September 2022 - Page 4 of 6

Crypto Industry Trends Forecast 2020-2023

When it comes to the cryptocurrency market, it seems that there are no accurate predictions. We know very little about a new kind of money. Bitcoin, the first cryptocurrency, was released in 2009, just 11 years ago, and now we have a multi-billion dollar crypto market that appeared almost out of nowhere. Therefore, experts can predict the price of Bitcoin in 2025 which ranges from $1,000,000 to 0.0000001, and every prediction has a chance of being fulfilled.

Of course, cryptocurrency trading is not limited to Bitcoin: Ethereum, Monero, Litecoin and other currencies account for almost half of the market. However, bitcoin reigns supreme in the crypto world. Bitcoin is trending due to the zero risk of inflation, and its compound annual growth rate (CAGR) is expected to be 3% between 2019 and 2024. As a result, any analysis and forecasts from the Bitcoin perspective must take into account.

The cryptocurrency market operates on the same principles as other financial markets. Japanese candles and other indicators, according to technical analysts, can be seen on the charts. Simply put, many market indicators reflect human behavior rather than the true cost of the stock. An experienced analyst can track and identify patterns of movement themselves, as well as create graphs of future changes.

Factors affecting the cryptocurrency industry
Regardless of their relative importance, each of them is important. Moreover, each of these factors has the potential to derail future expectations. As a result, it is necessary to follow them in order to have a better understanding of the market. We have identified several major cryptocurrency industry trends.

Store Information
The cryptocurrency market is not affected by the major economic and political news that affects the forex and stock markets. The US unemployment rate, the US-China trade war, and the new European Central Bank interest rate could all cause chaos in currencies and securities. On the other hand, the specific set of news related to cryptocurrencies is the main factor of influence and driving force of market fluctuations.

The crypto market is focused on new government regulations and other government moves. Moreover, this market is sensitive to updates – the successful launch of new platforms, price updates, movements of major players, etc.

Expert opinions
The pool of crypto experts is diverse. On the other hand, the cryptocurrency market values technical experts, owners of large startups, major investors in the market, and others. On the other hand, the crypto market is full of social climbers – YouTube bloggers, news writers, self-promoting traders and other loud voices.

As a result, distinguishing between a true expert’s opinion and a forgery is a difficult task. As a result, expert opinions have an impact on the market, but the reaction is also short-lived. When market participants realize that they are dealing with a fraud, they stop the transaction and start waiting for the real news.

Rumors about cryptocurrency
The main difference between news and rumors is the ability to verify information. Real-life events, trends, economic indicators and other searchable data are used to generate market news. At the same time, rumors are based on opinions and quotes. However, thousands of investors are buying and selling cryptocurrencies based on rumors. These transactions cause price changes.

When the cryptocurrency market was at its peak in 2017, even minor news could cause prices to fluctuate. However, the cryptocurrency market will be calmer in 2020. For example, the “breaking news” that Elon Musk intends to invest $1 million in Bitcoin is unlikely to impress investors. However, rumors are a way to manipulate the market, so the cryptocurrency market is not immune to it.

Technology updates
Cryptocurrencies are based on blockchain systems and were probably the first high-tech payment method. However, technologies do not exist in a vacuum: they evolve and change all the time. Significant technological changes can be detrimental to the cryptocurrency market, but they usually do not happen suddenly, giving the market enough time to adapt.

For example, the crypto world is waiting for the new Bitcoin halving in 2020. Bitcoin halving is the process of dividing the number of rewards generated per block in order to keep the total supply of Bitcoin below 21 million. The previous halving drew attention to Bitcoin and raised its price. There is no reason to wait until next year for another scenario.

gold cost
Gold is widely considered one of the leading active reserve assets in the financial markets. When the value of fiat currencies fall, financial investors turn to reserves such as gold, silver, and commodities. Cryptocurrencies are also an alternative investment option in times of economic turmoil. The increased demand for the metal is driving up the price of gold, and investors are starting to buy bitcoin.

And due to the Corona virus pandemic, the price of gold reached new heights in 2020. China is the largest exporter of gold in the world, and production there stopped after several weeks of quarantine. Due to the limited production of the metal, the price of gold rose and the demand for Bitcoin increased dramatically. However, another economic downturn could frustrate investors and drive them away from the volatile cryptocurrency market.

