UPDATE 1-Ethereum hits fresh record, eyes $3,000 barrier

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Yahoo Finance 02 May, 2021 - 06:24pm 37 views

Is Bitcoin a good investment?

But, in addition to bitcoin being a risky investment for all the reasons that investments can be risky (i.e., volatility), bitcoin and other cryptocurrencies suffer from additional security challenges that traditional investments (such as plain vanilla stocks and bonds) do not. Kiplinger's Personal FinanceShould You Be Tempted to Invest in Bitcoin?

SINGAPORE, May 3 (Reuters) - Cryptocurrency ether hit a record high on Monday to trade within a whisker of $3,000, extending last week's rally in the wake of a report that the European Investment Bank (EIB) could launch a digital bond sale on the ethereum blockchain network.

Ether hit $2,989.95 in early Asia trade. It is up about 300% for the year so far, outpacing a 95% rise in the more popular bitcoin. Ether is the digital currency or token that facilitates transactions on the ethereum blockchain and it is the second-largest cryptocurrency by market cap behind bitcoin.

Bloomberg reported on Tuesday, citing unnamed sources, that the EIB plans to issue a two-year 100-million euro digital bond.

Bitcoin traded slightly softer at $56,396 on Monday. (Reporting by Tom Westbrook; Editing by Himani Sarkar)

Since the coronavirus crash found its low, the broad-based S&P 500 is higher by 87% while the technology-focused Nasdaq Composite is leading the way with a 106% gain. To begin with, investors have piled into companies that are focused on green energy solutions.

CEO of Digital Currency Group (DCG) Barry Silbert has stated that he looks forward to selling BTC to Berkshire Hathaway once it hits $100,000.

Dogecoin (DOGE: CRYPTO) saw a solid bounce in the bygone week, although the meme currency is still trading off the record high of 43.77 cents hit on April 16. Volatile Month: Doge, which was created as a joke currency in 2013, has come a long way from its early days. Notably, the meme currency has gained over 7,500% in the year-to-date period. Celebrities such as Tesla, Inc.'s (NASDAQ: TSLA) Elon Musk and rapper Snoop Dogg have put their weight behind it, not to mention the retail frenzy that has been a strong pillar of support. The Doge community's efforts to push the meme currency beyond $1 by 4/20, which was unofficially declared as "Doge Day," proved futile. Doge breached the 40-cent level a day ahead of the Doge Day but could not push past the earlier high set on April 16. The highest the cryptocurrency reached afterward was 43.18 cents on April 19. See Also: How to Buy Dogecoin (DOGE) Doge Day ended with a whimper, as the meme currency settled at 31.95 cents. From the April 19 high, Doge plummeted to a low of 16.37 cents on April 23. Related Link: Dogecoin As Payment Option Gains Momentum As 'Meme Currency' Shoots For The Moon Strong Week: The past week, however, has seen a resurgence in Doge, once again all credit to Musk, who hinted in a tweet that he may be discussing the meme currency when he hosts the "Saturday Night Live" show on May 8. In a cryptic tweet, Musk mentioned "The Dogefather" with the show and the date, which was interpreted as him promoting Doge. Doge started Monday on a firm note before ending at 27.07 cents, and then saw a consolidation move on Tuesday. It took a leg up on Wednesday amid Musk's tweet before settling at 32.37. It was a back-and-forth move over the next two sessions but the cryptocurrency has picked up further momentum on Saturday. Doge Barks In Anticipation of "Dogefather's" Support: Doge could see some momentum in the coming week, especially in the run up to Musk's TV appearance. Reddit users have been sharing views of a possible bump in the meme currency. Retail interest could also lend support, and Doge could attempt to push past its earlier high. That said, the long-term investment worthiness is very much in question, given its unlimited supply. At last check, Doge was climbing 15.53% to 36.03 cents. Related Link: How WallStreetBets, Dogecoin And Elon Musk Brought Out The Investor In An 11th Grader From A Remote City In India See more from BenzingaClick here for options trades from BenzingaWhat 5 Analysts Think Of eBay's Mixed Guidance For Q28 Takeaways From Nio's Q1 Call For EV Stock Investors: Chip Shortage, Margins, International Plans And More© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Warren Buffett addressed investors around the world on Saturday at Berkshire Hathaway's (BRK-A, BRK-B) 2021 Annual Shareholder Meeting.

Warren Buffett conceded that selling some shares of Apple in Berkshire Hathaway's portfolio last year was likely a mistake, with the company an ongoing tech leader providing massive utility to users around the world.

Billionaire investor Warren Buffett is predicting a “red hot” US recovery from the Covid pandemic, but has warned the economy is being hit by rising inflation. Mr Buffett, known as the “Sage of Omaha” for his savvy stock picking, said the coronavirus crisis had sparked a highly unusual recession because so many businesses had continued to thrive. But although he expects a rapid recovery, Mr Buffett also fears that inflation will rapidly pick up in a way that America has not experienced for over a decade. He said: “This economy right now – 85pc of it is running in a super high gear. We’re seeing very substantial inflation.” Rapidly rising prices are viewed with concern by investors as they can eat into returns, drive up interest rates and potentially cause long-term damage to the economy and living standards by eroding the value of workers’ wages. Inflation has not been a challenge in the West since before the financial crisis. However, speaking as his investment firm Berkshire Hathaway announced $11.7bn in profits, 90-year-old Mr Buffett said that overall the economy is currently in good shape. He said: “Right now, business really is very good in a great many segments of the economy.” Berkshire Hathaway has significant stakes in some of the world’s biggest companies, such as Apple and Kraft Heinz. Remarks made by Mr Buffett, who boasts a net worth of $104bn, are carefully monitored by stock markets around the world for his predictions. Flanked by Charlie Munger, vice chairman of Berkshire Hathaway, he also joined to a growing number of critics of special-purpose acquisition companies (SPACs), also known as “black cheque” entities. These businesses raise cash from investors to buy a private company – typically without telling shareholders what the target is. Spacs have been publicised by the likes of tennis star Serena Williams, and it is feared a bubble has built up which could lead to massive losses for some retail investors.

Warren Buffett sounds the alarm bell on inflation.

