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 thecentral 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 expensiveloans for homes, cars, and businesses and higherreturns 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.
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.
Starting today, you can purchase a new crypto on Young Platform Pro: find out all the information about Bittensor (TAO)!
From now on, you can buy and sell Bittensor (TAO) on Young Platform! A blockchain protocol dedicated to artificial intelligence models. Deposits and withdrawals are not available for this cryptocurrency. For more information, read our Terms and Conditions.
Bittensor (TAO): what do you need to know?
Bittensor (TAO) aims to decentralize and democratize access to artificial intelligence. This protocol enables collaborative, decentralized AI models and thus aims to overcome the limitations of centralized ones. The active consensus mechanism on this network is managed by a Proof-of-Intelligence algorithm composed of nodes that evaluate each other’s contributions according to utility and quality standards.
How to use TAO on Young Platform Pro
Here are all the features available for Bittensor (TAO) on Young Platform Pro:
Buying and selling with USDT
What are you waiting for? Access the app or the web version of Young Platform to purchase this innovative cryptocurrency! Attention! Bittensor (TAO) can only be bought and sold but not withdrawn or deposited to and from Young Platform.
Comprehensive guide to 2024 tax return services, including tax report preparation, accountant advice, and third-party exchange, wallet, and blockchain integration to regularise your position from 2016.
One of the leading causes of ‘headaches’ for cryptocurrency enthusiasts is tax returns. This is not because crypto enthusiasts want to behave non-compliantly with current regulations but precisely because of their complexity, which often needs to be clarified.
Moreover, experienced users who navigate this universe in depth are used to making a large number of transactions that then become very difficult to trace and reconstruct. Using different exchanges, DeFi platforms, Metamask or collecting NFTs complicates things further.
Last year, to remedy this problem, we launched the Tax Report, which was well received by our community. The aim was to ‘simplify life’ for our users and make declaring cryptocurrencies a breeze.
However, the Italian Budget Law 2023 and the Agenzia delle Entrate have changed the game for the 2024 tax declaration. The changes introduced concern many aspects, including revising the 730, Form RW and Form RT.
Therefore, we have created a new section on our platform dedicated to the tax declaration of cryptocurrencies. The initiative is aimed at Young Platform users and anyone wishing to use a comprehensive service to declare their cryptocurrencies without spending a fortune.
Let’s discover together all the services of the new Tax & Reports functionality:
the Young Platform Tax Report updated for the 2024 declaration
The Tax Report Integrated with Okipo (exchange, wallet and third blockchain)
the Young Platform Transaction Report
Stamp duty
the consultancy service with our accountants.
Finally, we will look at the discounts provided for our Clubs!
Keep these essential aspects in mind:
All reports include data from both exchanges, Base and Pro.
The “Tax & Reports” section is available from the Young Platform web (desktop) version. It will be integrated into the app in the coming weeks.
Those who have already purchased the Tax Report during the pre-sale can now download it!
Please note: the Tax Reports (both Young Platform report and Okipo) have been created to comply with Italian tax regulations. Therefore, purchasing the Tax Report still needs to be enabled for other countries. If you are a tax resident in Italy, access Young Platform by setting the language to Italian to purchase the Tax Report. If you cannot do so, please open a support ticket.
If you only use Young Platform – either Basic or Pro – this is the service for you. By purchasing this report, you can download a handy PDF with a clear and straightforward outline of everything you own in cryptocurrencies and the data you need to complete your tax return.
In addition, to help you with the compilation, you will see a facsimile of Form RW and Form RT attached. The former must be filled in for stamp duty, and the latter if you have generated gains in 2023 that exceed EUR 2,000. If, on the other hand, you have suffered any losses, you can recover them over the next four years by entering them in Form RT.
The main advantage of this report lies in the price. Let’s see why.
First of all, the Tax Report is retroactive. If you started buying cryptocurrencies on Young Platform in 2019, your PDF includes an overview of your portfolio for tax reporting from 2019 to the present. Unlike other exchanges or services, you pay a single report to regularise your tax position from the first year you invest in cryptocurrencies.
Secondly, the price is calculated on the number of transactions made. As a result, you get a fully customised pricing plan and only pay for your actual activity level. Suffice it to say that the basic plan costs €9.99.