Trends in Cryptocurrencies 2020-2023
Keeping in mind the key impact factors, any crypto player should also follow the major crypto trends 2020-2023. Of course, everything can change very quickly: no one expected the coronavirus pandemic and the global quarantine at the beginning of 2020, not to mention the economic crisis in the world’s leading economies. We created the forecast based on the current market situation and hope that major crypto trends will continue indefinitely.

COVID and Bitcoin: Halving for 2020
As mentioned earlier, the previous halving of 21 million bitcoins has intrigued investors. The reason is straightforward: the scarcity of new bitcoin supply is driving up the price. Moreover, as the price increases, Bitmain becomes more profitable, mining increases, and the end of Bitmain is approaching. When mining farms, mostly in China, go out of business, Bitcoin faces a serious challenge. However, he regained his position after the turmoil. So at least Bitcoin will stay on top in 2020: we don’t expect another crypto winter.

Moreover, Bitcoin is benefiting from the pandemic. During periods of financial market volatility, investors turn to reserve assets such as metals, commodities, and cryptocurrencies. Moreover, in a post-pandemic world, dissatisfaction with the traditional economy and fiat currencies will drive new entrants into the cryptocurrency world. Bitcoin, as the oldest and most reliable currency, will continue to lead and set major cryptocurrency trends.

One interesting fact: Tom Lee, a former analyst at JP Morgan, believes that the fair price of bitcoin is $14,800, but could rise to $150,000 if the number of bitcoin wallets reaches 7% of the number of Visa cards (for now)4 5 billion). Anyway, Bitcoin’s forecast for 2020-2023 is rather optimistic.

Follow the leader in Altcoins

Ethereum
Ethereum is the undisputed leader among altcoins. Nasdaq has added Ethereum and Bitcoin to its list of indices. Its dominant position stems from the fact that Ethereum is not only a cryptocurrency but also a platform for many blockchain projects. However, Ethereum faced scalability issues. The platform has been unable to process remittances as the number of Ethereum-based projects increases. The world is still waiting for Ethereum-based enterprise applications. If a company like Uber launches blockchain apps that accept cryptocurrency payments, Ethereum will be around for a long time. Otherwise, it may end up being a dead coin. Expectations are moderate.

ripple
The phenomenon of Ripple is that there is no single opinion about its nature: some market analysts do not believe that it is a cryptocurrency due to the lack of mining. However, Ripple has formed a partnership with 50 major banks and financial institutions. Banks usually oppose cryptocurrency trends, but not Ripple. The primary challenge for this coin is to take Swift out of the market. If this occurs, the outlook can be changed from moderate to positive.

EOS
EOS is a rising star in recent years and the main competitor to Ethereum. This platform can support enterprise applications without causing scalability issues. As a result, if Ethereum fails the challenge, EOS could take its place. At the moment, the forecast is favorable.

Monero
Monero remains at the top of the list of the most popular cryptocurrencies. It is widely considered the most secure cryptocurrency. However, it may lose its position. Apparently 90% of transactions can be traced. Even after the latter, the percentage of safe transactions is less than 50%. Expectations range from moderate to low.

Looking into the future
Have you heard of a self-fulfilling prophecy? This intriguing social and psychological phenomenon illustrates the ability of human belief to influence the future. The prophecy is fulfilled because a large number of people believe it will. Their beliefs influence their actions, and the resulting behaviors align with those beliefs.

Netflix released the second season of Altered Carbon, the Cyberpunk series, in 2020. The story takes place in the early 2000s. Surprisingly, the semi-legal dark and dirty store accepts Bitcoin, Litecoin, Monero and Z-cash. Why do the creators of the chain think people will use cryptocurrency after 400 years of us?

The answer is that national currencies may lose value as globalization continues and the potential expansion of space continues. When humanity is scattered across multiple planets, it’s hard to find a global equivalent – but cryptocurrencies can fill that void. And if people believe that cryptocurrencies will exist in the 21st century, this prophecy has a good chance of coming true.

