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COST OF GOLD TODAY

COST OF GOLD TODAY
Use of Gold in India, both as a form of jewelry and as an investment. The price of gold fluctuates daily and is influenced by various factors, such as the economic conditions in India, the global market, the exchange rate between the dollar and the rupee, global demand and supply, and geopolitical situations.

Factors Affecting Gold Prices

The price of gold is affected by several factors, some of which are:

Global Demand and Supply: The demand and supply of gold at the global level directly impact its price. When global demand for gold increases, its price rises. Similarly, if the supply is limited, the prices also increase.
USD-INR Exchange Rate: The value of the dollar plays a crucial role in determining gold prices. If the value of the dollar is high and the Indian rupee weakens, the cost of importing gold increases, which leads to a rise in gold prices.
Interest Rates: When interest rates rise, investors tend to pull their investments out of gold and put them in banks, which reduces the demand for gold and leads to a decrease in its price. Conversely, when interest rates are low, people invest more in gold, causing its price to rise.
Geopolitical Situations: During times of political or economic instability, investors turn to gold as a safer investment. For example, during wars, inflation, or global conflicts, gold prices tend to rise quickly.
Economic Condition of the Country: India’s economic conditions also directly affect gold prices. When inflation rises or economic recession occurs, people tend to invest more in gold.

Cost Of Gold today in India

Today, the prices of 22-carat and 24-carat gold vary across different states in India. The variation is seen based on city-wise demand and supply. Typically, 22-carat gold is used for making jewelry, while 24-carat gold is mainly for investment purposes.

Currently, there are fluctuations in gold prices. In major cities like Ahmedabad, Mumbai, Delhi, Bangalore, and Chennai, gold prices have seen a slight dip, but prices are higher in the southern states of India.

Cost Of Gold Prediction for 2024

According to analysts, gold prices are expected to rise in 2024 due to the global economic recession and inflation. People are investing more in gold, and this is continuously pushing the prices up. The ongoing Ukraine-Russia war and international inflation are also contributing to the likely increase in gold prices globally.

Is Gold Investment Profitable?

Investing in gold has been considered beneficial for centuries in India. When there is a market downturn or economic losses in the stock market, people tend to invest more in gold. Gold’s value never completely diminishes, and its price has steadily increased over the years.

Long-Term Profitability: Over the long term, gold prices have seen a steady increase. If you invest for the long haul, gold can offer substantial returns. Over the years, it has consistently provided good returns to investors.
Safe Investment: Gold is regarded as a safe investment. During periods of market instability or rising inflation, gold investment proves to be a secure option.
Diversified Investment: You can diversify your investment portfolio by investing in gold. Gold ETFs (Exchange-Traded Funds), gold futures, and other options allow for diversified investment.

Read Also

How to Invest in Cryptocurrency

Different Ways to Invest in Gold

If you wish to invest in gold, there are several options available in the market.

Gold Jewelry: Gold jewelry is an integral part of Indian culture. Investing in jewelry is a popular option, but it comes with making charges and other costs, which reduce profit margins.
Gold Coins and Bars: Investing in gold coins and bars is more profitable as there are no making charges involved.
Gold ETFs (Exchange-Traded Funds): If you don’t want to keep physical gold at home, you can invest in gold through ETFs. ETFs are traded on the stock market and have the advantage of not requiring physical storage.
Sovereign Gold Bonds: Issued by the Government of India, Sovereign Gold Bonds are also a good investment option. They do not require holding physical gold, and they also provide interest on the bonds.

Things to Consider While Buying Gold

Always distinguish between 22-carat and 24-carat gold while purchasing.
Choose BIS-certified gold for guaranteed quality.
Pay attention to fluctuations in gold prices and invest at the right time.
For investments, it is better to opt for ETFs or Sovereign Gold Bonds.

Gold Price Forecast for 2024

The price of gold is expected to rise in 2024 due to increasing global inflation. Global political situations and market instability are likely to push gold prices higher. Therefore, investing in gold this year could prove to be profitable.

Conclusion

Investing in gold in 2024 could be a great option, especially given the unstable global economic and political environment. If you plan to invest in gold for the long term, it is essential to keep an eye on market conditions and global factors.

Read Also

Nippon India Growth Fund: A Pathway to Wealth with ₹20

How to Invest in Cryptocurrency

Finance / By vipul

How to Invest in Cryptocurrency

What should you know about investing in cryptocurrency?
How do you invest in cryptocurrency?

Are you thinking of investing in cryptocurrency? If so, Bitcoin is the most well-known virtual currency, but currently, there are thousands of cryptocurrencies available. There are many ways to invest in cryptocurrency, such as directly buying crypto or investing in crypto funds and companies. To invest directly in crypto, you can purchase cryptocurrencies using crypto exchanges or apps, or you can also buy through some broker-dealers. Let’s find out how to invest in cryptocurrency.

Key Points:

Cryptocurrency is a virtual currency secured by blockchain technology.
There are various ways to invest in cryptocurrency, such as directly purchasing cryptocurrency or investing in crypto funds and companies.
You can buy cryptocurrency through crypto exchanges or some broker-dealers. You can then store it in a digital wallet and sell or purchase it as needed.
When buying cryptocurrency, it’s important to pay attention to transaction fees, as these can vary depending on the currency.
However, remember that investing in cryptocurrency is risky, so only invest the amount you can afford to lose.

