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Bitcoin remains the front and centre of all financial debates following Trump’s inaugural speech on Monday.

Trump focused primarily on national issues like immigration, economic policies, and energy production in his inaugural address.

Despite his recent support for BTC, the speech was rather silent on crypto.

That made the price of Bitcoin drop from a high of $109,000 this morning to around $103,000 at writing – and the coming weeks could see it sink further, as per Markus Thielen of 10x Research.

What’s more important for Bitcoin than Trump 2.0?

Trump’s return to the White House has been established as a material tailwind for Bitcoin as the President-elect has committed to making America the crypto capital of the world.

Still, Markus Thielen is not entirely convinced that Trump’s inauguration earlier today was the most important thing for Bitcoin.

It could very well catalyse a near-term pop in BTC – but those gains could prove to be rather short-lived as the focus eventually turns back to the broader headwinds.

“Very shortly, the market is going to focus again on the stronger employment data and on the more hawkish Fed that’s usually a headwind for Bitcoin,” he argued last week on CNBC’s “Street Signs Asia”.

Here’s why the Bitcoin rally may have peaked already

Markus Thielen attributes the crypto market rally in recent months more to the Fed’s jumbo rate cut in September and less to the overall optimism related to pro-crypto policies under the Trump presidency.

But the central bank has since turned more hawkish again as signs of weakening in the US labour market reversed in the final two months of 2024.

Theilen no longer expects the Federal Reserve to cut rates any further any time soon, which is why he’s convinced the BTC rally has peaked for now and the crypto asset is not very likely to hit record levels in the coming months.

In other words, the 10X Research analyst sees the Trump 2.0 optimism as baked into the price of Bitcoin already at current levels.

What else could contribute to a potential pullback in BTC

Thielen is not alone in projecting at least some weakness in Bitcoin ahead.

The founder and chief executive of KKM Financial, Jeff Kilburg is in the same league as well.

Investors have been buying the rumour that the incoming US government will take an aggressively positive stance on Bitcoin right off the bat on January 20th.

But they are likely to sell the news now that Trump did not mention cryptocurrencies in his inaugural speech.

“If we don’t have the US government buying Bitcoin in the first 100 days, we’ll see a pullback in BTC,” he told CNBC in an interview today.

Note that Bitcoin is currently up 50% versus its price on the election day (November 6th).

The post Trump inauguration isn’t the key factor for Bitcoin’s future, says analyst appeared first on Invezz

The UK’s average weekly earnings grew by 5.6% in the three months to November, according to the Office for National Statistics (ONS), marking a notable acceleration from the 5.2% recorded in October.

This uptick, driven by strong private-sector performance, aligns with expectations for total pay growth while slightly exceeding projections for regular pay (excluding bonuses).

Liz McKeown, the ONS director of economic statistics, said, “Pay growth picked up for a second consecutive period, again driven by strong increases in the private sector. Real pay growth, which excludes the effects of inflation, increased slightly.”

This rise in earnings signals resilience in the labour market despite an environment of economic uncertainty.

Weak retail sales data added to low UK inflation figures had fuelled expectations that the Bank of England may ease monetary policy this year.

However, the persistence of strong pay growth has intensified concerns over inflationary pressures, adding complexity to the Bank of England’s (BoE) monetary policy considerations.

UK labour market shows signs of cooling

Despite robust wage growth, there are emerging signs of a cooling labour market.

The UK unemployment rate for those aged 16 and over rose to 4.4% in the three months to November, up from 4.3% in October.

Additionally, job vacancies declined by 24,000, marking the 30th consecutive monthly drop.

However, the number of job openings remains above pre-pandemic levels, indicating that labour demand, while slowing, has not yet returned to historical levels.

Chancellor Rachel Reeves faces increasing pressure to navigate these economic complexities.

Experts warn that the government’s planned £25 billion increase in employer national insurance contributions and a 6.7% hike in the minimum wage from April 2025 could amplify inflationary risks, potentially undermining broader economic stability.

BoE caught between growth and inflation

The BoE’s decision on whether to adjust interest rates at its February 6 meeting has been complicated by conflicting economic signals.

While better-than-expected inflation data last week fueled speculation of a rate cut from the current 4.75%, the stronger-than-anticipated wage growth could shift the balance.

Several BoE policymakers have expressed concern that sustained pay increases could prompt businesses to raise prices, further entrenching inflation above the 2% target.

Others argue that as economic growth slows and the effects of past rate hikes take hold, wage pressures may naturally ease, reducing the need for aggressive monetary tightening.

