China criticizes US over its debt ceiling

The US has been criticized by China regarding its debt ceiling. China has also said that the United States is “sabotaging” other countries’ efforts to reduce their debt. The US allegedly faces its most difficult debt limit struggle since 2011.

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China bans Damus

Just a few hours after launching, Damus has been banned in China. The reasoning behind this is that the app contains content that is illegal in China. Moreover, the Chinese crypto ban may also be part of this, as Bitcoin is the native currency on Damus.

ChatGPT launches a subscription program

OpenAI is launching a premium pilot subscription program called ChatGPT Plus for $20 a month. It will deliver faster response times and priority access to brand new features.

Germany’s GDP grows 0.5% in 2022

Germany’s GDP shrank by 0.2% in Q4 2022 after an upwardly revised 0.5% growth in the previous quarter. The annual GDP in Germany ended with just a 0.5% uptick as a result.

China criticizes US over its debt ceiling

The US has been criticized by China regarding its debt ceiling. China has also said that the United States is “sabotaging” other countries’ efforts to reduce their debt. The US allegedly faces its most difficult debt limit struggle since 2011.

Virtual banks to operate in Thailand soon

The Bank of Thailand has announced that it intends to open the door to virtual banking in Thailand. Supposedly, they’ll be ready to start offering their services by 2025.

Chinese population descends

For the first time since 1961, China’s population decreased in 2022, from 1.412 billion in 2021 to 1.411 billion. There were 9.56 million births in 2022, resulting in a record-low birth rate of 6.77 per 1,000 people, down from 10.41 in 2019. On the other hand, 10.41 million people have died, and the death rate is the highest since 1970.

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Binance donates $5 million to Turkey

Binance pledged to donate $100 in BNB tokens to every user affected by the 7.8 magnitude earthquake that happened in Turkey. This would be roughly $5 million in total, according to CZ, the CEO of Binance.

Adani’s stock up after massive turmoil

After falling approximately 75% in just a few weeks, Adani Group’s stock surged 15.28% on Tuesday. The positivity around the company was influenced by the founders prepaying nearly $1.1 billion in loans.

RBA lifts interest rates by 25 bps

The Reserve Bank of Australia increased interest rates by 25 bps from 3.1% to 3.35%. The interest rates were raised for the ninth time in a row, bringing borrowing costs to a level not seen more than a decade.

Genesis reaches a bankruptcy deal

Genesis Global Capital (GGC), Digital Currency Group, Gemini, and other creditors have come to a bankruptcy agreement to recover assets. There are over $2 billion in claims against GGC.

Janet Yellen doesn’t see a recession

“I envision a scenario in which inflation is dropping significantly and the economy is continuing to be strong,” Treasury Secretary Janet Yellen has remarked. “Having the lowest unemployment rate in more than 50 years and creating 500,000 new jobs doesn’t seem like a recession to me,” she added.

DXY jumps above 103

After almost falling to 100, the dollar index (DXY) surged above 103. This is for the first time since early January on rising hopes that the Fed will continue to hike interest rates. It was affected by the better-than-expected US jobs report.

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Stablecoins are being adopted on a global scale

Stablecoins are gaining a lot of popularity due to their notable benefits compared to traditional payment systems.
GBP/USD falls below psychological 1.20 amid USD strength
GBPUSD
-0.25%

GBP/USD falls below psychological 1.20 amid USD strength

Traders bought the USD broadly today, sending the GBP/USD pair lower.

Norwegian Cruise: Stock dilution possible due to ruined balance sheet

Norwegian Cruise Line Holdings (NCLH) was a great company until COVID-19 changed the business model dramatically. Now it poses a threat to investors.
EUR/USD touches 2-week lows ahead of Powell’s speech
EURUSD
-0.62%

EUR/USD touches 2-week lows ahead of Powell’s speech

Volatility could be highly elevated today as investors will react to Jay Powell's speech.