If reports are to be believed, then whales have started expanding their respective portfolios. They are expected to be adding ADA in large numbers. What signals this probability is the sudden spike in the on-chain activity of Cardano.
As of March 28, 2022, approximately 69.09 billion ADA were transacted on the network. This represents 99% of the total on-chain volume, signaling an institutional demand that may increase the buying pressure and push the trading value of ADA to $2 on the board.
What Happened?
Those who hold ADA in their portfolio are probably looking forward to the rise in the trading value. This will enable them to exchange or trade their holdings for other digital assets.
People who have been waiting to get their hands on ADA may have been devastated by the news that whales and institutional players have entered the ecosystem to expand their portfolio. The Crypto community believes that if such buying activities continue, then the price could soon touch the mark of $2, making it expensive for new individuals to enter the market.
ADA had recently claimed the support value of $1, prompting big players to invest their money into Cardano. The price may go up if buying activities continue to prevail. A trading value of $3.10 is also a possibility according to the Cardano price prediction; however, it may happen only by the end of the current year.
Reports suggest that transactions worth more than $100,000 have risen by 5,000% since the beginning of the current year.
Whales and institutional players trading heavily in the market suggest where they are more likely to position themselves. Even though the prices are on the rise, their purchase showcases the possibility that there is an opportunity for ADA to earn several gains in the coming days.
The value of 69.09 billion in terms of ADA transactions represents 99% of the total on-chain volume. That figure was registered on March 28, which has been coined as the beginning of the trade by whales and institutional players.
As for the number of whales on the Cardano network, statistics suggest that there was only an increase of 1.7%. Statistics also point out that 42 addresses were holding ADA between 1,000,000 and 10,000,000. These coins, at the time of writing, are worth $1.2 million and $12 million in ADA, respectively.
Now that the support of $1 has been achieved by the Cardano network, the next milestone is $1.36 for the Ethereum Killer. Traders believe that if ADA is able to surpass that mark, then there is a high probability that it will go beyond $2 at the earliest.
The mark of $1.36 is where 690,000 addresses had earlier added 6.41 billion ADA into their pockets.
An increase in the holding by whales has definitely built a support floor of $1. The price will only rise unless there is a major downfall in the market.
In a recent turn of events, crypto token Bitcoin (BTC) reported record-breaking heights regarding their profits, accounting for $40,000. Trading analysts speculate that the revenue generated is due to accelerating adoption rates from prominent international establishments. The eminent corporation Amazon has contributed to this appropriation measure with its latest declaration of accepting digital tokens for transactions.
On Monday, July 26, 2021, the BTC shorts listed that a bounteous amount of $700 million tokens were exchanged. This high-level administration has been witnessed for the first time in the preceding three-month term.
With the crypto tokens revenue exceeding trading market expectations, the utility of the BTC token rose at a more distinguished value price level. This revenue acceleration resulted in the sanctioning of more than 1,000 agreement record trading deals within an exchange passageway of a 10-minute time frame. Moreover, the valuation capacity of crypto network settlements for July amounted to 10x the aggregate value in the marketplace of Hong Kong.
The most considerable crypto coin flourished with revenue profits of $39,681, a 15% development. This revenue amount was generated before associating the revenue ascent to exchange with a valuation of $38,100 in Hong Kong at 10:58 AM on July 26, 2021. Additional sort after digital currencies has also seen an upsurge and revival of their revenue profits. The crypto network of Ether is a close second after the BTC token.
The Amazon corporation has played a vital role in this exceptional cryptocurrency market value due to its appropriation report. Further, the Amazon team posted a job opening last week for a leading directive for digital currency products. This advances the up-to-date assistance and appropriation of renowned enterprise leaders such as Cathie Wood’s Ark Investment Management LLC and Elon Musk’s Tesla. Wood stated that businesses should adopt and acknowledge totaling BTC tokens on their firm’s account balance sheets.
This past weekend a definitive and assertive inclination has been witnessed with the digital token’s values exceeding a 50-day effective aggregate. BTC is enduring a profit of $27,000 from its April valuation records, boosting a value of $65,000. The recent social media criticism of BTC tokens by government authorities from countries such as China, Europe, and the United States had resulted in the downfall of the profit values of BTC.
