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The Hang Seng Index fell by more than 1%, and the Hang Seng Tech Index fell by more than 3%. Star tech stocks, artificial intelligence, lithium batteries, and chip concepts led the decline, while power equipment, building materials and cement, and home appliances concepts bucked the trend and strengthened.February 3rd - The Fifth Session of the 14th Sichuan Provincial Peoples Congress opened on the morning of February 3rd. The meeting heard a work report delivered by Governor Shi Xiaolin on behalf of the Provincial Peoples Government. The main expected targets for the provinces economic and social development this year are: GDP growth of around 5.5%; 850,000 new urban jobs, with the urban surveyed unemployment rate around 5.5%; a consumer price index increase of around 2%; a 2% increase in local general public budget revenue, with residents income growth basically in sync with economic growth; grain output exceeding 73 billion jin; and fulfilling energy conservation, emission reduction, and carbon reduction targets as required by the state.The main Shanghai silver futures contract hit its daily limit down again, falling 20% to 20,600 yuan/kg.The Hang Seng Tech Index fell by more than 2%, with star tech stocks leading the decline. Kuaishou (01024.HK) fell by more than 6%, Baidu (09888.HK) and Bilibili (09626.HK) both fell by more than 5%, and Tencent Holdings (00700.HK) fell by nearly 5%.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report stated that this year, the city will implement the new version of the Catalogue of Industries Encouraging Foreign Investment, enhance the service level for major foreign investment projects, guide and support foreign-invested enterprises to invest more in advanced manufacturing, modern services, high technology, energy conservation and environmental protection industries, promote the implementation of a number of foreign investment projects in the fields of finance, telecommunications, healthcare, and cultural tourism, further enhance the level of regional headquarters of multinational corporations and foreign-invested R&D centers, and better protect the legitimate rights and interests of foreign-invested enterprises.

Indonesian Crypto Exchange Ensures Compliance With Biometric Security-Based Wallet

Cory Russell

May 11, 2022 10:37

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According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


Bitcoin, which accounts for roughly 40% of the cryptocurrency market, fell to a 10-month low on Tuesday before rebounding to $31,450, only six days after hitting $40,000. It was down more than 54% from its all-time high of $69,000 on November 10th.


Prices of digital assets have fallen, reflecting a drop in stocks on worries of aggressive interest rate rises throughout the world to combat decades-high inflation. The Nasdaq, which is heavily weighted in technology, was down 28% from its all-time high in November 2021.


According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.


"Bitcoin remains closely tied to larger economic circumstances, implying that the road ahead may regrettably be bumpy, at least for the time being," stated blockchain data firm Glassnode in a note.


Investors were also alarmed by signs of weakness in stablecoins, which are normally a safer crypto currency. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value on Tuesday after losing its dollar peg.


According to a study issued on Monday by digital asset management Coinshares, despite bitcoin's price drop, funds and products related to it saw inflows of $45 million last week as investors took advantage of market weakness.


"An enormous amount of liquidity has inflated some of these cryptocurrencies," said Nordea Asset Management's senior macro analyst, Sebastien Galy. As various central banks tighten their monetary policies, he expects crypto, which is also tied to high-growth equities, will face pressure.

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