Why Smart Tech Acceleration is Essential to Long-Term Business Growth

To adapt to the evolving technology landscape and the COVID-19 pandemic, did you invest in solutions that aided your company in achieving its long-term goals? Or, were you forced to make quick decisions in 2020 that are no longer a benefit to your business? If so, you’re not alone. The rapid growth of technology, or tech acceleration, shows no signs of slowing, and businesses have gradually begun to adjust to the “new normal.” Small and medium-sized businesses (SMBs) have started to realize that to provide a competitive level of service to both customers and to retain and support employees, they must keep up with current trends that support their goals and vision.

Here are a few reasons why staying current with technology is critical:

Implementing the right integrated toolkit saves time and effort, increasing overall efficiency.
Streamlining technologies and processes can help you increase productivity by improving the employee experience.
Removing obsolete technology that no longer receives crucial security patches will ramp up your security. Better security helps prevent losses and downtime.

The emphasis, however, must be on smart tech acceleration rather than just speed. While tech acceleration is about fast implementations that fix short-term issues, smart tech acceleration focuses on implementing technology that supports the organization’s long-term goals and vision.

More about smart tech acceleration

Like many companies, you’ve probably seen a lot of changes since the pandemic began in 2020. Businesses had to make rapid decisions overnight. Deploying tools for remote work and collaboration to adapt to COVID-19 restrictions proved essential, and keeping employees safe and productive became a priority. While these digital solutions might have helped businesses like yours survive during a period of great uncertainty, they may have been inadequately integrated with existing systems or no longer fulfill your objectives and vision. It’s time for a smart tech acceleration that considers your company’s long-term strategy, market trends and the role technology can play in furthering key initiatives. A prediction that investment in smart infrastructure will increase by 40% in 2022 demonstrates that many organizations understand the importance of effective technology acceleration.

Smart tech acceleration also emphasizes the importance of technology for improving customer experience and employee retention. While 10% of businesses commit to going fully remote, 60% experiment with hybrid environments and 30% return to the office, seismic shifts in customer and staff retention patterns could occur if quick acceleration gets prioritized over a long-term strategy.Rushed changes and accompanying solutions may not serve your employees and customers well.

Three ways strategic upgrades support long-term business growth

Businesses today must collaborate with several vendors to perform various tasks. Smart tech acceleration requires identifying partners who align with your values and are innovative enough to contribute to your future roadmap. This is crucial because otherwise, you’ll have to face multiple issues down the road, and things may get even more complicated if you have to find a substitute in the middle of a project.
Integration helps businesses meet their growing IT demands by making it easier to connect new solutions with their existing IT infrastructure. In fact, many manufacturers today design their technology products expecting future integration with other IT components. Smart tech acceleration advocates for integration to improve business operations. A centralized infrastructure boosts the efficiency of information sharing and workflows, resulting in higher productivity. It also reduces operational expenses, improves overall response time and guarantees that information is easily accessible when needed.
Smart tech acceleration ensures your organization’s growth by focusing on key performance indicator (KPI) improvements rather than quick, reactionary installations. You could lose your prospects to your competition if you don’t invest in a long-overdue technological upgrade. Remember to avoid quick fixes and instead focus on investments for long-term productivity and operational success.

While it’s difficult to walk the path of smart tech acceleration alone, having an expert MSP by your side takes some pressure off your shoulders. Contact us today for a no-obligation consultation.

Your Investment options

Purchasing shares is buying a stake in a company for example the hub agency. The shares are usually traded on the stock exchange throughout the day and the prices can go down and up.

Pros: Capital gains

If you decide stocks are your investment option, then make sure you choose shares that will increase with value over time. In general, shares have provided better returns compared to cash. Keep in mind that nothing is guaranteed.

Cons: Capital losses

If you have invested in a company that is not growing in value, then expect its value to go down. This can lead to a loss on your investment.

Funds

This is a collective investment where your money is going to be spread over different markets, which is different from shares that buy a stake in just a single company. A professional Fund Manager manages the funds and decides where to put the holdings. Funds are sold and bought in units that can reduce or increase in price.