(Bloomberg) -- The prices of raw materials used to make almost everything are skyrocketing, and the upward trajectory looks set to continue as the world economy roars back to life.From steel and copper to corn and lumber, commodities started 2021 with a bang, surging to levels not seen for years. The rally threatens to raise the cost of goods from the lunchtime sandwich to gleaming skyscrapers. It’s also lit the fuse on the massive reflation trade that’s gripped markets this year and pushed up inflation expectations. With the U.S. economy pumped up on fiscal stimulus, and Europe’s economy starting to reopen as its vaccination rollout gets into gear, there’s little reason to expect a change in direction.JPMorgan Chase & Co. said this week it sees a continued rally in commodities and that the “reflation and reopening trade will continue.” On top of that, the Federal Reserve and other central banks seem calm about inflation, meaning economies could be left to run hot, which will rev up demand even more.“The most important drivers supporting commodity prices are the global economic recovery and acceleration in the reopening phase,” said Giovanni Staunovo, commodity analyst at UBS Group AG. The bank expects commodities as a whole to rise about 10% in the next year.China, a crucial source of supply and demand for raw materials, is playing a big role, particularly as the government tries to reduce production of key metals like steel and aluminum. It’s also buying up massive amounts of grains. Food prices are also being affected as poor weather in key growing nations like Brazil and France hits harvests.As just about every basic material gets rapidly more expensive, here’s some ways the rally is rippling across the globe to create winners and losers.Going GreenCopper has enjoyed an unstoppable rally for more than a year thanks to pledges by governments to boost renewable energy and electric vehicle use. That’ll make all the various forms of green technology that rely on it a bit more expensive.Bigger power grids is one such case. About 1.9 million tons of copper was used to build electricity networks in 2020, according to BloombergNEF, and the price of the red metal is up more than 90% in the past year. Usage will almost double by 2050, BNEF forecasts, while demand from other low carbon technologies like electric vehicles and solar panels will also balloon.Buyers and SellersFor countries, the impact of the commodity rally depends on whether they’re an exporter or importer. For those relying heavily on exporting raw materials, the huge upswings can only be good news for public finances, especially when they’ve just been stricken by a once-in-a-century pandemic. The likes of Australia (iron ore), Chile (copper) and Indonesia (palm oil) all make huge sums from commodities.Meanwhile, countries looking to rebuild infrastructure may find their budgets buy less than they used to. President Joe Biden’s $2.3 trillion plan is one such case. Electricity grids, railways and refurbishing buildings are among the items on the shopping list that will use large amounts of metal.Consultancy CRU Group estimates the program will add 5 million tons of steel to the 80 million the U.S. uses each year, with similar boosts to aluminum and copper demand.MeatIt’s been a tough year to be in the meat business, from devastating Covid outbreaks to the deadly pig disease that hit Germany and is roaring back in China.And as crop prices surge, farmers rearing poultry, pigs and cattle are among the first to get squeezed by the eye-watering run-up in grains. Costs for corn fed to livestock have doubled in the past year, and soybean meal is more than 40% higher. While there’s a delay before that hits the burger chain or steakhouse, there are already signs of prices creeping higher.Old Steel MillsSteel producers in Europe and America have suffered for years from low prices caused by global overcapacity. Plants struggled to make money and job security became a growing worry. Over 85,000 steel jobs were lost in the European Union between 2008 and 2019, according to industry association Eurofer.That’s all changed dramatically thanks to booming steel prices. Futures in China, by far the biggest producer, have smashed records — even outpacing gains in key ingredient iron ore — as the government took measures to curb output. That’s supercharged rallies of benchmark prices in Europe and America, where mills were already running at maximum capacity as they try to meet unexpectedly high demand.Breakfast TablesWhether you prefer latte or espresso, sweetened or plain, the key ingredients of a cup of coffee have surged. Arabica coffee futures have risen about 33% in the past year, while raw sugar has also advanced. Fancy a slice of toast? Benchmark wheat prices have hit the highest since 2013.Of course, rising commodities don’t immediately show up on grocery shelves and cafe menus. They make up just a part of the costs for retailers, which often absorb the initial increase to keep customers coming back. But there’s a limit to that margin hit, and high prices could ultimately feed through to consumers.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Kraft Heinz gets a vote of confidence from Warren Buffett's team at this year's Berkshire annual meeting.

