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Gold Price Forecast: XAU/USD renews eight-month high near $1,880 on China concerns, softer US Dollar

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January 9, 2023

Gold Price Forecast: XAU/USD renews eight-month high near $1,880 on China concerns, softer US Dollar

Gold price grinds higher after refreshing multi-day high.
China unlock, PBOC’s gold stocking underpins XAU/USD run-up.
US Dollar bears the burden of downbeat data, mixed Fedspeak.
Light calendar, cautious mood ahead of US inflation figures probe Gold buyers.

Gold price (XAU/USD) rises to the highest levels since early May 2022 as the risk-on mood joins the softer US Dollar to begin the key week comprising inflation numbers from the US, China and Japan. Also adding strength to the yellow metal’s upside momentum is Beijing’s recent stockpiling of Gold. In doing so, the XAU/USD bulls attack a $1,880 hurdle by the press time.

The risk profile remains firmer as China reopens national borders after a three-year pause. On the same line could be the early signals suggesting China’s heavy shopping during the festive season, as well as comments from People’s Bank of China (PBOC) Official suggesting optimism surrounding China’s growth conditions.

It’s worth observing that China is one of the world’s biggest Gold consumers and hence the risk-positive headlines from Beijing influence the XAU/USD bulls.

On the same line could be the PBOC’s announcement of Gold buyers as it holds around 2,010 tonnes of the metal as reserves after the latest addition of nearly 30 tonnes. That said, the recent piling of gold by the PBOC is the third notable instance, after September 2019 and October 2016.

Elsewhere, Friday’s downbeat prints of US wage growth, ISM Services PMI and Factory Orders weighed on the US Dollar Index (DXY) and added strength to the risk-on mood, which in turn propels the Gold price. That said, mixed comments from the Fed policymakers and hopes of an upbeat US earnings season also seem to favor the XAU/USD buyers.

While portraying the mood, the S&P 500 Futures print mild gains but a holiday in Japan limits the bond market moves in Asia, as well as during early Monday morning in Europe.

Looking forward, a light calendar for the day and upbeat headlines from China could keep the Gold buyers hopeful. However, inflation data from Tokyo, China and the US will be important for precious metal traders as central bankers brace for shifting gears.

Gold price technical analysis

Gold buyers cheer upside break of the previous weekly top surrounding $1,865, as well as the 61.8% Fibonacci Expansion (FE) of its December 22 to January 05 moves, near $1,875, as the XAU/USD bulls jostle with the June 2022 high of around $1,880.

That said, the bullish MACD signals and the metal’s sustained trading beyond the 100-SMA and the 200-SMA, respectively ear $1,815 and $1,795, favor the XAU/USD buyers. On the same line could be the metal’s U-turn from a one-month-old horizontal support region of around $1,823.

Hence, the Gold buyers are in the driver’s seat unless the quote drops below $1,795.

However, the overbought RSI (14) suggests limited upside and hence a clear break of the $1,880 hurdle becomes necessary for the XAU/USD to aim for the May 2022 peak of $1,910.

Gold price: Four-hour chart

Trend: Limited upside expected

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Securing Venture Capital for Your Business in This Economy Means Getting Back to Basics. Here’s How.

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January 9, 2023

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Securing Venture Capital for Your Business in This Economy Means Getting Back to Basics. Here’s How.

Opinions expressed by Entrepreneur contributors are their own.

It’s tough out there for businesses looking to raise money. After several record-breaking years, startups saw funding cut in half in the third quarter of 2022, according to Crunchbase News. Even as many of us wonder if we’ve hit bottom, there’s reason to be hopeful that dollars in reserve could boost prospects in 2023. Whatever the market holds, venture capital funding will likely look different in the coming years, with VCs prioritizing evidence of focused, sustainable growth in the companies they back.

Simply put: In this environment, it’s about going back to basics.

3 Easy New Year’s Resolutions Every Business Owner Should Make in 2023

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January 9, 2023

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3 Easy New Year’s Resolutions Every Business Owner Should Make in 2023

Opinions expressed by Entrepreneur contributors are their own.

New year’s resolutions are a bit of a joke these days. Let’s be honest. To the point that breaking them seems par for the course. Only 9-12% of the 41% of Americans who make resolutions in the first place follow through with them.

