Month: July 2024

Justin Sun Offers To Buy Germany’s Remaining $2.3B in Bitcoin to Stabilize Market

Justin Sun, the founder of Tron, has made an offer to buy the remaining $2.3 billion worth of Bitcoin seized by the German government. This proposal comes after Germany has been actively transferring large amounts of Bitcoin to exchanges, leading to significant market reactions and a notable drop in Bitcoin’s price, which currently stands at $56,892.53, down 5% from yesterday and 7% over the past week. Sun expressed his willingness to negotiate privately with the German government to purchase the Bitcoin off-market. His cryptocurrency wallet, holding approximately $1 billion, has been identified by blockchain analytics firm Arkham Intelligence. Arkham Intelligence also revealed that one of the wallets associated with the German BKA has already sold around $300 million in Bitcoin. These transactions included transfers of $94 million to Coinbase, $84 million to Kraken, and $91 million to Bitstamp. Additionally, $44 million was sent to Flow Traders, a market maker based in Amsterdam. Sun’s proposal aims to minimize the impact of these large Bitcoin transfers on the market, which have caused considerable volatility recently. submitted by /u/Lor1al [link] [comments]

How Good American Adults Were In Saving in 2023

The amount each generation saves can vary based on the current economic climate, cultural attitudes toward saving, and individual financial circumstances. Here’s a breakdown of how much each generation saved last year, according to a study by New York Life: https://www.newyorklife.com/newsroom/2024/new-york-life-wealth-watch-2024-outlook Millennials (1981-1996): Leading the pack with an average of $9,299 saved in 2023. Generation Z (1997-2012): Following closely with over $6,000 saved. Generation X (1965-1980): Coming in third with an average of $5,132 saved. Baby Boomers (1946-1964): Bringing up the rear with just over $4,000 saved. While these averages don’t reflect every individual’s experience, there’s a noticeable trend: Savings tend to grow more slowly in a person’s earlier years as they adjust to adult life and start their careers. One of the biggest obstacles younger generations face is time. With less time in the workforce and less time to pay down debt, it’s harder to build up significant savings. The rising cost of living and education further complicates saving efforts for younger people. Many Gen Zers are still in college or haven’t attended yet. Older members of Gen Z and Millennials make up the largest share of federal student loan borrowers, according to recent figures from the Fed. Those actively paying down student loan debt may struggle to save significantly due to these competing financial obligations. As people move into their higher-earning years, the potential to save more increases. However, credit card debt, which has recently reached a record high of $1.115 trillion cumulatively, remains a significant barrier to saving. It’s a challenging landscape, dictated by the country of living first all. Without disclosure of any personal information about age or the country of living here, did you find yourself in a proper place of this breakdown? Just put ‘Yes’ or ‘No’ in comments. submitted by /u/FXgram_ [link] [comments]

Golden Opportunity? Experts Forecast Major Price Hike to $3,000 per Ounce

According to analysts at Bank of America, the price of gold could reach $3,000 per troy ounce within the next 12-18 months, writes CNBC. This could happen if interest rates in the US decrease and demand from large institutional investors increases. Since the beginning of 2024, the precious metal has risen in price by more than 10%. According to a survey by the World Gold Council, nearly 30% of central banks in various countries that participated in the study plan to increase their gold reserves over the next 12 months. Bank of America noted that this is the highest figure since monitoring began in 2018. Analysts believe that such demand for precious metals from central banks is a positive sign for gold exchange prices. On April 12, the price of gold surpassed $2,400 per ounce for the first time in history. At that time, analysts indicated that the price increase was related to a rise in the geopolitical risk premium due to conflicts in the Middle East, Eastern Europe, and other hotspots. In the same month, Ed Yardeni, head of the consulting agency Yardeni Research, stated that he expects a double-digit increase in gold prices due to a possible new wave of inflation in the US. Yardeni forecasts that gold prices could rise to $3,500 by the end of next year. Ed Yardeni is not the only expert expecting a significant rise in gold prices in the coming years. Economist and head of Rosenberg Research, David Rosenberg, also predicted that gold prices could reach $3,000 per ounce due to the expected reduction in Federal Reserve rates and increasing geopolitical risks. How To Trade Gold – read here submitted by /u/FXgram_ [link] [comments]

Another Too Big To Fail?

Yesterday, Boeing shares (BA) showed a $10 rise on the news of acquiring Spirit AeroSystems (SPR) with a total transactional value of $8.3 billion. Seriously? Are we celebrating? What happened to the effect of the other news that came out shortly before, stating that the US Justice Department will charge Boeing Co. with criminal fraud, leaving the planemaker to choose between pleading guilty or taking the risk of going to trial, according to people familiar with the matter. Boeing has until the end of the week to decide whether to plead guilty to the charge, the department told the families of victims of two fatal 737 Max crashes and their attorneys in a meeting Sunday, according to the people who asked not to be named discussing a confidential matter. The department will inform Boeing it will have to pay an additional criminal fine of $243.6 million on top of the $243.6 million already paid with a 2021 deferred-prosecution agreement, bringing the total amount of fine close to $500 million, according to two of the people. The company will also have to hire a corporate monitor for three years, they said. Paul Cassell, an attorney representing the crash victims’ families, called the offer the department plans to make to Boeing a “sweetheart plea deal.” “The deal will not acknowledge, in any way, that Boeing’s crime killed 346 people,” he said in an email. “The families will strenuously object to this plea deal.” The fine the department will seek falls far short of a nearly $25 billion fine the families requested — with the possibility of suspending $14 billion to $22 billion of that if Boeing devotes those funds to an independent corporate monitor and improvements to its safety programs. The Justice Department declined to comment. Boeing declined to comment. Source: https://www.bloomberg.com/news/articles/2024-06-30/doj-to-charge-boeing-seek-guilty-plea-from-planemaker I understand that compared to what the families of the victims demanded, it’s peanuts, but since when has this been considered good news for the value of an asset? submitted by /u/FXgram_ [link] [comments]