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Meta Announces 10,000 Layoffs

• Meta, the social media company, has announced a new round of 10,000 layoffs to be executed during 2023 as part of its new efficiency policy.
• The company is striving to achieve sustainability by closing 5,000 open hiring spots and investing in Artificial Intelligence (AI).
• CEO Mark Zuckerberg stated that AI was currently the company’s most prominent investment, even over the metaverse.

Overview

Meta, the parent company of platforms like Facebook, Instagram, and Whatsapp, has announced a new set of moves as part of its „year of efficiency“ policy. In a Facebook post, Meta CEO Mark Zuckerberg announced a new round of 10,000 layoffs which will be executed during the remainder of 2023 alongside 5,000 open hiring spots being closed. These layoffs are due to macroeconomic conditions leading to higher interest rates and increased volatility and regulations which lead to slower growth and increased costs for innovation.

Background

The announcement comes after reports from February hinted at the execution of a new round of layoffs due to delays in finalizing internal budgets. Last November also saw Meta lay off 13% their staff citing macroeconomic conditions as cause for the measure.

Investment in AI

CEO Mark Zuckerberg declared that Artificial Intelligence (AI) was currently the company’s most prominent investment even over the metaverse. He explained that this would allow them “to deliver a realistic sense of presence” as well as “define the future of social connection” while ensuring success despite economic uncertainty.

Conclusion

Meta continues to strive towards sustainability with their latest measures while still investing in technology such as AI which will shape their future products and services. Despite issuing 10 000 layoffs they continue to stay focused on innovation and development for long term success within their industry.

• The Financial Conduct Authority (FCA) of the U.K. has widened its crackdown on unauthorized cryptocurrency ATMs in East London, working with the Metropolitan Police.
• There are currently no crypto ATM operators registered with the FCA and businesses offering crypto services must comply with money laundering regulations.
• The FCA warned that anyone investing in crypto assets should be prepared to lose all their money as they are „unregulated and high-risk.“

U.K Widens Crackdown on Unauthorized Crypto ATMs

Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurrency ATMs. The FCA noted that there are currently no crypto ATM operators registered with the FCA, which they must be to operate legally.

Raids on Sites Suspected of Hosting Illegal Crypto ATMs

The FCA announced Wednesday that it has taken further action against unregistered crypto ATMs in East London in collaboration with the Metropolitan Police, the largest police force in the U.K. Previous raids were conducted by the West Yorkshire Police on several sites suspected of hosting unregistered crypto ATMs around Leeds.

Crypto Products Are High Risk

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA commented: „Crypto products are not currently regulated and they are high risk.“ He warned that anyone investing in them should be prepared to lose all their money and emphasized that: „Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this.“

Compliance With Money Laundering Regulations

The FCA clarified that businesses offering crypto services, including crypto ATM operators, must be registered with the FCA and comply with U.K money laundering regulations.

Warning Against Investing In Crypto Assets

The FCA regularly warns consumers that investing in cryptocurrency is a risky endeavor as they are „unregulated and high-risk“. Consumers should always do their research before investing as there is no guarantee of any return or protection from losses incurred due to market volatility or other risks associated with cryptocurrencies

• UBS strategists recently published a report saying that the upcoming Mt Gox payouts won’t destabilize Bitcoin’s value.
• Creditors have until March 10th to choose a repayment scheme and payments are expected to occur around September 2023.
• The UBS strategists believe that while there may be some impact on Bitcoin’s value, it will not be significant.

UBS Report on Upcoming Mt Gox Payouts

A recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value.

Creditor Payment Options

Creditors have several options to choose from when it comes to repayments. They have until March 10th to choose a repayment scheme and payments are expected to happen around September 2023. Users looking to be paid in crypto must sign up and register for a selected centralized crypto exchange to handle the repayment option.

Impact of Payouts on Bitcoin Value

The 142,000 bitcoin (BTC) today is worth more than $3.36 billion using current exchange rates. The UBS strategists think that the cause for concern over the distribution of these funds may be overhyped in regard to its potential impact on Bitcoin’s price.

