Category: MONEY

Solana, Cardano Eye Explosion To New Highs, Bitcoin Recaptures $17k As Exchange Signals Tilt Bullish ⋆ ZyCrypto

Bitcoin bulls managed to shake off December’s dust, decisively pushing past $17,000 for the first time in over three weeks. The world’s most traded cryptocurrency was trading at $17,348, up over 2.41% in the past 24 hours.

Ethereum led in gains surging by over 4.55% in the same period to trade at $1,330 Monday noon. Other cryptocurrencies in the top 15 groups by market capitalization also gained steam, led by Solana and Cardano, up over 22% and 13%. Dogecoin, BNB and MATIC followed quietly, adding over 8%, 7% and 3.20% overnight. Overall, the global crypto market cap increased by 3.49% to tap $855.83B, according to data from CoinMarketCap.

Bitcoin’s surprising rebound comes after Friday’s positive nonfarm payment rolls data. While this data suggests an imbalance between labour supply and demand still exists, investors viewed cooling wages as a sign the Fed may slow its rate-hiking ambitions. Moreover, with the US inflation expected to remain stable in the coming week, economists have been pencilling in a 25 basis-point increase in the Fed’s benchmark rate, with some FED officials suggesting that a half-point hike is possible.

Fed’s monetary tightening is a big factor in Bitcoin’s price movement, contributing significantly to the cryptocurrency’s 64% decline last year. Observers have thus argued that the top crypto benefits immensely from the FED easing its monetary policy.

On January 4, the Chicago Mercantile Exchange (CME) announced that hedge funds significantly reduced their Bitcoin short positions “across the board” towards the end of 2022. Bitcoin futures open interest decreased by 1,086 from 14,124 on December 27 to 13,038 on January 4. This rate of decline suggests that investors should keep an eye on the conversion movement with long bets.

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Confidence in the crypto sector has also been rekindling as authorities continue to crack down on FTX officials and other rogue actors worldwide-suggesting regulations may soon follow. According to John Reed Stark, Former Chief of SEC’s Office of Internet Enforcement, the trend is likely to continue, bringing back crypto’s shine and allure.

Onchain, Bitcoin’s sentiment indicator, has turned neutral, with exchange signals tilting to extremely bullishness, according to data from the crypto analytics platform IntoTheBlock. 53% of BTC holders are also depicted as making money at the moment, with only 37% being in the loss.

While there is still room for Bitcoin to plummet, traders expect the price to mount a mini rally towards the $18,200 resistance. According to Cryptoquant’s “Greatest_Trader”, “the end of the current bear market won’t be expected unless the price surpasses the realized price, currently at $19.7K.”

LBank Exchange Will List Luxurion (LXRN) on January 9, 2023 | Bitcoinist.com – Bitcoinist

As a next-generation luxury total blockchain platform, Luxurion (LXRN) provides various benefits to users participating in the platform ecosystem. Its native token LXRN will be listed on LBank Exchange at 6:00 UTC on January 9, 2023, to further expand its global reach and help it achieve its vision.
Introducing Luxurion
Luxurion was developed to introduce an objective, transparent, and safe blockchain to the platform and participate in the platform ecosystem by utilizing LXRN, a key token, in order to improve the problems that have occurred in the existing luxury goods-related market.
Aiming to become a leading platform by providing independent solutions, Luxurion utilizes advanced technologies including blockchain and NFT to provide various functions and services that are reliable, efficient, transparent and secure. For instance, Luxurion provides a genuine authentication system using NFT. When selling luxury goods, NFT for the product is provided to enable genuine authentication and authenticity guarantee, eliminating the risk of loss and counterfeiting of existing offline authenticity certificates or guarantee cards.
On the Luxurion platform, ownership is divided into pieces and sold as NFTs for users who have difficulty purchasing products. The product is made with the same concept as joint purchase. With Luxurion Auction service, users can also purchase limited luxury goods released by luxury brands that have formal contracts and collaborations with Luxurion, or luxury goods sold by luxury brands through the platform.
Furthermore, Luxurion plans to release Blockchain Edition, a special limited edition product that records everything from product production to distribution through formal contracts and collaborations with real luxury brands. Unlike luxury items that are not officially licensed or treated as digital data that cannot actually be used in existing metaverses, Luxurion provides limited edition items and NFTs that are produced with approval from real luxury brands.
With the goal of providing a next-generation blockchain protocol through better environment and policies, Luxurion strives to establish itself as a next-generation platform that provides various benefits to users participating in the platform ecosystem.
About LXRN Token
LXRN is the native token of the Luxurion ecosystem. Users can use their existing LXRN as a key currency through the wallet provided on the Luxurion platform. LXRN can be used as a payment method, such as transactions within the platform and purchases from offline luxury goods retailers that have officially signed a contract with Luxurion.
Based on ERC-20, LXRN has a total supply of 1.5 billion (i.e., 1,500,000,000) tokens, of which 10% is provided for private sale, 20% is reserved, 10% will be used for marketing, 10% is allocated to the team and advisors, and the remaining 50% is provided for the ecosystem.
The LXRN token will be listed on LBank Exchange at 6:00 UTC on January 9, 2023, investors who are interested in the Luxurion investment can easily buy and sell LXRN token on LBank Exchange by then. The listing of LXRN token on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute the global adoption of cryptocurrencies.
 