The divergence in views reflects the broader challenge of managing the UK economy during a period of heightened uncertainty.

Data quality raises questions for policymakers

A key issue complicating the BoE’s task is the reliability of official labour market statistics.

The ONS recently admitted that its labour force survey, a critical tool for assessing employment trends, suffers from low response rates and has been hampered by a poorly executed transformation programme.

The situation is unlikely to be fully resolved until 2027, leaving policymakers to make decisions with potentially flawed data.

This “flying blind” scenario could result in monetary policy missteps, adding further risks to the economic outlook.

Government priorities and policy implications

Liz Kendall, the work and pensions secretary, said, “Today’s figures are more evidence that we must get Britain working, which is why this government is relentlessly focused on driving up opportunity and driving down barriers to success in every part of the country.”

Kendall added:

With real wages continuing to rise we are working to boost living standards and get the economy growing as part of our plan for change by reforming job centres, joining up fragmented local support and guaranteeing every young person has the chance to be earning or learning.

The government’s efforts to boost living standards and support job creation include reforms to jobcentres and measures to guarantee opportunities for young people.

However, balancing these initiatives with fiscal discipline remains a significant challenge, particularly amid warnings of higher borrowing costs.

The post BOE rate cut: rising UK pay growth adds complexity to monetary policy moves appeared first on Invezz

The Indian stock market saw a sharp downturn on January 21, with the Nifty 50 falling nearly 1% in intraday trade after Monday’s 0.61% gain.

Profit booking at higher levels, coupled with lingering uncertainty around Donald Trump’s trade policies, the US Federal Reserve’s rate trajectory, lackluster Q3 earnings, and foreign capital outflows, kept investor sentiment subdued.

Experts warn of continued market fragility ahead of the Union Budget 2025 and recommend selective stock buying.

Here’s a detailed look at analyst-recommended stocks with significant upside potential.

HFCL (Upside: 16%)

Buying range: ₹100–₹106

Target price: ₹122

Stop loss: ₹94

Why buy HFCL?

HFCL has shown a robust recovery from its low of ₹92 after correcting from ₹171 over the past four months.

“Further rise is anticipated, with the RSI also confirming a positive trend reversal from the highly oversold zone and signalling a buy with much upside potential visible on the daily chart. With the chart technically well-placed and attractive, we suggest buying the stock for an upside target of ₹122, keeping the stop loss at ₹94,” Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL – Prabhudas Lilladher, said.

Havells India (Upside: 8%)

Buying range: ₹1,550–₹1,590

Target price: ₹1,725

Stop loss: ₹1,480

Why buy Havells?

Havells has tested the base of a descending channel near ₹1,508 and is showing signs of recovery.

The stock’s RSI has indicated a positive trend reversal from the highly oversold zone, supporting further upward movement.

“With the chart technically looking good, we anticipate further rise and suggest buying the stock for an upside target of ₹1,725, keeping the stop loss of ₹1,480,” said Koothupalakkal.

Varun Beverages (Upside: 9%)

Buying price: ₹550

Target price: ₹600

Stop loss: ₹520

Why buy Varun Beverages?

The stock remains above its 21-month EMA, signaling a long-term bullish trend. Recent corrections have brought it to a strong demand zone.

Declining selling pressure indicates consolidation while positive price action is supported by rising momentum.

“Varun Beverages has upside potential, supported by favourable technical indicators,” said Vishnu Kant Upadhyay of Master Capital Services.

HBL Engineering (Upside: 13%)

Buying range: ₹545–₹565

Target price: ₹640

Stop loss: ₹520

Why buy?

The stock has shown signs of bottoming out, forming a double-bottom pattern near ₹525.

Rising volumes and an improving RSI from the oversold zone signal potential for significant upside.

“With rising volume participation witnessed, we anticipate a further rise in the coming days and suggest buying the stock for an upside target of ₹640, keeping the stop loss of ₹520 level,” Koothupalakkal said.

Nestle India (Upside: 10%)

Buying price: ₹2,215

Target price: ₹2,430

Stop loss: ₹2,090

Why buy Nestle India?

Nestle India is trading well above its 50-month EMA, supported by a double-bottom pattern that signals a bullish reversal.

Volume analysis supports a positive outlook, with the recent price recovery accompanied by a surge in trading activity, reflecting heightened investor interest.

Price movements indicate strong bullish momentum, further confirmed by momentum oscillators signaling a favorable buying trend.