This policy responds to an elementary desire: to allow all our users to comply with their tax obligations and take advantage of this market with peace of mind without affecting their budget.
This integration was made for Young Platform users who use other exchanges, own NFTs, have cryptocurrencies in DeFi platforms, or simply store their crypto assets in wallets outside of Young Platform.
Due to its flexibility, it is also ideal for those who do not use Young Platform as an exchange but are looking for a cost-competitive solution. For these, simply register and access the ‘Fees and Reports’ section.
Thanks to the cooperation between our company and Okipo, we can offer a unique retroactive report and a discounted pricing plan on their price list, which costs €229 per fiscal year. Young Platform users will be entitled to discounted prices as follows.
PLEASE NOTE: To obtain this benefit, you must use the Okipo service from the Young Platform ‘Tax and Reports’ section.
For Young Platform users who are not members of a Club, the Okipo Report has a total cost of €59 (instead of €229 per fiscal year).
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).
Thanks to this collaboration, you will also have access to these benefits:
Full annual coverage*: unlike other services that require payment for each fiscal year, our price includes coverage of all transactions made since you started using cryptocurrencies.
Priority support: as a Young Platform user, you are entitled to priority customer service.
*If the number of transactions exceeds 10,000 per year, it will be necessary to request the addition of a further 10,000 transactions for each year in which the limit was exceeded.
How does it work?
Okipo allows you to integrate all wallets, exchanges and blockchains to import all transactions from 2016 to date.
Through a highly intuitive system, users can connect their crypto wallets and exchanges via CSV files, with detailed guides available to facilitate each type of connection.
At this point, Okipo imports all transactions automatically, eliminating the need for manual entries and significantly reducing the time spent on tax management. Upon completing the import, users can easily download all necessary tax documentation from 2016 to date, already compiled and ready to be submitted to the tax authorities.
If you are not a Young Platform user and need more information, you can fill out this form to be contacted by our team, who will help you find the best solution.
The Young Platform Transaction Report records every movement and order made on the platform. This document, which is always available for download in the Fees & Reports section, acts as an accurate statement of account, providing a detailed overview of activity on the exchange. It allows you to track, export and archive your entire transaction history, including deposits, withdrawals and buy, sell and exchange order details. Although it does not directly provide the data required for tax returns, the report is an excellent complementary tool for documenting your activities. It offers a clear and organised view that facilitates the reconstruction and detailed analysis of all transactions.
Italian legislation introduced several new features, one of which is the 0.2% tax, also known as ‘Stamp Duty’. This tax is linked to completing the RW Form.
Many Young Platform users have the advantage of already paying for it. The exchange automatically calculates and pays tax on what you own on the Base and Pro exchanges. Simply go to the ‘Tax and Reports’ section to check your balance. If you must pay all or part of the tax, simply deposit Euro in your account by bank transfer or card.
It is essential to download the payment receipt and attach it to your tax declaration. You can download it from the section free of charge. Please note that other exchanges have introduced this policy to simplify user tax compliance. Therefore, if you use several exchanges, check that they still need to pay the tax for you. In this case, download the payment receipt and attach it to your declaration.
Club members enjoy fixed discounts when purchasing the Young Platform Tax Report. Here is an overview of the discounts:
Club Bronze: 10%.
Club Silver: 20%.
Club Gold: 40%.
Club Platinum: 80%.
Discounts are applied in the purchase phase for the report integrated with Okipo and are visible on the partner interface. On the screen, a banner indicates the activation of the discount relative to the Club membership.
Club Bronze: €54
Club Silver: €49
Club Gold: €44
Platinum Club: €39
We want to draw attention to the fact that these discounts are only applied to the purchase of reports rather than to consulting with accountants.
Consulting with accountants experienced in cryptocurrencies
Many people may have a challenging situation or, more simply, feel more secure if an accountant familiar with crypto regulations is in charge of them. You can request an appointment through the dedicated banner. Please note that our accountants’ network has its own pricing plan, which they will inform you about according to your situation. Again, the price will be set according to your specific situation so that you pay in full for what you really need.