Tammy Wynette Daughters Today: Did George Jones Leave His Daughter Any Money?

 

People are searching for Tammy Wynette’s Daughters Today as there have been allegations that daughter Susan Smith wasn’t included in the will.

American country music performer, Actress, and author Tammy Wynette. One of the most prominent practitioners of the genre was the successful and influential musicians.

She helped other women gain representation in the male-dominated country music business by giving a feminine viewpoint to the field.

Also Read: Are Meghan Trainor And Harry Styles Related? Are They Siblings- Family And Ethnicity

Twenty-one of her songs reached the top spot on the Billboard country singles chart at some point in her career.

Her song “Stand by Your Man,” which honors wives for their commitment to their spouses, has received praise and criticism.

Who Is Tammy Wynette Daughters Today? Meet Her Daughters

Tammy Wynette was a country music singer and songwriter who succeeded with singles in the 1960s and 1970s, such as “Stand by Your Man” and “D-I-V-O-R-C-E.” She was married five times and had four daughters. Here is a brief introduction to Tammy Wynette’s daughters:

The oldest child of Tammy Wynette and her first husband, Euple Byrd, who died when she was five years old, is Gwendolyn Lee Byrd, her senior. She was born on April 14, 1961. She is 61 years old at the moment.

Also Read: Todrick Hall Parents: Meet Mother Brenda Cornish, Father And Siblings

Despite her mother’s fame as a musician, Gwendolyn Lee Byrd has avoided the spotlight for much of her life. She is not just Tammy Wynette’s eldest child; only a little is known about Gwendolyn’s life.

Jackie Daly is the second child of Til I Can Make It On My singer Til I Can Make It On My Own and Euple Byrd. On August 21, 1962, Tammy gave birth to her and Euple’s second child, Jackie Daly. She is doing so right now.

Jackie, unlike her elder sister Gwendolyn Lee Byrd, is active on social media. She occasionally posts images of herself on Facebook with her famous mother, Tammy Wynette, and her sisters.

The eldest of Tina Denise Byrd’s three children is Tammy Wynette and Euple Byrd, both country music artists. Tina Denise Byrd, Tammy and Euple’s third child, was born on March 27, 1965. She is currently 57 years old.

Tina is well-known for her work on the album George and Tammy and Tina alongside her mother and stepfather George Jones.

Tammy Wynette and George Jones’ sole child is Georgette Jones. In 1969, the He Loved Me All The Way singer and George Jones, who met on tour, exchanged vows.

Did George Jones Leave His Daughter Any Money? Details Explored

George Jones was a famous country music singer and songwriter with a career spanning more than six decades. 

George Jones died on April 26, 2013, at 81. Georgette claims that by the time her Father died, she and her Father were working on their relationship and had even recorded many duets together.

Many individuals stole from her Father, according to his daughter, Georgette. They deceived him in terms of money and wealth.

The famed country musician’s fourth and final wife, Nancy, survived him. However, as previously stated, he had four children from prior marriages.

Jones left a will, recorded in Nashville on May 22, 2013. In it, he gave his wife Nancy most of his assets, including their primary property in Franklin, Tennessee, and two more residences in Brentwood and Nashville. Nancy also inherited Jones’ automobile, jewels, and musical instruments.

He allegedly included his second daughter, Georgette Jones, in his will, handing her a $50,000 bank account.

He allegedly did not include his daughter Susan Smith in his will. Susan filed a lawsuit against Nancy Jones in 2015, alleging that her stepmother prevented her from visiting her Father during his dying years.

Susan also claimed she was entitled to a share of Jones’ fortune. Jones’s daughter received a $ 2 million settlement when the matter was resolved out of court.

Cameron Winklevoss offers crypto baron Barry Silbert one week to give you a $1 billion answer to make his Gemini prospects complete – Fortune

 

 

Cameron Winklevoss, cofounder of digital token change Gemini, has issued Barry Silbert a one-week ultimatum to cough up almost $1 billion. 

The crypto baron behind unlisted Digital Foreign money Group (DCG), proprietor of entities from Bitcoin ETF fund supervisor Grayscale to information website CoinDesk, should discover a answer to make Gemini customers complete, and he has till Jan. 8 to take action.

Winklevoss on Monday accused Silbert of “unconscionable” habits by hiding away from his collectors in an “ivory tower.” In an open letter, the Gemini president mentioned he was performing as a steward for the greater than 340,000 Gemini Earn customers, whose over $900 million in crypto has been trapped at DCG’s Genesis International Capital (GGC) since mid-November.