Inox Green Energy Services (Upside: 14%)

Buying price: ₹171.72

Target price: ₹190–₹195

Stop loss: ₹161

Why buy Inox Green Energy?

The stock is consolidating below a descending trend line, with increasing trading volumes reflecting strong buying interest.

A breakout above ₹174 could trigger significant upside, supported by upward RSI momentum.

“With the RSI at 54.34 trending upward, a close above ₹174 could unlock short-term targets of ₹190 and ₹195. Immediate support lies at ₹167, making it a good buying opportunity on dips, while a stop-loss at ₹161 is advised to safeguard against unexpected reversals,” said Mandar Bhojane, Equity Research Analyst, Choice Broking.

Premier Energies (Upside: 11%)

Buying price: ₹1,193.95

Target price: ₹1,300–₹1,320

Stop loss: ₹1,134

Why buy Premier Energies?

Premier Energies is trading within a parallel channel and showing signs of a bullish reversal.

A close above ₹1,200 could confirm the breakout, while rising trading volumes support the upward trend.

“A sustained close above ₹1,200 could trigger targets of ₹1,300 and ₹1,320. On the downside, key support is at ₹1,160, presenting an attractive entry point for investors. To mitigate risks, a stop-loss at ₹1,134 is recommended,” Bhojane said.

Zaggle Prepaid Ocean Services (Upside: 10%)

Buying price: ₹536.25

Target price: ₹580–₹590

Stop loss: ₹510

Why buy Zaggle Prepaid Ocean Services?

Zaggle is nearing a breakout from a descending trend line on the daily chart, signaling potential bullish momentum.

Price consolidation near the breakout level, supported by a surge in trading volume, highlights strong investor interest.

The RSI, currently at 52.92 and trending upward, indicates strengthening buying pressure.

“A decisive close above ₹540 could trigger short-term targets of ₹580 and ₹590. Immediate support at ₹525 offers a favorable entry point, with a stop-loss at ₹510 to mitigate risks,” said Bhojane.

The post Inox Green Energy, Premier Energies and six other stocks to buy for the short-term appeared first on Invezz

On his first day in office, President Donald Trump vowed to take swift and drastic action through a series of executive orders aimed at reshaping US immigration policies, curbing transgender rights, and unleashing a new wave of oil drilling.

These executive orders—previewed by incoming White House officials—mark a sharp departure from previous administrations and are poised to stir significant legal and social challenges.

With a focus on national security, public safety, and energy independence, Trump’s executive orders lay the groundwork for a controversial and sweeping agenda.

Overhaul of US immigration policy

One of the most striking aspects of Trump’s Day One executive orders is his aggressive stance on immigration.

Trump has pledged to sign a series of 10 executive orders designed to overhaul US immigration policy, aiming to stem what he refers to as an “invasion” of immigrants entering the country.

According to a senior administration official, these actions are a response to the “unconscionable risk” posed by illegal immigration to public safety and national security.

Among the key measures is the declaration of a national emergency at the US-Mexico border.

This emergency order would authorize the deployment of military personnel to the southern border, though the exact number of troops is yet to be determined.

Trump’s administration plans to reintroduce the “Remain in Mexico” policy, which mandates that migrants stay in Mexico while awaiting US asylum hearings.

In a controversial move, Trump is also aiming for birthright citizenship, arguing that the 14th Amendment does not apply to children born on US soil to undocumented immigrants.

The decision to freeze asylum claims and suspend refugee resettlement for at least four months further underscores Trump’s hardline approach to immigration.

Additionally, the executive orders will designate criminal cartels as foreign terrorist organizations, potentially increasing US military involvement in combating them.

Transgender rights and LGBT+ rollbacks

Trump is also making a decisive move to roll back the protections and recognitions of transgender individuals that were instituted during the Biden administration.

One of the most contentious orders will establish that the US government will only recognize two sexes: male and female.

The order goes as far as to declare that these distinctions are immutable and grounded in biology, disregarding the lived experiences of transgender, nonbinary, and intersex individuals.

The new administration also intends to revise policies concerning gender identity, specifically requiring government documents—such as passports and visas—to reflect a binary understanding of sex.

This order could have far-reaching implications, particularly for federal recognition of gender identities.

Alongside this, Trump’s administration will work to eliminate what they view as “radical gender ideology” from federal programs.

A second executive order will target diversity, equity, and inclusion (DEI) programs, which Trump views as discriminatory.

The order will halt funding for such programs and roll back initiatives that have sought to address systemic inequalities.