Stash of Bitcoin Cash & Cash Payments

In addition, there is also a stash of 142,000 bitcoin cash (BCH) worth over $19 million and $510 million or 69 billion Japanese yen worth of cash available as part of this rehabilitation plan.

Conclusion

„It’s certainly difficult to estimate the extent to which the market has been pricing massive sales coming from Mt Gox,“ explained Kachkovksi’s and Malcolm’s note, „However, we think such news could have been an additional factor for what we believe could be mainly retail-led — Bitcoin’s surprising resilience of late.“

• Litecoin (LTC) snapped its four-day losing streak on Feb. 22, rising for the first time since Saturday’s session when prices were above $100.00.
• Solana (SOL) extended its recent declines, falling by as much as 7%.
• Both coins remain subject to technical indicators, with LTC/USD struggling to break a downward crossover of the 10-day and 25-day moving averages, while SOL/USD awaits a potential breakout of a ceiling at $26.50.

Litecoin Snaps Losing Streak

Litecoin (LTC) ended a four-day losing streak on Wednesday, as prices moved away from a recent support zone. LTC/USD rose to an intraday high of $95.36 earlier in today’s session, which comes 24 hours after falling to a low of $92.48. Since hitting a price floor of $91.50 to start the week, litecoin bulls have somewhat resurfaced and delayed what was expected to be an inevitable downward crossover between the 10-day (red) moving average and its 25-day (blue) counterpart; both trend lines now seem to be heading upwards and this comes as the relative strength index (RSI) also climbed and is now tracking at 50.44 after bulls rejected a breakout of a floor at 49.00.

Solana Moves 7% Lower

Solana (SOL), on the other hand, extended its recent declines as the token remained in the red for a second day in succession. Following Tuesday’s high of $25.43, SOL/USD slipped to an intraday bottom of $2338 earlier in today’s session due to bearish sentiment that has risen following false breakout of a ceiling at $$2650 earlier this week; this comes as RSI which is tracking at 52:58 looks set to collide with long term support point at 50:00 . In addition ,the 10-day(red )moving average has crossed over its 25 – day(blue )trend line pointing towards upward momentum should it occur ;this could potentially result in SOL breaching its ceiling at 26:50 in upcoming days .

Price Analysis Update

Cryptocurrency markets traded lower despite litecoin snapping its four – day losing streak .The token rose for the first time since Saturday’s session when prices were above 100:00 while solana extended recent declines ,falling by up 7 % .The tokens remain subject technical indicators with ltc / usd struggling break downward crossover between 10 – day nd 25 – day moving averages while sol /usd awaits potential breakout ceiling 26 : 50 .

RSI Indicators

Relative Strength Index (RSI )remains key indicator both tokens ;for ltc /usd RSI climbed rejecting breakout floor 49 : 00 while for sol / usd RSI tracking 52 : 58 looks set collide long term support point 50 : 00 .

Conclusion
Despite cryptocurrency markets trading lower ,lite coin managed snap 4 – day losing steak rising first time since Saturday’s session when prices were above 100 : 00 ;solana however continued decline falling up7% remaining red second straight day .Both tokens remain subject technical indicators with ltc / usd struggling break downward crossover between 10 – days nd 25 – days moving averages while sol /usd awaits potential breakout ceiling 26 : 50 .

• Only 4% of companies in Spain have moved to offer services in the metaverse.
• 40% of business managers surveyed admit it is difficult to bring parts of their business to the metaverse.
• The Spanish government is investing 8 million euros ($8.5 million) in grants for developing metaverse-based experiences.

Survey on Companies Moving to Metaverse

A survey conducted by ISDI, a national business school, revealed that only 4% of Spanish companies have managed to apply the metaverse in their operations. 40% of the business managers surveyed admitted that it was difficult for them to bring parts of their business to the metaverse in a significant way.

Difficulty Understanding Metaverse

Almost one fourth of companies recognize that they have trouble understanding the concept, with 14% directly stating they both don’t understand it and have no idea how to apply it to their operations. 28% of companies surveyed recognize the importance of recruiting special talent for these initiatives.

