Business
Bitcoin turns Crypto market pink, Investors flee to U.S. Dollar
Bitcoin turns Crypto market pink, Investors flee to U.S. Dollar
Bitcoin’s correction below $96,000 has caused the cryptocurrency market to turn “pink.”
This most recent rally is by no means inconsequential, as retail and institutional data indicate waning demand.
Although the asset seems to be moving independently of the fundamentals of cryptocurrency, it is being influenced by an unpredictable macroeconomic environment.
Bitcoin is still gaining attention, even though trade tensions between the U.S. and China are causing market jitters. Derivative structures, sentiment indicators, and investment flows all suggest a rise in caution.
The announcement of new Chinese tariffs on the world’s largest economy weakened risk appetite. Bitcoin immediately lost the bullish momentum that was part of a larger trend of people fleeing to safer assets in the face of trade tensions.
Although Donald Trump’s response, which imposed a 25 percent tariff on steel and aluminum, caused traditional markets to stabilize, the market swiftly recovered and regained confidence.
This political response also allowed Bitcoin to find some air. However, market fundamentals show that retail and institutional weakness indicators are present.
READ ALSO:
- 10 Ibadan Poly students hospitalised after inhaling poisonous gas
- Emirates, Air Peace in agreement to link 13 Nigerian cities
- NAFDAC seals fake drug shop in Idumota, Lagos
According to the data, institutional purchasing volumes are not impressive. $204 million was invested in Bitcoin ETFs in the U.S. between February 3 and February 7, compared to $742.3 million worth of Bitcoin purchased by Strategy during that time. A definite sign that leveraged traders are lowering their exposure is the sharp decline in futures premiums, which went from 11% in early February to 8%.
Investors are choosing safe-havens, as evidenced by yield declines in U.S. Treasury notes. This momentum has made the U.S. dollar index show strength, reflecting an increase in risk aversion in international markets.
The U.S. Fed’s latest signals also show less incentive to cut rates quickly, further putting Bitcoin bulls in jeopardy.
U.S. Economy Supports Fed’s Caution
“Overall, the economy is doing well,” Jerome Powell stated at his Senate hearing on Tuesday, February 11, 2025. As a result, he defended the Fed’s monetary policy wait-and-see approach. Even though inflation is higher than the 2 percent target, the Fed does not anticipate any more rate cuts in the near future.
Monetary easing is anticipated to be restricted to 35 basis points by the end of the year.
The dollar fell 0.17%, or 17 points, and is currently trading at 108 index points on the greenback index in response to this cautious approach.
The spotlight now shifts to the inflation figures for January, scheduled to be unveiled on Wednesday.
If these figures indicate persistently elevated inflation, they might prompt the Fed to prolong its stringent policy, curtailing any optimism surrounding a vigorous reduction in interest rates.
Powell will continue his hearing before the House of Representatives, posing a fresh challenge for the market, which will strive to adjust its forecasts concerning the U.S. monetary policy’s trajectory.
The market is also dealing with a fresh rise in protectionism. The threat of a trade war with the European Union has been reignited by Donald Trump’s announcement of a 25% increase in customs duties on steel and aluminum imports.
The foreign exchange market reacted to these announcements immediately. The Japanese yen lost ground against the dollar, dropping 0.3 percent to 152.0, while the euro increased 0.22% to $1.03. Investors are looking to safe-haven assets in this uncertain climate, especially gold, which is seeing a resurgence in interest.
Global markets are becoming more tense as the Fed maintains its position and the White House toughens its trade stance.
Bitcoin turns Crypto market pink, Investors flee to U.S. Dollar
Business
MTN, Airtel to share network infrastructure in Nigeria
MTN, Airtel to share network infrastructure in Nigeria
Airtel Africa has partnered with MTN Group to expand digital inclusion by sharing network infrastructure in Uganda and Nigeria.
In a statement in Lagos on Wednesday, Airtel said the sharing agreements aim to improve network cost efficiencies, expand coverage, and provide enhanced mobile services to millions of customers.
A sharing agreement is a formal arrangement between two or more parties to share resources, assets, or services.