Nippon India Growth Fund: A Pathway to Wealth with ₹20 Crore SIP Returns

Different Types of Cryptocurrency Investments: If you are considering investing in cryptocurrency, the most common method is to directly purchase one or more crypto coins and store them. However, there are other options for investing in cryptocurrency as well:

Direct Purchase of Cryptocurrency: You can buy any cryptocurrency, from well-known currencies like Ethereum and Bitcoin to new coins.
Investing in Cryptocurrency Companies: You can invest in companies that deal with crypto mining, hardware production, etc.
Investing in Cryptocurrency Funds: You can also invest in some cryptocurrency funds like ETFs.

Buying Cryptocurrency through Exchanges: If you want to invest directly in cryptocurrency, you can use a crypto exchange. Here’s how to do it:

Choose a cryptocurrency exchange and install it.
Open your account.
Add funds to your account.
Decide which cryptocurrency to buy.
Place a buy order for your chosen cryptocurrency.
Store your cryptocurrency in a digital wallet.

What to Know Before Investing in Cryptocurrency: Investing in cryptocurrency is risky. Its value is more volatile than stocks. Regulatory changes in the future may also affect its price.

Nippon India Growth Fund: A Pathway to Wealth with ₹20 Crore SIP Returns

Finance / By vipul

Nippon India Growth Fund: A Pathway to Wealth with ₹20 Crore SIP Returns

In today’s fast-paced world, achieving financial independence is a goal for many. One of the most effective ways to accumulate wealth over time is through mutual funds, especially through systematic investment plans (SIPs). Among the numerous options available in the market, the Nippon India Growth Fund stands out as a compelling choice for investors looking to grow their wealth significantly. This article will delve into the details of this scheme and illustrate how it has the potential to help investors become millionaires, with projected returns of up to ₹20 crores through SIP investments.

Understanding the Nippon India Growth Fund

Nippon India Growth Fund is an open-ended equity scheme designed to provide long-term capital appreciation by investing primarily in equity and equity-related instruments of high-growth companies. Managed by Nippon Life Asset Management, this fund aims to capture the growth potential of companies that can deliver significant returns over time.

Why Choose Nippon India Growth Fund?

Long-Term Growth Potential: The fund focuses on investing in fundamentally strong companies across various sectors, which historically have shown robust growth. By holding these investments for the long term, investors can benefit from compounding returns.
Diversification: Nippon India Growth Fund invests in a diversified portfolio of stocks. This reduces risk and volatility, as the performance of the fund is not solely dependent on a single stock or sector.
Expert Management: The fund is managed by a team of experienced professionals who analyze market trends and make informed decisions to optimize returns. Their expertise can significantly enhance the chances of achieving your financial goals.
Flexibility in Investment: Investors can choose to invest through a SIP, a lump sum, or both. SIPs allow you to invest a fixed amount regularly, making it easier to build wealth without feeling the pinch of a large upfront investment.

SIP Investment: A Smart Strategy for Wealth Creation

Investing through a SIP in Nippon India Growth Fund can be a game-changer for those looking to build wealth over time. Let’s break down how SIP investments can lead to substantial returns.

Example Calculation:

If you invest ₹10,000 monthly in Nippon India Growth Fund through a SIP for 20 years, with an expected annual return of 12%, your investment could grow to approximately ₹2.6 crores.
If you increase your SIP contribution to ₹15,000 monthly, your corpus could swell to around ₹3.9 crores in the same period.
For those who are more aggressive and invest ₹20,000 monthly, the potential returns could reach approximately ₹5.2 crores over 20 years.

But what if you aim for even higher returns?

By investing ₹30,000 monthly for 20 years at an annual return of 12%, you could amass around ₹7.8 crores.

Now, consider the potential of aiming for even more aggressive targets. With a target of ₹20 crores, you might need to invest ₹40,000 monthly with higher expected returns of about 15-18% from this fund, which is not uncommon given its historical performance and market conditions.

SBI Mutual Fund for Lumpsum Investment 2024: Get Great Returns

Key Features of Nippon India Growth Fund

Minimum Investment: The fund allows for a minimum SIP investment of just ₹500, making it accessible to all types of investors.
Lock-in Period: There is no lock-in period for this fund, allowing investors to redeem their investments whenever necessary.
Tax Benefits: As an equity fund, long-term capital gains (LTCG) on investments held for more than one year are tax-free up to ₹1 lakh annually, which enhances the overall returns.

Risks Involved

While the Nippon India Growth Fund offers substantial growth potential, it’s essential to consider the risks involved in equity investments. Market fluctuations can lead to volatility, and there’s always a risk of losing money. Therefore, it is crucial to assess your risk tolerance and investment horizon before investing.

SBI Mutual Fund for Lumpsum Investment 2024: Get Great Returns with Lumpsum Investment, Know the Best Schemes

Finance / By vipul

SBI Mutual Fund for Lumpsum Investment 2024: Get Great Returns with Lumpsum Investment, Know the Best Schemes

SBI Mutual Fund (SBI MF) is one of the leading and most trusted mutual fund companies in India. If you are planning for a lumpsum investment, SBI Mutual Fund in 2024 offers excellent options. Lumpsum investment refers to investing a large amount at once, which can help you earn better returns over the long term. In this post, we will discuss the best schemes based on their performance and suitability for lumpsum investment.