The first quarter of 2024 for the YNG token has been eventful. Let’s review what happened and what steps we should take next.
What Happened in the Last Quarter? What were the achievements in Q1 2024? How many tokens were issued, purchased, and sold, and what are the next steps? You can find a comprehensive overview in this report drafted in April 2024.
Young Platform Club Numbers for Q1 2024
YNG is the utility token of Young Platform and provides access to Clubs: subscription plans offering exclusive benefits to our biggest supporters.
As of now, the Clubs consist of 1,687 members divided as follows:
Bronze Club: 1,238 members
Silver Club: 199 members
Gold Club: 122 members
Platinum Club: 128 members
To join a Club, it is necessary to lock a certain amount of YNG on the Young Platform exchange. The number of members is crucial for analyzing the token distribution, especially as more people joining a Club reduces the selling pressure on YNG, leading to greater price stability.
Comparing these figures with the past, Q1 2024 has seen significant positive developments in terms of Club adoption on Young Platform. At the end of 2023, the numbers were:
Bronze Club: 1,011 members
Silver Club: 190 members
Gold Club: 121 members
Platinum Club: 115 members
Consequently, Club memberships have grown by 17%, with Platinum membership increasing by approximately 11%. This growth makes us optimistic about the future, especially with many new initiatives planned for our most loyal supporters in the coming months.
YNG Token Distribution
As of January, there were approximately 23.3 million YNG tokens in circulation. By April, this number had increased to about 23.5 million, a net increase of approximately 182,937 tokens or 0.8%.
These tokens were distributed through the Young Platform Step app in various ways:
39,379 through completing Quizzes, Challenges, and Up&Down (before the implementation of levels)
143,558 through completing Levels
The YNG token market is managed by an algorithm that defines the exchange rate based on two underlying liquidity pools, one in EUR and the other in YNG. Initially, these pools contained:
1 million Euros
4 million YNG
Considering sales and purchases of tokens in recent months, as of March 2024, the pools contained:
747,000 Euros
5.65 million YNG
This configuration results from purchases and sales made during the third quarter, summarized below along with the price trend:
YNG Issuance in 2023
What happened during the first quarter of 2024 from the perspective of tokenomics. The way the token is issued changed last year following the Step 3.0 update. Now that some historical data is available, let’s see how the introduction of XP has limited the inflation of YNG.
As evident from the graph, the latest Step update has significantly curtailed the distribution of YNG. The issuance of new tokens has decreased by 93%.
YNG Price
From a price action perspective, the first quarter of 2024 has been positive. The YNG token has reversed the downward trend that began in August 2023, surpassing the €0.14 level. In recent weeks, following a shakeup that affected the entire market, YNG experienced a slight correction and is currently at €0.125.
The last rally of the Young token was mainly driven by the growth in Club adoption, coinciding with the launch of the new Smart Trades feature. Discover how this influenced the developments in the following paragraphs.
Achievements in the First Quarter of 2024
During Q1 2024, we reached a significant number of goals and released many new features. This report is an excellent excuse to summarize the work done over the last three months. Let’s look in detail at the initiatives undertaken in 2024 to increase the appeal of our token.
Smart Trades
The milestone of this quarter was the Smart Trades trading feature. A set of trading indicators operates autonomously without human intervention, utilizing mathematical models and pre-programmed instructions.
This feature is particularly useful for reducing drawdowns in one’s portfolio during market crashes. Although we are in a bull market phase, the price of most cryptocurrencies does not only rise but is also subject to more or less violent shakes. This functionality, built to automatically detect market trend changes, can be a valuable ally in shielding from crashes or leveraging them to increase the balance of one or more cryptocurrencies.
Initially available only to members of the Young Platform Clubs, Smart Trades was later opened to all users. Moreover, the number of strategies that can be activated simultaneously is, and will always be, proportional to the Club membership level.
Smart Trades have attracted attention! This is clear if we analyze the latest price movement of the Young token (YNG) and the number of Club members. As previously mentioned, since the launch of the feature, Club memberships have grown by 17%, from 1,437 to 1,687.
Since joining the group of our biggest supporters requires owning and locking a different amount of Young tokens, the launch of the Smart Trades feature has obviously also influenced the price of YNG.