The administration argues that these programs have contributed to illegal discrimination and aim to return the country to a merit-based system.

Energy independence and oil drilling expansion

Trump’s Day One executive orders are also set to reshape America’s energy landscape.

In line with his campaign promise of “drill, baby, drill,” the president is taking swift action to boost domestic oil production.

One of the most significant moves is the declaration of a national energy emergency, which will facilitate new oil drilling projects, particularly in Alaska.

Trump’s administration argues that this action is essential for addressing rising energy prices and maintaining the country’s global competitiveness, especially in the race to develop artificial intelligence technologies.

The executive order to leave the Paris Climate Accord further solidifies Trump’s commitment to maximizing US energy production without the constraints of global climate agreements.

The US will join only a few other nations, such as Iran and Libya, in withdrawing from the landmark 2015 accord.

Trump’s stance on energy is expected to face sharp criticism from environmental groups and international leaders, but the administration believes that these actions will strengthen US energy independence and economic prosperity.

Legal and social backlash looms

While Trump’s executive orders reflect his bold vision for America’s future, they are also likely to face significant legal challenges.

Civil rights organizations, LGBTQ+ advocacy groups, and environmental activists are already preparing to contest these actions in court.

Trump’s attempts to redefine citizenship, limit transgender rights, and eliminate key environmental regulations will undoubtedly provoke extensive legal battles that could define his presidency in the years to come.

As Trump embarks on his second term, his Day One executive orders signal a stark shift in the direction of US policy on immigration, LGBT+ rights, and energy production.

These actions will undoubtedly shape the national debate on these critical issues, setting the stage for a contentious and polarized political landscape.

The post Trump’s day one in the Oval Office: executive orders on immigration, LGBT+ rights, and oil drilling appeared first on Invezz

President Donald Trump announced plans to impose tariffs on Mexico and Canada as soon as February 1. Speaking to reporters on Monday, Trump suggested levies of 25%, citing concerns over border security and trade imbalances.

Trump said:

We’re thinking in terms of 25% (levies) on Mexico and Canada because they’re allowing a vast number of people over the border.

The president specifically labeled Canada “a very bad abuser” and hinted that the tariffs could be broad-based, with additional details yet to be revealed.

Trump’s tariff strategy

While Trump’s intent to implement wide-ranging tariffs has been clear, the timing and scope have been under speculation.

His comments dispelled earlier assumptions that tariffs might focus on specific items or be delayed.

Earlier reports have also suggested the administration is considering 25% tariffs on Canadian goods and 10% duties on all other trading partners, potentially escalating over time.

Such measures could significantly impact Canada’s economy, given that US-Canada trade exceeds half a trillion dollars annually.

Trump also indicated the tariffs aim to pressure Canada and Mexico to combat fentanyl trafficking, tying trade policy to his broader pledge to fight international drug gangs, which he plans to designate as terrorist groups.

Trump also announced the creation of the “Eternal Revenue Service” to collect the tariffs, claiming this new mechanism would bring “massive amounts of money” into federal coffers. Currently, the US Customs and Border Protection handles this role.

“We will tariff and tax foreign countries to enrich our citizens,” Trump emphasized, framing the tariffs as part of his broader agenda to protect American workers and reduce reliance on foreign nations.

Trump on China tariffs

Donald Trump suggested he “certainly could” impose tariffs on China if it failed to approve a deal to sell TikTok to a U.S. company.

“If we wanted to make a deal with TikTok, and it was a good deal, and China wouldn’t approve it, then I think ultimately they’d approve it because we’d put tariffs on China,” Trump said, adding, “I’m not saying I would, but you certainly could do that.”

He also noted that the tariffs could reach as high as 100%.

Trump further remarked that the U.S. “should be entitled to get half of TikTok” as he signed an order extending the app’s operations in the country for another 75 days.

Stocks futures fall, dollar shaky

The announcement had an immediate but mixed impact on financial markets.

Stock futures remained flat as Trump spoke, but Treasury yields dropped, reflecting investor concerns over potential economic disruptions.

The dollar also weakened, falling nearly 1% against a basket of global currencies.

Additionally, Trump signed an executive order targeting inflation through “emergency price relief” measures.

These policies aim to address costs in housing, healthcare, and other sectors, signaling a domestic policy push alongside the trade measures.

The post President Trump threatens 25% tariffs on Canada, Mexico; China tariffs may hinge on TikTok deal appeared first on Invezz

Donald Trump was sworn in as the President of the United States on Monday, delivering a fervent inaugural speech that promised the dawn of “The Golden Age of America.”