Benefits of Lumpsum Investment

Lumpsum investment is attractive to investors as it allows them to put a large sum of money in the right direction at one go. Some of the key benefits are:

Long-term returns: If you invest in the right scheme, you can earn great returns over the long term.
Systematic approach: By investing once, you don’t have to worry about recurring investments.
Gain from market highs: You can benefit from sudden market upswings, maximizing your returns.

Best SBI Mutual Fund Schemes for Lumpsum Investment

SBI Bluechip Fund
- Type: Large Cap Equity Fund
- Risk: Moderate to High
- Average Return: 12-14% over 5 years
- Minimum Investment: ₹5,000
- Objective: The fund aims to provide good returns by investing in leading companies.
- Who is it for: Investors looking for low-risk investment in large companies.
SBI Small Cap Fund
- Type: Small Cap Equity Fund
- Risk: High
- Average Return: 20-25% over 5 years
- Minimum Investment: ₹5,000
- Objective: To provide high returns by investing in small and emerging businesses.
- Who is it for: Investors who are willing to take high risks for higher returns.
SBI Equity Hybrid Fund
- Type: Hybrid Fund (Equity and Debt investment)
- Risk: Moderate
- Average Return: 10-12% over 5 years
- Minimum Investment: ₹5,000
- Objective: To provide stable returns through a mix of equity and debt investments.
- Who is it for: Investors looking for moderate risk and stable returns.
SBI Magnum Gilt Fund
- Type: Gilt Fund (Investment in government securities)
- Risk: Low
- Average Return: 7-8% over 5 years
- Minimum Investment: ₹5,000
- Objective: To provide safe returns by investing in government bonds.
- Who is it for: Investors looking for secure returns with minimal risk.
SBI Focused Equity Fund
- Type: Focused Fund (Investment in select few stocks)
- Risk: Moderate to High
- Average Return: 15-18% over 5 years
- Minimum Investment: ₹5,000
- Objective: To deliver high returns by investing in a limited number of companies.
- Who is it for: Investors seeking higher returns by focusing on selected companies.

Comparative Performance of Schemes

Below is a comparison of the various SBI Mutual Fund schemes based on their performance:

Scheme Name	Risk Level	Average Return (5 Years)	Minimum Investment	Suitable For
SBI Bluechip Fund	Moderate	12-14%	₹5,000	Low-risk investors
SBI Small Cap Fund	High	20-25%	₹5,000	High return seekers
SBI Equity Hybrid Fund	Moderate	10-12%	₹5,000	Medium-risk investors
SBI Magnum Gilt Fund	Low	7-8%	₹5,000	Secure investment seekers
SBI Focused Equity Fund	Moderate-High	15-18%	₹5,000	Investors focusing on selected companies

Best Time for Lumpsum Investment

The best time for lumpsum investment is during a market dip or correction. This allows investors to buy more units at a lower price, increasing future returns. However, predicting market conditions is difficult, so patience is crucial when investing a lumpsum amount.

Tax Benefits

Several SBI Mutual Fund schemes, such as ELSS (Equity Linked Savings Scheme), offer tax-saving benefits. If you are looking to save on taxes in 2024, ELSS can be a great option. Investments in ELSS are eligible for tax deductions of up to ₹1.5 lakh under Section 80C.

How to Invest?

Investing in SBI Mutual Fund via lumpsum is quite easy. Here are a few ways you can invest:

Online portal or app: You can invest online through the SBI Mutual Fund website or third-party apps.
Through agents or brokers: You can also invest through a trusted agent or broker.
SBI Bank branch: Visit your nearest SBI Bank branch to invest in mutual funds

Elon Musk conspiracies about Helene aid draw rebuke from Buttigieg

Finance / By vipul

Elon Musk conspiracies about Helene aid draw rebuke from Buttigieg

Transportation Secretary Pete Buttigieg spoke directly to Elon Musk Friday on the billionaire’s X platform, part of an effort to counter false conspiracies about federal disaster aid for victims of Hurricane Helene that Musk spread on X, where his follower count stands over 200 million.

“No one is shutting down the airspace and FAA doesn’t block legitimate rescue and recovery flights,” wrote Buttigieg. “If you’re encountering a problem give me a call.”

Buttigieg was replying to a post from Musk that falsely claimed the Federal Aviation Administration was shutting down airspace in the disaster zone and “throttling” flights transporting supplies.

An FAA spokesperson told CNBC, “There are no airspace restrictions in place in North Carolina as rescue efforts continue because of Hurricane Helene. Pilots looking to come into Asheville or Rutherford airports need to reach out to the airport for permission to land. The FAA is working with local authorities to ensure rescue efforts happen safely.”

Musk’s false claim was one of several conspiracies Musk has spread about federal emergency personnel this week, as tens of thousands of people turn to government agencies for disaster relief in states hard-hit by Helene.

“@FEMA is not merely failing to adequately help people in trouble, but is actively blocking citizens who try to help!” Musk said in an apparent text message within his social post.

A spokeswoman for the Federal Emergency Management Agency responded to Musk in a statement to CNBC: “The claims about FEMA confiscating or taking commodities, supplies or resources in North Carolina, Tennessee, or any state impacted by Helene are false,” said public affairs director Jaclyn Rothenberg.

FEMA has deployed Starlinks before to assist in disaster response in places like Guam, Hawaii and Alaska, she noted. In storm-ravaged North Carolina, Starlink units are supporting state and local governments, urban search and rescue and disaster coordination efforts.