As business owners, we face this every year too. We set goals for our team, or we have growth forecasts to hit. Right from the jump, we commit ourselves to deliver a long list of lofty promises.

And do we come through?

It would be very glib of me to accuse you of writing checks your…um…”bottom” can’t cash. But statistically, that’s precisely what you’re doing. In the warm, cozy confines of the Christmas holidays and new year celebrations, you concoct all of these wonderful new milestones for you and your business.

Then reality hits. The day-to-day operational issues, supplier delays and client requests. They all conspire to slow your progress to a crawl. Before you know it, you’re preparing for Christmas again, having hardly achieved any of it!

The problem is that you tried to change too much!

We all look for magic bullet solutions, but your mind is just not set up to cope with massive and sudden changes. As much as 97% of your decision-making is done subconsciously. That means that no matter how strong your intellectual resolve is — unless you can internalize your intentions and communicate them favorably to your subconscious — you’re unlikely to see them to fruition.

You might think that working on your subconscious is a personal indulgence you don’t have time for, but trust me: you have to. Like it or not, your business is an extension of you. It exists because you created it and gave it purpose.

If you are locked in a personal battle between your consciously held desires and your subconscious emotional programming, your business will rapidly lose direction and focus.

So with that said, here are three easy new years resolutions that every business owner should make in 2023.

1. Make ‘check-ins’ a part of your everyday routine

What do I mean by this?

I’m talking about taking five or ten minutes twice daily to take yourself off to a quiet space and check in with yourself.

We can often become derailed as we go through our day. We unknowingly carry the baggage of the various issues we encounter into our subsequent decisions on unrelated matters.

By checking in regularly, you’ll be able to hear and let go of your frustrations. Your ‘stuck states’ will be freed, enabling you to address your needs with a level head. Thus improving your ability to lead and your team’s ability to deliver.

2. Take regular ‘VIP Days’

I do this at least once or twice a month, but it’s crucial in getting that 97% of your brain onboard.

A VIP day involves you indulging in your favorite things to do. This could be shopping, a spa treatment, going to your favorite restaurant for lunch…anything.

A big part of why you face so much internal resistance to change is because you are hardwired (thanks to millions of years of inherited, genetic wisdom) to resist it. The change represents the unknown, and the unknown is unsafe!

Bearing in mind that this simple reasoning pre-dates language, reasoning and certainly globalization. It simply doesn’t have the awareness that your conscious mind does. What taking a VIP day will do for you is show your subconscious that you are a person who has taken chances and they have given your more security. Not less.

A significant point of resistance to growth for so many of us is that we simply do not see ourselves as successful. By enforcing the taking of regular VIP days, you’re actively stepping into becoming that new person holistically. And your subconscious will notice.

3. Set micro-goals for your business

It’s easy to drag everyone into a meeting on their first day at work of the new year and proclaim that “this year we’re going to aim to double growth in sales!” before dusting your hands off and returning to your office.

Setting top-level goals is your responsibility, sure. But you won’t get there in one leap!

Going back to what I just said about your subconscious programming. Looking at a high-level goal like that, with no conceivable way to break it down, is simply going to result in overwhelm for you and your team. You need to think about the lower-level steps along the way to achieving that end result and then walk those through with your team.

Of course: delegate operational responsibility for them, but recognize your responsibility to understand what they are in the first place! When everyone can see the path clearly, understand precisely how to execute their part in it and feel confident in their ability to do so: you’ll be unstoppable.

Limiting these to three and keeping them simple is to avoid overcommitting yourself and risking a shutdown. The reason for giving your three personal resolutions (rather than ones for your business directly) is to better resource you in terms of your mental resilience so that you can handle whatever comes your way.

Make no mistake: the challenges of 2022 are likely to continue well into 2023. The best way to hedge against them is by better equipping yourself with the internal resources to guide your team decisively.

Global leaders condemn assault on Brazilian government buildings

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January 9, 2023

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Global leaders condemn assault on Brazilian government buildings

(Reuters) – Supporters of Brazil’s far-right former President Jair Bolsonaro on Sunday invaded the country’s Supreme Court and its Congressional building and surrounded the presidential palace in Brasilia. Here are reactions from world leaders:

United states president joe biden

“I condemn the assault on democracy and on the peaceful transfer of power in Brazil. Brazil’s democratic institutions have our full support and the will of the Brazilian people must not be undermined. I look forward to continuing to work with @LulaOficial.”

