). This function considers all value changes in your crypto, thus both realised and unrealised gains and losses.

By “unrealised”, we mean the counter value of the cryptocurrencies you own but have not yet converted into euros. Only when you sell them does that profit or loss become “realised”. The values shown here are net of fees.

If you have only deposited fiat without placing orders, the values reported here will be zero. However, if you have deposited crypto, profits or losses will be recorded as the price fluctuates.

The breakdown by categories, in the section immediately below, shows how your capital is distributed among different strategies: Spot, Moneyboxes, and Smart Trades. In this case, it is the total latent profit of your cryptos. At a glance, you know which strategy is yielding the best results.

profit and loss

Volume Analysis

Monitor your portfolio’s volumes by following deposits, withdrawals, and purchase, sale, and exchange orders. For complete control over your operations, you can select the month and transaction category you wish to view in the chart.

volumes analysis young platform

Crypto Allocation

The cryptocurrency distribution chart shows the percentage breakdown of your portfolio among the different cryptocurrencies held. Each chart segment represents a specific cryptocurrency, highlighting its proportion relative to the total portfolio. This lets you quickly see which cryptocurrencies make up the most significant part of your overall portfolio and evaluate whether to add or shift capital based on those generating a gain or a loss.

crypto allocation app young platform

Transactions

Summarises the total transaction volumes. This summary is useful for evaluating a potential upgrade to a higher identity verification level or enrolling in a Club that offers fee discounts tailored to our needs.

Balance Distribution

The balance distribution chart, across different strategies, shows how your portfolio’s capital is allocated among various strategies. Each chart segment represents a specific strategy, highlighting its proportion relative to the total balance. This lets you quickly see which strategies constitute the most significant part of your portfolio, facilitating the analysis and management of diversification, risk, and returns associated with each strategy.

balance distribution

Portfolio Diversification

The chart shows the division of your capital among euros, cryptocurrencies, and stablecoins. Each chart segment represents one of these categories, highlighting their proportion relative to the total portfolio. Cryptocurrencies are subject to volatility and can vary significantly in value, while stablecoins tend to have a stable value as they are pegged to a fiat currency or a physical asset like gold.

young platform wallet diversification

Definitions and Examples

Focusing on some key terms is necessary to better understand actual profits and losses or whether the decisions made have proved successful generally.

Unrealised Gain

Unrealised gain (or loss) indicates the growth or decline in the value of the cryptocurrencies in the portfolio, calculated on the difference between the purchase or deposit price and their current value. If sold or converted, such gain (or loss) becomes “realised” net of fees.

Example:

  • You buy 0.5 BTC at 15,000 EUR (30,000 EUR per 1 BTC).
  • The current value of 0.5 BTC is 17,500 EUR (35,000 EUR per 1 BTC).
  • Unrealised gain: 17,500 EUR – 15,000 EUR = 2,500 EUR.

Realised Gain

The total gain or loss generated by the portfolio through sales or conversion transactions is calculated based on the purchase and sale prices of the cryptocurrencies at the time of the operations. Transaction fees are included in the calculation as a loss.

Example:

  • You buy 0.5 BTC at 15,000 EUR (30,000 EUR per 1 BTC).
  • You sell 0.5 BTC at 17,500 EUR (35,000 EUR per 1 BTC).
  • Realised gain: 17,500 EUR – 15,000 EUR = 2,500 EUR.

Purchase Price

The purchase price represents the actual cost of buying a cryptocurrency, including only those bought through Young Platform and not those deposited or withdrawn from/to external wallets.

Example:

  • You buy 0.4 BTC at 12,000 EUR (30,000 EUR per 1 BTC).
  • You have already deposited 0.3 BTC in your wallet at 9,600 EUR (32,000 EUR per 1 BTC) (this is not included in the purchase price calculation).
  • Purchase price considered only for BTC purchased on Young Platform = 30,000 EUR per 1 BTC.

Average Price

A LIFO (Last In, First Out) methodology calculates the average purchase price. It is assumed that the units sold or withdrawn are the last ones bought or deposited, with variations in the average price of the assets with each transaction.