Musk has formally endorsed Republican former President Donald Trump, and he has become a mega donor to the GOP in recent years.

On Friday, Trump amplified Musk’s false claims about FEMA and FAA on Trump’s own social media platform, Truth Social, where he posted them without comment to his nearly 8 million followers.

Musk’s SpaceX and its satellite internet service brand Starlink, have previously said that they would send approximately 500 Starlink kits, donated by private individuals and organizations, to help with the Helene recovery efforts. They also made Starlink internet service free for users for 30 days in areas devastated by Helene.

This was after FEMA had previously announced it was dispatching SpaceX’s Starlink terminals to bring internet services to remote areas hit by the storm.

Musk frequently uses X to provoke — but in lashing out at FEMA on Friday, he escalated his battle with the U.S. government.

He has previously threatened to sue the Federal Aviation Administration, attacked the Environmental Protection Agency for penalizing SpaceX, and lashed out at other federal agencies.

Musk’s SpaceX depends upon federal agencies for what amounts to billions of dollars in annual revenue, and his automaker Tesla has handsomely benefitted from federal programs that gave the company a crucial loan, tax breaks and other subsidies and incentives.

People who have suffered loss or damage due to Tropical Storm Helene in designated counties, can apply for government assistance using the FEMA app, which can be downloaded from the Apple Store or Google Play Store, by visiting DisasterAssistance.gov, or by calling 1-800-621-3362.

— NBC’s Cristian Santana contributed reporting

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Exploring Career Opportunities For Experienced Bankers In 2024 » Finance & Banking

Finance / By vipul

Exploring Career Opportunities For Experienced Bankers In 2024 » Finance & Banking

Career Opportunities for Experienced Bankers: As a banker with over five years of experience in a public sector bank in India, you possess a wealth of skills and knowledge. However, many bankers feel overburdened and consider resigning without having another job in hand. The good news is that in 2024, there are numerous career opportunities both domestically and internationally for experienced bankers.

This article explores these opportunities, how to prepare for them, the age limits, career growth, work-life balance, and salary details.

Domestic Career Opportunities for Experienced Bankers

Investment Banking

Job Details: Investment bankers help companies and governments raise capital by issuing stocks or bonds. They also provide advice on mergers and acquisitions.
Preparation: Obtain certifications such as CFA (Chartered Financial Analyst) or FRM (Financial Risk Manager). Networking and internships with investment banks can also be beneficial.
Maximum Age: Typically under 40, but varies by firm.
Growth and Work-Life Balance: High growth potential but can involve long hours and high stress.
Salary: INR 10-30 lakhs per annum initially, with significant potential for bonuses.

Corporate Banking

Job Details: Corporate bankers provide financial services to corporations, including loans, treasury services, and investment advice.
Preparation: Additional qualifications in finance or an MBA can be advantageous. Developing strong relationships within the corporate sector is crucial.
Maximum Age: Generally up to 45.
Growth and Work-Life Balance: Good growth opportunities with a better work-life balance compared to investment banking.
Salary: INR 8-20 lakhs per annum.

Risk Management

Job Details: Risk managers assess and mitigate financial risks within an organization.
Preparation: Certifications like FRM or PRM (Professional Risk Manager) are essential. Strong analytical skills and experience in risk assessment are required.
Maximum Age: No strict age limit, but younger candidates are preferred.
Growth and Work-Life Balance: Steady growth with a balanced work-life scenario.
Salary: INR 6-15 lakhs per annum.

Financial Planning and Analysis (FP&A)

Job Details: FP&A professionals analyze financial data to help organizations with budgeting, forecasting, and decision-making.
Preparation: An MBA or a certification in financial planning (CFP) can be beneficial. Proficiency in financial software and data analysis is crucial.
Maximum Age: Typically under 40.
Growth and Work-Life Balance: Moderate growth with a balanced work-life environment.
Salary: INR 7-18 lakhs per annum.

Other Domestic Options

Data Scientist: Leverage your analytical skills to uncover insights from data. With 6-12 months of transition time and a starting salary of 6-12 lakhs per annum, this career path offers high potential for remote work.
Blockchain Developer: Develop cutting-edge financial applications using blockchain technology. With a transition time of 6-12 months and a starting salary of 7-15 lakhs per annum, this career option also has high potential for remote work.
Business Analyst: Apply your problem-solving skills to help organizations optimize their processes. With a transition time of 6-12 months and a starting salary of 5-10 lakhs per annum, this career path offers moderate potential for remote work.
FinTech Product Manager: Combine your banking expertise with your passion for innovation to shape the future of financial technology. With a transition time of 1-2 years and a starting salary of 8-16 lakhs per annum, this career option offers moderate potential for remote work.
Wealth Manager: Guide high-net-worth individuals in managing their finances. With a transition time of 1-2 years and a starting salary of 7.5-15 lakhs per annum, this career path offers moderate potential for remote work

Read Suggestions: Real Estate Investment: Trends and Predictions for 2024

International Career Opportunities for Experienced Bankers

Private Banking (International)

Job Details: Private bankers manage the wealth of high-net-worth individuals and provide personalized financial services.
Preparation: International certifications such as CFP or CFA, and proficiency in multiple languages can be advantageous.
Maximum Age: Typically up to 50.
Growth and Work-Life Balance: High growth potential with a balanced work-life environment.
Salary: USD 80,000-150,000 per annum.

