Improving US economy and softening inflation may lead to Federal Reserve rate cuts, boosting investor confidence and weakening the dollar.   1. US Economic Data and Fed Policy The recent economic data from the US has painted a more resilient picture of the economy than previously anticipated. Key indicators such as Retail Sales and Initial Jobless Claims have defied expectations, suggesting continued consumer strength and a robust labor market. These developments have led to a reassessment of the Federal Reserve’s monetary policy trajectory. While the central bank is still grappling with inflationary pressures, the easing of recessionary fears has opened the door for a less aggressive tightening path. Market participants are now pricing in a higher probability of a smaller rate hike, or even a potential rate cut, at the upcoming Federal Open Market Committee (FOMC) meeting. 2. Risk Appetite and Currencies The improved economic outlook in the US has fostered a more optimistic market sentiment, characterized by increased risk appetite. As investors become more comfortable with the economic environment, they are shifting their portfolios away from safe-haven assets like the US Dollar and towards higher-yielding currencies and riskier assets. This has led to a depreciation of the US Dollar against major currencies such as the Euro and Pound Sterling. The overall trend reflects a growing confidence in the global economy and a reduced demand for safe-haven assets. 3. Gold Retreats Amidst Upbeat US Data The recent strength in the US economy has had a dampening effect on gold prices. As economic indicators point to a more resilient economic landscape, investor concerns about a potential recession have subsided. This has reduced the demand for gold as a safe-haven asset. Additionally, the strengthening US Dollar, which typically has an inverse relationship with gold prices, has also contributed to the decline in gold’s value. The combination of these factors has led to a downward pressure on gold prices, as investors seek out riskier assets with higher potential returns.   Main Economic Events for next week: High Impact Events RBA Meeting Minutes (08/20): This will provide insights into the Reserve Bank of Australia’s thinking behind its recent interest rate decision and offer clues about future monetary policy direction. FOMC Minutes (08/21): The release of the Federal Open Market Committee’s meeting minutes will shed light on the central bank’s internal discussions and deliberations regarding monetary policy, providing clues about future rate hikes. Jackson Hole Symposium (08/22-23): This annual economic symposium is highly anticipated for potential policy hints from central bank officials, particularly Federal Reserve Chair Jerome Powell. ECB Monetary Policy Meeting Accounts (08/22): This document will provide details of the European Central Bank’s discussions during its previous policy meeting, offering insights into their future monetary policy stance. Medium Impact Events German Buba Monthly Report (08/19): This report will provide an overview of the German economy and the Bundesbank’s assessment of economic conditions. PBoC Interest Rate Decision (08/20): The People’s Bank of China’s interest rate decision will provide clues about the country’s monetary policy stance and its impact on the global economy. Eurozone Inflation Data (08/20): The release of inflation data for the Eurozone will be closely watched for signs of inflationary pressures and its potential impact on the European Central Bank’s monetary policy. BoC Consumer Price Index (08/20): This data will provide insights into the inflationary trends in Canada and impact expectations for the Bank of Canada’s monetary policy. US Consumer Sentiment (08/22): This report will measure consumer confidence in the US economy and provide insights into spending patterns. Eurozone PMI Data (08/22): This data will provide a snapshot of the manufacturing and services sectors in the Eurozone, offering insights into economic growth. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Iranian authorities are stepping up efforts to combat illegal cryptocurrency mining, blaming it for exacerbating the country’s ongoing power crisis. The crackdown comes as Iran faces the most intense heatwave in five decades, leading to widespread power outages that have severely impacted industrial production. Mostafa Rajabi Mashhadi, CEO of Iran’s state electricity company, Tavanir, said that unauthorized crypto mining has placed massive additional strain on the already overburdened power grid. He added the detrimental impact this has had on the nation’s electricity supply, stating that opportunistic individuals have been exploiting subsidized electricity and public networks to mine cryptocurrencies without proper authorization. “This unauthorized mining has led to an abnormal surge in electricity consumption, causing significant disruptions and problems within the country’s power grid,” Mashhadi said, according to the Iran International publication. In response, Iranian officials introduced a bounty program to encourage citizens to report illegal mining operations. Mashhadi explained that a reward of one million toman (nearly $20) will be given to individuals who report unauthorized cryptocurrency mining equipment. To date, authorities have seized over 230,000 illegal mining devices, which collectively consumed as much electricity as the entire Markazi Province. The crackdown comes amid reports suggesting that well-connected networks and foreign entities, including Chinese companies, may be behind large-scale mining operations. Interestingly, many of these unauthorized crypto mining units were reportedly discovered in public locations, such as schools and mosques, that receive free or heavily-subsidized electricity. Earlier in 2023, the Iranian government ordered licensed cryptocurrency miners to temporarily shut shop due the extreme summer taking a toll on the country’s power grid during the hot months. Nevertheless, the state electricity company warned that illegal cryptocurrency mining in Iran accounts for nearly 85% of the industry’s consumption. As such, officials regularly accuse unlicensed operators of using vast amounts of electricity, draining more than 2GW each day and causing 20 percent of power blackouts nationwide. According to industry estimates, around five percent of global BTC mining is taking place in the Islamic Republic. The flourishing industry allowed Iran it to earn hundreds of millions of dollars from selling cryptocurrencies, which were used to mitigate the impact of Western sanctions. While crypto miners are getting pushed out of many countries, the power-hungry industry in the Islamic Republic got the green light to legally operate. Iran was among the first countries in the world to recognize cryptocurrency mining in 2019. Since then, the country has established a licensing regime that requires miners to have a licence, identify themselves, pay a higher tariff for electricity, and to sell their mined bitcoins to the government. Although mining bitcoin was less profitable again, recently the business has become more expensive due to a bidding war for mining equipment. Bitcoin mining is a very competitive industry as miners worldwide are verifying transactions while securing the network for economic incentives.