“You took this cash—the cash of schoolteachers—to gasoline grasping share buybacks, illiquid enterprise investments and kamikaze Grayscale NAV [net asset value] trades that ballooned the fee-generating AUM [assets under management] of your belief,” wrote Winklevoss within the letter posted to Twitter, “all on the expense of collectors and all to your personal private acquire.”

Winklevoss and his similar twin brother, Tyler, first rose to prominence by means of their lawsuit against Mark Zuckerberg, who they claimed stole their concept for Facebook throughout their undergraduate research at Harvard College—an account retold theatrically in the 2010 movie The Social Community. The 2 later purchased their first Bitcoin on defunct change Mt. Gox and went on to discovered Gemini.

Cameron Winklevoss mentioned his prospects’ persistence had all however run out: “For the ultimate time, we’re asking you to publicly decide to working collectively to unravel this drawback by Jan. 8.”  

Genesis had been attempting to progressively restructure and de-risk its steadiness sheet ever because the collapse of a significant creditor, crypto hedge fund Three Arrows Capital (3AC), back in July. 

Nate Anderson, the pinnacle of short-seller Hindenburg Analysis, found at the time that Genesis had prolonged {a partially} collateralized $2.36 billion mortgage to 3AC from the latter’s chapter filings.

The spectacular implosion of Sam Bankman-Fried’s centralized change FTX, which stands accused of embezzling buyer funds to prop up bitter bets made by sister buying and selling agency Alameda Analysis, triggered a wave of redemption requests that overwhelmed GGC, in accordance with administration. 

When the corporate determined to freeze withdrawals, this in flip affected Gemini Earn, a service Winkevoss’s agency provided by which his prospects lent out their crypto to GGC in change for an annual yield.  

On Dec. 20, boutique funding financial institution Houlihan Lokey introduced a plan on behalf of an advert hoc committee of Genesis collectors to resolve the liquidity points at Genesis and DCG and supply a path for the restoration of property. 

“Each time we ask you for tangible engagement, you cover behind legal professionals, funding bankers and course of. After six weeks, your habits shouldn’t be solely utterly unacceptable, it’s unconscionable,” Winkevoss wrote. “The thought in your head that you could quietly cover in your ivory tower and that it will all simply magically go away, or that that is another person’s drawback, is pure fantasy.”

Lawsuit accuses DCG of “sham transaction”

Based in 2015 by Silbert, DCG at present owes its subsidiary Genesis roughly $1.68 billion, 65% within the type of a binding IOU known as a promissory notice maturing in June 2032 and the remaining in an intercompany mortgage that’s due this Could.

In response to the Wall Avenue Journal, this association was performed to ensure that the mum or dad to rescue its ailing subsidiary Genesis, which was uncovered closely to the collapse of hedge fund Three Arrows Capital. 

Citing a letter Silbert despatched to buyers, the WSJ reported in late November DCG had transferred the unit’s liabilities instantly onto its personal steadiness sheet after which issued the binding IOU to maintain Genesis solvent within the hopes of recovering the funds later.

Winklevoss’s agency Gemini at present believes DCG and Genesis are merely affected by a brief liquidity crunch as a result of a mismatch between the maturity of its property and liabilities.

On this state of affairs, Silbert’s empire has sufficient to pay again his collectors—simply not now because the money isn’t instantly available. So long as that’s the case, Gemini believes a full restoration of property is feasible. 

“If this can be a Genesis steadiness sheet problem (i.e., balance-sheet insolvency) whereby its property are lower than its liabilities, then a lack of some quantity is feasible,” Gemini went on to warn, including, nonetheless, it has no such indication at current.

Some Gemini Earn collectors aren’t bothering to attend. On Dec. 31, they initiated a category motion lawsuit alleging breach of contract.

They accuse Silbert’s DCG of shopping for the fitting to gather Gemini’s $2.3 billion debt owed by Three Arrows Capital in change for the $1.1 billion promissory notice, all in a determined try to keep away from imminent chapter final summer time.

“GGC hid the insolvency partially, the demand alleges, by orchestrating a sham transaction with its mum or dad firm, DCG,” they said in a statement.

Our new weekly Affect Report e-newsletter examines how ESG information and traits are shaping the roles and obligations of immediately’s executives. Subscribe here.

Twitter sued by landlord for allegedly failing to pay rent

 

A commercial landlord is suing Twitter for breach of contract after the company allegedly failed to pay rent for one of its offices in San Francisco.

The lawsuit concerns Twitter’s office space at 650 California Street, not its main headquarters on Market Street. But it comes after media reports last month said Twitter’s new owner, Elon Musk, had stopped paying rent on Twitter’s office space globally — including for its headquarters — and had told employees not to pay company vendors, in an apparent effort to cut costs. Musk acquired Twitter for $44 billion, including a substantial amount of debt financing.

According to a copy of the complaint filed last week in California Superior Court in San Francisco, Twitter missed a rent payment of $136,260 for its 650 California Street office. That triggered a notice from the landlord on Dec. 16, giving Twitter five more business days to make the payment or risk falling into default.