Example:

Case 1: only purchases

  • You buy 0.3 BTC at 9,000 EUR (30,000 EUR per 1 BTC).
  • You buy 0.2 BTC at 7,000 EUR (35,000 EUR per 1 BTC).
  • Initial average price = (9,000 EUR + 7,000 EUR) ÷ 0.5 BTC = 32,000 EUR per 1 BTC.

Case 2: sale (LIFO method calculation)

  • You sell 0.3 BTC.
  • BTC sold at 35,000 EUR per 1 BTC (0.2 BTC = 7,000 EUR) and part at 30,000 EUR per BTC (0.1 BTC = 3,000 EUR).
  • The remaining average price after the sale = (9,000 EUR – 3,000 EUR) / 0.2 BTC = 30,000 EUR per BTC.

Case 3: new purchases

  • You buy 0.4 BTC at 16,000 EUR (40,000 EUR per BTC).
  • Updated average price = (6,000 EUR + 16,000 EUR) / 0.6 BTC = 36,667 EUR per BTC.

Case 4: subsequent sale

  • You sell 0.3 BTC.
  • BTC sold at 40,000 EUR per BTC (0.3 BTC = 12,000 EUR).
  • Remaining average price = (6,000 EUR + 4,000 EUR) / 0.3 BTC = 33,333 EUR per BTC.

Case 5: deposits and withdrawals

  • You deposit 0.3 BTC at 9,600 EUR (32,000 EUR per BTC).
  • Updated average price = (6,000 EUR + 9,600 EUR) / 0.6 BTC = 26,000 EUR per BTC.
  • You withdraw 0.3 BTC.
  • BTC withdrawn at 32,000 EUR per BTC (0.3 BTC = 9,600 EUR).
  • The remaining average price = (6,000 EUR) / 0.3 BTC = 20,000 EUR per BTC.

Conclusion

With the update of the Profit and Loss feature on Young Platform, monitoring and analysing the performance of your cryptocurrencies is simpler and more accessible. The interactive charts allow you to keep a clear and intuitive view of your gains and losses. Whether you are a beginner or an expert in the crypto world, this new feature will help you better manage your portfolio and make more informed decisions.

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zkSync (ZK): you can purchase it on Young Platform Pro starting today!

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.

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ECB Rates: Impact of the Cut on Markets and the Economy

ecb rates

The ECB Cuts Rates for the First Time Since 2019

The European Central Bank (ECB) announced a rate cut on Thursday, 6 June, lowering the deposit rate from 4% to 3.75%, the benchmark rate from 4.50% to 4.25%, and the marginal lending rate from 4.75% to 4.50%. This hasn’t happened since 2019.

This decision was made despite inflation forecasts being revised upwards, indicating a slow and irregular path for rate reductions.

Future Interest Rate Decisions

Christine Lagarde, President of the ECB, emphasized that future rate decisions will be made “meeting by meeting” and warned of a bumpy path ahead. She added: “Today’s rate cut reflects the confidence we have in the growth path, but to continue this process, we must wait for analyses to confirm that we are in economic recovery.”

Despite the rate cut, the ECB provided no precise guidance on future moves, stressing that inflationary pressures remain high. Updated forecasts show average inflation of 2.5% for 2024, 2.2% for 2025, and 1.9% for 2026.

Impact on the Labour Market and Economy

The ECB revised its growth forecasts for 2024 upwards, now estimated at 0.9% compared to the 0.6% predicted in March. However, prospects for 2025 were slightly reduced to 1.4%, while those for 2026 remain unchanged at 1.6%. This scenario indicates moderate economic growth in the coming years, with inflation likely to stay above the 2% target until 2025.

Lagarde indicated that wage growth, although still high, is expected to slow down during the year, helping to reduce inflationary pressures. However, rate cuts are likely to slow, with inflation remaining above the ECB’s target for most of 2025. This implies that the ECB will closely monitor various economic indicators to determine future monetary policy.

Consequences of the ECB Rate Cut

The ECB’s rate cut will have several consequences:

  • Reduction in credit costs: Households and businesses will benefit from lower interest rates on loans, thus promoting access to credit and stimulating consumption and investment.
  • Impact on savers: Lower interest rates may penalise savers, reducing returns on bank deposits and government bonds.
  • Stimulus to economic growth: Lower borrowing costs should encourage spending and investment, supporting economic growth. However, the effectiveness of this measure will also depend on global economic conditions and domestic demand.
  • Inflation and wages: The rate cut could influence inflation and wage dynamics. Although Lagarde has signalled that wage growth will slow, inflation may remain high in the short term, further complicating the ECB’s future decisions.