Compliance and Regulatory Roles (International)

Job Details: Ensuring that banks comply with international regulations and standards.
Preparation: Certifications like CAMS (Certified Anti-Money Laundering Specialist) and experience in regulatory compliance are essential.
Maximum Age: Generally up to 50.
Growth and Work-Life Balance: Good growth potential with a balanced work-life scenario.
Salary: USD 70,000-120,000 per annum.

Fintech Roles (International)

Job Details: Working with technology-driven financial solutions, including blockchain, digital payments, and AI in finance.
Preparation: Knowledge of technology and finance, along with certifications in relevant tech fields.
Maximum Age: No strict age limit.
Growth and Work-Life Balance: High growth potential with a dynamic work-life balance.
Salary: USD 90,000-180,000 per annum.

Preparing for New Career Opportunities

Education and Certifications: Obtain relevant certifications like CFA, FRM, CFP, or an MBA.
Skill Development: Enhance skills in financial analysis, risk management, compliance, and technology.
Networking: Join professional organizations and attend industry conferences.
Experience: Seek internships or part-time roles in desired fields.
Language Skills: For international roles, proficiency in multiple languages can be advantageous.

Preparing for a Career Transition

To prepare for a successful career transition, consider the following steps:

Identify your transferable skills: Reflect on the skills you have developed as a banker, such as financial analysis, risk assessment, and client relationship management.
Upskill and certify: Depending on your chosen career path, you may need to acquire additional skills or certifications. For example, a Data Science course or a Certified Financial Planner (CFP) certification.
Network and seek advice: Connect with professionals in your desired field, attend industry events, and seek guidance from career coaches or mentors.
Update your resume and online presence: Tailor your resume to highlight your relevant skills and experience. Maintain a strong online presence on platforms like LinkedIn to showcase your expertise.
Be open to entry-level positions: Be prepared to start at an entry-level position in your new career, as you may need to gain specific industry experience

Story of Anand Srivastav: From PSU Officer to Investment Banker

Anand Srivastav, a former public sector bank employee with seven years of experience, transitioned to an investment banker role. He pursued a CFA certification while working and networked extensively. His analytical skills and deep understanding of banking operations made him an attractive candidate for investment banks. Today, Anand enjoys a high-paying job with a leading investment bank and has a balanced work-life scenario.

Conclusion

The career opportunities for experienced bankers in 2024 are vast, both domestically and internationally. With the right preparation and mindset, bankers can transition into rewarding roles that offer better growth prospects and work-life balance. Exploring these opportunities and investing in further education and certifications can pave the way for a successful career shift.

For more detailed job listings and salary information, visit leading job websites like Naukri, Indeed, Glassdoor, and LinkedIn.

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Weekly News Digest for Sep 21–27. Market Update | by Bitcoin.com | Sep, 2024

Finance / By vipul

Weekly News Digest for Sep 21–27. Market Update | by Bitcoin.com | Sep, 2024

Market Update

This week the cryptocurrency market experienced a surge fueled by macroeconomic factors, particularly the U.S. Federal Reserve’s rate cut. Bitcoin led the charge, peaking at $63.8K and showing resilience by bouncing back above key moving averages. This rally was supported by significant inflows into BTC and ETH spot ETFs, which added $250.30 million and $8.10 million, respectively. Ethereum also gained momentum, trading above $2,600, while AI-focused cryptocurrencies, such as Bittensor, outshone other sectors with impressive gains. NFT sales rose by 7.33%, with Solana leading growth.

Buy, sell, trade, earn, use, and manage cryptocurrencies with the multichain Bitcoin.com Wallet app.

Top Stories of the Week

Over 75M Ordinal Inscriptions and $4.5B in Sales — Bitcoin Finds Its NFT Footing
In the past year and nine months, there have been over 75 million Ordinal inscriptions minted on the Bitcoin blockchain, marking Bitcoin’s new role in the digital collectibles space and positioning it as the third-largest blockchain for NFT sales. Even with the wider NFT market seeing a slump, Bitcoin has made $4.49 billion in sales, although it trails behind leaders Ethereum and Solana. The continuing rise in Ordinal inscriptions and significant sales, including a record $2.4 million for a single item, underscores Bitcoin’s growing presence in the NFT ecosystem.

Crypto Prices Rise After Fed Interest Rate Cut, Market Sees New Optimism as Meme Coins like Memebet and ICOs Benefit
Cryptocurrency markets have turned bullish in response to the Federal Reserve’s recent interest rate cuts, with altcoins and meme tokens such as Ethereum, Solana, and Avalanche experiencing significant gains. The ICO project Memebet has been attracting attention by offering a gambling platform where meme coins like DOGE, PEPE, and SHIB can be used for betting, alongside a broader gambling experience available through Telegram, without KYC processes. Memebet’s ongoing ICO is nearing a $250,000 funding milestone, and the project is gaining traction with partnerships like the one with Argentina’s national soccer team, creating a buzz on social media platforms.

Boerse Stuttgart Digital, DZ Bank Expand Crypto Access to 700 German Banks
Boerse Stuttgart Digital and DZ Bank are teaming up to provide over 700 German cooperative banks with secure cryptocurrency trading and storage services, signaling a move towards broader crypto acceptance in Europe. The partnership aims to meet the increasing demand for digital assets, with an expectation that 25% of Europeans will invest in crypto by 2028. This groundbreaking collaboration positions Boerse Stuttgart Digital and DZ Bank as pioneers in offering cryptocurrency services to retail customers on a large scale.

