China's economic slowdown reverberates across Asia - Financial Times

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China's economic slowdown reverberates across Asia - Financial Times
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Shibarium Wallets Hit 1M Mark Amid Ongoing Shiba Inu (SHIB) Price Challenges - BeInCrypto

The total number of wallets interacting with Shiba Inu’s layer2 network, Shibarium, crossed the 1 million mark earlier today, less than a week after the mainnet bridge began functioning optimally.

Before its August 28 relaunch, the Shibarium bridge encountered problems such as transaction delays and temporarily inaccessible funds. However, lead developer Shytoshi Kusama assuaged the community fears, stating that their funds were “safu.”

Shibarium Wallets Crosses 1 Million

According to data from Shibarium Scan, the bridge has witnessed engagement from over 1 million wallets. These users have collectively executed over 783,000 transactions, with a daily average of approximately 73,640 transactions. Notably, the blockchain’s total block count currently stands at 421,736.

Shibarium Statistics. Source: Shibariumscan

Despite the transaction surge, this has not yet translated into a significant boost in the total assets locked on the bridge. Currently, the figure stands at a modest $1.16 million.

DeFillama data shows that the key players on the network are decentralized exchanges, primarily DogSwap and MARSWAP. The platforms account for approximately $1 million of the overall TVL.

Meanwhile, the substantial uptick in wallet addresses and transaction activity indicates a noteworthy trend within the Shiba Inu community. This project shows promise in potentially evolving SHIB from a meme-based token into one with practical utility.

SHIB Price Struggling Despite High Burn Rate

Increasing transaction activity bodes well for the network and SHIB tokens alike. Each transaction results in the burning of Shiba Inu tokens, and recent Shibburn data reveals an impressive 71.45 million tokens burnt within the past 24 hours.

This surge signifies a remarkable 192% uptick in the burn rate compared to the preceding day, underscoring the substantial impact Shibarium transactions can have in reducing Shiba Inu’s extensive token supply.

Notably, approximately 6 billion tokens were burned in August, coinciding with the launch of Shibarium.

SHIB Price Performance. Source: BeInCrypto

While Shibarium has shown promising performance, SHIB, its associated token, has faced significant challenges. Over the past week, SHIB has declined by 3.7%.

When this metric is expanded to a month, it has experienced a 4.5% decrease in value, as reported by BeInCrypto data. This downward trend in SHIB’s price has persisted for several months.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.

Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.

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Shibarium Wallets Hit 1M Mark Amid Ongoing Shiba Inu (SHIB) Price Challenges - BeInCrypto
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Exclusive: Arm signs up big tech firms for IPO at $50 bln-$55 bln valuation -sources - Reuters

NEW YORK, Sept 1 (Reuters) - Customers of Arm Holdings Ltd including Apple Inc (AAPL.O), Nvidia Corp (NVDA.O), Alphabet Inc (GOOGL.O) and Advanced Micro Devices Inc (AMD.O) have agreed to invest in the chip designer's initial public offering, according to people familiar with the matter.

Intel Corp (INTC.O), Samsung Electronics Co Ltd (005930.KS), Cadence Design Systems Inc (CDNS.O) and Synopsys Inc (SNPS.O) have also agreed to participate as investors in the offering, the sources added. The talks are ongoing and some other potential investors are also in discussions to invest in the IPO, the sources added.

SoftBank Group Corp (9984.T), which owns Britain-based Arm, is targeting a valuation between $50 billion and $55 billion, Reuters reported earlier on Friday. Arm's clients have agreed to invest in that valuation range, the sources said.

While it is possible that demand for Arm's shares will lead to a higher valuation by the time the IPO prices, the move represents a climb-down from the $64 billion valuation at which SoftBank acquired the 25% stake in the company it did not already own from its $100 billion Vision Fund last month.

Apple, Nvidia and the other strategic investors have agreed to invest between $25 million and $100 million each in the blockbuster IPO, the sources said. Arm and SoftBank have set aside 10% of the shares to be sold in the IPO for its clients, Reuters has previously reported.

Amazon.com Inc (AMZN.O), which had previously held talks to invest in the IPO, has decided not to participate, one of the sources said, requesting anonymity as the discussions are confidential.

A scramble among Arm's clients, comprising the world's biggest technology companies, to snap up shares in the IPO is testing the semiconductor designer's adherence to not picking sides in the chip industry.

The interest is fueled by a desire by companies to expand their commercial relationship with Arm and make sure rivals do not gain an edge, Reuters has previously reported.

While an investment in the IPO would not come with a seat on Arm's board or ability to dictate strategy, it could strengthen ties with each participating company and make it harder for a competitor to acquire Arm later.

Arm and SoftBank did not immediately respond to requests for comment.