GBPUSD currency pair can be expected to rise further toward the next round resistance level 1.3000. – GBPUSD reversed from support area – Likely to rise to resistance level 1.3000 GBPUSD currency pair recently reversed up from the combined support area located at the intersection of the following support levels:  the support level 1.2700, lower daily Bollinger Band, 50% Fibonacci correction of the upward impulse from the middle of April and the support trendline of the daily up channel from the start of May. The downward reversal from this support zone continues the active intermediate impulse wave (C) from the end of April. Given the clear daily uptrend and the bullish sterling sentiment seen across the FX markets today, GBPUSD currency pair can be expected to rise further toward the next round resistance level 1.3000 (which stopped the previous sharp impulse wave 3 in the middle of July). GBPUSD Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Supra’s public testnet is now live! The blockchain platform is inviting developers, dApps, and community members to join in testing its high-performance Layer-1 network. Be part of shaping the future of Web3 with Supra’s incentivized testnet as they gear up for mainnet launch. Supra has launched its Layer-1 testnet, marking a key milestone in its roadmap. Supra, a Layer-1 blockchain designed with MultiVM support, built-in oracles, cross-chain communication, and automation, has officially launched its highly awaited Layer-1 testnet. This launch moves Supra closer to its mainnet release, showcasing its growing presence as a leading L1 solution. During recent tests with 300 globally distributed nodes, Supra achieved over 500k transactions per second (TPS) with sub-second consensus latency. Currently, the early-stage testnet is live for internal testing, with access limited to select partner dApps and developers. This controlled phase has allowed Supra to rigorously test and fine-tune its Layer-1 systems, ensuring a secure and stable environment ahead of the broader public launch. With collaborations involving more than 160 MOU-signed dApps across various ecosystems, many are poised to deploy on Supra’s testnet, assisting in “stress-testing” the system. Additionally, Supra’s 512k verified token holders will receive early access to the testnet, providing crucial feedback that will help shape the network’s evolution. The team plans to conduct extensive stress tests to push the network to its limits, deliberately causing instability to evaluate how well the system handles adverse conditions. These tests are essential in preparing the network for mainnet and ensuring robust performance under real-world scenarios. The permissioned testnet environment has already been instrumental in strengthening the network’s stability. The upcoming open testnet is expected to offer a more realistic simulation of live conditions. Supra’s permissionless testnet is set to go live shortly, allowing users and developers to access testnet tokens through a faucet. These tokens will facilitate transactions and other on-chain interactions, providing a hands-on experience that will gather valuable user insights. Participants will be able to claim testnet tokens via Supra’s official wallet, the StarKey Wallet, and perform basic transactions using test tokens. In its initial phase, Supra will support the deployment of Move smart contracts, with plans to launch an EVM environment running alongside MoveVM soon after. The end goal is to create a combined smart contract environment, positioning Supra as a diverse MultiVM Layer-1 in the Web3 space. Following their Token Generation Event, the platform intends to support Solana and Cosmos applications. Launch Incentivization To encourage participation, Supra plans to integrate engaging games into its popular “Countdown to Blast Off” platform, linked directly to the public testnet. This incentivized strategy will allow community members and early adopters to claim testnet tokens and become some of the network’s first users. Participants can look forward to winning SUPRA tokens during the campaign. “The launch of our early stage testnet is a pivotal moment for Supra and the Web3 community,” said Supra CEO Joshua Tobkin. “Our commitment to providing secure, user-friendly solutions is resolute, and our testnet is already proving to be a testament to this dedication to innovation. We are eager to see the Web3 community engage with our network and provide valuable feedback that will drive us towards a successful mainnet launch.” Supra encourages its community and MOU-signed dApps to begin experimenting with the testnet immediately and reach out with any technical questions. The team will soon release documentation, faucet guides, and tutorials to assist users and developers in claiming testnet tokens and executing transactions. Supra is aiming for broad participation and feedback to fine-tune the network in preparation for mainnet. To stay informed about the public testnet, users are advised to follow Supra’s updates on X, LinkedIn, and other social media platforms. This launch is a crucial step towards Supra’s mainnet release, bringing them closer to their much-anticipated Token Generation Event. Supra expresses its gratitude to supporters, the community, and the team for their ongoing commitment and looks forward to leading the next wave of blockchain innovation. About Supra Supra is a next-generation blockchain platform that seamlessly integrates oracles, cross-chain bridges, automation, and verifiable randomness within a robust Layer-1 ecosystem featuring MultiVM compatibility. Designed to empower developers, Supra offers a comprehensive suite of tools for building and scaling innovative Super dApps on a single, unified chain. In addition to its powerful Layer-1 capabilities, Supra provides reliable oracle price feeds and verifiable randomness services across 80+ blockchains, backed by industry-leading Layer-1 security. With a focus on addressing key challenges faced by dApp developers, Supra is dedicated to advancing Web3 growth through a well-rounded developer toolkit, complete with detailed guides and technical whitepapers for streamlined integration and development.