Pros: Diversification

The holdings are spread over different sectors and stocks which reduces the risk. When one holding is not performing well, you don’t have to stress because there is a good chance that another holding is going to perform better. This reduces potential losses to your portfolio.

Cons: Liquidity

The fund manager is forced to sell holdings when there is an investor withdrawing the fund. If it is tied in an asset like property, it can delay things because it takes time to sell.

Exchange Traded Funds (EFTs)

They trade on the stock exchange just like shares. Shares usually focus on just one company, but EFT is different. This investment product focuses on a commodity, index, currency, sector, and investing in a wide range of assets. The goal is to track the performance closely.

Pros: Lower fees

Cost-effectiveness is the main benefit of EFTs. They have lower operating costs which is why they offer lower fees than managed funds.

Cons: Performance

EFTs involve tracking a market, which is different from funds that try to outperform the market. This is going to have a big impact on the performance.

Investment Trusts

This is a company raising money by selling shares to investors which pools the money and uses it in purchasing and selling a range of investments. They can vary with different aims and mixes of assets and shares. Keep an eye on the Henderson EuroTrust fund update.

Pros: Liquidity

When an investor wants to exit the fund, the investment trust doesn’t have to sell assets. It means you can sell your holdings easily through the stock market. The price can go down when more units are being sold compared to what is being bought.

Cons: Potential Price Volatility

The demand for the share is going to influence the price of an investment trust. If investors start to feel like the investment trust is not managed the way they expected, the price can be impacted when they choose to sell instead of buying the investment trust.

Bonds and gilts

These are ways for governments or companies to raise money which involve borrowing from investors. When investing in bonds or gilts, you lend the government or company money which is going to give you a return. There is a fixed rate of interest.

Pros: Stability

They come with lower risks compared to stocks and provide a stable return on your investment over time. There is less risk when investing in bonds and gilts.

Cons: Growth Potential

The con of bonds and gilt is you are not going to get higher long-term returns when you compare it with other investment options such as stocks. Bonds and gilts can be negatively affected by economic uncertainties, changes to interest rates, and currency fluctuations. This leaves you with lower returns.

Company Wokeness Hurts the Teams It Purports to Assist

Reprinted from Inside Sources

Day by day, company America has launched a brand new initiative that fairly could possibly be described as “woke.” At first look, this wokeness doesn’t appear so unhealthy. Doesn’t America have a historical past of racism, discrimination and injustice? Don’t these persist? Shouldn’t we search to treatment them?

Sure, in fact.

Wokeness, nonetheless, particularly amongst companies, isn’t the reply. It’s essentially intolerant, undermining centuries-old rules such because the rule of regulation, equality beneath the regulation, freedom of speech and due strategy of regulation. It harms the very communities it purports to assist.

Take the instance of Financial institution of America, which has simply introduced its Group Reasonably priced Mortgage Resolution. This new program provides loans to sure first-time homebuyers with out requiring a down fee, closing prices on mortgages, a minimal credit score rating, or mortgage insurance coverage in areas with excessive African-American and Hispanic populations.

We’ve seen a model of this earlier than. Bear in mind the Group Reinvestment Act’s position in proximately inflicting the worldwide monetary disaster of 2008? That have taught us that relaxed lending requirements, which certified folks for residence possession who in any other case wouldn’t have certified, victimized ethnic minority communities and people with decrease incomes. People and households weren’t helped after they purchased properties they couldn’t afford, and their monetary woes, aggregated throughout society, contributed to the financial collapse.

Did ethnic minorities and the marginalized profit from an enormous financial downturn? After all not. They suffered greater than anybody else.

Who stands to realize from the Group Reasonably priced Mortgage Resolution if not the teams it allegedly assists? Effectively, Financial institution of America, which could have used minority communities for branding and advertising and marketing — for its personal benefit, in different phrases — whereas making them worse off.

Contemplate, as properly, the environmental, social and governance (ESG) standards that monetary companies are pushing on companies on the expense of extraordinary, hardworking Individuals. These are unethical. Why? As a result of they mismanage different folks’s cash.

Asset managers who make investments, for instance, the pension cash of state authorities employees will usually display screen firms based mostly on ESG compliance and divert investments to underperforming, ESG-friendly funds quite than to funds that yield essentially the most returns for shareholders or the beneficiaries of the pensions. These beneficiaries might not be conscious that their cash helps political positions with which they disagree.