“My recent election is a mandate to completely reverse a horrible betrayal and all these many betrayals that have taken place and give people back their faith, their wealth, their democracy, and indeed their freedom. From this moment on, America’s decline is over,” Trump said. 

True to form, the speech featured sweeping rhetoric, but it was also marked by numerous unsubstantiated claims and factual inconsistencies.

Here’s a detailed fact-check by Invezz:

Claim 1: Migration policies protect dangerous criminals

What Trump said: In his inaugural address, Trump claimed the Biden administration “provides sanctuary and protection for dangerous criminals, many from prisons and mental institutions, that have illegally entered our country from all over the world.”

Fact-check: Trump has previously alleged that foreign governments deliberately empty their prisons and mental institutions to send migrants to the US, but no evidence supports this claim. His campaign has not provided data to corroborate these accusations.

The president has sometimes tried to support his narrative by asserting that the global prison population is down. But that’s incorrect.

The World Prison Population List, compiled by experts in the UK, shows that the global prison population increased from approximately 10.77 million in October 2021 to 10.99 million in April 2024, contradicting any narrative of declining prison populations due to migration.

Context: While some migrants may have a history of incarceration or mental health treatment, there is no substantiated evidence to suggest a systemic effort by foreign governments to send such individuals to the US.

Claim 2: China controls the Panama Canal

What Trump said: “China is operating the Panama Canal… we gave it to Panama, and we are taking it back,” Trump declared in his speech.

Fact-check: The Panama Canal is operated by the Panama Canal Authority (ACP), a government agency in Panama.

Ricaurte Vásquez Morales, leader of the ACP, confirmed to The Wall Street Journal earlier this month that “China has no involvement whatsoever in our operations.”

Trump’s claims likely stem from the fact that Chinese companies, such as the Hutchison Ports subsidiary Panama Ports Company, manage ports near the canal.

These companies operate the Balboa and Cristóbal ports, which serve as entry and exit points to the canal, under long-term leases.

Context: Although Trump’s assertion about China’s control of the canal is false, growing Chinese influence in global shipping and port infrastructure has raised bipartisan among US officials, who worry that the Chinese government could pressure private companies to disrupt commercial and military shipments during a conflict.

Claim 3: Biden-era inflation is ‘record-breaking’

What Trump said: Trump referred to inflation during Biden’s presidency as “record inflation,” promising to address it quickly.

“Next, I will direct all members of my Cabinet to martial the vast powers at their disposal to defeat what was record inflation and rapidly bring down costs and prices,” he said.

Fact-check: Inflation during Biden’s presidency peaked at 9% in June 2022, the highest level in 40 years, according to the Bureau of Labor Statistics.

However, historical inflation rates in the 1970s and 1980s often exceeded 10%, with March 1947 witnessing a post-World War II inflation peak of 19.7%.

During Trump’s presidency, inflation peaked at 2.9% in mid-2018 and fell as low as 0.1% during the COVID-19 pandemic in May 2020.

Context: While Biden’s inflation rates were indeed high, framing them as “record-breaking” ignores historical context, particularly inflation spikes in prior decades due to varying economic conditions.

Claim 4: Tariffs enrich Americans and are paid by foreign countries

What Trump said: Trump reiterated his long-standing claim that tariffs imposed during his presidency were paid by foreign exporters, enriching the US.

Fact-check: Studies, including one by the bipartisan US International Trade Commission, have consistently shown that US importers, not foreign exporters, pay the tariffs.

These costs are often passed on to US consumers in the form of higher prices.

Specific examples include higher costs for household goods, electronics, and other imports from China during Trump’s first term.

Context: While Trump proposed the creation of an “External Revenue Service” to collect tariff revenue, the economic reality is that the burden of tariffs disproportionately falls on US businesses and consumers, not foreign governments.

The post From claims about Panama Canal to record inflation: fact-checking Trump’s inaugural speech appeared first on Invezz

US President Donald Trump had a busy day in office.

On his first day back in the White House, President Trump signed a series of executive orders that quickly garnered attention due to their far-reaching implications.

These orders ranged from withdrawing the US from international agreements to reshaping domestic policies, signaling his intent to undo several initiatives from the previous administration.

Pulling out of the World Health Organization

In a move that echoed his previous criticisms of the WHO, Trump signed an executive order directing the US to exit the organisation, citing mishandling of the COVID-19 pandemic and other international health crises.

The US is the largest financial contributor to the WHO, and the withdrawal will take effect in 12 months, halting future contributions.