Don’t miss your chance to recognize excellence in the forex and fintech industry! The UF AWARDS APAC 2024 nominations are closing soon, and your vote could highlight the top brands in the Asia-Pacific region. Submit your nomination before the deadline to celebrate the industry leaders that deserve recognition. Time is running out to nominate at the UF AWARDS APAC 2024 Standing out in the competitive forex and fintech industry is a significant achievement, especially when recognized by your peers. Winning a UF Award is one of the highest honors for any brokerage or fintech provider, showcasing excellence and industry leadership. As the Nomination Round approaches its final deadline, entries continue to come in from across the sector. However, there is still time to nominate your brand—or a company you admire—for the prestigious UF AWARDS APAC 2024. With nominations closing on August 21, this is your last opportunity to influence which B2C and B2B brands in the Asia-Pacific region get the recognition they deserve. Elevate Your Brand with a UF Award Securing a UF Award is more than just a trophy—it can significantly boost your brand’s visibility and credibility within the industry. This recognition validates your commitment to excellence in online trading and fintech. Winning a UF Award serves as a powerful endorsement, setting your brand apart from competitors while enhancing your reputation. It also acknowledges outstanding achievements within the region, honoring companies that have excelled and surpassed expectations. By nominating, you contribute to highlighting the top-performing industry participants in the APAC region over the past year. How to Nominate for a UF Award Participating is easy—just fill out the nomination form available on the UF AWARDS APAC 2024 website. Please note that only registered members can submit nominations, so ensure you are signed up. Each brand can be nominated in multiple categories. Here’s a glimpse of the confirmed award categories for the UF AWARDS APAC 2024: B2C Awards: – Best Broker – APAC – Best Trading Experience – APAC – Most Trusted Broker – APAC – Best Trading Platform – APAC – Most Transparent Broker – APAC – Fastest Growing Broker – APAC B2B Awards: – Best Trading Platform – APAC – Best Connectivity Provider – APAC – Best Payment Gateway – APAC – Best White Label Solution – APAC – Best B2B Liquidity Provider – APAC – Best Technology Provider – APAC The Countdown to Bangkok Begins Once the Nomination Round ends, the Voting Round will take place from August 26 to September 6. Only registered users will be eligible to vote. The UF AWARDS APAC 2024 ceremony will be held in Bangkok during iFX EXPO Asia 2024. This event brings together leading professionals from top online trading and fintech brands to celebrate their successes over the past year. With the nomination deadline quickly approaching, now is the time to ensure your brand gets the recognition it deserves. Nominate your preferred brokerage and/or fintech company—or your own brand—for the UF AWARDS APAC 2024 today!

Funds for Traders announced that it is shutting down all operations permanently after Australian broker Eightcap announced it will stop serving proprietary trading firms. Despite “numerous efforts” to rectify the situation, the company could not continue its operations after “receiving news from Eightcap that they will no longer be supporting the MetaTrader 4 and MetaTrader 5 platforms for prop trading.” The decision has caught many in the industry off guard, prompting firms to seek alternatives as soon as possible. “MetaTrader has been a cornerstone of our services, and without it, we cannot continue to operate effectively. We understand that this is sudden and disappointing news, especially given the hard work and commitment from everyone involved,” Funds for Traders said on its website. To all our incredible traders, it’s been an honor to be part of your journey. Together, we’ve changed lives globally. Thank you for your trust during your adventure with us. Wishing you continued success in all your future endeavors! pic.twitter.com/vSkVFiizjZ — Funds For Traders (@fundsfortraders) August 15, 2024 The impact of these policy changes is broad, affecting prop firms and their clients globally. Top Tier Trader, for example, has reportedly banned traders from several countries, including the UK, India, and Germany, offering refunds but withholding payouts. Meanwhile, prop firms like The5ers and Smart Prop Trader have openly discussed the challenges posed by brokers’ reluctance to onboard third-party clients, a practice now under scrutiny. These firms argue that the indirect relationship between prop traders and brokers complicates compliance with regulatory standards. According to them, these developments are prompting a shift towards brokers that can accommodate third-party arrangements, such as cTrader. Affected prop firms that use Eightcap and are seeking new brokerage services include names like Blue Guardian, Funded Trading Plus, and The Funded Trader. Among those relying on ThinkMarkets are AquaFunded, Bespoke, Forex Capital Funds, Goat Funded Trader, Instant Funding, Lark Funding, Ment Funding, My Flash Funding, My Funded FX, Skilled Funded Traders, Swift Funding, The Funded Trader, and Traddoo. Earlier this year, the Italian securities regulator, Consob, issued a public advisory warning about the dangers associated with proprietary trading (prop trading) firms. According to Consob, these firms trade for their own accounts and offer consumers opportunities to engage in a shadow investment game, which can be costly and lead to reckless behavior. Prop trading firms allow consumers to trade various financial instruments such as shares, bonds, commodities, cryptocurrencies, CFDs, and forex products without using their own capital. However, the seemingly risk-free nature of these opportunities often masks complex financial risks.