United states secretary of state antony blinken

“We condemn the attacks on Brazil’s Presidency, Congress, and Supreme Court today. Using violence to attack democratic institutions is always unacceptable. We join @lulaoficial in urging an immediate end to these actions.”

Mexican president andres manuel lopez obrador

“The coup attempt by the Brazilian conservatives urged on by the leadership of oligarchic power, their spokespersons and fanatics, is reprehensible and undemocratic. Lula is not alone, he has the support of the progressive forces of his country, Mexico, the American continent and the world.”

White house national security advisor jake sullivan

“The United States condemns any effort to undermine democracy in Brazil. President Biden is following the situation closely and our support for Brazil’s democratic institutions is unwavering. Brazil’s democracy will not be shaken by violence.”

Organization of american states secretary general luis almagro

“We condemn the attack on the institutions in Brasilia, which constitutes a reprehensible action and a direct attack on democracy. These actions are inexcusable and fascist in nature.”

European union foreign policy chief josep borrell

“Appalled by the acts of violence and illegal occupation of Brasilia’s government quarter by violent extremists today. Full support to Lula and his government, to Congress and to the Federal Supreme Court. Brazilian democracy will prevail over violence and extremism.”

India prime minister narendra modi

“Deeply concerned about the news of rioting and vandalism against the State institutions in Brasilia. Democratic traditions must be respected by everyone. We extend our full support to the Brazilian authorities.”

Portugal’s foreign minister joao gomes cravinho

“Without a doubt, former president Bolsonaro has responsibility. His voice is heard by these anti-democratic demonstrators. It would be very important if he had a message of condemnation in the face of the disorder that is currently happening in Brasilia.”

Chilean president gabriel boric

“The Brazilian government has our full support in the face of this cowardly and vile attack on democracy.”

Colombian president gustavo petro

“All my solidarity to @LulaOficial and the people of Brazil. Fascism has decided to stage a coup. … It is urgent for the OAS (Organization of American States) to meet if it wants to continue to live as an institution.”

Argentine president alberto fernandez

“I want to express my rejection of what is happening in Brasilia. Mine and the Argentine people’s unconditional support for @LulaOficial in the face of this attempted coup he is facing.”

U.s. house minority leader hakeem jeffries

“The violent attack on the heart of the Brazilian government by right-wing extremists is a sad but familiar sight. We stand with the people of Brazil and democracy.”

French president emmanuel macron

“The will of the Brazilian people and the democratic institutions must be respected! President @LulaOficial can count on France’s unwavering support.”

United kingdom foreign secretary james cleverly

“The violent attempts to undermine democracy in Brazil are unjustifiable. President @LulaOficial and the government of Brazil have the full support of the UK.”

Venezuelan president nicolas maduro

“We categorically reject the violence generated by Bolsonaro’s neo-fascist groups which have assaulted Brazil’s democratic institutions. Our support for @LulaOficial and the Brazilian people who will surely mobilize in defense of peace and their president.”

Uruguay’s foreign ministry

“Uruguay condemns the episodes of violence against the institutions in Brazil and calls for respect for the rule of law, democracy and its government.”

Peru’s foreign ministry

“The government of Peru energetically condemns the assault on the headquarters of congress, the presidency and the supreme court of Brazil and any attempt to disregard the legitimacy of the October 2022 elections. Our solidarity with President Lula and Brazilian democracy.”

Ecuadorean president guillermo lasso

“I condemn the actions of disrespect and vandalism perpetrated against democratic institutions in Brasilia, they attack democratic order and citizen security. I express my and my government’s backing for the legal regime of @LulaOficial.”

Bolivian president luis arce

“We strongly condemn the assault on the Brazilian Congress, Palace and Supreme Court by anti-democratic groups. Fascists will always seek to take by force what they failed to achieve at the ballot box. Our solidarity with the Brazilian people and the president @LulaOficial.”

Paraguayan president marito abdo

“We are concerned about what is happening in Brazil. The path should always be respect for institutions, democracy, freedom and non-violence.”

U.s. representative joaquin castro

“Bolsonaro should not be in Florida. The United States should not be a refuge for this authoritarian who has inspired domestic terrorism in Brazil. He should be sent back to Brazil.”