Hailed as the top international organization for the oil industry, the Organization of the Petroleum Exporting Countries (OPEC) and its allies have announced to increase the oil production and supply gradually. The decision was taken during a meeting of OPEC+ on Tuesday and took the overall domain by a storm of surprise. The news can be seen as a significant development in the testing times of the prevailing COVID-19 crisis across the world.
As per the report, the reviewer of the oil market space, the Joint Ministerial Monitoring Committee (JMMC), shifted the important meeting to Tuesday from the earlier Tuesday schedule. Talking about the highlights of the meeting, OPEC+ revealed that the team has decided to continue enforcing the production adjustment policy considered during the April 1 gathering. During the earlier meet, OPEC+ indicated that they would increase the daily production capacity by 350,000 barrels in May, 350,000 barrels in June, and 441,000 in July.
The decision taken by OPEC and its allies has changed the dynamics of the oil industry and has paved the way for a fluctuating state of gains and losses. With nations like India getting devastated in the second wave of the coronavirus pandemic, the significant step can be considered a bold move of the international entity. The oil futures in New York traded at $63 per barrel to witness their biggest surge on Tuesday after the continuing downfall. The time spread for Brent crude oil reached 57 cents from 69 cents by the end of last week.
The main reasons for the increase in the price of oil and its demand are:
The fast-accelerating vaccine program across the major countries will increase the mobility of people and trade.
Improved vaccination pace in Europe will eventually accelerate the travel demands.
Enhanced conditions of global transportation and manufacturing capacity will boost the business dramatically. The industries are likely to work full swing in June.
Talking about the present conditions, Howie Lee, an economist at Oversea-Chinese Banking Corp., stated that the worsened COVID situation in India has given a major jolt to the industry. The demand levels are yet struggling to reach the pre-virus mark. This is likely to strengthen the control on the supply of oil in the second half of 2021, added the spearhead.
The estimates released by Goldman Sachs, the global investment firm, showed that the price of oil would trade around $80 per barrel, with demand surging by 5.2 Million barrels per day in the coming six months span. The rise will be one of the biggest surges since 2000. The growth in the oil industry can be attributed to the improving business modules in China and the United States. The American Petroleum Institute affirmed that the U.S crude stock increased by 4.32 million barrels the previous week. This was the second weekly gain for the American oil industry.
Dogecoin leaps the previous year’s rank and is now one of the top 35 cryptos of the global market after hitting a yearly high at $0.0138 in the last week against the greenback. But with the loss of traction in the market and nosediving of the largest cryptocurrency, Bitcoin is also seen testing immediate support at $35k. Dogecoin that is believed to have a concurrent motion with that of BTC, is now opting for a bearish crossover due to a clear correction below $0.0100 and currently trades at $0.00858.
As per the Dogecoin Prediction, the previous year’s price trend was nothing but a flat line against the US Dollar with intermittent dips and rises except the current year’s bullish candle that led to strengthening from $0.00455 to above $0.0100.
Dogecoin, after a clear rise, has leaped from trading amongst the top 50 cryptos of the market to trading amongst the top 35 due to a massive gain in momentum and active supports. With escalating momentum and price, there is a stupefying gain in the addresses of Dogecoin for over the past five months now.
#Dogecoin stands at 3.07 addresses and has seen ~48k new addresses each month for the last five months.
Dogecoin’s price was seen drawing bearish candles at the time of writing, and the price nosedived below $0.0100 to currently trade at $0.00858. Even though Dogecoin price plunged due to lack of traction but is still holding support from 50-day and 200-day daily MA at $0.00512 and $0.00350, respectively.
However, just when DOGE/USD breached the three-yearly high and fresh 1-year price at $0.0137, the price trend was clearly hitting above the upper band. However, with downward correction, it pulled back and fell into the range of 20-day BB on the daily chart. With a long bearish candle, the price pulled back below $0.0070 but is still away from testing daily supports from medium and long-term MA.