Vantage Markets has launched multiple copy modes to provide traders with greater flexibility to diversify their copy trades and refine their trading strategies. The retail FX/CFD broker stated its copy trading feature was designed for both those transitioning from traditional 9-5 roles and seasoned traders seeking more dynamic trading methods. Fixed Lots and Fixed Multiple The two additional modes cater to various risk appetites:  For risk-averse traders who prefer a more controlled approach, the Fixed Lots mode allows them to set a specific volume for each copied trade, aiming for greater consistency. The Fixed Multiple mode is designed for those who wish to dynamically adjust their strategies based on market conditions, enabling them to multiply the original order size by a pre-set factor, providing a tool to manage their risk exposure more effectively. “Take control of your financial future through highly diversified portfolios” Lian J, User Growth Director for the Vantage App, commented: “With more ways to copy trade, we’re empowering our users to take control of their financial future through highly diversified portfolios. We believe copy modes are the keys to that future. It helps traders in managing their risks and potentially maximise their earnings. “Empowering traders through education is a core principle at Vantage. Recognising the importance of a user-friendly Copy Trading experience, we’ve launched a new video series designed specifically to help traders navigate our app and its copy trading functionalities.” The team has also introduced significant improvements to the interface, broader search filters to pair ideal traders together, and released a new series of video guides to educate their clients. Vantage Markets offers CFDs on Forex, Commodities, Indices, Shares, ETFs, and Bonds.

ACY Securities has launched a proprietary trading platform, built from the ground up, which represents a significant step towards the IPO plans of its holding company, ACYLogix. Going by the name of LogixTrader, the trading platform built in-house offers a unique, tailored trading experience. The proprietary nature of the platform allows ACY Securities to implement exclusive features and enhancements that are not available on third-party platforms. ACY Securities at the forefront of brokerage industry Building a proprietary trading platform is rare for brokers because it demands significant resources and costs. Most brokers prefer established platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) from MetaQuotes. ACY Securities’ investment in developing LogixTrader underscores their dedication to innovation and delivering customized trading solutions to their global clients. Several brokers have built proprietary trading platforms, which significantly differentiates them in the brokerage industry. For example, IG Group developed its IG Trading platform, Saxo Bank created SaxoTraderGO, Interactive Brokers developed the Trader Workstation platform. By investing in proprietary platforms, these firms demonstrate a commitment to innovation and a desire to offer unique, tailored experiences. This strategy not only distinguishes them from competitors but also positions them as leaders in the industry. Now, ACY Securities is doing the same. ACY Securities’ LogixTrader features: a seamless, web-based trading experience across all devices that does not require users to download or install any applications to begin trading; a user-friendly interface and a range of innovative tools designed to provide traders of all levels with a competitive edge; a built-in economic calendar covering real-time economic events and updates; reliable risk management with guaranteed stop loss and take profit orders with no slippage, at no additional cost; dynamic margin which offers tiered leverage based on trading volume, offering a higher leverage for lower volumes; intuitive trading units that simplify the complexity of traditional lot sizes. “Superior trading solutions to our clients” Jimmy Ye – CEO of ACY Securities, said: “The introduction of LogixTrader is a testament to our commitment to innovation and providing superior trading solutions to our clients. This platform not only enhances the trading experience for our existing clients by offering more choice but also introduces a range of innovative features that will attract new traders. As we continue on our path towards an IPO, LogixTrader represents a significant milestone and a clear indicator of our progress and ambitions.” This release follows ACY Securities’ recent announcement of the launch of a variety of new futures symbols, significantly expanding its already diverse suite of over 2,200 trading instruments.

ZERO Markets is sponsoring Wolverhampton Wanderers, England’s Premier League club famously known as Wolves, in a deal brokered by SportQuake. SportQuake is a leading sports marketing agency known for connecting brands with the global sports phenomenon to drive their goals. Their expertise and strategic guidance have reportedly been instrumental in bringing ZERO Markets and Wolves together. The global forex and CFD trading platform will now step into the world of Premier League football via Wolverhampton Wanderers. According to the announcement, ZERO Markets’ “dedication to trust, integrity, and professionalism, along with unwavering commitment to customer experience” perfectly aligns with Wolves’ ethos of bravery, creativity, and a ‘One Pack Mentality.’ “For over a decade we have been connecting brands” Matt House, CEO of SportQuake, said: “For over a decade we have been connecting brands around the globe with the premier names in sport, helping them to increase brand awareness and build brand trust. Paddy Zhang, CEO of ZERO Markets, said: “We are immensely proud to partner with Wolverhampton Wanderers, a club that mirrors our own values of innovation and determination. This partnership is a statement of our confidence in Wolves’ future and our belief in the power of bold, visionary thinking. Together, we are set to redefine success, not just in football or trading, but in the broader landscape of sports and finance. Wolves and Zero Markets’ shared commitment to innovation made them a perfect brand fit. Wolves will generate global exposure for Zero Markets, and we look forward to seeing a successful and fruitful partnership develop.” This partnership will see a series of groundbreaking initiatives, from exclusive content and interactive events to innovative digital activations, all designed to engage and inspire. Wolves partnered with Neo as FX partner Last month, cross-border payments and foreign exchange (FX) fintech NEO became the Official Foreign Currency Exchange Partner of Premier League club Wolverhampton Wanderers FC. The FX payment specialist, which has cleared over €16 billion since 2020, will handle the club’s FX and multi-currency transfer payments and help save its currency FX transaction costs. Neo expects the sponsorship deal to drive brand awareness to the Premier League’s global audience through the use of Wolves’ IP and imagery. Top-tier football clubs are often required to make cross-border payments to pay for the likes of players, staff, travel, and events and receive funds from broadcasters, investors, other clubs, and sponsors. While foreign currency transactions can be particularly challenging for clubs like Wolverhampton Wanderers FC, there are solutions available for them. In the case of the Barcelona-based fintech, Neo evolved from a platform offering FX trading to becoming a one-stop-shop for businesses across the globe, working with more than 300 corporates across 28 countries and has cleared more than €16 billion through to its Bank Identification Code (BIC) on the SWIFT network. Neo offers: an International Bank Account Number (IBAN) through which businesses can send and receive payments in 20+ currencies. It also provides best-in-class FX execution, enabling firms to buy and sell any of these currencies with transparent pricing. Neo’s wallet architecture makes it easy for firms to organize their funds and store multiple currencies, ready for making rapid payments or exchanging currencies, revolutionizing the way they transact. Neo’s client support lines up a team of highly skilled professionals who support clients with their cross-border operations.

