⏺Naira Appreciates to N1,585/$ in Parallel Market

The Naira strengthened to N1,585 per dollar in the parallel market, up from N1,600 on Monday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), it rose to N1,601 per dollar from N1,607.15. Dollar trading volume declined by 19.7% to $61.9 million. The gap between parallel market and NAFEM rates widened to N16 per dollar.

🗣Indian Authorities Accuse Binance of Tax Evasion.

India's tax authorities have accused Binance, the world's largest cryptocurrency exchange, of evading $86 million in taxes.

The Directorate General of GST Intelligence (DGGI) in Ahmedabad found Binance owed 722 crore rupees due to its classification as an Online Information Database Access or Retrieval (OIDAR) service provider. Binance allegedly charged Indian clients trading fees without paying Goods and Services Tax (GST). Binance’s income from these fees may have reached $476 million.

The exchange’s spokesperson declined to provide details but expressed readiness to cooperate with Indian authorities. Previously, India’s Financial Intelligence Unit fined Binance $2.2 million for anti-money laundering violations.

🗣Yesterday’s sell-off matched the FTX crash in terms of BTC sold at a loss. However, according to traders, the worst is over, and it’s time to start drawing charts with a reversal to $156k 🤑

Bitcoin ETFs saw an expected sell-off of $168 million yesterday, while ETH ETFs surprised with an inflow of $48.7 million (the best result since the start of trading, excluding the first day) 🤑

The Japanese stock index Nikkei 225, which started yesterday’s crash, recovered by 10% today. We are waiting to see how the S&P 500 will open. For now, the mood is positive as the media has paused the FUD about a U.S. recession.

🧪 Top-3 for the last 24 hours:
Brett - $0.09198 (↑30.92%)
Bittensor - $254 (↑26.65%)
Ondo - $0.7134 (↑26.00%)

It's Pedro Neto day. 🩺📝

🔵🔜⏳️

🗣Crypto Stocks Slump as Bitcoin, Ether Tumble.

Crypto stocks fell sharply on Monday as Bitcoin dropped below $50,000 🌡and Ether posted its biggest decline since May 2021.

Coinbase shares slumped 17%, MicroStrategy fell 21%, and CoinShares dropped 12%. Miners like Marathon Digital and Riot Platforms also saw significant declines. The slump follows global market tensions and concerns about the economy, with escalating Middle East tensions
contributing to the downturn.

🗣Next Generation and DECTA to Launch Euro-Pegged Stablecoin

French fintech company Next Generation and Irish virtual assets operator DECTA have partnered to launch the EURT stablecoin, pegged to the euro. The EURT will comply with the latest MiCAR regulations and is set to launch on the Stellar blockchain in October 2024, with support on three other blockchains.

Next Generation will manage the technological aspects of issuance, burning, and distribution. According to new EU MiCA rules, only licensed entities within the EU can issue euro stablecoins.

🗣Justin Sun Creates $1 Billion Fund to Support Crypto Market.

Justin Sun, advisor at HTX and founder of TRON, announced a $1 billion fund to support the digital assets industry. He refuted rumors about liquidating his USDT positions and urged the market not to worry about recent crypto price drops.

Sun emphasized that market fluctuations are not due to negative news and called for continued infrastructure development and liquidity support. He clarified that his team rarely engages in leveraged trading, focusing instead on supporting entrepreneurs through staking and liquidity provision.

🗣“Get Ready to Buy More Bitcoin and Gold”

American investor and businessman Robert Kiyosaki commented on the decline of stock and cryptocurrency markets. In his opinion, this is a time of opportunity for brave investors.

“Bitcoin and all markets are crashing. Hooray! Get ready to buy even more Bitcoin, gold, and silver. Crashes are times when the brave get richer, and the cowards get poorer because they sell or do nothing.”

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🗣Bitcoin-hater Peter Schiff believes this is just the beginning. Soon the stock market will open, and panicking ETF holders will start selling.

🗣 BTC - $49k. A billion dollars in liquidations.

Trump Blames Biden and Harris for Stock Market Crash.

“The stock markets are crashing. I told you so! Kamala understands nothing. Biden is sound asleep. It’s all due to incompetent U.S. leadership!”