(Bloomberg) -- European equities are at records, vaccination rates are picking up and central banks are funneling trillions of dollars into the economy. But there is still plenty that could go wrong, with a resurgent coronavirus outbreak, another missed summer holiday season and elections keeping investors up at night.While the pandemic turned 2020 into a stock market roller-coaster, 2021 has begun on a more optimistic note. The Stoxx Europe 600 Index has jumped 9.6% this year and hit an all-time high in April, the VStoxx Index of euro-area volatility has calmed down close to pre-pandemic levels and, so far, there have been few major earnings season mishaps.Still, there are plenty of potential pitfalls.“We see 2021 as a year for equities, as recovery is set to turn to expansion,” said Cristina Rodriguez Iza, who oversees $42 billion as head of global multi-asset solutions at Santander Asset Management Spain. “Anything that derails that recovery could be a risk for equities.”Here’s what investors in European equities worry about the most:No Summer SunSetbacks to life getting back to normal are the biggest risks to the market rally, according to fund managers. The reopening is especially crucial to companies and economies that are dependent on travel and tourism. Europe’s Stoxx 600 Travel & Leisure Index has soared 24% this year on the hope that holidays will be possible over the summer.Any hiccups in the vaccine rollout could cause a setback for stocks such as discount airline EasyJet Plc and IAG SA, the owner of British Airways. The inoculation campaign is now speeding up after a slow start in continental Europe, but there’s been a spike in coronavirus cases after variants of the virus emerged such as those in India.“The greatest risk is that a mutation of the virus appears that is resistant to vaccines, because it would have devastating effects,” Enrique Marazuela, chief investment officer at BBVA Private Banking, said in emailed comments. “The increases in the stock markets have been based on the thesis that the pandemic will be eradicated before the end of 2021.”Election FeverPolitical hurdles closer to home can’t be ignored. In France, voters go to the polls for regional elections in June, foreshadowing the presidential vote at this time next year. Far-right leader Marine Le Pen has backed off from unpopular ideas like leaving the euro currency bloc, and her popularity is growing. Germany also holds a national election in September, with the Greens surging in opinion surveys.Anything that upends the established political order could cause at least short-term swings in stocks, with the risk of a more sustained decline if governments with less market-friendly policies are elected.“There is now an outside chance that it could be a Green-led coalition which might result in left-wing parties joining the Greens in power,” said Nick Edwards, manager of the Guinness European Equity Income Fund, referring to the German vote. “Meanwhile, if Marine Le Pen prevails in the French election next year, markets would recoil, but with Frexit and Eurexit already off the table, likely only temporarily.”Also on the radar: Scotland will hold elections next week that have put a fresh independence vote back in focus, and the resignation of Northern Ireland’s first minister risks triggering more instability around the implementation of Brexit.Back Down to EarthWhile some sectors struggled last year as economies across Europe locked down, the pandemic restrictions have been a boon to businesses such as online food delivery firms and payments companies.However, with investor expectations now high, there’s a risk that the momentum peters out for some of these lockdown winners. While earnings from meal-kit maker HelloFresh SE, food delivery firm Delivery Hero SE and online casino operator Evolution Gaming Group AB show they’re still enjoying a pandemic-related boost to growth, early cracks are appearing. Swedish mobile-messaging firm Sinch AB soared almost 370% in 2020 and was Europe’s top-performing stock, yet its shares slumped 11% Wednesday after earnings missed analyst expectations.“Companies have faced very easy comparisons year-on-year and have been able to post impressive growth numbers which will continue up to June, marking the nadir of 2020 earnings,” Richard Scrope, manager of the VT Tyndall Global Select Fund, said via email. “Going forward, growth will be harder, and we feel many companies have rallied ahead of their potential.”The Inflation QuestionRising inflation is another risk on investors’ watch lists, given the prospect of companies hiking prices when economies reopen as consumers go on a spending spree. And with commodity prices rising, firms could also see higher input costs.The worry for investors is also that, if the economy is running too hot, this could prompt central banks to scale back the pandemic support too soon. This is set to be a main topic at the European Central Bank’s next meeting in June and is also a focus for the U.S. Federal Reserve, especially if Treasury yields move higher on inflation bets.“A key risk to our outlook for Europe is insufficient fiscal support,” Grace Peters, EMEA head of investment strategy at J.P. Morgan Private Bank, said in emailed comments. “Any indication of a shift back towards austerity could introduce downside risks to growth, fears of a resurgence in political populism and a widening of the risk premium for European assets.”Here’s the TaxmanU.S. President Joe Biden’s tax hike proposals are front of mind for investors. Bank of America Corp.’s monthly survey in April found that tax increases are a growing worry for fund managers, cited as the biggest tail risk by 15% of respondents. The key concern among equity investors is that Biden’s plan can provoke pre-emptive selling, cut stock valuations and slow down the rally in tech shares.The Biden administration unveiled plans to pay for its $1.8 trillion spending plan with higher taxes, focused on the wealthiest Americans.On the Bright SideThere are certainly risks out there. That being said, they don’t form fund managers’ base-case scenario for European equities this year. Most see an economic recovery gathering pace, which stands to benefit the region, since it has a heavier weighting in cyclical sectors. European stocks also are cheaper compared with the U.S., the optimists say.Hugh Gimber, global market strategist at J.P. Morgan Asset Management, said that fund flow data shows how European stocks have often been overlooked in recent years, but the pieces are in place for that to change.“Vaccine rollout across the continent stumbled out of the blocks, but we are likely now past the point of peak pessimism,” Gimber said by email. “Our confidence around a substantial economic reopening over the summer months is increasing.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Ongoing strength in domestic data should lead to an incrementally hawkish turn in Fed guidance over the coming months. This would be bearish.

Legendary investor Warren Buffett, the CEO of Berkshire Hathaway (BRK-B, BRK-A), and his long-time business partner Charlie Munger dissed bitcoin once more at the annual meeting of shareholders on Saturday.

(Bloomberg) -- Warren Buffett delivered a clear verdict Saturday on the state of the U.S. economy as it emerges from the pandemic: red hot.“It’s almost a buying frenzy,” the Berkshire Hathaway Inc. chief executive officer said during the conglomerate’s annual meeting, which was held virtually from Los Angeles. “People have money in their pocket and they’re paying higher prices,” he said.Buffett attributed the faster-than-expected recovery to swift and decisive rescue measures by the Federal Reserve and U.S. government, which helped kick 85% of the economy into “super high gear,” he said. But as growth roars back and interest rates remain low, many -- including Berkshire -- are raising prices and there is more inflation “than people would have anticipated six months ago,” he said.Buffett reunited with his long-time friend and business partner Charlie Munger for this year’s meeting. Munger didn’t make it to last year’s meeting in Omaha, Nebraska -- Buffett’s hometown -- due to the shutdowns across the country. Some shareholders were relieved to see the duo fielding questions together again.“I really feel that both Charlie and Warren displayed their usual and amazing level of acuity and intellectual energy,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates.Buffett and Munger spent hours fielding questions, from the economy, to climate and diversity, the SPAC boom, taxes and succession. Here’s the lowdown:Climate Pressure:Berkshire faced pressure from two shareholders proposals, one to improve transparency related to its efforts on climate change. The topic was bound to be a feature at the meeting -- and it was.When asked about the proposals, Buffett stuck to his previous stance. Measures to produce big reports on diversity and climate for his business lines spanning energy to railroads were, he said, “asinine.” The proposals were later voted down.Buffett was also asked about Berkshire’s stake in oil and gas producer Chevron Corp., which it disclosed earlier this year. Buffett said he felt “no compunction” in the least about its ownership in the company, which he said had benefited society in many ways. While he acknowledged the world is shifting away from hydrocarbons, people on the extreme sides of either argument are “a little nuts,” he said.Greg Abel, chairman of Berkshire Hathaway Energy, called climate change a “material risk.” He added that they’re setting targets and spending $18 billion over 10 years on transmission infrastructure.Killer SPACs:Buffett warned investors that Berkshire might not have much luck striking deals amid the boom in special purpose acquisition companies that gripped the market over the past year.“It’s a killer,” Buffett said about the influence of SPAC companies on Berkshire’s ability to find businesses to buy. “That won’t go on forever, but it’s where the money is now, and Wall Street goes where the money is.”Buffett, 90, also spent part of Berkshire’s annual meeting Saturday addressing the recent boom in retail and day trading. A lot of people have entered the stock market “casino” over the past year, he said.Tax:Buffett said President Joe Biden’s proposals for a corporate tax hike would hurt Berkshire shareholders. He added that antitrust laws and tax policy could change things for the company but new tax laws wouldn’t alter its no-dividend policy.Succession:Buffett and Munger, 97, fielded the majority of questions at Saturday’s meeting, but their two top deputies Abel and Ajit Jain, who runs the insurers, also shared the stage. Investors were able to get a closer look at the pair who are considered the top candidates for the job.Munger dropped a little mention of the post-Buffett years that drew speculation on social media about the most likely candidate to succeed Buffett. The CEO was pointing out that decentralization doesn’t work everywhere because it requires a certain type of culture that businesses need to have.“Yeah, but we do,” Munger insisted. “And Greg will keep the culture.”Abel has long been considered the top candidate to replace Buffett, especially when he was promoted to a vice chairman role overseeing all non-insurance operations, which gives him a wide array of responsibilities, including oversight of the railroad BNSF and the energy business.Errors:Buffett offered a few mea culpas during Saturday’s meeting. He noted that selling some Apple Inc. stock last year was a mistake and even said that Haven, the health care venture with JPMorgan Chase & Co. and Amazon.com Inc., thought it could fight the “tape worm” of American health care costs but the worm won.“That was probably a mistake,” Buffett said of those Apple stock sales last year. Berkshire still owned a roughly $110 billion stake in the iPhone maker at the end of March. “In fact, Charlie, in his usual low-key way, let me know that you thought it was a mistake too,” he said to Munger, who shared the stage with him.Cash Pile:Before the annual meeting started, the company released its first-quarter earnings, giving investors a dive into the 19.5% operating profit gain during the period.Berkshire ended the quarter with a near-record $145.4 billion of cash on hand as it continued to generate funds faster than Buffett could deploy them. But Buffett also ended pulling back on some capital deployment levers during the period. He bought back just $6.6 billion of Berkshire’s own stock, short of the record $9 billion set in prior quarters, and ended up with the second-highest level of net stock sales in the first quarter in almost five years.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

