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Cryptocurrencies crash, Bitcoin falls 28 per cent

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Cryptocurrencies crash, Bitcoin falls 28 per cent

Cryptocurrencies are in a free-fall after China banned financial and payment institutions from providing cryptocurrency services.

The most popular of them, Bitcoin crashed to $30,201.96, from $40,000 overnight.

According to reports, Bitcoin has tumbled more than 50 percent from a record high of $64,895 hit on April 14.

It has also erased all of its gains since February 8, when mercurial Elon Musk, said Tesla acquired a stake of $1.5 billion worth.

He also said Tesla would accept it as a means of payment.

Musk’s tweet later put the digital currency under pressure, when he said Tesla would no longer accept it.

However, the news from China dealt a bigger blow as Bitcoin fell as low as $30,201.96 on Wednesday, a 28 percent drop on the day.

China’s announcement on Tuesday reiterated a prior ban on financial institutions and payment companies from handling cryptocurrency transactions.

China also warned investors against speculative crypto trading.

Bitcoin’s decline whacked other crypto assets, with Ether, the coin linked to the ethereum blockchain network, shedding as much as 38 percent on Wednesday to $2,426, marking a 50 percent decline from its record high a week ago.

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Meme-based Dogecoin also tumbled, losing 47 percent on the day at one point, according to market tracker Coingecko.

Crypto naysayers delighted in the assets’ plunge, with Nouriel Roubini, the economist known as ‘Dr. Doom’ for his consistent bearish predictions and declarations of bubbles, chiming in.

‘Which institutional investors are reckless enough to invest in such a risky and volatile pseudo-asset with no intrinsic value?

“They should be fired on the spot if undertaking such a reckless speculative gamble!’ tweeted Roubini.

Crypto losses from 2021 peak prices
Bitcoin: -53%

Ethereum: -50%

Dogecoin: -70%

Litecoin: -64%

 

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Coup attempt in DR Congo: Three Americans among arrested suspects

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Three Americans have been reportedly listed among suspects responsible for Sunday’s coup attempt in the Democratic Republic of Congo (DRC).

 

Sylvain Ekenge, DRC army spokesperson, said the attempt involved “foreigners and Congolese”.

 

“These foreigners and Congolese have been put out of action, including their leader,” Ekenge said, adding that several suspects were detained and that the situation is now under control.

 

The army spokesperson did not provide further information concerning the incident.

 

Lucy Tamyln, US ambassador to the DRC, said she was shocked and very concerned to receive reports of American citizens being involved.

 

Pictures of two men with their hands clasped were published in local media, alongside pictures of a passport that indicated one was a 36-year-old US citizen born in Maryland.

 

“Please be assured that we will cooperate with the DRC authorities to the fullest extent as they investigate these criminal acts and hold accountable any U.S. citizen involved in criminal acts,” Tamlyn tweeted.

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The army’s announcement of successfully thwarting a coup attempt came hours after armed men attacked the house of Vital Kamerhe, former chief of staff and close ally of President Felix Tshisekedi.
Kamerhe’s residence is about two kilometres from the presidential palace.
Michel Muhima, Kamerhe’s spokesperson, had said the gunmen clad in military uniform engaged the politician’s guards in a shootout, leaving three people dead.

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Raisi’s vice expected to be sworn in as president of Iran

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Iran’s first vice president, Mohammad Mokhber, is expected to assume the presidency after Ebrahim Raisi’s death in a helicopter crash as the country gears up for early elections.

The Iranian constitution stipulates that the first vice president take over “in the event of the president’s death, dismissal, resignation, absence or illness for more than two months”.

 

Raisi, who died on Sunday along with Foreign Minister Hossein Amir-Abdollahian and other officials, was nearing the end of his first four-year term as president.

 

Mokhber’s interim appointment requires the approval of Iran’s supreme leader Ayatollah Ali Khamenei, who has the final word in all state affairs.

 

Presidential elections to pick a permanent successor are to be held within 50 days, according to the constitution.

 

A council made up of the parliament speaker, head of the judiciary and the vice president are to be tasked with organising the national vote.

 

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Mokhber, 68, was appointed vice president as Raisi took office in August 2021.

 

The vice president was born in Dezful city in the southwestern province of Khuzestan, where he held several official positions.

 

For years since 2007, Mokhber chaired the Execution of Imam Khomeini’s Order, a governmental organisation tasked with managing properties confiscated following the 1979 Islamic revolution.

 

The foundation, established in the 1980s, has over the years grown to become a major state economic conglomerate with shares in various sectors.

 

Iranians head to the polls for presidential elections every four years since the Islamic Republic’s first vote in 1980.

 

The constitution sets a two-term limit for Iranian presidents.

 

The position of prime minister does not exist in Iran, and the president — assisted by several vice presidents — is responsible for appointing and directing the cabinet.

AFP

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: CBN withdraws circular on cybersecurity levy

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1. The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing commercial banks, mobile money operators, and other financial institutions to implement the National Cybersecurity Levy. The move was primarily informed by President Bola Ahmed Tinubu’s directive and widespread concerns raised by Nigerians.

 

2. There are indications that President Bola Ahmed Tinubu is expected to receive the scorecard of members of his cabinet this week. The administration will be one year old next week, but the ministers will clock nine months in office tomorrow, having been sworn in on August 21 last year.

 

3. Troops of the Nigerian Army have rescued 383 women and children abducted by terrorists and insurgents in Sambisa Forest in Borno State. Those rescued include women and children who had been held in the forest for 10 years.

 

4. Presidential candidate of the Labour Party (LP) in the 2023 general elections, Peter Obi, has visited victims of Kano mosque arson. Obi, who arrived in Kano, on Sunday, went straight from the Mallam Aminu Kano International Airport to the Murtala Muhammad Specialist Hospital, where some of the victims are receiving treatment.

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5. President Bola Ahmed Tinubu has offered a fresh appointment to Ajuri Ngelale, his Special Adviser on Media and Publicity. Ngelale was named Special Presidential Envoy on Climate Action and secretary of the newly established 25-man committee to oversee Green Economic Initiatives.

 

6. A helicopter carrying Iran’s President Ebrahim Raisi was involved in “an accident” amid poor weather conditions on Sunday, state media reported, with a search underway and no news yet on his condition.

 

7. A man, Taiwo Badejo, has allegedly stabbed his friend, identified simply as Monday, to death over N2,500 debt in the Oko Oba area of Lagos State. It was gathered that Badejo and Monday were arguing over the money when the argument degenerated into a fight between them on Friday.

 

8. The National Drug Law Enforcement Agency has declared a couple, Kazeem and Rashidat Owoalade, wanted for running a cocaine cartel from India. This followed the arrest of four members of the syndicate in Lagos, where a Sports Utility Vehicle was recovered and two houses traced to them were sealed for forfeiture to the Federal Government.

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9. Organised Labour has told the Federal Government to perish any thought of offering N100,000 as the new minimum wage. It also asked the government to be serious with negotiations on the issue of workers’ wages, insisting that it used the lowest minimum in arriving at N615,000 as the new minimum wage.

 

10. Olubadan-designate, Oba Owolabi Olakulehin’s nomination is awaiting Oyo State Governor, Seyi Makinde’s approval, Local Government and Chieftaincy Affairs Commissioner, Segun Olayiwola said on Sunday. He disclosed that his nomination as the next Olubadan of Ibadanland has scaled through all the stages, except the final approval.

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