With DOGE having weakened by over 35% from the fresh yearly high, the MACD chart shows that the MACD line moves towards the signal line for bearish divergence, and the RSI also pulls back from the overbought region slightly lies at 60.43.
Zimra (Zimbabwe Revenue Authority) is collecting a mere 25% in the form of forex tax even when there is a rise in forex deposits to the tune of 1.1 billion dollars. As per RBZ (Reserve Bank of Zimbabwe), about 50% of all local transactions are presently occurring in forex after the government gave the go-ahead to the utilization of free funds for local trading.
Forex Tax Malpractices
The poor tax performance related to forex clearly indicates tax non-compliance and the malpractices carried out by business players.
On June 17, the dual pricing system was announced by RBZ and from that time, forex taxation started drawing more attention. This dual pricing system meant that businesses were now allowed to accept foreign currency payments.
Ms. Faith Mazani, Zimra Commissioner, has mentioned that malpractices have been observed by the tax authorities related to forex tax. The reason is that transactions are not being recorded by many businesses where foreign currency is involved in the transaction. Ms. Mazani made this statement yesterday while speaking at a virtual press conference, jointly organized by tax authorities and RBZ on the topic of forex business income and its taxation.
Ms. Mazani added that when any transaction is being recorded, the tax-related declaration is not happening for either entire or partial foreign currency amount. She mentioned that when any foreign currency transaction occurs, it is entered in manual registers, but operators are getting foreign currency and issuing customers receipts for RTGS.
Ms. Mazani also revealed that foreign currency that someone tenders is not getting banked. Where foreign currency is involved, transactions are being recorded using parallel manual invoicing and also, the declaration is not happening for such invoices for tax purposes.
Violation of VAT and Finance Act’s Provisions
According to Ms. Mazani, it is a direct violation of the VAT and Finance Act when separate offline systems are kept for foreign currency-related transactions.
RBZ Governor, Dr. John Mangudya, who was part of the press conference, said that presently forex deposits have moved up to one billion dollars and foreign currency accounts hold around 405 million dollars. However, despite an increase in forex transactions, forex tax collection has not increased significantly. He added that they are working towards creating a mechanism that will help in enforcing compliance.
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Quick facts
A few fast facts before launching into the eTrader review:
eTrader allows trading in a wide variety of financial instruments that include Shares, precious metals, Forex, and CFDs
The trading involves standard lot sizes
The spreads begin from three pips on Euro Dollar
The minimum amount of the initial deposit is $250 as a wire transfer
The minimum amount for the initiation of trade is $100
Professional clients receive leverage up to about 1:100
Salient features of the eTrader platform
Account types
Besides the demo account, the trader can open either of the two types of accounts on eTrader. These two types include a company account and a personal account. If a user is seeking to trade in individual funds, then he should open a personal account.
On the other hand, if the individual wants to trade on behalf of his business, then he should open a company account on eTrader. Traders need to register on eTrader with certain documents like address proof, bank account information, and so on. For company accounts, users need to furnish valid business documents to conduct trade and investment on eTrader.
Platforms
The platform of eTrader is highly secure and advanced. The users can personalize the dashboard, integrate various plugins, and get access to comprehensive trading reports. The user-friendly interface of the platform appeals to every user. One can access eTrader easily from desktop browsers, smartphones, and other devices of iOS and Android. Download the mobile app from the app store to get access to live data, execute trading, and manage the account. The platform portability is one of the highlights of the eTrader review.
Trade sizes
For every Forex pair, the size of the standard lot is 100000 units of the fundamental currency. Therefore, the minimum level of the trade size is about 0.01 lots. eTrader provides comparatively limited leverage, which constrains the maximum position size. However, the broker does not mention the maximum trade size on the website. The maximum margin call is 100%, and that of Stop-out is 50%. The user needs to login to his account to check for margin calls. Constant monitoring of every activity is mandatory for successful trading. The eTrader platform sends alerts if the margin call reaches 100%. The trades enter the liquidation stage when the margin call is 100%.