European parliament president roberta metsola

“Deeply concerned about what is happening at Brazil. Democracy must always be respected. The European Parliament is on the side of the Lula government and all legitimate and democratically elected institutions.”

Italian prime minister giorgia meloni

“What is happening in Brazil cannot leave us indifferent. The images of the irruption into institutional offices are unacceptable and incompatible with any form of democratic dissent. A return to normality is urgently needed and we express solidarity with Brazilian institutions.”

Spanish prime minister pedro sanchez

“All my support to President @LulaOficial and to the free and democratically elected institutions of the Brazilian people. We categorically condemn the assault on the Brazilian Congress and make a call for the immediate return to democratic normality.”

CUBAN PRESIDENT MIGUEL DIAZ-CANEL

“We energetically condemn the violent and undemocratic acts in Brazil aimed at creating chaos and disrespecting the popular will which resulted in the election of President Lula.”

Costa rican president’s office

“The Government of Costa Rica regrets the attack on democracy in Brazil and calls for respect for the constitutional order of that country. We support the President @LulaOficial.”

(Compiled by Julia Symmes Cobb and Gabriel Araujo; Editing by Paul Simao, Daniel Wallis and Diane Craft)

The FTC thinks banning non-compete agreements could increase American wages by $300 billion per year

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January 9, 2023

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The FTC thinks banning non-compete agreements could increase American wages by $300 billion per year

Lina Khan testifies before congress. — The architect of the Biden Administration’s ambitious consumer protection reforms, Lina Khan is the youngest head of the FTC in the agency’s history.

The US Federal Trade Commission (FTC) is proposing a ban on non-compete agreements that prevent workers from moving to another company or starting a business in the same field, a decision that could affect roughly 30 million Americans. FTC chair Lina Khan argued that non-compete restrictions drive down wages and prevent better working conditions, estimating that the ban could increase workers’ earnings by $300 billion per year.

“Non-competes are bad for workers and undermine labor competition. When one set of workers are locked in place, that reduces churn overall,” Khan said in a news conference announcing the proposed ban.

The ban would only apply to employees, exempting companies that look to bar an ownership partner from selling a business before immediately founding or joining a competitor. The agency will allow public comment on the proposal for 60 days before moving to make it final. Then, companies will have six months to terminate existing non-compete clauses.

The FTC also announced it was suing three companies (Prudential Security, O-I Glass, and Ardagh Group—the latter two are largest manufacturers of glass food and beverage containers in the country) as well as two individuals it accused of exploiting non-compete restrictions. The order accuses the companies of driving down wages and making it difficult for new competitors to enter the market. According to the agency’s press release, this legal action marks the first time the FTC has sued to halt unlawful non-compete restrictions.

President Biden first endorsed expanded regulation of non-compete contracts in a July 2021 executive order, where he called on the FTC to regulate the unfair use of any clauses that limit worker mobility. Additionally, a coalition of labor organizations, including the AFL-CIO and the SEIU, filed a petition to the FTC in 2019 demanding the elimination of the practice.

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US non-compete agreements, by the numbers:

18%: The estimated share of American workers with non-compete clauses in their contracts.

$300 billion: How much total wages could increase per year once a ban on non-compete agreements is in place

1 in 3: A recent Department of Treasury report estimates over 35% of tech workers are bound by non-compete restrictions.

Person of Interest: Lina Khan

Nearly two years into her job as chair of the FTC, Khan was appointed by president Biden in 2020 as an aggressive proponent of antitrust legislation. The youngest commissioner in the agency’s history, Khan has spent much of her career attempting to reign in massive tech companies and regulate personal data usage in advertising.

While at law school, she published a widely-read essay in the Yale Law Journal called “Amazon’s Antitrust Paradox,” which challenged the traditional interpretation of antitrust law that focuses on securing the lowest price possible for consumers, arguing that Amazon’s ability to use its size to undercut competitors’ prices does not justify its monopolistic practices.

Her nomination was opposed by figures in the tech world. NetChoice, a tech lobbyist group employed by Amazon, Google, Meta, and Twitter, issued a statement calling Khan a “radical” and saying she would turn the FTC into a “tool for progressive activists to change the law.” After her appointment, Amazon and Facebook filed petitions with the FTC seeking her recusal from any investigation of their companies, arguing that her previous criticism of the companies prevented her from being an impartial actor.