The complaint by Columbia REIT – 650 California, LLC asks the court to force Twitter to pay the unpaid rent plus interest, as well as the landlord’s attorneys fees. A spokesperson for Columbia REIT, also known as Columbia Property Trust, declined to comment. Twitter, whose communications staff was slashed by Musk after he took ownership of the company, didn’t immediately respond to a request for comment.

Columbia oversees more than a dozen office properties across Boston, New York, San Francisco and Washington, DC, according to its website.

Daniel Bornstein, a real estate attorney in San Francisco who represents property owners in tenant-landlord disputes, said the complaint could be among the first of many to drop if Musk foregoes payment on some of Twitter’s financial obligations.

But due to Musk’s status as one of the world’s wealthiest people, he said, office space owners will be loath to push him too hard. Musk’s deep pockets make Twitter a lucrative renter, at least when it pays, or when it is forced to pay. But landlords who overplay their hands risk driving Musk to abandon the rented spaces altogether, resulting in a costly extended vacancy for the properties, an even worse outcome for the landlords than having to chase the payments in court.

In last week’s complaint, Columbia could have asked the court to evict Twitter, Bornstein said, but it chose not to, suggesting the landlord still values Twitter as a tenant.

“What Elon may be doing by not paying the rent is signaling that he is actually interested in renegotiation of the terms of the lease agreement,” Bornstein said. (The New York Times reported last month Musk is hoping to renegotiate or opt out of some of its office rental agreements.)

Carl Tobias, a law professor at the University of Richmond, said the lawsuit is a natural consequence of Musk’s refusal to pay.

“The litigation is a normal and expected action to occur when a tenant has a lease and does not pay rent required by a valid contract with the landlord,” Tobias said. “These types of disputes often settle without provoking litigation, so as to avoid litigation costs and bad publicity.”

It would be expected, he added, for a landlord to seek attorneys fees on top of the unpaid rent when the landlord has exhausted other efforts to seek payment

U.S. Virgin Islands sues JPMorgan Chase…..

…accusing the bank of helping Jeffrey Epstein sex-traffic minors at his villa by ‘knowingly providing and pulling the levers through which recruiters and victims were paid’

  • A new lawsuit accuses Chase bank of ‘turning a blind eye’ to Epstein’s crimes 
  • The complaint was filed Wednesday in Manhattan District Court by the US Virgin Islands Attorney General’s office
  • The suit accuses Epstein of using his home on the islands for his horrific crimes 
  • Epstein, who died in 2019, was a client of JP Morgan Chase for 15 years  
  • The suit alleges that Chase ignored the various red flags surrounding Epstein

A new lawsuit launched by the US Virgin Islands’ attorney general on Wednesday accuses JPMorgan Chase of ‘turning a blind eye’ to the horrific sex crimes committed by Jeffrey Epstein.

In the suit, USVI AG Denise George accuses Chase of ‘knowingly providing and pulling the levers through which recruiters and victims were paid.’ The complaint was filed in Manhattan District Court.

George goes on to allege that Chase ignored the truth surrounding Epstein, such as his 2008 conviction in Florida for procuring a child for prostitution, in order to keep him as a client, reports The New York Times. 

The bank, who have yet to comment on the suit, kept Epstein as a client between 1998 and 2013 before finally cutting ties.

For years, the secretive financier was based out of his his private island, Little St. James in the Virgin Islands. He was found dead in 2019 in his jail cell in Manhattan while awaiting trial on sexual abuse of minors and trafficking charges. The official cause of death was suicide.

The new lawsuit explicitly states that Epstein used his home on Little St. James for his sex crimes. In June, Epstein’s former girlfriend Ghislaine Maxwell was sentenced to 20 years prison for trafficking minors for sex.

Epstein first became a client at Chase in 1998. There have been numerous reports since his death that the bank’s executives sought to keep Epstein on board due to his connections with some of the richest people in the world.

One section of the lawsuit reads: ‘Human trafficking was the principal business of the accounts Epstein maintained at JPMorgan.’

AG George said that the suit was part of an ‘outgoing effort’ to bring accountability to those who helped to facilitate Epstein’s actions.

The complaint goes on to accuse Chase of concealing ‘wire and cash transactions that raised suspicion of a criminal enterprise whose currency was the sexual servitude’ of young girls.

The damages being sought by the US Virgin Islands are unspecified in the lawsuit.

The filing of the suit comes a day after President Joe Biden traveled to the Virgin Islands to enjoy some downtime and warmer weather and to ring in a new year with family.

The president and his wife, first lady Jill Biden, flew from Washington on Tuesday to St. Croix, one of three islands that make up the U.S. territory in the Caribbean.

The Bidens were joined by their daughter Ashley and her husband, Howard Krein, as well as grandchildren Natalie and Hunter, whose father was the president’s late son, Beau.