Leverage
The user can receive up to about 1:30 in leverage. Some pairs of currencies offer a leverage of up to 1:20. Initial users of eTrader can set the leverage level, which should not exceed 1:30. The advanced traders who possess a profitability track record can receive up to about 1:100 in leverage. eTrader reserves the right to modify the leverage amount. It does so when the trader loses a huge amount of money through risky trading. One may consider the leverage value to be a drawback of the eTrader review, but the low leverage ensures safe trading.
Assets
Besides currencies, the user can also trade in stocks, indices, and commodities on eTrader. The trader can get access to more than sixty pairs of ForEx too. Some of the most exotic currencies on eTrader include Hungarian forint, Brazilian real, Czech krona, and more. eTrader permits the account holders to conduct trade in the CFDs of companies in the UK, the US, Germany, Japan, Hong Kong, and other countries. The user can trade in shares as well. The shares include equities in the EU and the US, and Hong Kong markets. Furthermore, eTrader provides access to significant market indices, and different types of commodities like agricultural products, energy, and metals.
Spreads
eTrader deals with the floating type of spreads, beginning from three pips. The lowest spreads include pairs of AUD.GBP, EUR.JPY, AUD.USD EUR.USD, USD.CAD, NZD.USD and GBP.USD. The exotics possess to the tune of hundreds of pips. Pairs like the Russian ruble possess spreads in the thousands.
Deposit method and cost
The user can make deposits into the eTrader account via several modes. These modes include wire transfer, MasterCard and Visa, and DotPay. There is no separate fee for making deposits. The broker does not accept deposits in cash. However, the banks or financial institutions might charge a separate fee. There is no limit on the maximum amount of DotPay and wire transfer deposits on eTrader.
Withdrawal method and cost
On eTrader, the method of withdrawal of funds is only through wire transfer to the user’s bank account. There is no separate fee for the withdrawal, although the bank might charge an amount. The minimum amount of transfer is $250.
Bonus and promotion
If you work for eTrader and open a local eTrader office in your area, then you can be a part of the Tied Agent program. For this program, the user has to show that he has no registration with any other brokerage firm in the country.
Pros and cons
According to this eTrader review, the following points are the pros and cons of the eTrader platform.
Pros
A very nominal amount of fee for trading in the broadest range of instruments
Easily accessible from any device of any operating system
Hassle-free online trading in foreign currencies
Free access to educational content upon registration
Lucrative bonus and promotion facilities
Highly profitable returns on investments
Cons
There are limitations on the leverage
The spreads are not sufficiently convenient
The mobile app is not as thorough as the browser-based application of eTrader
Conclusion
The eTrader review reveals that the platform is excellent for the beginner as well as advanced traders. The value of leverage may seem to be low, but it is an improbable deal-breaker, thereby less prone to trade risks. Novice traders can learn the art and strategies of trading from the wide variety of educational content available on eTrader. The company account on eTrader perfectly suits the financial goals and commercial objectives of big businesses. The platform is robust, efficient, highly secure, and completely regulated. Even though the spreads are a tad too high, eTrader is still a pioneer in its field.
Multinational chemical firm BASF will sell its subsidiary BASF Construction Chemicals to an affiliate of global private equity fund Lone Star for euro 3.17 billion on a cash and debt-free basis.
The deal will be completed by Q3 of 2020, subject to approval from relevant authorities.
Member of Board of Executive Directors BASF SE Saori Dubourg said,
Under the umbrella of Lone Star, the Construction Chemicals team can focus on a growth path with an industry-specific approach.
The BASF Construction Chemicals business operates production sites and sales offices in 60 countries and employs over 7000 people. It generated sales of euro 2.5bn in 2018.
Lone Star President of Europe Donald Quintin said that the BASF Construction Chemical business fit into their overall strategy and would complement their other investments in the construction materials sector.
Praising the quality manpower at BASF, Quintin said,
We highly value the industry-wide recognized knowledge and competence of BASF’s Construction Chemicals experts, backed by a strong track record in innovative products and a compelling R&D pipeline. We look forward to jointly pursuing a growth-oriented business approach.
In India, the BASF Construction Chemicals business is merged with the surface technologies sector. It generated sales of INR 484 crore in 2018–2019.