AMD, Intel, Synopsys and Nvidia declined to comment. Alphabet, Amazon, Apple, Samsung and Cadence did not immediately respond to requests for comment. The Wall Street Journal reported on Arm's valuation target earlier on Friday.

Reporting by Echo Wang in New York; Editing by Anirban Sen and Rosalba O'Brien

Our Standards: The Thomson Reuters Trust Principles.

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Echo Wang

Thomson Reuters

Echo Wang is a correspondent at Reuters covering U.S. equity capital markets, and the intersection of Chinese business in the U.S, breaking news from U.S. crackdown on TikTok and Grindr, to restrictions Chinese companies face in listing in New York. She was the Reuters' Reporter of the Year in 2020. Contact: +9172873971

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Exclusive: Arm signs up big tech firms for IPO at $50 bln-$55 bln valuation -sources - Reuters
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Acting Labor Secretary Julie Su: How Bidenomics is fueling union power - MSNBC

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Acting Labor Secretary Julie Su: How Bidenomics is fueling union power - MSNBC
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The 10-year Treasury bond is a 'screaming buy' because the Fed has regained credibility on fighting inflation - Yahoo Finance

Reuters / Brendan McDermid

• The 10-year Treasury is a "screaming buy" for investors, according to BMO's head of US rates strategy Ian Lyngen.

• The yield on the 10-year Treasury bond recently hit its highest level since 2008.

• But the yield is likely to fall over the next year as the Fed has regained its credibility on inflation.

The 10-year Treasury bond is a "screaming buy" for investors, thanks to the Fed's success in bringing down inflation so far, according to BMO Capital Markets head of US rates strategy Ian Lyngen.

"The 10-year Treasury in my mind is a screaming buy," Lyngen said in an interview with Bloomberg on Wednesday, pointing to a recent 15 year-record yield on the 10-year T-bill. Just a few weeks earlier, the 10-year Treasury yield hit its highest level since 2008, a sign that investors have pushed out their expectations that the Fed will soon cut interest rates.

But the 10-year yield has cooled since mid-August and traded at 4.098% on Thursday – and it's likely to keep coming down over the coming year, Lyngen said.

That's largely because the Fed has re-established its credibility on fighting inflation. Markets lost some confidence in the Fed's ability to tame high prices in 2022, when central bankers were forced to go back on their original stance that higher inflation was merely "transitory." What followed was a historically aggressive rate-hike campaign, which could have been avoided if the Fed had realized inflation was a problem sooner, critics say.

But the Fed's war against high prices appears to have worked. Prices accelerated by 3.2% in July, down significantly from the 8.5% price growth recorded in the same month last year. Meanwhile, the Personal Consumption Expenditures price index, which is the Fed's preferred inflation gauge, clocked in at 4.2% last month -- slightly higher than the 4.1% recorded in June, but in-line with economists' expectations.

The progress made on inflation will put pressure on breakevens, dragging the 10-year yield lower, Lyngen said. He predicted the yield on the 10-year Treasury bond could ease to 3.5%-3.75% by year-end, and ease to around 3% in the first half of 2024.

Falling Treasury yields could mean more upside for stocks, as investors will be incentivized to shift away from the bond market and back into equities.

Still, there's a chance the 10-year Treasury could keep rising, thanks to growing concerns on the US debt level, according to market veteran Ed Yardeni. He predicted the 10-year Treasury yield could potentially surpass 4.5% this year, which could spark as much as a 10% selloff in the S&P 500.

Read the original article on Business Insider

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The 10-year Treasury bond is a 'screaming buy' because the Fed has regained credibility on fighting inflation - Yahoo Finance
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Remote workers approach vacation differently than office workers - Buffalo Business First - The Business Journals

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1. Remote workers approach vacation differently than office workers - Buffalo Business First  The Business Journals
2. Remote workers head back to the office  CGTN America
3. How remote-capable employees shifted fully into working from home  Charlotte Observer
4. Remote workers approach vacation differently than office workers  The Business Journals
5. View Full Coverage on Google News

Remote workers approach vacation differently than office workers - Buffalo Business First - The Business Journals
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China Stimulus Aims to Boost Fragile Economy, Yuan (CNY USD) - Bloomberg

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1. China Stimulus Aims to Boost Fragile Economy, Yuan (CNY USD)  Bloomberg
2. China to cut banks' FX reserve ratio to rein in yuan weakness  Reuters
3. China Cuts Forex Reserve Ratio in Bid to Support Yuan  Bloomberg Television
4. China Tries to Support Weak Yuan (CNY USD) With Forex Reserve Ratio Cut  Bloomberg
5. China Tries to Prop up Yuan in a Bid to Boost Its Struggling Economy  Markets Insider
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China Stimulus Aims to Boost Fragile Economy, Yuan (CNY USD) - Bloomberg
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