Cardano vs Solana? Investors prefer Metacade (MCADE)

Cardano and Solana are two massive names in the world of crypto today. Many have claimed that they even have the potential to ‘kill’ Ethereum, as they burst onto the scene with some unique capabilities while also supporting decentralised applications (dApps).

However, things have changed in recent times. Plenty of investors now believe that Metacade, a project built on Ethereum, has much higher long-term potential.

Failed Assassinations

Cardano and Solana were once referred to as ‘ETH Killers.’ Despite the hype, they’ve both struggled to subdue the world’s biggest Web3 ecosystem so far. Both chains could offer higher transaction throughput and much cheaper fees, so why exactly have they failed in their attempt to knock Ethereum off its perch?

The 2 ecosystems themselves are home to many different projects. Additionally, they can both offer NFTs as well as all kinds of decentralised finance (DeFi) services. The problem is that not as many people seem to want to use these services when compared with projects based on Ethereum.

What is Solana (SOL)?

Solana (SOL) has been touted as a next-generation, high-performance blockchain. The network enables developers to build decentralised applications that are scalable, secure, and efficient, utilising a proof-of-stake consensus mechanism to reduce energy costs and increase transaction speeds.

However, the network has regularly experienced failure during its first 2 years of being active. Between June 2021 and June 2022, the Solana blockchain switched off 7 times. Since blockchains are supposed to be available 24/7/365, this has caused many investors to lose faith in the ecosystem. To compare, Bitcoin has been running continuously for 9 years straight.

What is Cardano (ADA)?

Cardano (ADA) has a similar offering to Solana but has had a much better track record in terms of network resilience. The key difference between Cardano and other networks is that it was the first blockchain to be developed through peer-reviewed research.

The ADA team is currently developing a new scalability solution for the network called Hydra. When this update goes live, it is expected that Cardano will be able to process up to 1,000,000 transactions per second (TPS), which is a monumental improvement on Ethereum’s, even after ‘The Merge’ increased ETH’s amount from 15 TPS to 100,000.

High promise, low demand

While both Solana and Cardano looked destined to ‘flip’ Ethereum in terms of market cap, this prediction has so far been wide of the mark. For Cardano, there are currently only 70,000 active wallet addresses, which is less than a tenth of Ethereum’s total.

dApps built on Ethereum have a unique advantage when it comes to users rates, because more people want to use the ecosystem. A project that looks set to take advantage of Ethereum’s integrated benefits is Metacade.

Metacade: Vast Usership Potential

Investors have started to look deeper into Metacade for a number of key reasons. The project is a brand-new play-to-earn ecosystem that is inherently community-focused and offers some amazing benefits to members.

As GameFi looks set to expand throughout a 3-billion-person market and conquer the gaming industry itself, projects like Metacade are extremely well-positioned to attract a large number of users. Considering that Metacade is a whole gaming arcade instead of a single title, this looks more than possible.

Community Initiatives

For players, it can often be difficult to find the latest (and most valuable) information to get the most out of their blockchain-playing experience. Metacade solves this problem by creating a hub for the gaming community to share all that they know, including the latest game developments and playing techniques.

On top of this, Metacade will provide MCADE token rewards to users for sharing their knowledge with the community. The platform incentivises a strong relationship between players and gives them more opportunities to earn in the process.

Owned by players

Metacade has plans to become a decentralised autonomous organisation (DAO), which is another feature that looks set to attract a large number of users to the platform. MCADE holders can vote on how the platform will operate in the future, as the Metacade platform gives more power back to gamers with the aim of developing the GameFi industry itself.

One key method that Metacade aims to help the GameFi industry grow is through the Metagrants program. Players can get together, vote, and decide which new P2E titles should be created in the future. After reviewing proposals that are submitted by talented development teams, the Metacade community can fund them directly to facilitate their creation.

SOL vs ADA vs MCADE: This is what investors are thinking

Since Solana has struggled to stay up and Cardano is underdelivering in terms of its userbase, neither project has managed to ‘kill’ Ethereum. In fact, Ethereum has just completed ‘The Merge’ and now offers similar transaction throughput to its competitors. Since the ecosystem is significantly bigger in terms of users, it has a large competitive advantage.

Metacade, built on Ethereum, is well-positioned for explosive growth. Not only can it offer users from Ethereum some unique benefits, but the platform also offers a range of play-to-earn games in its arcade. The MCADE token has only just started its presale event, which means it has very high potential.

Projects like Metacade can be keystone projects that links the wider industry together. It is extremely attractive to gamers, and investors who are starting to think that it could have a much better future when compared to major names such as Solana and Cardano.

The MCADE token is being released for just $0.008 in its initial round of investment. At later stages of the presale, this will rise to $0.02. If you’re reading this, you can get involved and access some major gains before the token goes live to the public later this year.

Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo’s ASIC Fleet in Texas

 

After the publicly-listed bitcoin mining firm Argo Blockchain suspended trading on Nasdaq and the London Stock Exchange, the company said it would follow up the next day with an announcement. The following day, on Dec. 28, 2022, Argo detailed it is selling its Helios facility to Galaxy Digital for $65 million, and the financially troubled business plans to refinance asset-backed loans with a new $35 million loan that stems from Galaxy.

