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Cryptocurrency Dips By $46 Billion on Coinrail Hack

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  • Cryptocurrency Dips By $46 Billion on Coinrail Hack

The report that a cryptocurrency exchange, Coinrail, was hacked in South Korea plunged cryptocurrency market by $46 billion as holders of digital assets sold to curb losses. Bringing Bitcoin total losses this year to more than 50 percent.

Once again, the hacking brought to the fore the security-risk associated with lightly regulated crypto exchanges. Crypto platforms have come under heavy scrutiny across major economies in recent months with nations like South Korea, the U.S and other large economies accusing exchanges of market manipulation, weak security that render them vulnerable to attacks and money laundering.

Bitcoin

Bitcoin declined by 11 percent to trade at $6,763.28 as of 6:27 a.m in Nigeria on Monday, bringing its year-to-date loss to 53 percent. Other digital currencies tracked by Investorsking.com also slumped, sending the market value of digital assets to two month low of $294 billion.

At the height of crypto rush in January, the market capitalization was $830 billion.

But after series of thefts and growing uncertainties, the value has drastically dropped, especially after about $500 million digital coins were stolen from Coincheck Inc. in Japan.

According to Stephen Innes, head of Asia Pacific trading at Oanda Corp., “This is ‘If it can happen to A, it can happen to B and it can happen to C,’ then people panic because someone is selling.”

However, while the slump may have been exacerbated by low market liquidity during the weekend, safety of funds and uncertainty continued to impact market confidence in the crypto space.

“The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions,” Innes said. “It actually doesn’t take a lot of money to move the market significantly.”

The South Korean exchange Coinrail said in a statement on its website that some of its digital currency appears to have been stolen by hackers, but the exchange didn’t disclose how much was stolen. To assure clients of safety and sound security measures, the exchange said 70 percent of it cryptocurrencies are being kept in a cold wallet not connected to the internet and less vulnerable to theft.

According to the exchange, two-thirds of the stolen coins — which the Coinrail identified as NPXS, NPER and ATX coins — have been frozen or collected, while the remaining one third is being examined by investigators, other exchanges and cryptocurrency development companies.

Coinrail is among the world’s Top 100 most active exchanges, with a 24-hour volume of about $2.7 million and trades more than 50 cryptocurrencies.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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