(Bloomberg) -- The U.S. economy probably notched up another bumper month of hiring in April, tallying with other reports that suggest growth momentum is building in the wake of the coronavirus crisis.Payrolls may have risen by 978,000, according to the median estimate of economists, above the 916,000 gain in March, while unemployment is seen falling below 6%. The Labor Department report on Friday will wrap up another busy week of data that also includes April surveys of manufacturers and service providers.Covid-19 vaccination rates continue to climb, while the Biden administration is eager to keep the federal spending spigots wide open to add more fuel to the economic recovery. Last week, the government said the economy expanded at an annualized 6.4% in the first quarter, spurred by the second-fastest rate of household spending since the 1960s.Such demand, which is starting to invigorate activity in the pandemic-restrained service sector, is prompting employers to beef up headcounts. Manufacturers alone are projected to have added about 60,000 in April, the most in 10 months.Read more: Global Jobs Rebound, But It’s Still a Long Road Back for SomeEven with an almost 1 million increase in April employment, payrolls will be about 7 million shy of their pre-pandemic level, a reason Federal Reserve policy makers kept their benchmark interest rate near zero at last week’s meeting.What Bloomberg Economics Says:“The ‘jobs deficit’ relative to pre-pandemic levels remains roughly as wide as it was coming out of the recession of 2007-09. For this reason, Powell has expressed the desire to see a ‘string’ of jobs reports similar to March to feel confident that the economy is on a durable trajectory. An April gain in the vicinity of 1 million is a start, to be sure, but far short of what centrists on the FOMC might consider a ‘string.’”--Carl Riccadonna, Yelena Shulyatyeva and Andrew Husby. For full analysis, click hereElsewhere, central bank decisions in Brazil, Turkey and the U.K. will be among the highlights of the week. Canada also publishes its April jobs report.Click here for what happened last week and below is our wrap of what is coming up in the global economy.AsiaPMI data from around the region should indicate how Asia’s factories are ticking over in response to the improvement in global demand. Korean CPI may accelerate further, though higher oil prices compared with last year’s nadir may overstate the strength of the overall trend.Japan will emerge from its Golden Week holiday on Thursday with minutes from the BOJ’s March meeting that will offer more details of the thinking behind stimulus framework changes made after a review.The Reserve Bank of Australia meets Tuesday and is set to keep its stimulus settings unchanged, then releases updated economic forecasts on Friday that will need to acknowledge the brighter employment outlook while dispelling any notions of tapering. Thailand sets interest rates on Wednesday and Malaysia on Thursday -- both are widely seen as on hold for now.For more, read Bloomberg Economics’ full Week Ahead for AsiaEurope, Middle East, AfricaA cluster of monetary decisions from around the fringes of Europe’s single currency area may prove to be the main highlights of the coming week.Most prominent among them will be the Bank of England, which is likely to raise growth forecasts on Thursday after the region’s most advanced vaccination program put Britain on course to reopen much of the economy in coming months. That may presage a future decision to taper monetary stimulus later this year.The same day in Norway, attention is likely to focus on whether the Norges Bank will signal a rate increase as soon as in September to cool the economy’s house-price rally.Turkey’s central bank is expected to leave its benchmark unchanged for a second meeting. Rising inflation and the promise to keep rates above price gains will prevent the central bank from easing as the country’s political leadership desires.Policy makers in eastern Europe also seem hesitant to raise borrowing costs. In Poland no change is expected despite a pickup in inflation, while in the Czech Republic, officials have already said rate hikes forecast for this year may come later than planned.Within the euro region itself, speeches by European Central Bank policy makers are likely to draw most attention, with President Christine Lagarde among several officials scheduled to make public comments.In South Africa, Moody’s Investors Service is scheduled to publish a ratings review on Friday after downgrading the country to Ba2 with a negative outlook in November. The ratings company said in February it expects a slower pace of fiscal consolidation and wider deficits than the government, and that risks to debt affordability remain elevated.For more, read Bloomberg Economics’ full Week Ahead for EMEALatin AmericaChile’s economic outlook has taken a turn for the better with March’s year-on-year activity indicator on Monday likely to show brisk growth.Colombia on Monday posts the minutes of its April 30 central bank meeting, where policy makers kept the key rate at 1.75%, followed by April inflation data Wednesday.Brazil on Wednesday reports March industrial production data before all attention shifts to the meeting of the central bank’s monetary policy committee, known as “Copom.” Since 1999, the institution’s decisions have matched survey medians about 75% of the time, but under current President Roberto Campos Neto, expectations and outcomes have tallied more often. This time, a rate increase to 3.5% is foreseen by economists.On Friday, Brazil’s March retail sales report may show significant weakness, while Chile’s April report on inflation should see the annual rate nudge just over the 3% target.Ending the week, Mexico serves up the last consumer price data before next week’s central bank meeting, where Banxico is expected to hold at 4%.For more, read Bloomberg Economics’ full Week Ahead for Latin AmericaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Why Buffett dumped Berkshire airline stock holdings at a huge loss to save the companies