HealWell AI Shares saw a jump on Monday on the heels of the company’s Q2 financial results.  Healwell AI, a leading healthcare technology company specializing in Artificial Intelligence and data science, has reported record revenue for the second quarter of 2024. The company achieved quarterly revenue of $5.44 million, marking a a 19% rise from the previous quarter. This strong performance is attributed to strategic acquisitions and continued growth in the healthcare AI market. In addition to its financial achievements, HealWell completed a strategic $2 million investment in X.AI Corp., an artificial intelligence company founded by Elon Musk. This investment has granted HealWell access to advanced AI resources and expertise, enhancing its capabilities in the rapidly evolving healthcare AI sector. See also: Tesla Stock Eyes Q2 Report After Bullish Run Chief Executive Officer Dr. Alexander Dobranowski emphasized the company’s strong growth outlook during the conference call Monday evening.  “Our robust acquisition pipeline, coupled with our strong cash position, strategically positions us for substantial growth ahead. We anticipate that our strategic initiatives will drive us to achieve a figure approaching $100 million revenue run-rate by year-end, having already exceeded $65 million. This growth is underpinned by our continued focus on ramping up physician adoption of the HEALWELL platform, accelerating the sales of our AI tools and technology, and broadening our reach within the WELL Health ecosystem.” The company’s two-tiered business model, which leverages AI to support healthcare providers and the pharmaceutical industry, has been central to its recent success. According to Dobranowski, the company remains focused on expanding its market presence, advancing its AI technologies, and delivering long-term value to its stakeholders. HealWell AI initially went public as MCI OneHealth which operated two primary businesses in Canada: its primary healthcare clinics and an innovation arm. In 2023 the company sold its clinics to WELL Health Technologies and entered a strategic agreement. WELL has now grown to become the largest operator of outpatient clinics in Canada. Its technology solutions provide services to over 9,400 providers in the US and Canada with HealWell now playing a key part in this delivery.

Bybit has registered as a Virtual Asset Service Provider (VASP) and card operator in Argentina in a move that furthers its expansion plans into the Latin American country. The world’s second-largest cryptocurrency exchange by trading volume was included in the Argentinian VASP registry as part of its policy to adhere to local regulations and provide a secure and compliant platform for its users. Bybit offers Argentinian users access to a diverse range of digital assets and cryptocurrency-backed payment cards. “Bybit is committed to supporting Argentina’s economic growth” Ben Zhou, Co-founder and CEO of Bybit, said: “We are excited to become a registered VASP and card issuer in Argentina, and take compliance seriously. This achievement marks a significant step forward in our mission to provide accessible and secure digital asset services to users worldwide and our commitment against financial crime. Bybit is committed to supporting Argentina’s economic growth and empowering its citizens through the payment capabilities and potential of blockchain technology.” As a registered VASP, Bybit adheres to Argentina’s stringent anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The move follows Argentina’s IGJ recent approval of Bitcoin and USDC to be included in local companies’ social capital. Argentina is the first country to approve crypto for corporate capital Argentina’s General Inspection of Justice (IGJ) recently approved the use of Bitcoin (BTC) and USD Coin (USDC) as part of a company’s social capital and for capital raises. This approval marks a significant legal milestone in the country, being the first instance where cryptocurrency has been officially recognized as a valid form of corporate capital in Argentina. The approval was granted after the law firm Allende and Brea registered a company with a modest initial capital contribution of around $303, split between 195 USDC and 0.00457621 BTC. The process involved creating new crypto wallets on platforms like Lemon Cash and Ripio for both the company and its token-holding partner. These platforms were essential in providing real-time valuation certificates for the cryptocurrency, which is a requirement under Argentina’s General Law of Companies (LGS) for precise asset valuation in capital-related transactions. This move is seen as a pioneering step, reflecting Argentina’s growing acceptance of digital assets. The IGJ’s approval has been praised for aligning with technological advancements, potentially setting a precedent for the future use of cryptocurrencies in corporate finance both in Argentina and potentially in other regions as well​.

Italy’s authorities have arrested multiple individuals related to the June 13 Holograph hack, a major cybercrime incident involving the theft of $14.4 million worth of Holograph (HLG) tokens. The Holograph protocol, which enables a single contract address across all EVM blockchains for consistent tokenization, interoperability, and secure cross-chain asset transfers, announced the news on its X page. “As the investigation is still ongoing, the suspects names cannot be publicized yet according to French authorities. The broader investigation is still very fluid — the team will share more information on asset recovery for the Holograph ecosystem as the proceedings develop,” the protocol stated. Further details on the investigation and the hack are expected as the case progresses, the team added. Following the breach, Holograph launched an internal investigation with assistance from Halborn, which identified a “disgruntled former contractor” as being involved. The arrests follow a two-month investigation led by France’s Office for the Prevention of Cybercrime (OFAC) in collaboration with international law enforcement agencies, including the Brigade de Répression du Banditisme (BRI), Europol, the Italian Directorate of Anti-Mafia Investigations, and the Royal Cayman Islands Police Service (RCIPS). The suspects, whose identities have not been disclosed, are expected to be extradited to France to face charges. Italian police have frozen assets and seized electronics as part of the ongoing investigation. The hack targeted Holograph blockchain tokenization platform and involved a sophisticated attack on its operator contract, allowing the hacker to mint 1 billion HLG tokens. This caused the token’s value to plummet by nearly 80% within hours. The 1 billion HLG tokens minted by the exploiter were valued at slightly more than $6.7 million. On-chain data suggests that the ENS wallet acc01ade.eth was involved in the exploit. This wallet appears to belong to a contributor to the project, based on information from a Github page and a corresponding X profile that describes the individual as a “super shadowy coder” based in Paris. Holograph secured $3 million in its latest funding round in April, led by Mechanism Capital and Selini Capital, bringing its total funding to $11 million.