A World Bank report says that forest fires in Indonesia caused an economic loss of $5.2bn, which equals 0.5% of Indonesia’s GDP.
Farmers in Indonesia burn the agricultural land in the dry season to prepare it for cultivation. The smoke from these fires affects other people and even other countries.
The World Bank assessed the impact of the fires in the eight affected districts between June and October 2019. Officials said that the losses might be even greater as the fires had raged through November.
The report says,
The forest and land fires, as well as the resulting haze, led to significant negative economic impacts, estimated at $157mn indirect damage to assets and $ 5.0bn from affected economic activities.
Over 900,000 people suffered respiratory diseases and 12 national airports and hundreds of schools had to be closed in Indonesia, Malaysia, and Singapore due to the smoke from the fires. Indonesian officials are blaming El-Nino weather patterns for amplifying the health effects of the forest fires this year.
Over 942,000 hectares of forest and agricultural land were burned in Indonesia this year. Additionally, 44% of the land burned were peatlands; thus, carbon emissions from the fires were double that from fires in the Amazon jungle earlier this year.
Thus, El-Nino and the burning of a large peatland area have caused a perfect storm that has engulfed not only Indonesia but its neighboring countries as well.
The report explicitly states that the fires are human-made and this problem has existed since 1997, hinting that successive Indonesian governments have dragged their feet on the matter, which has led to the current crisis.
About 720 megatonnes of carbon dioxide were released into the atmosphere due to the forest fires in Indonesia between January and November this year, according to the European Centre for Medium-Range Weather Forecast.
As a result of the fires, the World Bank has cut Indonesia’s growth estimates by 0.09% in 2019 and 0.05% in 2020.
The World Bank report warns that the health effects from the fires could harm the global image of palm oil, the main commodity exported by Indonesia.
At Snapdragon Tech Summit 2019, one of the leading developers of chip technology, Qualcomm, revealed its new and more powerful SoC for extended reality headsets. On top of that, the firm announced its partnership with Niantic, the creator of popular mobile game Pokémon Go.
Under the MoU, both the firms will team up to develop reference hardware, software, and cloud-based technology for augmented reality glasses. In a statement, Qualcomm stated that the collaboration is for more than a year and is aimed to fast pace the development of AR software and hardware; however, gaming enthusiasts might have to wait for some time.
Niantic’s Real World Platform host some well-known online mobile games like Pokémon Go and Harry Potter: Wizards Unite. The new product will allow developers to alter the programming for making it XR2 compatible. During the event, Niantic’s Chief Technical Officer, Phil Keslin, stated that the product would be made available to every user in the Niantic Creator Program launching in 2020 as the XR2-optimized platform is ready to be used.
As per reports, the new product will be optimized for Qualcomm’s XR2 platform. Besides, it will be the first 5G-enabled extended reality system with the capability of 8K and 360-degree video playback, says Qualcomm officials. Through this new H/W and S/W integrator, Qualcomm will also try to figure out the specifications and feasibility of a pair of XR2-powered glasses.
Advanced tactical radars provider RADA Electronic Industries Ltd. announced the opening of its new 25,000 sq ft headquarters and manufacturing facility in Germantown, Maryland. The Israeli company has emerged as one of the most important companies in its industry, and a wide range of defense contractors highly covets its air surveillance systems.
The radars developed by RADA are often referred to as gap fillers by people in the industry. The reason behind that is the fact that the radars can work on both medium-range and long-range air surveillance systems.
Moreover, the radars also work on a range of other installations. Because some of the biggest defense contractors do their business in the United States, it is only natural that RADA has decided to set up a headquarter in the country.
RADA’CEO, Dov Sella, said, “We established our US subsidiary, RADA Technologies LLC (RADA USA), in close proximity to our core customer base of US military and civilian agencies to Americanize and further adapt our technologies to support their needs. Our US-based team is focused on delivering our highly advanced, innovative, and combat-proven radar solutions and services to enable American defense agencies.” He went on to state that RADA’s radar systems are already being used by both the U.S. Army and also the U.S. Marine Corps.