As chair of the FTC, Khan has pursued an ambitious agenda. In July, Khan and the FTC blocked Meta’s purchase of a virtual reality company called Within Unlimited, stifling the company’s foray into the Metaverse. One month later, the FTC proposed limits on “commercial surveillance” by companies that sell or share information about people. And, just last month, she blocked Microsoft’s $69 billion attempt to purchase Activision Blizzard after the FTC said the deal would harm consumers and prevent corporate competition.

MGO Global’s accelerated rise

2018: MGO Global is co-founded by Ginny Hilger and Maximiliano Ojeda, with the aim of leveraging the “fame, celebrity power, and global social media influence of world-class athletes, entertainers, and other cultural icons.”

2019: MGO acquires the Messi Brand, a clothing and accessories line inspired by Lionel Messi, currently the company’s sole asset.

2022: MGO files an $8 million IPO, backed by Boustead and Sutter Securities.

2024: Messi’s current licensing contract with MGO ends, encompassing all of MGO’s current products.

Person of interest: Lionel Messi

Messi’s star power has surely never been stronger. His Instagram post celebrating Argentina’s victory at the Qatar World Cup last month became the most popular photo in the app’s history, receiving more than 74 million likes (by comparison, Argentina’s population is 45 million people). Messi’s home province of Santa Fè saw the number of newborns named Lionel and Lionela increase by more than 50% in December compared to the previous month, and the soccer star is also leading recent polling for the Argentine presidential election scheduled later this year by double digits.

But Messi’s future, for now, appears to remain in sports. A free agent this June, multiple outlets have speculated that Messi is headed to the MLS, as David Beckham’s Inter Miami FC aggressively attempts to sign the seven-time Ballon d’Or winner. However, after his recent success, some reports say Messi is considering a one-year extension at Paris St. Germain (PSG), his current club, to chase further success in the UEFA Champions League.

How does Exness ensure proper quality of the trading experience for its traders?

Exness has 6 millions trades executed on average daily and over 350,000 active traders around the world, it is hard to name a silver bullet. We have to address the trading experience aspect holistically.

Firstly, we ensure proper geographical scale and round-the-clock monitoring of our trading infrastructure. Secondly, we provide fair and reliable pricing for every single tick and thirdly, we address common pain-points that traders may face in the trade execution area.

So what does this consistent and reliable service look like in action?

Let’s take the common challenges many traders face:

Spread instability is very common over highly volatile periods, for example, high economic news. Naturally, brokers will try to keep your spreads as tight as possible, however that means quotes have to be updated extremely fast, which can cause slowness and freezes across the price distribution chain.

Another common challenge is the execution of stop orders and stop losses. By nature, those orders cause slippages that are painful for clients and may cause dissatisfaction. Brokers should also find ways to minimize slippages when possible.

Additionally, brokers must remember that fair position liquidation is extremely important in case an account faces margin call and consecutive stop out. Often market situations such as spread widening can trigger position liquidation, causing a lot of unease from clients.

So how do you find balance between tightness of spreads and performance?

We have alerts and monitoring at every step of the price-making and execution process in order to make sure that we are always staying informed about what is going on.

The simple omission of certain quotes is actually not a very good option because you would lose some important market data updates or even execute at a price that has never been sent to the client.

We have found a scientific way to keep our spreads tight and stable while still limiting the load.

There are complex calculations that are happening inside our trading engine, mathematically optimizing the feed we’re sending through the data infrastructure, keeping it at maximum efficient capacity while filtering the market noise that does not affect the execution quality.

All this is happening in high-performance trading engines that have the most processing capacity throughout the whole chain across our regions of presence.

The chart below shows our spreads on GBPUSD during non-farm payrolls, compared with some of our top competitors.

This is made possible thanks to the strong collaboration between different teams – support engineers, quantitative researchers, and developers.

In what ways do you ensure transparency and reliability of the trading experience?

As I said earlier, pricing is only one part of the puzzle. We execute on every tick we send to the client, meaning proper price transparency and the ability to reliably backtest your trading strategies.