London-based online broker Trading 212 has acquired FXFlat Bank GmbH, a multi-asset broker based in Germany and regulated by BaFin. The financial terms of the deal have not been disclosed. FXFlat Bank GmbH announced the news in a statement on its website: “We’re thrilled to announce that FXFlat Bank GmbH has been acquired by Trading 212 Group Limited (‘Trading 212’), one of the fastest-growing fintech companies in the UK and Europe and a pioneer in zero-commission investing.” The broker said that their “combined teams” are working to launch Trading 212’s trading and investing platform soon. During this transition period, FXFlat will temporarily pause onboarding new clients, but will continue to provide support to existing clients as usual. Trading 212 currently operates in Germany via Trading 212 Markets Limited. “This acquisition marks an exciting new chapter, as it allows us to bring Trading 212’s exceptional value and user experience to German investors through a fully licensed German entity,” the statement reads. Founded in 1997, FXFlat Bank GmbH is a German-based financial services provider regulated by BaFin. The broker provides access to trading in various asset classes, including forex, CFDs, futures, stocks, options, bonds, ETFs, and mutual funds across 135 global exchanges. Trading 212 was the first retail UK broker to offer commission-free trading and its core product portfolio consists of stocks, ETFs, FX, and derivatives products. In terms of CFD products, the company operated from January 2021 to May 2021 on a spread revenue model, profiting from the difference between the prices offered to clients and those on which hedging trades were conducted via a back-to-back hedging agreement with a group affiliate. From May 2021 onwards, T212 opted to end this arrangement to manage its own risk based on defined parameters for each product and asset class, hedging exposures outside of these with third parties. Earlier this year, Trading 212 Crypto Ltd, a newly-formed crypto subsidiary, was granted Class 3 registration which allows the platform to offer spot, custodian, staking and card services. Operating under the CySEC umbrella allows Trading 212 to leverage its new regulatory profile to expand its services into the European Markets. Launching a service under the CySEC license will also provide users with a regulated platform to work with digital asset-based investments.

Ethereum can be expected to fall further toward the next support level 2500.00   – Ethereum reversed from pivotal resistance level 2800.00 – Likely to fall to support level 2500.00 Ethereum cryptocurrency recently reversed down from the resistance area located between the pivotal resistance level 2800.00 (former strong support from April and July, as can be seen from the daily Ethereum chart below), 20-day moving average and the 50% Fibonacci correction of the downward impulse from the end of July. The downward reversal from this resistance zone the previous intermediate impulse wave (3) from the start of this week. Given the clear daily downtrend, the strength of the aforementioned resistance area and the resumption of the bearish sentiment seen across the cryptocurrency markets today, Ethereum can be expected to fall further toward the next support level 2500.00 (low of the previous correction (2)). The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit (FIU), allowing the world’s largest cryptocurrency exchange to operate in India after being blocked since January. The FIU imposed in June a fine of 188.2 million rupees ($2.25 million) on Binance for operating in violation of local anti-money laundering (AML) regulations. The registration reflects Binance’s compliance with India’s anti-money laundering regulations, enabling the exchange to fully offer its services to Indian users via its website and app. In a blog post, Binance said it’s committed to adhering to anti-money laundering standards in India and other jurisdictions. Richard Teng, CEO of Binance, highlighted the importance of aligning with Indian regulations to meet the needs of Indian users. “Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users,” Richard added. Earlier this year, Binance was among several offshore crypto exchanges banned from operating in India due to non-compliance with local regulations. However, Binance said in April that it plans to resume its services in the Indian market after settling its outstanding tax liabilities. Interestingly, Indian regulatory bodies levied a tax demand of 722 crore rupees ($86 million) against Binance earlier this month. Binance’s prior market dominance might have been helped by non-compliance with local tax laws that otherwise would require users to pay a 1% tax deducted at source on transactions. On August 6, the Directorate General of Goods and Service Tax Intelligence (DGGI) issued a tax demand to Binance under the Goods and Services Tax (GST) laws. According to reports from The Times of India, Binance accrued at least Rs 4,000 crore from transaction fees charged to Indian users. These earnings were reportedly deposited into an account belonging to Nest Services Limited, a Binance affiliate based in Seychelles. This is the first instance of the Indian government imposing a tax claim on a cryptocurrency exchange. Initial email notices sent to Binance offices in Seychelles, the Cayman Islands, and Switzerland were reportedly ignored, prompting the appointment of local counsel to resolve these tax obligations. Indian legislation requires all crypto service providers and investors to deduct a 1% tax at the source (TDS) for every transaction, alongside a 30% tax on any profits made from crypto investments. While domestic exchanges like WazirX and CoinDCX have implemented systems to facilitate these tax requirements, many offshore exchanges failed to do so. Binance initially proposed a $2 million fine to address its non-compliance and reinstate its operations in India. However, the $86 million tax demand involves recovering transaction fees generated from Indian users during its operational period. Indian authorities are yet to impose similar tax demands on other foreign crypto exchanges, including Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex.  