Pardons for Jan 6 defendants

Trump issued pardons and commutations to those involved in the January 6 Capitol attack, effectively clearing the legal charges for many defendants and halting further Justice Department investigations into the incident.

The move fulfills a campaign pledge to support the individuals arrested and charged in connection with the insurrection.

Ending birthright citizenship

Trump issued an order targeting the automatic citizenship granted to children born in the US to undocumented immigrant parents.

The executive order aimed to restrict birthright citizenship for those born to parents unlawfully present in the country or whose status was temporary.

While the 14th Amendment guarantees birthright citizenship, the order is expected to face immediate legal challenges, potentially making this a contentious issue moving forward.

Renaming the Gulf of Mexico and Mount Denali

In an unusual move, Trump signed an order to rename the Gulf of Mexico as the “Gulf of America” and revert Alaska’s Mount Denali to its former name, Mount McKinley.

While the rebranding does not affect international usage, the decision reflects Trump’s broader stance on reasserting American identity and pushing back against previous administration’s decisions, including Obama’s renaming of the mountain in 2015.

Revoking EV targets

Trump revoked an executive order from the Biden administration that set a target for half of all new cars sold in 2030 to be electric.

This is part of Trump’s broader strategy to reverse Biden’s environmental policies and emphasize the protection of American industries, particularly in contrast to China’s energy policies.

Trump’s order also targets auto pollution standards that Biden’s administration had introduced.

Rescinding 78 Biden-era executive actions

Trump signed an order to rescind 78 executive actions from the Biden administration, focusing particularly on policies aimed at advancing racial equity and supporting marginalized communities.

He expressed his desire to dismantle policies he viewed as attempts to socially engineer race and gender in public life.

Reclassifying federal employees

Trump’s new order aimed at reclassifying thousands of federal workers as political hires, making it easier to dismiss them.

This decision reestablishes the “Schedule F” classification, which Trump initially instituted in the final year of his first term to reduce the influence of what he described as the “deep state” within government agencies.

National energy emergency declaration

Trump declared a national energy emergency, effectively fast-tracking permits for fossil fuel infrastructure.

This order, part of a broader set of pro-fossil fuel actions, seeks to remove restrictions on drilling in Alaska and other energy production areas.

The declaration is expected to face legal challenges due to its potential environmental impact.

Establishing a gender binary policy

In a move that reverses Biden-era policies, Trump signed an executive order declaring that there are only two genders: male and female.

This order removes the acceptance of gender identity from federal communication and policies, aligning with Trump’s stance against gender-related changes to laws protecting against sex discrimination.

Pause on the TikTok ban for now

Trump delayed the enforcement of a ban on the Chinese-owned social media platform TikTok for at least 75 days, stating that he would use the time to chart an “appropriate course forward.”

This is a shift from his previous stance, as he had once pushed for a complete ban on the app due to national security concerns but now appears more ambivalent, partly due to his popularity on the platform.

Declaring a National Border Emergency

Trump declared an emergency at the southern US border, setting the stage for a broader immigration crackdown.

This order would likely allow for the deployment of US troops to the border and lay the groundwork for large-scale deportations, a key part of Trump’s campaign promises.

Exiting the Paris Climate Agreement

Trump signed an order withdrawing the US from the Paris climate agreement.

This decision reverses Biden’s action of rejoining the agreement upon taking office in 2021 and continues Trump’s long-standing opposition to international climate accords.

It signals his intent to pursue policies that prioritize American industries over global environmental commitments.

The post From pardons to withdrawals: a list of Donald Trump’s executive orders on day 1 appeared first on Invezz

On the first day of his presidency, US President Donald Trump took swift and decisive action to prioritise American energy production and dismantle the environmental policies of his predecessor, Joe Biden. 

In a series of executive orders, President Trump sought to unleash the nation’s vast oil and gas reserves, aiming to elevate domestic production to unprecedented levels. 

This move signaled a stark departure from the Biden administration’s focus on combating climate change and transitioning towards renewable energy sources. 

Trump’s agenda emphasized energy independence and economic growth, with the belief that expanding fossil fuel production would create jobs and bolster the American economy. 

However, this approach drew sharp criticism from environmentalists and scientists who warned of the devastating consequences of increased greenhouse gas emissions and the urgent need to address the global climate crisis.

Following are some of the key decisions:

Trump declares energy emergency

President Trump declared a national energy emergency, granting him the authority to expedite energy infrastructure projects by easing environmental restrictions and streamlining the permitting process for new transmission and pipeline infrastructure.