Galaxy Digital Purchases Texas Data Center From Argo Blockchain, Company Hopes Transactions Will ‘Enable the Company to Continue Operations’

Galaxy Digital is giving Argo Blockchain (Nasdaq: ARBK) some fresh liquidity, according to a press announcement published by Argo on Wednesday, Dec. 28, 2022. Argo detailed that it is selling its Helios facility to Galaxy for $65 million.

Galaxy has also agreed to host Argo’s fleet of Bitmain-manufactured S19J Pro bitcoin miners at the Helios facility. The Helios facility is located in Dickens County, Texas and the transaction between Argo and Galaxy is expected to settle on Dec. 28.

Argo further disclosed that Galaxy is providing the firm with a loan of $35 million with a term of 36 months. The financing is backed by a collateral package of Argo’s machines located at the Helios facility in Texas and some in Quebec.

The collateral package equates to 23,619 Bitmain S19J Pro bitcoin mining machines. A number of Argo’s debts are shown to be tied to the firm NYDIG, according to the announcement published on Wednesday morning (ET).

Argo insists the transactions with Galaxy will “strengthen Argo’s balance sheet, improve Argo’s liquidity position, and enable the company to continue operations.” Argo’s stock jumped on the news, and it increased 13.55% from $0.59 to the current $0.67 per share at 11:30 a.m. (ET) on Dec. 28.

The publicly-listed bitcoin miner also acknowledged the suspension of ARBK share trading on Dec. 27 and detailed that ARBK trades on Nasdaq and the London Stock Exchange were now open. The company noted that its Canadian assets, except for “certain mining machines and other assets located in Quebec” that are backing its new loan, are “not affected by the agreements with Galaxy.”

Further, Argo also disclosed that its earning results from the third quarter will not be reported “in light of the transaction with Galaxy,” the bitcoin mining operation concluded. Argo Blockchain is one of a handful of publicly-listed bitcoin mining operations that have dealt with financial shortcomings during 2022’s crypto winter.
 

Applying For a Mortgage? Here’s What You Should Avoid Once You Do.

While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying for your home loan.

Don’t Deposit Large Sums of Cash

Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

Don’t Make Any Large Purchases

It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.

Don’t Cosign Loans for Anyone

When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

Don’t Switch Bank Accounts

Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

Don’t Apply for New Credit

It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

Don’t Close Any Accounts

Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.

Do Discuss Changes with Your Lender

Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Blips in income, assets or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.

Bottom Line

You want your home purchase to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.

Confusion in Senate over repayment of N23.7trn CBN loan

…As NASS passes 2023 Appropriation Bill, raises budget by N1.31trn

…Works & infrastructure, Defence, Education, Health get lion share

…Senate approves Buhari’s N819.5bn Supplementary Budget request for 2022

The review of the structure for the payment of N23.7 trillion loans obtained by the Federal Government via “Ways and Means” from the Central Bank of Nigeria (CBN) in the last 10 years, threw the Senate into confusion on Wednesday.

To avoid a row among lawmakers that may degenerate into chaos, the President of the Senate, Ahmad Lawan, forced the Senators on Wednesday to go into a closed door session to avoid fisticuffs.

“Ways and Means” are soft loans or advances by the Central Bank to the Federal Government to enable it cater for short term or emergency finance to fund delayed government expected cash receipt of fiscal deficits.

Argument ensued following presentation of a report by the Chairman, Senate Committee on Finance, Senator Olamilekan Adeola (APC, Lagos West) bordering on Ways and Means 2022, as requested by President Muhammadu Buhari last week.

Challenging the presentation, Senator Apiafi (PDP, Rivers West) raised a point of order, with an argument that President Buhari’s request was unconstitutional and a consideration of same by the Senate is strange to the Nigerian law.

The argument led the Senate into a rowdy session when the President of the Senate ruled her out of order on the grounds that the report should be presented and read by the committee chairman, upon which lawmakers can contribute to the debate.

Lawan’s ruling annoyed Senator Apiafi and some others, leading to a rowdy atmosphere at the Upper Chamber with arguments.

Following a point of order by Senator George Sekibo (PDP, Rivers East) calling on the President of the Senate to step down the consideration of the report until lawmakers have more details on what the funds were used for, the Senate, thereafter, went into a closed-door session.

Recall that President Buhari had, last week, written to the Senate, requesting the approval of restructuring of N23.7 trillion Ways and Means advances given to the Federal Government by the CBN.

The President in a letter read by the Senate President during plenary session on Wednesday 21st December, 2022,  explained that Ways and Means are advances from the Central Bank of Nigeria to the Federal Government for emergency funding of delayed receipt of fiscal deficit.

According to him, the Ways and Means balances as at 19th December 2022  was N22.7 trillion.