Bitget Reports 1,600% Surge in African Users
Bitget, a Seychelles-based crypto exchange, reports a 1,600% surge in African users with Nigeria emerging as one of its top three markets, attributed to the popularity of copy trading and the growth of the TON ecosystem. The exchange has topped app charts in Nigeria, surpassing TikTok and WhatsApp, indicative of the exchange’s focus on accessibility and user education. Key opinion leaders and the adoption of mobile technologies have been pivotal in driving Bitget’s success in the region.

Lightning Network-Focused Startup Lightspark Sets Its Sights on Latam
Lightspark is expanding its services in Latin America, partnering with regional exchanges and fintech institutions to target the remittances and cross-border payments market using the Bitcoin Lightning Network. The company, which builds infrastructure enabling quicker and cheaper Bitcoin transactions, aims to reach 250 million users through partners like Bitso and Nubank. Lightspark views Latam as a critical market due to its openness to decentralized finance and plans to use the region as a testing ground before scaling globally.

Bank of Korea to Launch CBDC Payment Trial in Supermarkets
The Bank of Korea will launch a CBDC trial allowing 100,000 participants to use digital tokens for payments at supermarkets and convenience stores starting in December. This pilot project, in collaboration with six major banks, will involve the use of deposit tokens to simulate voucher-like transactions, with the aim to enhance or replace current banking processes. As part of a broader digital economy initiative and global projects like Project Agora, the trial signifies a significant step in the exploration of digital currencies for everyday use.

Satoshi-Era Wallets Transfer 250 Bitcoin From 2009 in First Action Since 2022
Between block height 862,079 and 862,087, five vintage bitcoin wallets from 2009 awoke from dormancy, transferring 250 BTC valued at $15.8 million — these wallets had not been active since April 2022. The transactions originated from wallets created less than a month after the Bitcoin network’s inception by Satoshi Nakamoto, with the funds moved to fresh Segwit addresses. This event marks a rare movement of 2009-era BTC, with the last occurrence in April 2022 and prior to that, only sporadic activities in 2020 and 2018.

BRICS Beats Dollar Dependence: National Currency Settlements Exceed USD Payments
The BRICS bloc, comprised of major emerging economies, has successfully surpassed U.S. dollar-based settlements with transactions using its member countries’ national currencies. Deputy Chairman Samip Shastri states avoiding the dollar reduces expenses, and the bloc is also exploring the use of digital currencies for payments. This move emphasizes the bloc’s strategy to create a stable global financial structure and reduce dependence on the dollar in international trade.

Stablecoin Market Adds $1B in Six Days as Major Tokens Expand
In the past month, the stablecoin market has continued to grow, with a $1.04 billion increase in just six days, led by major U.S. dollar-pegged tokens. Tether (USDT) and Circle’s USDC saw notable supply boosts, with increases of 1.5% and 2.9% over the past month, respectively. Conversely, Ethena’s USDE experienced a significant decrease, losing 14.7% of its market cap, while smaller stablecoins like GHO and DEUSD saw inflows and growth in their value.

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Gold to Hit $2,900 by 2025

Finance / By vipul

Gold to Hit $2,900 by 2025

Attention gold bugs…

Goldman Sachs is doubling down on their bullish outlook. They’ve just bumped up their early 2025 gold price forecast up to $2,900 per troy ounce. And get this – it’s their second major revision this year.

What’s driving this golden optimism? A perfect storm of factors: faster drops in interest rates across the West and China, emerging market central banks going on a gold-buying spree, and good old-fashioned risk hedging.

Looks like the long-awaited precious metals bull run is charging full steam ahead!

Billion-Dollar Standoff: Historic US Ports Strike Challenges Economy

The United States faced a potential economic crisis as dockworkers at major ports along the East and Gulf coasts initiated a strike, bringing container and auto shipments to a grinding halt. This work stoppage affected 36 ports responsible for handling up to half of US trade volumes, threatening to cost the economy billions of dollars daily.

With the upcoming presidential election looming, the stakes were high, and the duration of the strike would determine its full economic impact. Experts warned of substantial losses and prolonged shipping congestion, painting a grim picture for businesses and consumers alike.

Dockworker

Eleventh-Hour Dockworker Deal Averts Major Global Crisis

In a dramatic turn of events, a potential catastrophe has been narrowly averted. The International Longshoremen’s Association and the U.S. Maritime Alliance reached a tentative agreement on wages, effectively suspending the port strike that had involved tens of thousands of dockworkers.

This crucial deal includes a significant wage increase for the workers and extends the current contract until January 15, 2025, providing a much-needed breathing space for further negotiations on outstanding issues.

The agreement successfully ended a tense three-day standoff that had threatened to severely disrupt supply chains and deal a heavy blow to the U.S. economy. For now, it seems, the gears of global trade will continue to turn smoothly.

Measuring Inflation Through Everyday Items

Last week, we delved into a fascinating perspective on inflation and purchasing power using an unexpected metric: the iPhone/Gold ratio. In short, Incrementum, a leading gold research firm, showed the latest iPhone 16 Pro can be purchased for just 0.60 ounces of gold – a 23% decrease from its predecessor, the iPhone 15 Pro, which cost about 0.78 ounces.