(Bloomberg) -- The country with the longest history of negative interest rates just hit a milestone that may offer a glimpse of what’s to come elsewhere.In Denmark, commercial banks have had to absorb negative rates since they were first introduced by the central bank in 2012. By 2019, the industry started sharing the cost of that policy with retail depositors. Today, Danes are the world champions in bearing the burden of negative rates together with their banks, with 35% of deposits affected.Last week, the government in Copenhagen decided to step in. The minister in charge of bank legislation, Simon Kollerup, turned to social media to launch an attack on the financial sector, and the “greed” he said it represents.“Banks have recently been lowering the bar for negative rates,” he said. “And this simply has to stop,”He commented a day after Danske Bank, Denmark’s biggest lender, said it was following others in the industry and more than halving its threshold for imposing a rate of minus 0.6%. As a result, retail depositors with more than 100,000 kroner ($16,000) will pay 0.6% to park savings exceeding that amount with the bank.“My worry is that banks will continue tightening the screws on negative rates so that average Danes need to pay to keep their money in a bank,” the minister said in a written comment to Bloomberg.Kollerup, who summoned the bankers’ association to talks, says there’s no excuse for passing negative rates on to private customers, and rejects the idea that monetary policy plays a role in determining commercial bank rates.Rate PoliticsThe battle that’s now unfolding between Danish banks and the government gives a sense of where the limits of negative rates may lie, and shows that those limits might be political, not monetary.Negative rates have become the lightning rod that Kollerup has seized to wage “a confrontation with greed, income inequality and division in society,” said Helle Ib, a political commentator at Borsen, Denmark’s biggest business newspaper.The bankers’ association, Finance Denmark, has questioned the merits of Kollerup’s economic reasoning. And the central bank issued a reminder on Friday, pointing out that its negative policy rates (which are necessitated by the krone’s peg to the euro) influence deposit and lending rates throughout the broader economy. It also hinted that politicians shouldn’t interfere in the process. “Banks’ interest rates are a matter for them and their customers,” central bank Governor Lars Rohde said.Carsten Egeriis, the chief executive of Danske Bank, points out that Danes also enjoy low interest rates on their mortgages, which he called “the other side of the coin.” That dynamic “most of the time far outweighs the cost of negative interest rates on the deposit side,’ he said.Denmark is two years ahead of the euro zone, which first introduced negative rates in 2014. Jesper Rangvid, a professor of finance at Copenhagen Business School, says there are some lessons to be drawn from the Danish experience for euro-zone economies.He also notes that negative bank rates aren’t the destructive force once imagined. In fact, Rangvid points out that after years of zero, and ultimately negative retail deposit rates, Danish deposits have continued to rise.“The most important takeaway is that clients haven’t been leaving banks,” he said by phone. “That was the fear in the beginning, and that has not happened.”Ib at Borsen says it’s not a given that Kollerup will actually intervene. Ultimately, it’s probably more a case of “sending a signal than a hardcore revolution of economic policy,” she said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

It was a fine week for the world’s top oil and gas companies, which are back in the black after one of the steepest declines ever for global oil demand and prices during the pandemic. BP, Shell, Total, Exxon, and Chevron all posted big earnings for the first quarter of 2021 buoyed by a return of the price of a barrel of oil to pre-pandemic levels around $60 per barrel since early February. US government analysts are now bullish oil demand will reach pre-pandemic levels by 2022 suggesting that these profits, along with greenhouse gas emissions, will continue to rise.

(Bloomberg) -- Canada’s top capital markets regulator is investigating officers and shareholders of Bridging Finance Inc., one of the country’s largest private lenders, on allegations they misappropriated investor funds.An Ontario court appointed PricewaterhouseCoopers to take control of Bridging at the request of the Ontario Securities Commission, pending the outcome of the investigation. The move was made public Saturday.Bridging, based in Toronto, was run by a husband-and-wife team, David Sharpe and Natasha Sharpe. The firm, which had about C$2 billion ($1.6 billion) in assets under management as of December, lends to small and mid-sized companies involved in everything from milling flour to delivering groceries.In court documents, the OSC alleges the firm and senior executives mismanaged funds and failed to disclose conflicts of interest.Among the alleged conflicts, Chief Executive Officer David Sharpe received C$19.5 million in undisclosed payments into his personal checking account from a company controlled by entrepreneur Sean McCoshen, the commission says in documents. During that same period, Bridging’s funds were lending more than C$100 million to McCoshen’s other companies, the documents say.Leased BentleysAccording to an affidavit sworn by OSC forensic accountant Daniel Tourangeau, much of the undisclosed money was moved into David Sharpe’s investment accounts at Bank of Montreal and Richardson GMP; at least C$1.4 million “appears to have been later transferred offshore.”About C$128,000 was paid to a unit of Tesla Inc. and almost C$100,000 to a car-leasing company, which Tourangeau believes was used to lease a 2013 Bentley GTC Mulliner and a 2018 Bentley Bentayaga, the affidavit states. About C$830,000 was used for donations, including to Ontario’s Queen’s University.Through a spokesperson, Bridging Finance, David Sharpe and Natasha Sharpe declined to comment.The company behind the proposed railway from Alberta to Alaska, which is backed McCoshen, said it was “disappointed” to learn about the allegations.“The Corporation is a client of Bridging Finance, as are many others,” Alaska to Alberta Railway Development Corp. said in a statement, adding it will be “cooperating fully with relevant authorities in their investigation of Bridging Finance.”The securities commission says it has uncovered evidence that Bridging and certain members of its senior management -- including David and Natasha Sharpe -- breached securities laws and regulations and misled investigators about transactions.‘Serious Concerns’One of the central accusations is that Bridging misappropriated about C$35 million “to complete an acquisition for its own benefit” -- a deal with investment manager Ninepoint Partners LP for an interest in an income fund the two firms had been jointly operating.An executive at Ninepoint told the OSC that Bridging had transferred C$20 million from the income fund to pay a loan and then reversed the transaction. The money came back into the jointly-managed fund through accounts related to other Bridging funds, rather than from a law firm trust account, which raised a red flag.Ninepoint then questioned Bridging about these transactions, but wasn’t satisfied with their responses and threatened the latter with litigation, according to documents. Bridging then offered to buy out Ninepoint -- which the OSC alleges was ultimately done with misappropriated money through a complex series of transactions.“The gravity of these regulatory breaches raises serious concerns about the ability of senior management to operate in Ontario’s capital markets in compliance with securities law,” the OSC said in court documents. Bridging’s investors “can no longer rely on BFI or its senior management to protect their best interests.”“Investors deserve a full investigation into the business activities of BFI and the Sharpes and to know that their investment funds are in the hands of honest, competent and responsible custodians,” the regulator added.Lack of DisclosureEntrepreneur Gary Ng, who has been accused by another Canadian investment regulator of falsifying documents and creating fake brokerage accounts to secure the money to buy one of Vancouver’s oldest investment firms, PI Financial Corp., is also mentioned in the documents.Ng bought a stake in Bridging in 2019, but the OSC alleges that more than half of the C$50 million he used for the deal came from investor funds that Bridging managed.Bridging’s funds loaned approximately C$119 million to three companies owned by Ng, without properly disclosing to investors that Ng was in negotiations to buy shares from Bridging’s main shareholders, the regulator said.The OSC also found evidence of unexplained transfers made by Ng into David Sharpe’s personal account. Ng declined to comment on the allegations.The OSC issued a temporary order halting trading of Bridging Finance funds and suspended the David Sharpe’s registration as “Ultimate Designated Person” of the company.(Adds comments from McCoshen’s company in 9th and 10th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Read full article at Yahoo Finance

