The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped to NGN1,658 per dollar on the official foreign exchange market after the CBN increased the benchmark lending rate by 50 basis points. On the parallel […]
Current data from the Crypto Fear and Greed Index (CFGI) indicates that crypto sentiment has been in a state of “extreme fear” for the past two days. According to Alternative.me’s CFGI, the sentiment scored 25 out of 100 in the daily readings on Friday and Saturday. CFGI Reports ‘Extreme Fear’ Over the Past 48 Hours […]
Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the dollar. As explained in the report, the kwacha has lost as much as 17% in the past six months. Forex Shortages: The Impact of Drought […]
Bloomberg’s commodity market expert Mike McGlone warns of a potential downturn for bitcoin, highlighting its disappointing performance against gold since its peak in 2021. On Sunday, McGlone pointed out that the bitcoin/gold ratio had plummeted by about 40% from its 2021 zenith of 37 times. McGlone Highlights Bitcoin-to-Gold Ratio, Warns of Potential Downturn vs Gold […]
Anticipation is high for Bitcoin’s fourth network halving. Meanwhile, the Nigerian currency has hit a new low against the U.S. dollar, while in Canada, the Federal Court declared the freezing of crypto donations during the 2022 “Freedom Convoy” protests unconstitutional. Renowned analyst Richard Bove has predicted the end of the U.S. dollar as the world’s […]