“It allows you to do whatever you’ve got to do to get ahead of that problem,” Trump was quoted in a report by Reuters. 

And we do have that kind of an emergency.

He attributed the inflation crisis to excessive spending and rising energy prices, which prompted him to declare a national energy emergency, according to the report. Trump also vowed to increase drilling to address the crisis.

Withdrawal from Paris Agreement

In a move that drew criticism from environmentalists and world leaders, President Trump officially withdrew the US from the Paris Climate Agreement.

This international accord, signed by nearly every nation in 2015, aims to reduce greenhouse gas emissions and combat the effects of climate change. 

Trump had previously announced his intention to withdraw during his first term, citing concerns about the agreement’s potential economic impact on the US and arguing that it unfairly burdened American businesses. 

The withdrawal, which took effect in 2020, marked a significant setback for global efforts to address climate change and isolated the US from the international community on this critical issue.

Reuters quoted Trump:

I’m immediately withdrawing from the unfair, one-sided Paris climate accord rip off. The United States will not sabotage our own industries while China pollutes with impunity.

Policy on EV

In a move that signifies a stark contrast in policy directions, President Trump revoked a 2021 executive order implemented by Biden. 

This executive order had set an ambitious target of ensuring that 50% of all new vehicle sales in the US would be electric by 2030.

While not legally binding, Biden’s 50% target had garnered significant support from both domestic and foreign automakers. 

The Trump administration’s decision potentially signals a shift away from promoting electric vehicles and could impact the trajectory of the automotive industry and the broader energy landscape.

Reversing Biden era decisions

In a move to bolster domestic energy production and reverse the policies of his predecessor, Trump signed an executive order that effectively nullified Biden’s attempts to restrict oil and gas drilling in environmentally sensitive areas. 

The executive order specifically targeted Biden’s initiatives to halt oil exploration in the Arctic and along vast stretches of the US coastline.

Furthermore, the Trump administration revoked a 2023 presidential memorandum that had placed a moratorium on oil drilling activities across approximately 16 million acres in the Arctic region. 

Earlier this month, ahead of Trump taking office, Biden prohibited new offshore oil and gas development along the majority of US coastlines.

Former US President Joe Biden had placed a pause on processing export permit applications from new liquefied natural gas projects to Asia and Europe in early 2024 to study the environmental and economic effects. 

Trump on his first day, reversed this pause with an order to resume processing the applications.

The US is the world’s largest exporter of liquefied natural gas and in 2023 had set a record figure for exports. 

Refilling of reserves

Trump on his inauguration day also vowed to refill strategic reserves “right to the top”.

Trump was likely referring to the US’ Strategic Petroleum Reserves (SPR) that stores crude oil. 

After Russia’s invasion of Ukraine in 2022, the Biden administration had authorised the sale of 180 million barrels of crude oil from the SPR, which was a record amount. 

Trump said:

We will bring prices down, fill our strategic reserves up again, right to the top, and export American energy all over the world.

The post What energy decisions did Trump take on his first day as US president? appeared first on Invezz

Polygon, one of the first layer-2 networks in the crypto industry, has lost market share as competition in the sector has risen. POL, its token, has also plunged by 43% from its December high, while its ranking in the crypto sector has deteriorated. It is now the 35th biggest crypto, worse from where it was a few years ago and has lost market share to Base and Arbitrum. 

Polygon has lost market share to Base and Arbitrum

Polygon was probably the first layer-2 network in the crypto industry. Its technology provides an Ethereum scaling solution that helps reduce transaction costs and boost speeds. 

According to its website, Polygon has over 28,000 smart contract creators and has handled over 2.4 billion transactions. It also has over 219 million unique addresses in its ecosystem. 

Recently, however, Polygon has lost market share across various industries like gaming, NFTs, and Decentralized Finance (DeFi).

One of the best ways to gauge a layer-1 or layer-2’s success is to consider the total amount of money locked in its platform. According to DeFi Llama, Polygon now has $954 million locked in its ecosystem, with AAVE, Polymarket, Uniswap, and Spiko being the biggest names in the ecosystem.

In contrast, other layer-2 solutions like Arbitrum and Base have over $3 billion in assets, figures that have grown in the past few months. While Polygon was launched in 2017, Arbitrum and Base were created in 2021 and 2023. 

Another way to look at a layer-2’s network success is to consider the amount of cash in its stablecoins. This is notable since stablecoins are what power the blockchain industry. 