According to the telecommunications company, the partnership will benefit customers in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
Airtel assured that both parties will ensure the agreement complied with local regulatory and statutory requirements.
Sunil Taldar, chief executive officer (CEO) of Airtel Africa, said telecommunications companies are driving digital financial inclusion by building common infrastructure within the regulatory framework.
Taldar noted that the collaborative approach not only advances digital transformation and financial inclusion but also reduces the duplication of expensive infrastructure.
READ ALSO:
- Kogi group seeking Senator Natasha’s recall not registered – CAC
- Obasanjo’s position on Rivers emergency rule hypocritical, says Presidency
- Bill to stop politicians above 60 from contesting presidential, gov poll scales 2nd reading in Reps
As a result, Taldar said operational efficiencies are boosted, ultimately benefiting customers.
He further said telecoms continue to compete fiercely in the market, differentiating themselves through their brand, services, and offerings.
“The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively,” Taldar said.
“The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.”
Taldar added that following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are also exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda, and Zambia.
Ralph Mupita, MTN Group CEO, said there is a need to invest in coverage and capacity to ensure high-quality connectivity to meet customers’ increasing demands.
“As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress,” Mupita said.
“We continue to see strong structural demand for digital and financial services across our markets.
“To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.”
Mupita added that there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.
MTN, Airtel to share network infrastructure in Nigeria
Business
NNPCL in historic initial public offer, ready for capital market
NNPCL in historic initial public offer, ready for capital market
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it is in the final stages of preparation for its much-anticipated listing on the capital market, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed this in a statement on Thursday in Abuja.
According to the statement, the Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, revealed the development during a consultative meeting with partners at the NNPC headquarters.
READ ALSO:
- Kogi group seeking Senator Natasha’s recall not registered – CAC
- Obasanjo’s position on Rivers emergency rule hypocritical, says Presidency
- Bill to stop politicians above 60 from contesting presidential, gov poll scales 2nd reading in Reps
He stated that NNPCL is currently engaging with potential investors through an exercise called the “NNPC Ltd. IPO Beauty Parade,” which aligns with capital market regulations ahead of its Initial Public Offer (IPO).
“According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company,” the statement explained.
The statement further highlighted that NNPCL is seeking partnerships in three key areas: Investor Relations, IPO Readiness Advisors, and Investment Banking Partners. Companies with the most competitive offers will be selected for each category.
An IPO is a public offering in which a company’s shares are sold to institutional investors. Under the PIA, NNPCL is required to list its shares on the capital market in compliance with the Companies and Allied Matters Act (CAMA) 1990.
NNPCL in historic initial public offer, ready for capital market
Business
Naira rises to N1,560/$ in parallel market
Naira rises to N1,560/$ in parallel market
The Naira yesterday appreciated to N1, 560 per dollar in the parallel market from N1,570 per dollar on Wednesday. But the Naira depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,540 per dollar from N1,539 per dollar on Wednesday, indicating N1 depreciation for the naira.
READ ALSO:
- How Wande Abimbola rejected IBB’s ING bait, and other stories (2)
- FG declares public holidays for Eid-el-Fitr
- JUST-IN: Ex-Oyo gov Ajimobi’s first child Bisola dies At 42
Naira rises to N1,560/$ in parallel market
-
metro1 day agoRivers administrator Ibas fires Fubara’s political appointees
-
metro1 day agoJUST-IN: Ex-Oyo gov Ajimobi’s first child Bisola dies At 42
-
International2 days agoCanada removes bonus ranking points for job offers in Express Entry system
-
metro2 days agoHow ritualists, native doctor drugged, murdered underage sisters in PH – Police
-
Sports2 days agoNigeria’s Super Eagles falter in W’Cup qualifiers against Zimbabwe, S’Africa lead, Egypt, Morocco qualify
-
metro1 day agoFG declares public holidays for Eid-el-Fitr
-
metro2 days agoAkpabio has habit of abusing women, says Atiku
-
Africa1 day agoNiger coup leader sworn in as president for five years