The company pattern towards “wokeism” have to be reversed.

Florida’s “Cease Woke Act” is an instance of how to not counter wokeism. Designed to neutralize woke indoctrination, this laws burdens speech by banning obligatory office coaching concerning intercourse or race that would trigger “anguish” or “guilt.”

It’s one factor for the federal government to restrict its personal expression — say, by eradicating crucial race concept from public grade-school curricula or proscribing state-agency implicit bias instruction — however the Cease Woke Act binds non-public employers and voluntary membership associations. The illiberalism and censorship codified by the Cease Woke Act mirror the illiberalism and censorship championed by woke ideologues.

One solution to counteract company wokeism is for state legislators to require state fund managers to behave solely within the curiosity of shareholders. States ought to refuse to work with asset administration firms that prioritize ideological investments in, say, ESG over sound investments that maximize monetary returns.

There are additionally ethical causes to oppose wokeism, which institutionalizes racism within the title of antiracism.

Wokeism teaches minorities that they’re agentless victims of White hegemonic oppression quite than artistic sources of innovation, entrepreneurship, freedom and inspiration. A special and extra constructive message would empower minorities to attain their full potential, to grasp that race is just part of their id and never the sum of their humanity, and that tough work and sound enterprise result in accomplishment, happiness and flourishing.

America is polarized and fractured. Treating folks as mere avatars of their race, of these surface-level qualities and traits they entered the world with and by no means selected, will solely injury and offend. If it’s true that company America stays complicit in systematically racist buildings that drawback ethnic minorities, then wokeness is partially in charge. It enriches the already wealthy and, inadvertently, burdens those that wrestle essentially the most. It’s unhealthy. And issues gained’t enhance till folks “awaken” to its dangerous penalties.

Allen Mendenhall

Allen Mendenhall is Affiliate Dean and Grady Rosier Professor within the Sorrell School of Enterprise at Troy College.

He holds a B.A. in English from Furman College, M.A. in English from West Virginia College, J.D. from West Virginia College School of Regulation, LL.M. in transnational regulation from Temple College Beasley Faculty of Regulation, and Ph.D. in English from Auburn College.

Crypto Plummets As CPI Worsens, Any Chance For Reversal?

Crypto prices have maintained a strong correlation with most macroeconomic factors. It’s no longer debatable that inflation affects the trend in the crypto market. Most past digital asset declines took root from the swing in the general global economy.

The intensity of the crypto winter through the year’s first half had accumulated strength from potential inflation. However, due to the suspicions of inflation rise in the economy, crypto prices have shown signs of decline. The recent data on CPI have even pushed the market to another red region.

The Consumer Price Index (CPI) is an economic indicator that measures inflation through the movement of the cost of goods and services. The percentage increase in the CPI over a given period provides the economy’s inflation rate for the given time.

However, the report for July brought a slight relief as CPI indicated almost zero impact on inflation. With the positive significance of July’s information on the crypto industry, lots of hope got high. Many participants expect a more favorable result for August, but their expectations have been squashed.

CPI Data Gets Below Crypto Community Expectations

Finally, August’s released CPI report contradicts the crypto space’s expectations. The result revealed a 0.1% MoM change and an 8.3% YoY change, indicating a wrong value for the industry. The crypto market had estimated the CPI to be -0.1% MoM and 8.1% YoY. Also, against the anticipated core CPI of 6.1%, the real value is a 6.3% YoY rise.

With the outcome of the CPI data, prices in the crypto market have started dropping. Bitcoin and Ethereum are taking the news badly as BTC and ETH have plummeted.

ETH falls below $1,500 | Source: ETHUSDT on TradingView.com

The action of the crypto assets over the CPI data is not surprising. This is due to the impact of inflation on cryptocurrency volatility. While making its monetary policy, the Federal Reserve always considers the CPI.

Currently, the Fed is using a hawkish approach as its control measure over inflation in the US. But, per Fed chair Jerome Powell, the Fed’s stance in controlling inflation will bring pain to businesses and homes alike.