More than that we aim to provide certain enhancements to the product which are similar to institutional markets, but for our retail clients. When executing stop orders we aim to fill the client at the requested price, despite moderate market gaps.

That means we effectively offset slippage for ~90+% of orders, making execution more predictable and stable.

Of course, there may be some cases of slippage despite this, but for the vast majority of clients we ensure low slippage and no stop-level experience, which is a rare combination.

Another problematic area is position liquidation in case an account faces a stop-out. We benchmark account stop-out thresholds from mid-price, ensuring price volatility protection for clients, except for rare cases of extremely leveraged positions where it is technically impossible.

Price volatility protection is covering individual accounts, delaying stop outs and protecting from liquidation in case of sudden spread widening, for example during rollover period.

To make sure clients see those mechanisms in action, we will soon add detailed information in the Personal Area, to provide even better visualization and transparency.

How does Exness ensure proper quality of the trading experience for its traders?

Exness has 6 millions trades executed on average daily and over 350,000 active traders around the world, it is hard to name a silver bullet. We have to address the trading experience aspect holistically.

Firstly, we ensure proper geographical scale and round-the-clock monitoring of our trading infrastructure. Secondly, we provide fair and reliable pricing for every single tick and thirdly, we address common pain-points that traders may face in the trade execution area.

So what does this consistent and reliable service look like in action?

Let’s take the common challenges many traders face:

Spread instability is very common over highly volatile periods, for example, high economic news. Naturally, brokers will try to keep your spreads as tight as possible, however that means quotes have to be updated extremely fast, which can cause slowness and freezes across the price distribution chain.

Another common challenge is the execution of stop orders and stop losses. By nature, those orders cause slippages that are painful for clients and may cause dissatisfaction. Brokers should also find ways to minimize slippages when possible.

Additionally, brokers must remember that fair position liquidation is extremely important in case an account faces margin call and consecutive stop out. Often market situations such as spread widening can trigger position liquidation, causing a lot of unease from clients.

So how do you find balance between tightness of spreads and performance?

We have alerts and monitoring at every step of the price-making and execution process in order to make sure that we are always staying informed about what is going on.

The simple omission of certain quotes is actually not a very good option because you would lose some important market data updates or even execute at a price that has never been sent to the client.

We have found a scientific way to keep our spreads tight and stable while still limiting the load.

There are complex calculations that are happening inside our trading engine, mathematically optimizing the feed we’re sending through the data infrastructure, keeping it at maximum efficient capacity while filtering the market noise that does not affect the execution quality.

All this is happening in high-performance trading engines that have the most processing capacity throughout the whole chain across our regions of presence.

The chart below shows our spreads on GBPUSD during non-farm payrolls, compared with some of our top competitors.

This is made possible thanks to the strong collaboration between different teams – support engineers, quantitative researchers, and developers.

In what ways do you ensure transparency and reliability of the trading experience?

As I said earlier, pricing is only one part of the puzzle. We execute on every tick we send to the client, meaning proper price transparency and the ability to reliably backtest your trading strategies.

More than that we aim to provide certain enhancements to the product which are similar to institutional markets, but for our retail clients. When executing stop orders we aim to fill the client at the requested price, despite moderate market gaps.

That means we effectively offset slippage for ~90+% of orders, making execution more predictable and stable.

Of course, there may be some cases of slippage despite this, but for the vast majority of clients we ensure low slippage and no stop-level experience, which is a rare combination.

Another problematic area is position liquidation in case an account faces a stop-out. We benchmark account stop-out thresholds from mid-price, ensuring price volatility protection for clients, except for rare cases of extremely leveraged positions where it is technically impossible.

Price volatility protection is covering individual accounts, delaying stop outs and protecting from liquidation in case of sudden spread widening, for example during rollover period.

To make sure clients see those mechanisms in action, we will soon add detailed information in the Personal Area, to provide even better visualization and transparency.

FTX Collapse: Barry Silbert’s Crypto Empire Is In the Crosshairs of Regulators

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January 9, 2023

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FTX Collapse: Barry Silbert’s Crypto Empire Is In the Crosshairs of Regulators

The bankruptcy of Sam Bankman-Fried’s crypto empire continues to cause waves in the crypto space.

The various firms continue to monitor each other to find out who will be the next collateral victims of this disaster after the lender BlockFi went down.