Government Support for Companies

The Ministry of Culture and Sports of Spain announced last December that it would invest 8 million euros ($8.5 million) in grants for companies developing metaverse-based immersive experiences in video games. This move by the Spanish government indicates its commitment towards growth and development in this sector.

ISDI CEO’s Comment on Evolution

Rodrigo Miranda, CEO at ISDI, stated: “The success and incursion of Spain, its companies, and professionals in this new universe will depend on the speed with which they can accept, adapt and respond to radical changes coming.“ He believes this is a natural part of evolution that Spanish companies must experience if they wish to present their products and services successfully in the metaverse.

Conclusion

Though surveys have predicted a promising future for businesses using virtual worlds, most Spanish businesses are still struggling with understanding how exactly they can harness such technology for their specific needs and models as only 4% managed to do so far despite governmental support through granting funds towards such endeavours.

• Pacific Investment Management Company (PIMCO) expects the U.S. dollar to „continue to lose its appeal as the safe-haven currency of last resort“ in 2023.
• PIMCO Strategist Gene Frieda warns that the USD’s yield advantage is likely to fall in the early stages of a rate-cutting cycle despite its relatively high yield.
• Frieda believes that risk premiums will decline with inflation and monetary policy volatility, but new shocks remain a risk.

PIMCO Warns About US Dollar

Pacific Investment Management Company (PIMCO) has predicted a significant downtrend for the U.S. dollar this year, citing its expected loss of appeal as a safe-haven currency of last resort. With $1.74 trillion in assets under management as of Dec. 31, 2022, PIMCO Strategist Gene Frieda warned in a blog post last week that the USD’s yield advantage is likely to fall in the early stages of a rate-cutting cycle despite its relatively high yield.

Inflation and Monetary Policy Volatility

Frieda believes that risk premiums will decline with inflation and monetary policy volatility, but new shocks remain a risk: “We expect the USD will continue to lose its appeal as the safe-haven currency of last resort,“ he said.“ While higher yields clearly worked in the dollar’s favor last year, any forward-looking view must also take into account how the dollar was buoyed by shocks of 2022 and how they may abate in 2023.“

Decline of US Dollar

PIMCO expects that with these factors taken into consideration, „the dollar … is likely to fall further [in 2023].“ The executive noted that some potential risks include Russia-Ukraine war, spike in energy prices and inflation; however, even if these risks are avoided or reduced significantly over time, „the extent to which they may abate in 2023“ could still result in a further decline for the US Dollar compared to other currencies like Euro or British Pound Sterling.

Future Outlook for US Dollar

As such, PIMCO believes that „the dollar’s yield advantage versus other developed economies will narrow“ over time due to fluctuating economic conditions and central bank policies around world – all potentially impacting on exchange rates between different currencies including US Dollar relative performance against them all over time. As such it seems increasingly likely according to PIMCO’s analysis that US Dollar may not maintain it’s status quo position as ‘safe haven currency’ but rather depreciate further against other major global currencies during coming months/year ahead depending on various geopolitical/economic factors at play during this period too!

Conclusion

In conclusion it appears clear from PIMCO’s recent research/analysis on US Dollar outlook for 2023-24 period -that there seems increasing likelihood of USD losing out much more ground/value compared to other major currencies including Euro & British Pound Sterling etc – all dependent upon geopolitics & economic conditions prevailing during this upcoming period too!

• FTX debtors have filed a motion to dismiss their Turkish subsidiaries from the Chapter 11 bankruptcy proceedings.
• The lawyers of the defunct crypto exchange argue that doing so is in the best interests of creditors.
• They also do not expect the Turkish government to cooperate with the U.S. bankruptcy process.

FTX debtors have recently submitted a motion to the court requesting to dismiss their Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. This motion was filed due to the fact that the defunct crypto exchange believes it is in the best interests of the creditors.

The entities named in the court filing include FTX Turkey and SNG Investments. FTX Turkey was a locally operated crypto exchange, while SNG Investments was a wholly-owned Alameda Research subsidiary that acted as a market maker. Unfortunately, shortly after FTX collapsed, Turkish authorities froze and seized substantially all the assets of the Turkish debtors.