Move over, Bitcoin. Ethereum is at an all-time high

CNN 02 May, 2021 - 08:00pm

Updated 1:24 PM ET, Sat May 1, 2021

Ethereum hits fresh record, eyes $3,000 barrier

Yahoo Finance UK 02 May, 2021 - 06:14pm

Ether hit $2,989.95 in early Asia trade. It is up about 300% for the year so far, outpacing a 95% rise in the more popular bitcoin. Ether is the digital currency or token that facilitates transactions on the ethereum blockchain and it is the second-largest cryptocurrency by market cap behind bitcoin.

Bloomberg reported on Tuesday, citing unnamed sources, that the EIB plans to issue a two-year 100-million euro digital bond.

Bitcoin traded slightly softer at $56,396 on Monday.

(Reporting by Tom Westbrook; Editing by Himani Sarkar)

The dollar clung to a recent bounce on Monday as investors made a cautious start to a week crammed with central bank meetings and big-ticket U.S. economic data, looking for clues on the outlook for global inflation and for policymakers' response. "We expect the dollar to trend lower because of the improving global economic outlook," said Commonwealth Bank of Australia analyst Kim Mundy in an emailed note, with U.S. import demand also likely to support exporters' currencies. "Nevertheless," she said "the risk of short bouts of dollar strength remain if solid data push U.S. Treasury yields materially higher."

A mama bear and cubs tracked nearby were euthanized out of an "abundance of caution," said a wildlife official.

Oil prices climbed on Monday as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic. Brent crude futures for July gained 36 cents, or 0.5%, to $67.12 a barrel by 0045 GMT while U.S. West Texas Intermediate for June was at $63.94 a barrel, up 36 cents, or 0.6%. Vaccinations are expected to lift global oil demand, especially during peak travel season in the third quarter, prompting analysts to increase their forecasts for Brent prices for a fifth straight month, a Reuters poll showed.

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I’m over 50 and can now get my Covid AstraZeneca vaccine in Australia. What should I know?The jab protects against serious disease and death, reduces the chance of spreading the virus, plus the health risk from Covid is tenfold higher among over 50s than the risk of rare blood clots Australia’s vaccine rollout: what you should know about the changes A nurse prepares to administer the AstraZeneca Covid vaccine at the Claremont Showground vaccination hub in Perth. As of 3 May, all Australians over 50 are eligible to receive the jab. Photograph: Matt Jelonek/Getty Images

Jenner addressed the wedge issue as she seeks the California governor's seat.

(Bloomberg) -- Stocks in Asia started the week little changed with some major markets shut and inflation concerns resurfacing. U.S. futures edged higher.Benchmarks fluctuated in Australia and South Korea, and markets are closed in Japan and China for holidays. S&P 500 and Nasdaq 100 contracts climbed. U.S. stocks dropped from a record Friday, amid economic data showing potential inflation pressures and increased talk of a possible pullback in central bank support. Still, the S&P 500 Index capped its biggest monthly rally since November.Treasury yields held above 1.6% in U.S. hours. Crude oil crept up toward $64 a barrel.Inflation risks are back in focus, though some data are skewed by last year’s pandemic shock. Fiscal stimulus helped drive the strongest monthly gains in U.S. personal incomes in records back to 1946, and the Federal Reserve’s preferred pricing gauge rose by the most since 2018. Investors are also concerned that central banks may start tapering the asset purchase programs that have supported the recovery.“Interest rates going forward will be led more by expectations on the tapering from the Fed rather than by inflation,” Raffaele Bertoni, head of debt capital markets at Gulf Investment Corp., said on Bloomberg Television.In his latest annual meeting, billionaire Warren Buffett warned of rising price pressures and a “buying frenzy” spurred by low interest rates. Dallas Fed President Robert Kaplan, who’s not currently a voter on the rate-setting committee, said signs of excessive risk-taking suggest it’s time to start debating a reduction in bond purchases. His remarks contrast with those of Fed Chairman Jerome Powell.Top U.S. financial officials are also downplaying the risks of a surge in the cost of living. Treasury Secretary Janet Yellen said in a weekend interview that the demand boost from President Joe Biden’s economic plan will be spread over a decade. Elsewhere, India’s virus crisis is worsening, with daily deaths hitting another record on Sunday. Prime Minister Narendra Modi has come under fire for his handling of the Covid-19 crisis and his party is trailing in a key state election.Here are some key events to watch this week:A slew of manufacturing PMIs are due Monday, including from U.S. and ChinaFed Chair Powell speaks in an event hosted by the National Community Reinvestment CoalitionThe Reserve Bank of Australia monetary policy decision is due TuesdayThe Treasury announces its quarterly refunding on WednesdayChicago Fed President Charles Evans gives a virtual speech on the U.S. economy at an event hosted by Bard College; Cleveland Fed‘s Loretta Mester speaks to the Boston Economic Club on WednesdayBank of England rate decision ThursdayU.S. April employment report is released on FridayThese are some of the main moves in markets:StocksS&P 500 futures rose 0.3% as of 8:06 a.m. in Hong Kong. The S&P 500 fell 0.7% FridayAustralia’s S&P/ASX 200 Index was flatSouth Korea’s Kospi index was flat.Hong Kong’s Hang Seng Index futures fell 0.3% earlierCurrenciesThe yen was at 109.40 per dollarThe offshore yuan was at 6.4743 per dollarThe Bloomberg Dollar Spot Index was little changed after climbing 0.7% FridayThe euro traded at $1.2023BondsThe yield on 10-year Treasuries was little changed at 1.63%. Treasury futures are in the green. Cash Treasuries won’t trade in Asia MondayAustralia’s 10-year bond yield held at 1.75%CommoditiesWest Texas Intermediate crude rose 0.3% to $63.79 a barrel after sliding more than 2% FridayGold was at $1,768.03 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Coldplay frontman Chris Martin is taking on the role of mentor next week on “American Idol,” Variety has confirmed. Martin is set to mentor the current “American Idol” contestants on May 9, which is the singing competition’s Mother’s Day episode. The remaining finalists will prepare and perform two songs for the episode: one of their choosing […]

Former Masters champion Mike Weir won his first PGA Tour Champions event Sunday when he held steady with pars down the stretch for a 4-under 68 and let John Daly made the last mistake in the Insperity Invitational. Weir and Daly were tied going down the stretch at The Woodlands, which was reduced to 36 holes because of heavy rain earlier in the week. Daly, playing in the group ahead of Weir, was posing over his 9-iron over the water to the 18th green when it came up a fraction short and splashed next to the bulkhead.