Potential Hike In Interest Rates Could Hit The Market

Seeing the CPI data getting worse means more aggressive curbing actions from the Fed. A better report would have eased the tightening measures of the Fed. According to the CME Fed Watch tool, the Fed may impose about a 75bps rise in the interest rates. Such a hike in rates is a sad story for the prices of crypto assets.

While hopes are dropping for a potential salvage in the crypto market, some hands are pointing to the Ethereum upgrade. The Merge is promising in the industry and could facilitate a price rally in the future.

But lots of traders have no confidence in the success of the upgrade. Hence, the crypto market could not have a handy savior.

HSBC’s CEO Explains Why Crypto Is Not in the Banking Giant’s Future – Finance Bitcoin News

Banking giant HSBC will not be offering crypto services, according to CEO Noel Quinn. Noting that HSBC is more negative on crypto than other banks, the executive stressed: “I do worry about the sustainability of the valuations of crypto.”

HSBC Will Not Get Into Crypto, CEO Says

The chief executive of HSBC, Noel Quinn, talked about his bank’s cryptocurrency stance in an interview with CNBC-TV18 last week. He confirmed:

As a bank, we’re not getting into the crypto world, crypto trading, crypto exchanges.

Emphasizing that cryptocurrencies are too volatile, the HSBC chief said: “I do worry about the sustainability of the valuations of crypto and I have done for a while. I’m not going to predict where it will go in the future.”

Quinn proceeded to explain why HSBC is more negative on crypto than other banks. He stated:

As a product, I questioned its suitability for many of the consumers in the marketplace today. So that’s why HSBC is more negative on crypto than other banks.

In May last year, Quinn told Reuters: “I view bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile.”

He added: “Given the volatility, we are not into bitcoin as an asset class … We are not promoting it as an asset class within our wealth management business.”

As for stablecoins, Quinn said at the time: “For similar reasons, we’re not rushing into stablecoins.” He explained that stablecoins “do have some reserve backing behind them to address the stored value concerns, but it depends on who the sponsoring organization is, plus the structure and accessibility of the reserve.”

In April last year, HSBC Canada notified clients that its crypto policy had changed, stating that it would not facilitate the buying or exchange of products related to virtual currencies. For example, clients could no longer buy shares of Microstrategy (MSTR-US) through HSBC Invest Direct.

What do you think about the comments by HSBC CEO Noel Quinn about cryptocurrency? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

How To Make Your Airport Transfer Easier

This article breaks down the different steps that are involved in making your airport transfer a smoother and less stressful experience. From making sure you know where to go and what to expect, to know what to do if you encounter an issue along the way, this guide will be perfect for easing your mind as you head through your travels.

If you’re traveling through an airport, there’s a good chance you’ll be transferring to your final destination. But if you’re like most people, you’re probably dreading the process. Here are some tips to make your airport transfer easier:

No matter what time of day or night it is, avoid checking in for your flight until after you’ve completed your airport transfer in Puerto Vallarta. This way, the check-in line will be shorter and you can get right on to the security checkpoint.

Image Source: Google

Whenever possible, arrive at the airport two hours before your flight departure time. This will give you enough time to check in and get through security.

Bring plenty of snacks, drinks, and money (in case of emergencies). And don’t forget your passport and boarding pass!

When you are picking up a new passenger at the airport, there are a few things to keep in mind. First of all, know that your new transferee will likely be tired from their long journey. It is important to be patient and understanding during the transfer process.

Secondly, it is important to make sure that you have all of the necessary paperwork ready before picking up your new passenger. This includes their passport and visa if needed. Finally, be prepared to answer any questions your new transferee may have about their destination and arrival time.

As we all know, flying can be a bit of a hassle. Between checking in, getting your luggage, and making your way through security, it can be hard to make it to your gate on time. To make the transfer from the airport to your hotel or rental car more manageable, follow these tips:

Arrive early and check in at the airport. This will save you time waiting in line and get you closer to your gate.

Bring a backpack full of snacks and drinks so that you don’t have to stop for anything on the way.

Pack light – you won’t have any trouble carrying what you need in one bag instead of several carry-on bags.