In the motion, FTX’s lawyers state that they do not expect the Turkish government to cooperate with the U.S. bankruptcy process. They believe that if reciprocity is not established, they would intend to object to such recognition.

The motion follows the filing by FTX lawyers asking the court’s permission to subpoena FTX co-founder Sam Bankman-Fried (SBF) and his inner circle. This was done in order to uncover any information that could potentially help creditors recover their losses.

At this point in time, it is still unclear as to whether or not the court will approve the motion. If the court approves the motion, it would mean that FTX’s Turkish entities would be expelled from the bankruptcy proceedings. This could potentially help creditors recover their losses and bring some closure to the situation.

• The Ghanaian Cedi is the second worst-performing currency among Sub-Saharan Africa’s top 15 currencies, depreciating by 12.7% in the first 17 days of the new year.
• This depreciation is still lower than that of the whole of 2022 (38.86%), but suggests that the currency’s resurgence in late 2022 has dissipated.
• The Ghanaian government is seeking to stabilize its economy through a $3 billion loan from the International Monetary Fund and a gold-for-oil scheme.

The Ghanaian Cedi has had a turbulent start to the new year, depreciating by 12.7%, according to the latest Bank of Ghana data, with one U.S. dollar now buying around 10.36 units of the local currency. This marks it as the second worst-performing currency among Sub-Saharan Africa’s top 15 currencies, with only the Egyptian pound, which depreciated by 16.5% during the same period, faring worse.

The Cedi had been on an upwards trajectory towards the end of 2022, when one U.S. dollar bought 13.10 units of the cedi on the parallel market, but this revival appears to have been short-lived. While the Cedi’s year-to-date drop is still lower than the whole of 2022 (38.86%), the latest depreciation suggests that the currency’s resurgence has dissipated.

In an effort to stabilize its economy and ease the pressure on its currency, the Ghanaian government has obtained a $3 billion loan from the International Monetary Fund, and has launched a gold-for-oil scheme. However, the success of these initiatives remains to be seen, and the currency’s future hangs in the balance.

The Ghanaian currency’s performance is a reflection of the country’s economic challenges, which have been exacerbated by the coronavirus pandemic. High inflation, coupled with low output, has only added to the Cedi’s woes.

The Bank of Ghana is hoping to stem the tide of the currency’s slide by introducing a number of measures. These include raising the benchmark interest rate and increasing the minimum capital requirement for banks, as well as increasing its foreign exchange reserves.

Ultimately, only time will tell if the Ghanaian Cedi is able to recover from its current slump. In the meantime, the Bank of Ghana is doing its best to ensure that the currency remains stable.

• Avalanche (AVAX) rose to a multi-month high on Tuesday, as prices rallied for a third consecutive session against a backdrop of bullish news.
• Polygon (MATIC) climbed higher in today’s session, following a collision with a key price floor. MATIC/USD raced to a peak of $1.04 earlier in the day.
• The news saw the token surge by nearly 5% today, rising for a third straight session in the process.

Cryptocurrency prices have been on an upward trajectory in recent weeks, with the value of some digital assets making significant gains. On Jan. 24, Avalanche (AVAX) and Polygon (MATIC) both experienced a rally, with the former hitting a multi-month peak and the latter reaching a one-week high.

Avalanche (AVAX) was the biggest mover on Jan. 24, with prices rising by nearly 5% to reach its highest point since Nov. 6. This came after reports that the number of Bitcoin on its network had risen to 5,493. Additionally, the 14-day relative strength index (RSI) neared its own resistance level of 72.00 before settling at 71.11.

Meanwhile, Polygon (MATIC) was not far behind in terms of gains, with the token reaching a one-week high of $1.04. This came after it collided with a key price floor of $0.9849, before prices pulled back to the long-term support point of $1.00. The RSI for MATIC/USD is currently tracking at 63.27, with a ceiling of 67.00 in sight.

It appears that the cryptocurrency market is continuing to benefit from the bullish sentiment that has been present since the start of 2021. With both Avalanche (AVAX) and Polygon (MATIC) making strong gains, it remains to be seen if this trend will continue over the coming weeks.