La Brea, the new NBC series created by writer David Applebaum, is bringing their production to Australia, Universal Studio Group announced today. The Universal Group said the upcoming drama series is moving to the Down Under for principal photography, visual effects and post-production. The overseas cross is part of a larger effort by the USG to […]

The picks are in, from No. 1 (Trevor Lawrence to the Jacksonville Jaguars) through No. 259 (Grant Stuard, aka “Mr. Irrelevant,” to the Tampa Bay Buccaneers), and we have broken all of them down.

Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery. MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat after taking a bit of a spill on Friday. Japan's Nikkei was shut for a holiday, but Nikkei futures edged up 0.2%.

Sam Burns fired a 3-under-par 68 for his first PGA Tour victory, a three-shot win over his third-round co-leader Keegan Bradley in the Valspar Championship in Palm Harbor, Fla., on Sunday. Burns, who shot a 17-under 267 for the tournament, finished Sunday's round with bogeys on two of his final four holes, but his 1-under on the back nine of Innisbrook Resort's Copperhead Course was enough. Bradley's back nine, on the other hand, included a double-bogey, a bogey and no birdies.

Analysis: An extraordinary surge in support for independence is rocking another Labour stronghold

The tapestry underwent £140,000 of restoration works after sustaining years of damage

New Zealand’s differences with China becoming ‘harder to reconcile’, Jacinda Ardern saysPrime minister has been coming under pressure from allies to take a tougher approach towards country’s largest trading partner New Zealand prime minister Jacinda Ardern and China premier Li Keqiang at a welcome ceremony in Beijing in April 2019. Photograph: Jason Lee/Reuters

At least 11 states and union territories have imposed restrictions to stem crisis

(Bloomberg) -- Dell Technologies Inc. has agreed to selling its Boomi cloud business to private-equity firms Francisco Partners and TPG in a cash deal valued at $4 billion, as part of efforts by Chief Executive Officer Michael Dell to trim down the personal computer maker.The deal is expected to close by the end of this year, the companies said in a statement Sunday without providing additional details of the terms. Dow Jones had earlier reported the company were near a deal.Boomi specializes in integrating different cloud platforms for companies and has more than 15,000 customers. Dell agreed to acquire the company for an undisclosed amount in 2010, a statement showed at the time.“This proposed transaction positions Boomi for its next phase of growth and is the right move for both companies, our shared customers and partners,” Jeff Clarke, vice chairman and chief operating officer of Dell, said in the statement. “For us, we’re focused on fueling growth by continuing to modernize our core infrastructure and PC businesses and expanding in high-priority areas.”Dell has been cleaning up its balance sheet in recent years and hiving off a variety of businesses. The company announced plans last month to spin off its stake in infrastructure software provider VMware Inc., its most valuable asset. Last year, it sold cybersecurity unit RSA for $2.08 billion to a private equity firm.The company is trying to reduce its dependence on hardware sales and transform into a seller of subscription-based computer services. While that shift is ongoing, the company still gets about half of its revenue from sales of personal computers to commercial and consumer customers.Read more: Dell Is Said to Explore Sale of Boomi Cloud BusinessFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Why Ethereum's Unstoppable Rally Could Cool Off at $3K

NewsBTC 02 May, 2021 - 06:02pm

Image by: Nick Chong - Unsplash

Ethereum has seen a 34.5% rally during the week. At the time of writing, ETH trades at $2.976 with a 1.8% profit in the daily chart. The cryptocurrency has been reaching a new high in the lower timeframes and seems poised to break a major milestone at $3.000.

However, several experts seem cautious due to major walls of resistance at those levels. Pseudonym trader “Edward Morra” has followed ETH’s price rally closely for the past days. The trader is “fascinated” by ETH price action which has shown shallow pullbacks with constant grind-ups. On this price structure, Morra said:

These type of patterns either end up exploding up or spill down cascading the stops, both extremes.

The trader also pointed to the ETH price chart for the past 3 months when the cryptocurrency broke $1.000 and 2.000. Almost immediately after, the price experienced severe corrections, as showed in the chart below. Next week could be critical to determined Ethereum’s price trajectory in the short term.

Additional data shared by Morra and trader Byzantine General show a large amount of selling orders for ETH at $3.000 on all exchanges. The orders go from $9 million to $30 million. Therefore, they concluded that this price target will be a “challenge”. However, Byzantine General stated the following:

I saw walls like this at $1000 ETH too and they got eaten for the most part.

In support of Ethereum’s bullish case, Chief Strategy Officer of CoinShares, Meltem Demiros, shared data on the digital asset fund flows for last week. Demiros’ firm has determined that ETH’s bullish sentiment is on the rise as the cryptocurrency saw $34 million inflows for its investment product last week.

ETH has “bucked” a trend of outflows that most noticeable affected Bitcoin. In contrast, the first cryptocurrency by market cap saw a $21 million outflows in its investment product for the same period. The trend started after BTC’s mining sector was affected by a series of power outages in the Chinese province of Xinjiang. Demiros added the following:

(…) last week saw $21M in BTC product outflows, the largest outflow on record that same period saw $34M of inflows into ETH products. This data indicates investor sentiment around ETH is positive.

Institutions seem to be warming up to Ethereum at a high speed. In that period, the European Investment Bank announced a digital bong based on ETH. Senior Editor at the Economic and Financial desk for the German “Die Welt”, Holger Zschaepitz, believes this to be amongst the reasons for ETH’s rally.

— Holger Zschaepitz (@Schuldensuehner) May 1, 2021

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

© 2020 NewsBTC. All Rights Reserved.

© 2020 NewsBTC. All Rights Reserved.

Ethereum could advance even more in the ongoing bull market. Here are the next targets for buyers | Invezz

Invezz 02 May, 2021 - 02:09pm

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Ethereum has exploded since the beginning of April, and this cryptocurrency continues to trade in a bull market. The daily volume of ETH remains high, and if this positive trend continues, Ethereum could advance soon above $3000 resistance.