Given the market rebound, one of our main goals for the last quarter was to expand the range of tokens and cryptocurrencies available for purchase on our exchange as much as possible. In 2024, so far, the following have been listed on Young Platform:
THORChain (RUNE)
Aptos (APT)
Jupiter (JUP)
Internet Computer Protocol (ICP)
Stacks (STX)
Filecoin (FIL)
Tron (TRX)
Near (NEAR)
Sei (SEI)
Starknet (STRK)
Sui (SUI)
Dymension (DYM)
Injective (INJ)
Fetch ai (FET)
Immutable (IMX)
Flare (FLR)
To allow our users to expand their portfolios, some of these cryptocurrencies are purchasable and sellable in trade-only mode and cannot be deposited or withdrawn from our platform, as they are currently not supported by our custody provider. This temporary arrangement aims to accelerate the listing process on Young Platform and increase, consequently, our users’ satisfaction level, they will be able to withdraw and deposit the cryptocurrencies in question once our custody partner integrates them.
Over the coming months, we will continue to expand the token offering on Young Platform to allow our users to intercept, well in advance, the new market trends. If you would like to be able to purchase one or more specific cryptocurrencies on our exchange, you can suggest them through our Discord server!
Missions
Another activity that we have carried forward during the last quarter is the Missions. A feature designed to make trading on Young Platform increasingly engaging! Currently, taking action on our platform allows you to earn “gems,” which you can exchange in the shop for discounts on trading commissions.
We plan to expand the use cases of “gems” and thus offer increasingly more benefits to users who frequently use our exchange.
During the first quarter of 2024, we also updated our commission model, pursuing the goal of making Young Platform more competitive in the market and more attractive to traders and investors. To design the new fee model, we also listened to your opinion, through a survey extended to the entire Community.
In this sense, the main goal remains the one announced in the previous report: to start trading on decentralized exchanges (DEX)by the end of the first half of 2024. The operational plan for this activity is almost ready and will be presented to the company’s management in the coming weeks, to start work between the end of this quarter and the beginning of the next. The mission, in this sense, is to allow our users to explore the on-chain world without having to leave our ecosystem.
This vision is part of a broader evolutionary model that we have been pursuing since the very first day of our story: to guide the user by hand on the journey to discovering this incredible sector. From the very first approach with Young Platform Step and our educational content, through the purchase or sale of digital assets, to the exploration of the on-chain, and therefore decentralized, world.
In this sense, we are preparing a Live dedicated to our biggest supporters, the members of Club Platinum, to collect feedback and suggestions. If you are part of this group but are not yet in the dedicated Discord channel, join and check your emails, you should have received a form!
Young Platform Pro
In recent months, however, we have not neglected Young Platform Pro, our platform dedicated to crypto traders. The team has worked with the aim of introducing some fundamental improvements for those who intend to analyze the price of cryptocurrencies using a professional approach.
In this sense, we have, first of all, renewed our partnership with TradingView, the most used platform to analyze the charts of major assets, including cryptocurrencies. This means that on Young Platform Pro, our exchange dedicated to crypto traders, users have at their disposal all the most famous tools of this powerful, sophisticated, and complete platform; in particular, indicators, tools, sliders, and drawing tools.
The news for our exchange dedicated to traders does not end here. We are conducting a series of interviews to collect suggestions from the most active traders to make Young Platform Pro increasingly a protagonist within our ecosystem.
New Features Coming Up!
In the coming weeks, we expect many new features, some of which have already been anticipated in the previous points of this report. Discover the main ones in detail!
Taxes & Report: the new service for crypto declaration
The milestone for the second quarter of 2024 certainly concerns taxation, given that it is an aspect that we consider fundamental for every investor who wants to operate in compliance with current laws. These have changed frequently in recent years, and it is therefore not taken for granted to know the current situation or to stay updated on all the news.
For this reason, the Tax Report, a product that has been extremely well received by our community, will not only be re-proposed but improved. The goal of this initiative is to make the “Taxes & Report” service the only product necessary to correctly include cryptocurrencies within one’s tax declaration. This is because, in its final version, it will allow exporting all the essential data to compile the document in compliance with regulations, not only the activities carried out on the products of our ecosystem but also all transactions executed on-chain.