It is not uncommon for severe corrections to attack the low again in the short term. If the stock market confirms this tradition again, it is currently only a technical recovery. A look at the long-term indicators reveals the following: a high difference between the moving average lines over 10 and 30 months in the S&P500 Index has often indicated massive exaggeration phases in the past. When the spread reaches 10%, it has always been dangerous for the bulls in the past… The NYSE, on the other hand, has not yet generated enough new lows for individual stocks for the following indicator to generate a long-term buy signal… The (technical?) recovery to date has also not been particularly convincing. Long-term significant recoveries after sell-offs should come with convincing volume… The Zweig Breadth Thrust indicator measures market momentum and often provides reliable buy signals when there is exaggeration. However, the selling momentum of recent weeks has not yet led to this… The activities of private investors also continue to attract attention: they are particularly active during periods of increased speculation, usually near important highs. The margin debt data from Finra.org helps us to measure the activities of private investors. The changes in credits for investment show a high correlation with the annual percentage change in the S&P500 Index… The percentage change from the previous year tells us that private investor activity was increased, but not to the extent that was observed during long-term top marks… Strong changes within 15 months also provide fairly reliable buy and sell signals… The figures from Finra.org should also be adjusted for the increase in economic output. It is clear from this that the credit for investments by private investors was much more pronounced three or four years ago… By analyzing the data from another provider, the AAII Asset Allocation Survey, we obtain the not insignificant input that investors are still rather heavily invested in equities compared to the consumer sentiment of the University of Michigan… The development of real wages also provides valuable input on the development of Wall Street. With a time lag of six months, there is a very high correlation with the percentage change in the S&P500 Index. Most recently, the development of wages has not been very convincing. Therefore, no major leaps on Wall Street should be expected in the next six months… The strength of the shares of cyclical companies also tells us a lot about the strength of the economy. Since July 1, 2024, this indicator has been telling us that we should only be invested in cyclical stocks up to a maximum of 50%… The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Binance announced on Wednesday that it has reached an agreement with Brazil’s Securities and Exchange Commission (CVM) following a years-long dispute over the exchange’s offering of derivatives products in the country. In 2020, Brazil’s CVM banned Binance from offering derivatives, classifying such contracts as securities and stating that Binance was not authorized to act as a securities intermediary in Brazil. As part of the settlement, CVM approved an agreement under which Binance will pay 9.6 million reais, equivalent to $1.75 million U.S. dollars. A Binance spokesperson confirmed that the exchange does not currently offer derivatives in Brazil and is not permitted to do so. “Since the regulator’s first communication to Binance in 2020, the exchange has taken all steps and necessary actions to respond to the authority and comply with local requirements,” the spokesperson said. “CVM’s board decision to accept the proposed Term of Commitment reaffirms that the adjustments and upgrades made by Binance throughout time are sufficient for the regulatory agency,” he added. Despite derivatives ban, Binance’s payment provider in Brazil, Latam Gateway, was granted a license by the country’s central bank to function as a payment institution and electronic money issuer. The license was obtained in 2023, allowing the firm to legally operate and provide its services within the Brazilian financial landscape. Earlier, Binance suspended deposits and withdrawals in Brazilian reals through the government’s payment system Pix. The payments blockage coincided with the end of a deadline imposed by the Brazilain central bank for Pix providers to implement new “know your customer” requirements. Binance was also reportedly planning to buy banks and payments processors in Brazil as a way into the market. It already signed a memorandum of understanding to acquire Brazilian securities brokerage firm, Sim;paul Investimentos. However, the takeover requires Binance to get approval from both the Securities and Exchange Commission of Brazil (CVM) and the central bank. Binance has identified Brazil as one of its key global markets. Latam Gateway, on the other hand, serves as a facilitator for foreign companies looking to operate in the country by providing on/off-ramp services for the local currency. Per its website, Binance is the only cryptocurrency client it serves in Brazil. However, Latam Gateway works with other clients in the gaming industry, including Codashop, Moedaz, and Game Hollywood.

Alphabet Inc (GOOGL) shares have continued to decline since our last analysis on July 24th, despite the company’s previous earnings report beating analyst expectations. While the broader market downturn on August 5th exacerbated the decline, GOOGL has underperformed the overall index since then. Factors Weighing on Alphabet Several factors are contributing to the bearish sentiment surrounding Alphabet. The delay in showcasing the full capabilities of the Gemini AI assistant at the “Made by Google” event has dampened investor enthusiasm. Additionally, speculation about a potential breakup of Google under US antitrust laws has created uncertainty. Technical Analysis From a technical perspective, GOOGL has broken below its ascending channel and the crucial $164 support level. Price action is forming an expanding fan pattern, indicating potential for further downside. If bulls can reclaim the $164 level, the next resistance point lies at the subsequent fan line. Analyst Sentiment Despite the recent price decline, analyst sentiment remains bullish on Alphabet. Of the 37 analysts surveyed by TipRanks, 30 recommend buying GOOGL shares, with no sell recommendations. The average price target for the next 12 months is $204.74, representing a potential upside of 24.72% from yesterday’s closing price. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