Continuing their innovative approach to economic analysis, Incrementum has now turned their attention to another beloved consumer item: beer at Oktoberfest. Their latest research report examines the beer to gold ratio at the world-famous Munich festival.

Oktoberfest

For the 2024 Oktoberfest, beer prices are set to range from €13.60 to €15.30 per liter, marking a 3.87% increase from 2023. Some large tents will breach the €15 threshold for the first time.

While this might seem steep to some, it’s actually lower than the historical average inflation rate of 4.0% since 1950, and significantly less than last year’s nearly 8% jump.

Gold’s Consistent Purchasing Power

Remarkably, just as with iPhones, the beer/gold ratio reveals a decrease in the cost of beer when priced in gold. This consistent pattern across different consumer goods demonstrates gold’s powerful ability to hedge against inflation.

While dollars in your savings account are steadily losing purchasing power, gold is holding its own – and then some. You might not be able to pay for your next iPhone or Oktoberfest stein with gold coins, but these examples clearly show that saving in gold could help you keep pace with rising prices far better than relying on the dollar.

So, next time you’re thinking about your long-term savings strategy, you might want to consider adding some real assets like gold or silver to your portfolio.

After all, in a world of ever-increasing prices, preserving your purchasing power is worth its weight in gold.

Best,

Brandon S.
Editor
GoldSilver

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Weekly News Digest for Sep 28 — Oct 3 | by Bitcoin.com | Oct, 2024

Finance / By vipul

Weekly News Digest for Sep 28 — Oct 3 | by Bitcoin.com | Oct, 2024

Market Update

The crypto markets experienced mixed price action this week. Bitcoin hit a peak of $66K on the back of cooling inflation data and interest rate cuts, but volatility ensued with the anticipation of a major options expiry and Middle East geopolitical tensions, dropping its price to $60,246 and causing significant liquidations. Ethereum held around $2,630, consolidating amid market uncertainty. Meme coins such as SHIB and MOODENG saw substantial gains initially, with MOODENG’s market cap reaching $305M before a steep correction of 45.6%. New tokens like hamster kombat (HMSTR) faced sharp losses, dropping over 50% from its peak. Despite a dip in the market early in the week, optimism remains high, with predictions of a Bitcoin rally in Q4 and speculation of a $200K peak in the next 18 months.

Top Stories of the Week

BNY Mellon Engages With Banking Regulators to Offer Crypto Custody Services ‘at Scale’
BNY Mellon, a major custodian bank, is initiating custody services for bitcoin and ether for exchange-traded product (ETP) clients and is planning a major expansion into the crypto custody market. The bank’s approach, reviewed and unopposed by the SEC, allows it to sidestep certain balance-sheet liabilities usually mandated for custodied crypto assets. BNY Mellon is looking to secure further regulatory approvals to scale up its crypto custody services, leveraging its position in the lucrative market for digital asset safekeeping.

MENA’s Crypto Market Soars With Türkiye, UAE, Saudi Arabia, and Qatar Leading the Charge
The Middle East & North Africa (MENA) region is now a major crypto market participant, ranking seventh globally with $338.7 billion in cryptocurrency transactions. Türkiye, with its high engagement and stablecoin usage due to inflation, leads the region, followed by the UAE, which has a thriving ecosystem and forward-thinking regulations. Meanwhile, Saudi Arabia and Qatar are rapidly growing markets with increases spurred by blockchain advancements and evolving regulatory landscapes, signaling MENA’s rising influence in the global crypto economy.

Bitcoin Enters Positive Seasonal Trend, Demand Key to Further Growth: Cryptoquant
Bitcoin is entering a traditionally positive performance season, but increased demand is necessary for further growth. Spot exchange-traded funds in the U.S. have shown signs of rising demand by absorbing BTC, which may propel prices up in the last quarter of 2024. Cryptoquant suggests that if the demand recovers, bitcoin could potentially reach targets between $85,000 and $100,000 by the end of 2024.

Visa Introduces Tokenized Asset Platform for Blockchain-Based Financial Services
Visa has launched the Visa Tokenized Asset Platform (VTAP) to facilitate the issuance of fiat-backed tokens on the Ethereum blockchain for banks. VTAP aims to digitize and streamline the trading of tangible assets like commodities and bonds via smart contracts. Spain’s BBVA bank is set to pilot this platform in a live environment in 2025.

Spot Bitcoin ETFs Add $105M as Ether ETFs Pull in $43M on Busy Trading Day
U.S. spot bitcoin ETFs attracted $105.84 million in inflows, with Blackrock’s IBIT taking the lead, while Fidelity’s FBTC and Ark Invest’s ARKB saw significant dips. Spot ether funds also saw an influx, adding $43.23 million, where Grayscale’s Mini Ether Trust gained the most at $26.63 million. Despite this, ethereum ETFs have experienced total net outflows of $580.94 million since July 23, with the nine funds holding $7.03 billion in ether, representing about 2.26% of its total market cap.

Turkey Scraps Planned Crypto Tax, Targets Economic Reforms
Turkey has abandoned its plans to implement a new tax on stock market and cryptocurrency gains, as confirmed by Vice President Cevdet Yilmaz, who stated that the government will instead prioritize reducing tax exemptions to focus on economic reform. The decision to drop the proposed tax comes amidst ongoing efforts to stabilize the country’s economy and combat a high inflation rate of 52%. These measures are part of a broader strategy that includes recalibrating public finances and a potential future lift of offshore swap regulations based on market conditions.