Polygon has a stablecoin market cap of $1.67 billion, while Base and Optimism have over $3 billion each. That is a sign that they are more active networks than Polygon.

Polygon DEX volume has fallen

Another metric to look when considering a chain’s success is to look at the volume of assets traded on in its DEX networks. Data shows that its DEX networks handled over $365 million in the last 24 hours, much lower than what other chains handled. 

Solana’s 24-hour volume was almost $30 billion, while Base and Arbitrum had $2.11 billion and $2.7 billion, respectively. 

Polygon’s 30-day volume was $4.9 billion. While this is a good number, it was much lower than Base’s $51 billion and Arbitrum’s $24 billion. It has also been overtaken by a fairly new network like Sui, which processed $4.1 billion in assets. 

More data shows that the Polygon network has continued to deteriorate. As shown below, the number of active Polygon active chain addresses has fallen, moving from 1.665 million in July last year to 558,000. This decline happened even as cryptocurrency pieces jumped, with Bitcoin reaching an all-time high on Monday.

Polygon chain addresses

The number of deployed contracts on Polygon has also dropped to its lowest level in December last year. There were over 36,000 contracts, down from 358k in October.

Polygon price forecast

Polygon price chart

The 4H chart shows that the POL token has crashed from last year’s high of $0.7671 to the current $0.4355. It has moved below the 61.8% Fibonacci Retracement point and the 50-period moving average. 

Polygon has also formed a descending triangle pattern whose lower side is at $0.4132. A falling triangle pattern is a highly popular bearish sign in the market. Therefore, the coin will likely continue falling as sellers target the next target at $0.3897, its 78.6% Fibonacci Retracement point. 

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Raydium price has surged to a record high of $7.8520, making it one of the best-performing crypto token in the industry. It has soared by over 3,200% as its network continued to flip popular decentralized exchange networks like Uniswap and PancakeSwap. So, is it safe to invest in the RAY token?

Raydium overtook Uniswap and PancakeSwap

Raydum has become one of the top beneficiaries of the growing Solana ecosystem. Launched in 2021, it has become the most popular DEX network in the crypto industry, flipping multi-chain behemoths like Uniswap and PancakeSwap. 

Its growth was driven by the performance of Solana’s meme coin ecosystem, which has continued growing this year. The most notable entrants to the ecosystem were the Official Trump (TRUMP) and Melania meme coins

Data shows that these Solana meme coins have accumulated over $22 billion in market cap. Official Trump leads with over $6.7 billion in market cap, followed by other tokens like Bonk, Fartcoin, Pudgy Penguins, and Dogwifhat. 

Data shows that the Raydium network has overtaken Uniswap and PancakeSwap, a notable development since it exists only on Solana. The other two are multi-chain DEX networks that are in top chains like Base, Ethereum, BNB Chain, and Sui. 

According to DeFi Llama, Raydium’s weekly volume jumped by 238% to $58 billion, a record high. PancakeSwap’s volume across all chains rose by 187% to $8.4 billion, while Uniswap handled $29.7 billion.

Other Solana DEX networks, such as Meteora, Lifinity, and Orca, have handled billions of dollars in the past few days. As the Solana ecosystem grows, this trend may continue in the coming months. 

Raydium is hoping to continue growing by venturing in the perpetual futures industry that handled over $25 billion in the last 24 hours. It announced that it would soon launch a perpetual futures product. 

This is a big industry that Hyperliquid dominates. Data shows that Hyperliquid’s volume jumped by 268% in the last seven days to over $76 billion. That makes it much higher than the volume Raydium handled in the DEX industry. 

Jupiter, the biggest perpetual DEX on Solana handled over $11.65 billion in the last seven days. Therefore, Raydium will be supercharged since its perpetual DEX network will likely succeed.

All this has led to a surge in network revenue and more RAY token incineration. Raydium has generated over $363 million in the last 12 months. At the same time, the network launched the biggest buyback on record as it repurchased 55 million RAY tokens. This means that about 10% of the total supply has been accumulated from these buybacks.

Raydium price forecast

RAY price chart | Source: TradingView

The daily chart shows that the RAY token price surged to a record high of $7.85, a big increase from the all-time low of $0.1740. RAY has flipped the crucial resistance point at $6.50, the highest swing on November 21. Moving above that level invalidated the double-top chart pattern. 

Raydium has remains above the 50-day moving average, while oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards. Therefore, the coin has more room to run, with the next point to watch being at $9.16. A move above that price will point to more gains, potentially to $10.

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