The U.S. economy remains on a bumpy path as inflation trends show signs of cooling, but underlying pressures persist. As of July 2024, the Consumer Price Index (CPI) is forecasted to be between 2.7% and 3.1%, with Truflation indicating a 2.8% year-on-year increase. This continues the trend of monthly deflation, primarily driven by falling prices in goods and non-core components. However, challenges in the housing and utility sectors are still pushing inflation upward. The U.S. economy surprised analysts by growing at a 2.8% annual rate in the second quarter. According to Truflation, this boost was largely thanks to strong consumer spending and solid government spending, with personal consumption jumping by 2.3% during the quarter. Despite high interest rates and persistent inflation, consumer demand has remained resilient, although the personal savings rate dropped to 3.4%, raising concerns about the sustainability of spending. Labor market and wage trends The unemployment rate rose to 4.3%, the highest in nearly three years, as job gains were the second lowest since 2020. Wage growth has begun to slow down, hinting at possible challenges on the horizon. The Federal Reserve’s efforts to manage inflation through interest rate hikes have contributed to slower economic growth and rising unemployment, sparking speculation about potential rate cuts later this year. The housing market continues to be a major source of economic uncertainty, said Truflation. Housing prices dropped by 0.49% in July compared to the previous month, but they were still up 1.71% year-over-year, making up a significant part of household spending. That said, sales of new and existing homes declined, largely due to rising home prices, which are squeezing first-time buyers. The inventory of unsold homes increased, indicating a potential shift towards a buyer’s market. Truflation’s sector-specific inflation analysis Food & Non-Alcoholic Beverages: Prices fell 0.42% month-on-month, rising 0.65% year-on-year, driven by declining commodity prices. Clothing: Prices dropped 0.18% month-on-month, with a 1.25% year-on-year increase. Utilities: A 0.53% month-on-month rise was noted, with prices up 1.94% year-on-year, reflecting higher energy costs. Health: Health costs increased 0.20% month-on-month and 3.23% year-on-year, driven by rising insurance premiums and healthcare expenses. Transportation: Prices rose 0.25% month-on-month and 3.33% year-on-year, with gasoline prices increasing by 1.16% month-on-month. Monetary policy and global context As inflation cools, the Federal Reserve faces a delicate balancing act between curbing inflation and supporting economic growth. The potential for rate cuts is on the horizon, but their timing and magnitude will be critical. Global factors, including geopolitical tensions and supply chain disruptions, continue to influence domestic inflation trends, with the U.S. economy remaining vulnerable to external shocks. Looking ahead, the U.S. economy’s future remains uncertain, with inflationary pressures likely to persist despite signs of cooling. The Federal Reserve’s decisions in the coming months will be pivotal in shaping the economic landscape, with impacts on the housing market, consumer spending, and overall economic growth. The road ahead is fraught with challenges, but careful management of inflationary drivers could help steer the economy towards a soft landing, Truflation concludes.

UAE-based Daman Securities and Advanced Markets are stepping up their strategic partnership with plans to spin off Daman Markets as an independent entity. Riding on the success of Daman Markets, the forex and CFD trading arm of Daman Securities LLC, the partnership plans to blend Daman Securities’ regional influence and SCA oversight with Advanced Markets’ tech and liquidity networks. Per the official statement, the partnership is set to position Daman Markets as a key player in the financial sector, providing clients with a wide array of financial solutions and services. Samer Mourched, CEO of Advanced Markets Bermuda, has become the newly appointed CEO of Daman Markets. FinanceFeeds has learned that industry veteran Chirine Daoud will be stepping in as the Chief marketing officer (CMO) for the new entity. She holds an analogous role at Advanced Markets which is set to be rebranded as Daman Markets in the MENA region. Chirine is a seasoned marketing specialist with a career spanning back to 2006, primarily focused on promoting retail FX offerings in the region. Based in Dubai, she has held various marketing roles with companies like CFI Financial, Pepperstone, HYCM, Advanced Currency Markets (ACM), and Alpari UK. Samer Mourched comments on the new venture: “I am very proud to elevate our current relationship with Daman Securities to the next level and partner with a well-known and respected organization in the MENA region. Our liquidity solutions, expert staff, and diverse products will significantly strengthen this partnership. The success of the Daman Markets brand, launched last October, has demonstrated the potential of our combined efforts, and we are eager to build on this foundation.” Ahmed Waheed, General Manager of Daman Securities, added, “We firmly believe in this partnership and in the expertise and experience of the Advanced Markets team. With our 25 years of operations in the UAE and the region, along with our strong relationships with stakeholders, this partnership is a logical move. It aligns with our strategy and vision to provide our clients with a comprehensive range of trading products and tools.” Back in 2022, Daman Securities joined forces with Advanced Markets on a strategic expansion of their respective service portfolio. By partnering with Advanced Markets, Daman Securities, based in Dubai, gains access to cutting-edge technology and platforms, an extensive product suite, and high-end services. As part of this collaboration, Daman Securities leverages Advanced Markets’ capabilities to offer over-the-counter margined derivative contracts, including CFDs and spot FX trading, under the brand name Daman Markets. Having built a reputable presence in the UAE and the broader GCC region over the past 27 years, the alliance with Advanced Markets allows for greater transparency in pricing, improved execution speed and lower transaction costs. Advanced Markets Group, founded in 2006 and headquartered in Charlotte, North Carolina, USA, operates as a prime-of-prime broker, offering specialized services to traders worldwide. Advanced Markets’ institutional business operates a 100 percent STP/agency model based on its FCA and AFSL licenses. Its STP platform enables FX market participants to trade on prices streamed by more than ten FX banks in an anonymous market structure.