Blackrock Amasses $24 Billion in Bitcoin, Approaches 2% of Total Supply
Blackrock, the world’s largest asset manager, has accumulated 363,626.36 bitcoin, valued at over $24 billion, which approaches 2% of bitcoin’s total supply, through its ETF, IBIT. Since its launch in January 2024, the fund has reached $21.3 billion in net inflows, despite slight discrepancies between reported and onchain bitcoin amounts. Blackrock has expanded its presence in the digital asset space with significant ether holdings in its ETHA ETF and a substantial role in the tokenized U.S. Treasury project, BUIDL.

Shiba Inu Price Rockets 20%, Brett and Pepe Also Pumping — Time to Buy Meme Coins?
The meme coin market has shown a resurgence, with Shiba Inu (SHIB) leading the charge with a 20% increase in price and $1.3 billion in spot trading volume, while Brett (BRETT) and Pepe (PEPE) have also seen substantial gains of 15% and 18% respectively. SHIB’s momentum is partly attributed to a massive burn rate increase, removing nearly 2 billion tokens from circulation, while the meme coin market as a whole has grown by $10 billion in the past week. Additionally, a new player, Pepe Unchained (PEPU), is poised to enter the market upon the completion of its successful $15.5 million presale, promising a faster and more efficient blockchain experience.

Crypto Veteran Says Decentralized AI Reduces Bias and Manipulation Risks
Albert Castellana, CEO of Yeager.ai, advocates for decentralized AI as a means to integrate subjective decision-making into blockchain applications, reducing bias and manipulation risks. He differentiates between centralized AI, which tends to be opaque and prone to singular biases, and decentralized AI, which involves multiple models to democratize decision-making. Castellana stresses that while decentralized AI may currently be slower than centralized systems, its benefits in transparency, security, and reliability make it crucial for the future of autonomous applications and for regaining control over personal data.

Suze Orman Recommends BTC: ‘Everybody Should Absolutely Have Exposure to Bitcoin’
Suze Orman, a financial advisor, recommends that “everybody should absolutely have exposure to bitcoin,” despite its volatility and the contrary opinions of other investors such as Dave Ramsey and Warren Buffett. She believes the value of bitcoin will appreciate due to the interest from younger generations and its potential for significant returns, though she warns against investing more than 5% of one’s portfolio in it. Orman suggests using bitcoin exchange-traded funds (ETFs) for added security and ease of management when compared to direct ownership of BTC

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Bitcoin.com Launches USDC Staking: Earn Rewards on Your USDC Holdings | by Bitcoin.com | Oct, 2024

Finance / By vipul

Bitcoin.com Launches USDC Staking: Earn Rewards on Your USDC Holdings | by Bitcoin.com | Oct, 2024

We’ve launched USDC staking in the Bitcoin.com Wallet app and on our decentralized exchange Verse DEX. That means you can start earning yield, currently at ~4% APY, on your USDC holdings in just a few taps. Access USDC Staking in the app from Home > Earn or on the web here.

👉 Stake and Earn USDC Now 👈

USDC staking involves locking up your USDC in a smart contract where it is used as collateral for lending products. In other words, people borrow your USDC and pay interest to you. Learn more about staking in our Learning Center.

Stablecoins like USDC play a fundamental role in the cryptocurrency ecosystem, accounting for over 70% of global on-chain volume. However, less than 5% of these stablecoins are currently generating rewards for their holders. At Bitcoin.com, we’ve recognized this gap and are addressing it by offering stablecoin lending, starting with USDC.

At the time of writing, USDC staking yields 4.13% APY. However, the rate is dynamic and is likely to settle in the 3% range.

The yield for USDC staking comes from lending markets where some market participants pay interest to borrow USDC. Bitcoin.com’s USDC staking product is powered by Kiln DeFi. All transactions are fully on-chain, ensuring the highest levels of transparency and security while maintaining the trusted environment Bitcoin.com users have come to rely on.

There is no penalty for simply withdrawing your staked USDC and you can withdraw it instantly.

Your rewards for USDC staking are distributed automatically and in real-time as blocks on the Ethereum blockchain are validated. When you withdraw your staked USDC, you will automatically receive all the USDC you deposited, plus any USDC rewards you have accrued.

When you stake your USDC in the Bitcoin.com Wallet app or on Bitcoin.com’s decentralized exchange Verse DEX, your staking rewards compound automatically. You can track the rewards you have accumulated from within the dApp:

The interest rate for staking USDC fluctuates. To get the most accurate and current rate for USDC staking and other products, navigate to Home > Earn.

From the app’s home screen, scroll down and select “Earn.”
Tap on USDC Staking then hit the STAKE USDC button.
Enter the amount of USDC you would like to stake, then hit CONFIRM STAKE. Note that you will need some ETH in your wallet to cover the transaction fee.
Confirm the transaction by Sliding the Arrow.

From the app’s home screen, scroll down and select “Earn.”

From the app’s home screen, scroll down and select “Earn.”
Tap on USDC Staking then hit the WITHDRAW button.
Enter the amount USDC you would like to unstake, then hit CONFIRM. Note that you will need some ETH in your wallet to cover the transaction fee.
Confirm the transaction by Sliding the Arrow.

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