President Buhari had further stated in the letter that he has approved the securitisation of the Ways and Means balances along the following terms: Amount, N23.7 trillion; Tenure, 40 years; Moratorium on principal repayment, three years and Pricing interest rate 9 per cent.

…Senate approves Buhari’s N819.5bn Supplementary Budget request for 2022

President Buhari has recently made some stunning presentation to the National Assembly bordering on fiscal propositions.

Last week, Wednesday December 21, President Buhari had written the Senate, seeking the approval of a total sum of N819.5 billion supplementary budget for the 2022 fiscal year, a letter that was read by the President of the Senate, Senator Ahmad Lawan on the floor of the upper chamber barely 10 days to the end of 2022.

The sum, according to the President, is to address critical infrastructures, particularly those affected by flood across States of the Federation.

According to the letter, the money for the supplementary budget would be sourced through additional domestic borrowings.

The content of the letter explained the requested sum is meant for the capital expenditure component of the 2022 budget with an attendant increase of deficit to N8.17trillion.

The intended projects border around water supply, dam projects and irrigation projects nationwide, particularly those affected by flood incidents.

President Buhari added that the proposed N819.5 billion supplementary budget will be financed by additional domestic borrowings.

The letter read, “The year 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already closed to harvest season.

“This may compound the situation of food security and nutrition in the country. The flood has also devastated road infrastructure in across the 36 states and the FCT as well as bridges nationwide that are critical for the movement of goods and services.

“The water sector was equally affected by the flood and there is a need to complete some ongoing critical projects that have already achieved about 85 per cent completion.

“The nine critical projects proposed in the sector cut across water supply, dam projects and irrigation projects nationwide.

“I have approved a supplementary budget of 2022 appropriation of N819.536 Billion, all of which are capital expenditures.

“The supplementary will be financed through additional domestic borrowings which will raise the budget  deficit for 2022 to N8.17 trillion and deficit to GDP ratio to 4.43 per cent.”

The letter of President Buhari’s supplementary budget proposal was read separately by the President of the Senate, Senator Ahmad Lawan and the Speaker, House of Representatives, Femi Gbajabiamila,  just as it was explained that the money is meant for the capital expenditure component of the 2022 budget with attendant increase of deficit to N8.17trillion.

With the urgency of the matter, the President of the Senate hurriedly forwarded it to the Senate Committees on Appropriations, Finance, Works, Water Resources and Agriculture for expeditious consideration.

The Upper Chamber on Wednesday, barely a week after the letter was read on the floor of the house, approved the request of President Buhari to raise the total sum of  N819.536,937,815 billion supplementary budget for the 2022  fiscal year to address various infrastructure that were destroyed by flood across the various states of the country.

The breakdown of the approved N819.536,937,815 billion shows that the Federal Ministry of Agriculture and Rural Development is allocated N69,247, 175,770; Federal Ministry of Works and Housing got N704,789,043; Federal Capital Territory, FCT, N30,000,000,000 and the Federal Ministry of Water Resources is N15,500,000,000.

The approval on Wednesday, was sequel to the presentation and consideration of a report of the Senate Joint Committee on the 2022 Supplementary Appropriations  Bill, 2022 (SB.1091) by the Chairman, Senator Jibrin Barau, APC, Kano North.

Barau said, “The Appropriations Committee having considered the detailed provisions of the Bill, the contributions of its Sub-Committees and the general impact it will make in ameliorating the havoc caused by flood across the country and recommended the following for the various MDAs

“i. Federal Ministry of Agriculture and Rural Development; ii. Federal Ministry of Works and Housing; iii. Federal Capital Territory; iv. Federal Ministry of Water Resources.

“The Committee hereby recommends that the Senate do consider and approve: A Bill for an Act to authorise the issue from the Consolidated Revenue Fund (CFR) the total sum of N819,536,937,813 (Eight Hundred and Nineteen Billion, Five Hundred and Thirty-Six Million, Nine Hundred and Thirty-Seven Thousand, Eight Hundred and Thirteen Naira), only.

“i Federal Ministry of Agriculture and Rural Development – N69,247,175,770; ii. Federal Ministry of Works and Housing – N704,789,762,043; iii. Federal Capital Territory – N30,000,000,000; iv. Federal Ministry of Water Resources – N15,500,000,000.”

In the report, Senator Barau said, “The Committee observed as follows: The effects of the 2022 flood across the country and its attendant consequences on our roads, bridges, farmlands and the water sector necessitated the Supplementary Appropriation Bill request.

“MDAs involved in the Supplementary Appropriation Bill requests are: Federal Ministry of Agriculture and Rural Development; Federal Ministry of Works and Housing; Federal Ministry of water Resources.”

…NASS passes 2023 Appropriation Bill, raises budget by N1.31 trn

Meanwhile, the National Assembly (NASS) on Wednesday, passed the 2023 Appropriation Bill to the tune of N21,827,188,747,391 for the fiscal year.

However, while many have lamented the huge deficit of the fiscal document when presented an Appropriation Bill, the National Assembly, in the bill passed, jerked the budget up by N1.31 trillion – an upward review from the initial proposed N20.1trillion to N21.8 trillion.