Carry an electronic boarding pass so that there is no need to fumble with paper tickets at security checkpoints.

Book your transportation ahead of time – this will help avoid traffic congestion and long wait times during the rush hour.

Asian markets weaken as IMF, World Bank flag recession risks

By Scott Murdoch

HONG KONG (Reuters) – Asian markets were weaker on Friday as investors braced for a U.S. rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% on Friday, after U.S. stocks ended the previous session with mild losses. The index is down 4.1% so far this month.

Australian shares were down 0.94% on Friday, while Japan's Nikkei stock index slipped 1.2%.

Hong Kong's Hang Seng Index was down 1.1% while China's CSI300 Index was 0.86% lower.

The weaker session followed broad declines across the major U.S equities markets.

The Dow Jones Industrial Average fell 173.27 points, or 0.56%, to 30,961.82, the S&P 500 lost 44.66 points, or 1.13%, to 3,901.35 and the Nasdaq Composite dropped 167.32 points, or 1.43%, to 11,552.36.

The global economic outlook remains downbeat and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, the IMF said on Thursday .

The IMF in July revised down global growth to 3.2% in 2022 and 2.9% in 2023. It will release a new outlook next month.

In comparison, the World Bank said the world could be edging towards a global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation.

The world's three largest economies – the United States, China, and the euro zone – have been slowing sharply, and even a "moderate hit to the global economy over the next year could tip it into recession,", it said.

Indermit Gill, the World Bank's chief economist, said on Thursday he was concerned about "generalized stagflation," a period of low growth and high inflation, in the global economy, noting the bank had pared back forecasts for a majority of countries.

In Asian trade, the yield on benchmark 10-year Treasury notes stood at 3.4509% compared with its U.S. close of 3.459% on Thursday.

The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 3.871% compared with a U.S. close of 3.873%.

Two-year Treasury yields hit a new 15-year high after mixed U.S retail sales and jobless claims data, which analysts said reinforced the case for aggressive Federal Reserve rate hikes.

Markets are currently fully pricing in a 75 basis point rate hike next week, economists said.

"Equities and other risk-sensitive markets struggle as it becomes clear that US inflation pressures are well embedded and that risks to the fed funds rate lie to the upside," ANZ economists said on Friday.

The dollar dropped 0.4% against the yen to 142.95 .

The euro was up 0.1% on the day at $1.0006, having lost 0.51% in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up at 109.59.

U.S. crude ticked up 0.14% to $85.22 a barrel. Brent crude rose to $90.98 per barrel.

35 state plans on EV infrastructure get approval ahead of schedule

The Biden administration on Wednesday approved more than two-thirds of the electric vehicle charging infrastructure plans submitted by states, the District of Columbia and Puerto Rico ahead of schedule.

Thirty-five of the 52 EV infrastructure deployment plans submitted by states are now approved as part of the National Electric Vehicle Infrastructure Formula Program. NEVI was created and funded by the $1 trillion infrastructure law enacted in November.

The program makes $5 billion available over the next five years to help states achieve Biden’s goal of 500,000 EV charging stations across the U.S. by 2030.

States with plans now approved can gain access to more than $900 million in funding in 2022-23 to build EV chargers across roughly 53,000 miles of U.S. highway, according to the Federal Highway Administration.

States had until Aug. 1 to submit EV infrastructure deployment plans to the Joint Office of Energy and Transportation, created by the U.S. Energy and Transportation departments in December to assist with planning and implementation of a national EV charging network, including distributing funds to states.

— Audrey LaForest

What you need to know

EV charging issues deter renters, condo dwellers from electric purchases: A 2022 J.D. Power study found 34 percent of car shoppers lack access to home EV charging.

Tesla is sued by drivers over alleged false Autopilot, Full Self-Driving claims: Plaintiffs say Tesla wanted to ‘generate excitement’ about its vehicles, attract investments, boost sales, avoid bankruptcy.

Biden declares ‘Detroit is back’ as he touts EVs: The president said the Inflation Reduction Act will make new and used EVs more affordable.