Ethereum’s network continues to enjoy a significantly high hash rate, and strong network fundamentals continue to be one of the main characteristics of Ethereum. The cryptocurrency market continues to attract institutional investors, and according to the latest news, the European Investment Bank will issue $121 Million worth of digital bonds on the Ethereum public blockchain.

Ethereum has successfully attracted the attention of institutional investors this year, and according to digital assets investment guidance provider Two Prime, Ethereum is “steeply undervalued” compared to Bitcoin.

“Based on our analysis of ETH’s price performance, derivatives markets, and on-chain data, we believe that ETH has earned a place, alongside BTC, as an institutional-grade investment, store of value, and treasury reserve asset, “Two Prime wrote.

Bitcoin has surpassed $1 trillion in market capitalization, and according to Two Prime, Ethereum has begun attracting institutional investment in early 2021 and still has lots of room for growth. It is also important to mention that one of the biggest cryptocurrency investment companies globally, Grayscale Investments, currently holds more than 3.2 million ETH, which represents about 3% of the total supply.

This proves that even big players like Grayscale have confidence in the future of Ethereum, which creates a price lift pressure. The total value of Grayscale Ethereum Trust has reached over $9 billion at the beginning of May, while the demand for Ether continues to soar.

This cryptocurrency has made a big jump in a short period and, if you decide to buy Ethereum (ETH), you should consider that the price could also weaken from the current levels.

Ethereum is currently trading around $2940 level, and if the price jumps above $3000 resistance, it would be a signal to trade Ethereum (ETH). The next price target could be around $3200 or even $3500; still, if the price falls below $2500 support, it would be a strong “sell” signal.

Ethereum has exploded since the beginning of April, and according to digital assets investment guidance provider Two Prime, Ethereum is still undervalued. Ethereum has successfully attracted the attention of institutional investors this year, while the total value of Grayscale Ethereum Trust has reached over $9 billion at the beginning of May.

Bitcoin vs Ethereum: These assets offer highest profits to certain types of traders

AMBCrypto News 02 May, 2021 - 01:00pm

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Ethereum offers high profitability to short-term HODLers and that makes it popular with retail traders. Institutions like Grayscale are known to HODL ETH, which is held in their AUM. Currently, Grayscale’s ETH Holdings have remained largely the same, close to the 3.2 Million level based on data from Grayscale. The price has no visible relationship with the total holdings and this is different for retail traders.

ETH Holdings Grayscale || Source: Bybt

This makes it the retail traders’ altcoin. The way institutions have been noted to make profits from HODLing and trading in Bitcoin, ETH is profitable for retail traders. There are several fundamental and technical reasons supporting the argument. Since ETH dwarfs every blockchain in terms of fees paid, and data shows massive demand for ETH across exchanges. This demand may not be institutional, but it exists.

The ETH network settles $30.5 billion worth of value per day, far more than what Bitcoin registers. Though a high percentage of ETH’s transactions are directed from DeFi and NFTs, the altcoin is largely popular.

ETH transactions on the network vs BTC || Source: Twitter

Ethereum now has 625k daily active addresses, and climbing every day, at the ATH price level. Retail traders are expecting the altcoin to kick into discovery mode.

With $65 Billion worth of ETH locked in top DeFi projects, ETH is institutional grade, however, it manages to offer profit booking opportunities to retail traders at the same time. There are over 500k daily unique senders on the ETH network and that is just an example of the increasing number of unique and active users. What’s more, Bitcoin is being increasingly represented on ETH in the form of WBTC, making it a massive attraction for crypto assets, Bitcoin, DeFi and NFTs.

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Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Ethereum miners fight hard to retain PoW consensus By BTC Peers

Investing.com 01 May, 2021 - 12:00am

In light of Ethereum’s decision to transition from Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS), some miners are not willing to go down without a fight. A group known as the Ethereum Genesys Foundation (EGF) has successfully hard forked the current chain to retain PoW mining.

The move from the miners is not unexpected. Recall that Ethereum miners had earlier kicked against the upcoming Ethereum Improvement Proposal (EIP) 1559, which aims to lower gas fees. With ETH 2.0 on the way and a future switch to PoS, miners would be rendered redundant. Some miners have claimed that they are already being slowly phased out.

EGF wants to retain the PoW chainThe EGF successfully carried out a mainnet hard fork in mid-April. They dubbed their hard fork the “Maple Fork.” In addition to retaining the mining community, they’ve created a token called Ethereum Genesys (ETG).

The team behind the new project is positive that the community will prefer their version to the original Ethereum. According to them, the move by the Ethereum Foundation to adopt PoS makes the network less decentralized. This is because most Beaconchain validators run on Google (NASDAQ:GOOGL) Cloud, AWS, or Azure. Furthermore, the 32 ETH (88k) staking requirement from the foundation makes it very expensive for an average user.

The difficulty level will continue to increase until the “Ice Age.” At this point, mining becomes practically unattractive. One of the founding members of EGF, Earl Mai, said that the “Difficulty Bomb” was the first step to kick miners out of the network. He remarked:

One of the largest ETH 2.0 and Terra staking services is now looking to expand to other proof-of-stake chains, starting with upstart layer 1 Solana. In a proposal today on...

Building on its previous crypto involvement, VC firm Andreessen Horowitz is now reportedly gathering thunder for another fund, according to an article from the Financial Times, or...

One crypto user is seemingly taking exception to current monetary policy from the Bank of England, or BoE, and expressing their frustration with a laser projector. Reported by...

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Ethereum breaks away: Several factors power ETH all-time high push By Cointelegraph

Investing.com 01 May, 2021 - 12:00am

After a recent slump across cryptocurrency markets, Ether has surged to new all-time highs off the back of a number of important events and metrics. Overall, 2021 promises to be a crucial year for the Ethereum blockchain as developers continue to work toward the network’s integration with Eth2, which will see the blockchain part ways with its original proof-of-work consensus algorithm in favor of the touted energy and cost-efficient proof-of-stake consensus.

While the technical details may not concern many day-to-day Ether (ETH) users and traders, the recent price action of ETH, coupled with a number of significant events, suggests that the momentum that has led to ETH hitting a new all-time high at the end of April could continue for some time.

One of the largest ETH 2.0 and Terra staking services is now looking to expand to other proof-of-stake chains, starting with upstart layer 1 Solana. In a proposal today on...

Building on its previous crypto involvement, VC firm Andreessen Horowitz is now reportedly gathering thunder for another fund, according to an article from the Financial Times, or...

One crypto user is seemingly taking exception to current monetary policy from the Bank of England, or BoE, and expressing their frustration with a laser projector. Reported by...

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