Market Reactions

Financial markets had anticipated the rate cut, pricing in a 25 basis point downward move. Following the rate cut announcement, eurozone government bond yields rose significantly. In particular, the 10-year German bond yield increased by nearly 8 basis points to 2.573%, while the 2-year bond yield rose by just under 6 basis points to 3.033%. Yields on Italian and Spanish 10-year government bonds also rose by 9 and 7 basis points, respectively, to 3.893% and 3.299%.

International Comparison

Despite starting to raise rates later than other central banks, the ECB is now leading with the June cut. The US Federal Reserve, for instance, is still grappling with higher inflation. Other countries like Canada, Sweden, and Switzerland have already started to reduce interest rates in the current cycle.

The ECB has clarified that future moves will depend on economic data and that there is no predetermined path for further rate cuts. With inflation still above target and moderate economic growth, the future of European monetary policy remains uncertain, requiring constant attention and careful assessment of all variables at play.

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FED: Interest Rate Predictions for the June 2024 Meeting

FED

What is the FED’s stance on cutting interest rates? Here are analysts’ predictions.

The Federal Reserve (FED) is the central bank of the United States and plays a crucial role in the global financial system. Economists, analysts, and investors worldwide closely monitor every decision it makes, especially regarding interest rates.

But what can we expect from the upcoming FED meeting scheduled for 11-12 June 2024? Analysts predict that the FED will keep interest rates unchanged, but some signals could anticipate future cuts by the end of the year.

What is the FED, and why is it important?

The Federal Reserve, or FED, is the institution that serves as the central bank of the United States. Its role is to stabilise the economy through the management of money and interest rates. Its main functions are controlling inflation, regulating the banking system, and promoting economic stability. The interest rates set by the FED influence the cost of money, i.e., how much it costs to borrow or how much you earn by saving.

The current interest rate situation

FED interest rates have been steady between 5.25% and 5.5% since July 2023. After a year of stability, the FED decided not to increase rates further despite mixed signals on inflation. According to FED Governor Christopher Waller, some inflation reports in the early months of 2024 temporarily cooled expectations of a rate cut. Still, recent consumer price index (CPI) data suggest that inflation is not accelerating.

Analysts’ predictions for the FED June meeting

According to the CME’s FedWatch Tool, the probability of a rate cut at the June meeting is just 0.1%. The forecasting site Kalshi also indicates a 99% probability that rates will remain unchanged. However, analysts predict the FED might signal potential rate cuts later in 2024. During the meeting, the “Summary of Economic Projections” will be updated, where monetary policymakers will outline their forecasts for the end of the year.

Impacts on everyday life

The FED’s decisions on interest rates have a direct impact on people’s daily lives. Higher interest rates mean more expensive loans for homes, cars, and businesses and higher returns for savers. Conversely, lower rates make loans cheaper but reduce earnings on savings. For example, 30-year mortgage rates reached an annual high of 7.79% in 2023, then fell to 7.03% by the end of May 2024.

When might a rate cut occur?

According to bond markets, the first rate cut could happen in September 2024, with a 50% probability. A second cut might follow in December. However, these predictions are subject to rapid changes in response to economic data. For example, there is still a 15% probability that there will be no cuts in 2024.

The June FED meeting is highly anticipated, but it is unlikely to bring immediate changes in interest rates. All eyes are on the updated economic projections and the statements from FED Chairman Jerome Powell. The possibility of rate cuts during 2024 will depend on the strength of the labour market and progress in controlling inflation.

The FED’s decisions will continue to have a significant impact on the global economy and the daily lives of millions of people. Monitoring these decisions helps us better understand economic dynamics and make more informed financial decisions.

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The Richest Countries in the World: The 2024 Ranking

The Richest Countries in the World: Updated Ranking

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.

Discover Bitcoin!

1. Luxembourg ($140,000)

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!

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8. Iceland ($80,000)

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.

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Spot ETF on Ethereum: trading has begun

Ethereum: Spot ETFs Approved!

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. 

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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’s credibility. 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.

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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 ETFs will record inflows 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.