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June 15th - It was learned today (June 15th) from the my country National Nuclear Corporation (CNNC) that Chinese scientists have achieved a key breakthrough in the field of stable isotope enrichment, successfully achieving for the first time the independent mass production of silicon-28 isotopes with an abundance exceeding 99.99%, with key product indicators reaching international advanced levels. This marks a substantial step forward for my country in building an independent, controllable, collaborative, and efficient stable isotope industry structure.On June 15th, in response to being summoned for talks by the State Administration for Market Regulation, Sams Club China stated, "Recently, we accepted the guidance and talks from the market supervision department. We fully acknowledge, deeply reflect upon, and sincerely accept the issues and rectification requirements pointed out by the regulatory department during the talks. We sincerely apologize for the inconvenience and trouble caused to our members." Sams Club China further stated, "Currently, the company has established a special rectification working group led by management, and immediately launched a comprehensive self-inspection and rectification campaign across all channels and the entire supply chain. We will strictly comply with relevant laws and regulations and regulatory requirements, comprehensively optimize food safety management and product quality control, strictly adhere to the bottom line of food safety, and improve the member experience. We will regularly report the rectification progress to the regulatory department and actively accept supervision from all sectors of society. We once again thank the regulatory department for its supervision and guidance, and thank our members for their trust and support."On June 15th, former Bank of Japan chief economist Seisaku Kameda stated on Monday that the US-Iran peace agreement is unlikely to change the Bank of Japans expectation of two interest rate hikes this year. With inflationary pressures intensifying, the Bank of Japan is expected to raise its short-term policy rate from 0.75% to 1% on Tuesday. Kameda stated that this would have been done in April had the Middle East war not broken out. He indicated that if the peace agreement facilitates the reopening of the Strait of Hormuz, it might alleviate some of the pressure on the Bank of Japan to raise interest rates faster than expected to curb inflation. "However, this will not change the Bank of Japans plan to normalize monetary policy by raising interest rates approximately twice a year, pushing up the still low real borrowing costs," Kameda said. He pointed out that after the June rate hike, the Bank of Japan is likely to raise rates again in October or December. Furthermore, Bank of Japan Governor Kazuo Ueda will miss the June meeting due to treatment for an infectious liver cyst in the hospital. Deputy Governor Shinichi Uchida will preside over the press conference on his behalf. Seisaku Kameda stated that Shinichi Uchida is expected to reiterate the Bank of Japans determination to continue raising interest rates, but given the continued uncertainty surrounding the situation in the Middle East, he will avoid giving a clear indication of the timing of the next rate hike.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 11:24 on June 15 in Linhe District, Bayannur City, Inner Mongolia (40.72 degrees north latitude, 107.35 degrees east longitude), with a focal depth of 10 kilometers.June 15 – Public consultation on Hong Kongs first Five-Year Plan began today (June 15). Secretary for Constitutional and Mainland Affairs, Tse Siu-wah, stated that the Hong Kong Five-Year Plan is of great importance and closely related to every citizen. He thanked Legislative Council members, Hong Kong deputies to the National Peoples Congress and the Chinese Peoples Political Consultative Conference, and industry representatives for their previous suggestions. The Hong Kong SAR government will hold several more consultation events to listen to opinions from all sectors and hopes for their active participation.

Cryptoverse: Bitcoin’s no longer the king of the swingers

Skylar Shaw

Sep 07, 2022 16:05

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There are several names for bitcoin. buzzy, seductive, perplexing, and even false. yet never monotonous.


But lately, it's been unsettlingly subdued.


The king of the swingers has been unusually stalling at approximately $20,000 and hasn't gone much higher than that since June.


This is bad news for exchanges and traders who make money off of bitcoin's wild price swings and gives ether, its archrival cryptocurrency, a chance to step up its game by switching to a leaner, meaner blockchain.


According to Martin Leinweber, digital asset product strategist at MarketVector, "Bitcoin is not dead, it's simply uninteresting right now, therefore traders are seeking for alternatives."


According to research company Coinglass, Bitcoin's average 30-day volatility, which measures how its price changes over a certain time period, has dropped to 2.7% from above 4% in early July.


Even during the most stressful months of the "crypto winter" of low prices, that figure has remained solidly below 5% in 2022, which is a change from the previous five years, when even times of lesser volatility were followed by surges as high as 7%.


Similar to this, an indicator from CryptoCompare, which calculates how much prices are anticipated to fluctuate by using bitcoin futures contracts, is now slightly over 77, down from around 90 at the beginning of the year.


In the past, Bitcoin has seen periods of lower volatility, often during times of depressed or declining values, with its price fluctuations frequently returning as trading activity builds up.

But this dip could be unique

According to Stéphane Ouellette, CEO of cryptocurrency derivatives firm FRNT Financial, "there has been a reasonably extended period of lower volatility; it's already beyond anything we've seen in even 2019 when these levels lasted roughly a quarter to a quarter-and-a-half."

Ether in high gear

As a result of bitcoin's low volatility, Leinweber at MarketVector saw a rise in trading for ether and its derivatives.


In fact, ether's price has increased 50% since the beginning of July while bitcoin's price has remained same. Ether is the No. 2 cryptocurrency, with a market worth of around $190 billion compared to bitcoin's $380 billion.


According to analytics company Messari, ether doesn't provide more price drama since it is far less volatile, with its peak volatility being just over 2% in March 2020, during the height of the COVID market crash.


However, it is now absorbing a lot of the cryptocurrency talk as it approaches its "Merge," which is anticipated to eventually occur later this month and include a fundamental change to a system where the production of new ether tokens is far less energy-intensive.

Crypto burned me

Narrower price fluctuations may seem to be a plus for long-term investors in conventional assets like stocks or bonds. But that's not the case for the majority of investors and key players in the bitcoin and cryptocurrency industries. For example, exchanges profit by collecting fees for transactions; as volatility declines, trading activity tends to disappear.


Stabler prices also provide dwindling opportunities for profit for cryptocurrency hedge funds, which typically trade on price fluctuations.

So what's behind the decrease in volatility of bitcoin?

One is that there has been an investor exodus from the larger crypto market, which means fewer individuals are eager to exchange their currencies.


With bitcoin plunging by nearly 60% and ether by roughly 55%, cryptocurrencies have had a terrible year as investors have sold risky assets across the board in response to increasing inflation. Significant meltdowns at two large coins and the collapse of a well-known lender have significantly reduced public trust in the industry.


According to statistics from Blockchain.com, during a 7-day period, the dollar worth of bitcoin trade volumes on significant exchanges ranged between $127 million and $142 million, which is the lowest level since October 2020. In a similar vein, statistics from the Block indicated that bitcoin futures trading is at its lowest levels since November 2020.


The biggest levels of interest in cryptocurrencies generally coexist with the highest levels of volatility, said Ouellette. "People are saying, "I don't really care about crypto right now," after being burnt."

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