Recall that President Muhammadu Buhari had on Friday, October 7th 2022 proposed and laid a N20.51 trillion Appropriation Bill for consideration by both the lower and upper chambers of the National Assembly.

The passage of the Appropriation Bill was sequel to the consideration and approval of the report of the Senator Jibrin Barau, APC, Kano North led Senate Committee on Appropriations and the House Committee on Appropriation presented by the Chairman, Hon. Aliyu Betara.

The Appropriation Bill was after the clause by clause consideration of the report as it was then read the third time and passed after the Senate and House of Representatives went into the Committee of Supply.

The breakdown shows that of the total sum, N967.48 billion was earmarked for Statutory Transfers, N6.55 trillion was for debt servicing; N8.32 trillion was for recurrent (non-debt) expenditure, while the sum of N5.97 trillion was for capital expenditure for the year ending 31st day of December, 2023.

The Benchmark Price of Crude Oil is pegged at $75 USD Per Barrel; Crude Oil Production at 1.69 mbpd; Exchange Rate at N435 57/ US$;  Gross Domestic Production (GDP) Growth Rate at 3.75percent and Inflation Rate at 17.16 per cent.

In the passed budget, from the statutory transfers, the National Judicial Council takes N165 billion; Niger-Delta Development Commission gets N119.93 billion, Universal Basic Education N103.28 billion; Independent National Electoral Commission (INEC) N173.63 billion; National Human Right Commission N4.5 billion; North East Development Commission, N59.03 billion; Basic Health Care Fund, N51.64 billion and National Agency for Science and Engineering Infrastructure (NASENI), N51.64 billion.

Also under the Statutory Transfers, the National Assembly Severance/Inauguration of outgoing and incoming 9th and 10th Assembly (Legislators and Legislative Aides) is allocated N30.17 billion, National Assembly Office gulps N30.49 billion; Senate N33.26 billion, House of Representatives, N51.99 billion; National Assembly Service Commission, N10.55 billion; National Institute for Legislative and Democratic Studies (NILDS), N7.41billion and Service Wide Vote, N671.3 million.

Further breakdown shows that Office of Retired Clerks and Permanent Secretaries takes N1.05 billion, National Assembly Library Building, N4.25 billion; Constitution Review, N850 million; Completion of NILDS headquarters, N2.5 billion; Construction of National Assembly Service Commission Building, N10 billion and Public Complaints Commission, N10.69 billion.

Similarly, the debt service, domestic debts (including Ways and Means) got N4.49 trillion; foreign debts was allocated N1.81 trillion; sinking fund to retire maturing loans takes N247.72 billion.

Under recurrent expenditure (Non-debt), the presidency was allocated N76.40 billion, defence got N1.09 trillion, Ministry of foreign affairs, N93.68 billion; Federal Ministry of Information & Culture, N59.82 billion; Interior, N278.69 billion; Police Affairs, N777.40 billion; Communications and Digital economy, N32.13 billion; National Security Adviser, N172.60 billion and Secretary to the Government of the Federation takes N70.08 billion.

For recurrent expenditure, the Federal Ministry of Special Duties & Inter-Governmental Affairs gets N4.79 billion; Agriculture and Rural Development, N85.41 billion; Finance, Budget and National Planning, N29.99 billion; Industry, Trade and Investment, N16.82 billion; Labour and Employment N15.52 billion, Science, Technology and Innovation N52.33 billion; Transport N18.01 billion; Aviation N9.43 billion; Petroleum Resources N33.15 billion and Works and Housing N34.98 billion.

For the capital expenditure, Presidency is allocated N20.11 billion, Defence gets N285 billion, Foreign Affairs, N5.85 billion; Information & Culture N11.87 billion; Interior N45.62 billion; Police N60.64 billion; National Security Adviser, N70.33 billion; Agriculture and Rural Development, N248.35 billion, Finance, Budget and National Planning, N166.74 billion.

Further breakdown of the capital expenditure indicated that Science, Technology and Innovation is allocated N132.57 billion; Transport N74.26 billion; Aviation N49.41 billion;  Power N56.14 billion; Works and Housing N398.27 billion; Federal Capital Territory Administration, N15.47 billion; Education N153.73 billion; Health N134.90 billion and Humanitarian Affairs, Disaster Management and Social Development N32.05 billion.

In a related development, the National Assembly also passed the Finance bill, 2022 designed to provide support for the funding of the 2023 budget.

The passage of the bill with proposed amendments fiscal laws such as capital gains tax, company income tax, customs excise tariff Act, Federal Inland Revenue Service Act, Personal Income Tax and Stamp Duties Act followed the consideration and adoption of the report on it presented by the deputy Chairman Committee on Finance, Hon. Saidu Abdullahi at the plenary.

Moreover, the National Assembly considered and passed the sum of N262,959,510,955 as the budget for Federal Inland Revenue (FIRS) in the fiscal year 2023.