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Wednesday, February 15, 2023
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Dollar Regains Energy and Pushes Naira In direction of N600 at The Parallel Market


  • The Naira is buckling underneath the ever growing energy of the greenback as it’s buying and selling near N600 per greenback as of Tuesday, May 3, 2022
  • The greenback has subdued most worldwide currencies together with the euro because the US Federal Reserve put together to announce a fee improve
  • Also, it has subdued different digital currencies just like the bitcoin, ethereum and different altcoins leaving bitcoin buying and selling at $38,000

The greenback is roaring on the worldwide market pushing many world currencies together with the British pound.

Analysts have predicted {that a} stronger greenback might imply unpalatable information for the naira as a result of US Federal Reserves’ aggressive stance and rebounding of the greenback.

Dollar exhibiting large energy in opposition to different currencies
Credit: Max Cole
Source: Getty Images

Major US announcement to additional have an effect on main worldwide currencies

All eyes will probably be on the US Federal Reserve this week as Jerome Powell, the Feds Chairman might announce a fee improve together with new particulars on the $9 trillion stability sheet particulars and the unwinding plan.

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Over 158,000 crypto traders have all Their funds Wiped Out as Bitcoin buckles

The greenback climbed to a 20 12 months excessive on Monday, May 2, 2022, because the euro laboured at about $1.o5 mark. The greenback is at present buying and selling at $103, which is 10 per cent improve within the final 6 months.

As a results of interwoven nature of the US greenback on this planet financial system, its features at all times put strain on companies and governments as they at all times peg their rates of interest primarily based on the greenback debt.

Naira bows to the energy of the greenback

On Tuesday, May 3, 2022, the change fee on the parallel market was buying and selling at N591.2 per greenback which is down from closing at N565 per greenback as of December 31, 2021, shedding N26 12 months thus far.

However, the greenback additionally subdued main cryptocurrencies which left most of them buying and selling under their anticipated values as of the time of writing.

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Jeff Bezos’ wealth plummets, loses $20 billion as Amazon’s Q1 revenue declines

Cryptocurrencies buckle additionally

Bitcoin traded at $38,000 on Tuesday, May 3, 2022, whereas ether trades at $13.59.

The cryptos have been on the decline because the greenback rebounded in direction of the center of April.

Most of the crypto belongings traded decrease on Monday with Bitcoin and Ether exhibiting marginal fluctuations. Bitcoin is down by practically half a per cent and Ether is up by roughly 0.40 per cent. AVAX has led the surge within the altcoin by house and is up by roughly 4.5 per cent. Crypto markets witnessed a downward push over the weekend and however many belongings have coated their losses,” Lu said regarding market trends on Monday

Over 158,000 Crypto investors have all their funds wiped out as bitcoin buckles

Recall that Legit.ng has reported about 158,832 merchants have their funding liquidated, which totaled about $387.96 million. It is the largest single liquidation on Okx, a BTC-USD-220930 transaction at $2.93.

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Mark Zuckerberg makes $11 billion in one day, moves from 18th richest person to 10th

The premier crypto, bitcoin and Ethereum have their prices have broken their key $4ok and 3k support levels individually as investors’ sentiments are at a bearish level.

The necessary driver of the spherical of liquidations, promoters say, was a really sharp selloff within the week earlier than which was pushed by a robust greenback that has gotten to the brand new highs in 20 years.

Source: Legit.ng


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