SHIFT PODCAST: Laura Chace touts technology’s role in thwarting traffic deaths (Episode 165)

The president and CEO of ITS America details the life-saving potential of V2X technology, explains why it’s taking so long to bring connected-car tech to the market, and urges a fresh mindset on the concept of infrastructure.

Listen to the Podcast >

Roundup

Magna tests self-driving delivery bot on Michigan roads as the supplier looks for new revenue streams in mobility.

Argo AI — backed by Ford and Volkswagen — will provide a set of self-driving technologies to companies for ride-hailing and delivery services.

China’s U.S. ambassador: Don’t cut China out of EV chain.

Mitsubishi Outlander PHEV loses eligibility for $7,500 federal EV incentive under new rules.

Mcity, the University of Michigan’s autonomous-vehicle test facility, was awarded $5 million from the National Science Foundation for virtual-reality expansion.

Brain food

Rivian added almost $3 billion to its market capitalization in a day, and all it took was a fairly bare-bones deal with a potential rival.

Last mile

Despite a bevy of recent problems in its home market of San Francisco, General Motors-backed Cruise said it will expand its robotaxi service to Phoenix and Austin, Texas.

Ethereum merge actually happened – and just in time to spare the Nvidia RTX 4090

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The long anticipated “merge” event for the Ethereum blockchain is finally happening, and it’s a great day for any gamers out there looking to get the next-gen Nvidia Lovelace graphics cards (such as the Nvidia GeForce RTX 4090) that we’re anticipating in the next few weeks.

Ethereum is the world’s second-largest cryptocurrency after Bitcoin, and it has been an especially troublesome one for PC gamers. The cryptocoin is mined using something known as “proof-of-work”, which requires a computer to solve an intractable mathematical problem in order to generate a token.

That problem gets exponentially harder as time goes on by design, requiring ever more powerful computers to solve the problem. The solution that Ethereum miners came up with was taking the best graphics cards on the market over the past two years and using them in mining operations large and small.

Demand for Nvidia Ampere graphics cards especially was always going to be high after they launched in late 2020, but actually finding one in stock has been nearly impossible over the past two years as scalpers used bots to buy up stock to resell at inflated prices.

Cryptominers, who were in this for the Ethereum, were apparently ok with buying up these graphics cards at inflated prices, which just fueled the graphics card shortage. Even the best cheap graphics cards weren’t spared, as five and six year old cards disappeared off store shelves to drive a cryptobubble.

All of this, meanwhile, has been turning math into carbon emissions at a frightening rate, and cryptomining now uses as much energy as a small industrialized country in Europe. This has prompted Ethereum’s move to Proof-of-Stake, which uses a different system for validating blockchain transactions that doesn’t require burning through algorithms for years on end.

That is the so-called merge that happened on September 15, and Ethereum is now off the Proof-of-Work model. Former Ethereum miners who dumped tens and hundreds of thousands of dollars into GPU mining operations are now looking for other proof-of-work coins to mine instead, including a hard-forking of the Ethereum blockchain into a totally different cryptocurrency called Ethereum Proof of Work, according to Coindesk (opens in new tab), or ETHW.

Meanwhile, Bitcoin – which primarily uses specialized ASICs to mine that cryptocurrency – will still hum along as usual, and has no intention of moving to the new proof-of-stake system.

Analysis: Will the merge save Nvidia’s Lovelace launch?

(Image credit: Nvidia)

The timing for the Ethereum merge couldn’t have come at a better time for PC gamers. In less than a week, we are expecting the announcement of the Nvidia RTX 4090 and possibly the Nvidia RTX 4080 as well, and these cards will still be ripe targets for cryptominers looking to up their hashrates.

But other than Ethereum and Bitcoin, there simply aren’t other coins that are likely to entice large scale miners, and the proof, as it were, has been in falling graphics card prices and increased inventories. If proof of work had a real future, these cards would still be purchased as they were before.

Now, things could change, obviously, and another NFT or decentralized finance project could bloom like tulips on a Dutch shore and drive the next bubble, but with our current economic environment, inflation, and an energy crisis, it’s not likely to happen in the near future. This takes a major buyer off the market for graphics cards for the next generation of graphics cards, so while these cards will sell out immediately, gamers stand a much better chance of getting one this time around.

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Month: September 2022