Currently, only for our Club members and with a 10% discount, is the presale of the new Tax Report open. This means that, for the next few weeks, only our most loyal supporters will be able to purchase the new Report usable only for transactions carried out on Young Platform and Young Platform Pro. Here are the discounts applied to each Club.
For members of the Bronze Club: 10%;
For the Silver Club: 20%;
For the Gold Club: 40%;
For the Platinum Club: 80%.
Until the end of the presale (Club discount + 10%):
For members of the Bronze Club: 20%;
For the Silver Club: 30%;
For the Gold Club: 50%;
For the Platinum Club: 90%.
If, however, you use other exchanges, wallets (for example Metamask), or third-party blockchains to manage your cryptocurrencies, we are developing a specific service for you. Thanks to a collaboration with an important Italian partner, it will be possible to connect external wallets in addition to that of Young Platform and import transactions carried out on various platforms. This will allow you to create a single PDF containing all the aggregated data necessary for the compilation of your tax declaration.
We therefore recommend that users who also use other crypto exchanges or wallets wait to purchase the Report, given that the one currently in pre-sale will only be usable for transactions carried out on Young Platform.
The aforementioned discounts for the Clubs refer only to the Tax Report dedicated to transactions carried out on Young Platform and not to the Report, due out in May, which will allow connecting external exchanges and wallets. This is because, as anticipated, we use an external partner to offer this service to our users.
In any case, the cost established by the provider we collaborate with is among the most competitive on the market, and Club members will be able to access other discounts currently being defined.
In the next quarter, we will also focus on the flagship product of the quarter that has just ended. The Smart Trades feature is still in an embryonic state and will see a series of improvements. First of all, the range of available indicators will be expanded, but not only that! We are evaluating the inclusion of more complex and articulated strategies, whose main purpose will be to allow users to increase the balance of users cryptocurrencies thanks to the opportunities that present themselves on the market.
Young Platform has renewed its partnership with TradingView, the platform that has revolutionised the way markets are analysed.
We are proud to announce that our partnership with TradingView, the most widely used platform for analysing the charts of major assets, including cryptocurrencies, has been renewed.
What does this mean in a nutshell? On Young Platform Pro, our dedicated crypto trader exchange, you have all the most popular tools of this powerful, sophisticated and comprehensive platform at your disposal. Indicators, tools, sliders and drawing tools, you have everything you need to fulfil your potential and become a better trader!
What, in short, is TradingView?
TradingView is the world’s most widely used technical market analysis platform. It is an essential resource for traders wishing to consult charts and carry out in-depth analysis to find the right entry and exit points for a position.
TradingView has conquered the market thanks to two key features, especially when dealing with a discipline as complex as trading: ease of use and customizability.
In this sense, it is the perfect tool for novice traders who want to follow the price of a particular asset, such as Bitcoin. It is also perfect for experienced traders who need professional tools, which the platform itself provides.
TradingView and Young Platform: a trading experience without limits
Another great strength of TradingView concerns its ability to adapt to trading platforms and exchanges, in the case of the crypto world.
Thanks to this feature, and the resulting collaboration between Young Platform and Trading View, you will find all the indicators and tools you need for in-depth analysis on our exchange Pro. In other words, you can study the charts in one virtual space, finding your setups every time you log in.
You can plot trendlines or use an exponential moving average, for example, to find the perfect time to buy your favourite crypto. No matter how long this scenario takes to play out, once you log in, you will find everything as you left it.
Here are, in detail, the main advantages of integrating TradingView on Young Platform Pro:
Enhanced crypto charts: use the many trading indicators at your disposal to perform your technical analysis;
All your tools in one place: draw lines or geometric figures, draw, colour certain sections and write your notes directly on the chart;
Your drawings and analyses remain there, where you left them;
You can view all your open orders directly on the chart and keep track of your trading strategies.
Now that you know how the collaboration between Young Platform and TradingView works and what benefits it brings, you just have to start trading in a, truly, professional manner. Keep following our blog so you don’t miss upcoming updates to Young Platform Pro to test the indicators, drawing tools and tools by TradingView.