All eyes have been on lender Genesis, a subsidiary of crypto juggernaut Digital Currency Group, aka DCG. Last November, the brokerage stopped customers from making withdrawals and issuing new loans as a result of the bankruptcy of FTX. The division that has halted the withdrawals is Genesis Global Capital, which works with institutional clients and had $2.8 billion in total active loans as of the end of the third quarter.

The company had funds locked in its FTX trading account.

Genesis is also closely watched by regulators. According to Bloomberg News, the Department of Justice and the Security and Exchange Commission are conducting separate investigations into the parent company of the lender and the relationship between the two firms.

Turbotax Webinar 0305 10 Cryptocurrency Lead — Shutterstock

Relations Between DCG and Genesis

Federal prosecutors are, for example, closely examining the transfers of funds between DCG and Genesis. They also want to determine what was told to investors about the transactions between the two companies.

This is similar to the interest of the investigators in the incestuous relations between FTX and its sister company Alameda Research, a hedge fund which was also a trading platform for institutional investors. The fall of the Bankman-Fried empire showed that funds from FTX clients had been loaned to Alameda, amounting to approximately $10 billion. However, the two companies were supposed to be independent even if they shared the same founder.

Federal investigators have requested documents from DCG and Genesis. Both investigations are still in the initial stages and no allegations have yet been made against Digital Currency Group or Genesis.

“While we do not comment on specific legal or regulatory matters, Genesis maintains regular dialogue and cooperates with relevant regulators and authorities when it receives inquiries,” a spokesperson told TheStreet in an emailed statement.

“DCG has a strong culture of integrity and has always conducted its business lawfully. We have no knowledge of or reason to believe that there is any Eastern District of New York investigation into DCG,” a spokesperson said.

The DoJ and the SEC also did not respond. The DoJ investigation is led by the United States Attorney’s Office Eastern District of New York.

The information on the investigations of the regulators comes at a very bad time for DCG and its subsidiary. The Wall Street Journal reported a few days ago that Genesis was on the verge of bankruptcy. The company has also decided to take emergency measures, in particular the elimination of 30% of its workforce.

“We continue working with our advisors, in collaboration with DCG and advisors appointed by various client groups, to evaluate options to preserve client assets and move the business forward,” a spokesperson told TheStreet on Jan. 5.

A Genesis bankruptcy filing would also affect the Gemini cryptocurrency exchange founded by the billionaire twin brothers Tyler and Cameron Winklevoss.

Genesis Providing Loans

Genesis is Gemini’s partner in a reward program offered by the platform to attract customers. This program is called Gemini Earn. It’s a high-yield savings product that promises customers of the cryptocurrency exchange up to an 8% annual return on crypto deposits, depending on which assets are held. Under this program, Genesis serves as Gemini’s primary lender.

Genesis owes $900 million to Gemini’s Earn users. Gemini was also forced to pause withdrawals related to Gemini Earn following the decision of Genesis, which is owned by crypto juggernaut Digital Currency Group.

For several weeks the two companies have been trying to solve the problem, but apparently things are not moving forward. So said Cameron Winklevoss in an open letter to Barry Silbert, the founder and CEO of DCG.

Silbert told investors, last November, that DCG received a $575 million loan from Genesis that is due in May. He also said there’s a $1.1 billion promissory note due in June 2032 tied to the collapse of hedge fund Three Arrows Capital, or 3AC.

He asserted that the loans were “always structured on an arm’s length basis and priced at prevailing market interest rates.”

Besides DCG and Genesis, Silbert also controls Grayscale Investments, a digital asset management company that runs a Bitcoin Trust. DCG is also the parent company of Foundry Digital, a crypto mining service provider, and Luno, a London-based cryptocurrency exchange.

Finally, DCG also owns the crypto news site CoinDesk, which had published the article that caused suspicion around FTX.

Define ‘World Domination’ on SLictionary for a $500 prize

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January 9, 2023

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Define ‘World Domination’ on SLictionary for a $500 prize

What does the term “World Domination” mean to you? Popularity? Military conquest? A large social media following? Mass fame? Or something else entirely? If you think you have an original definition for World Domination, here’s your chance to dominate the SLictionary Word Bounty polls and earn yourself $500 for the trouble. But get in quick because the contest ends this Saturday night.

Go straight to the contest by clicking here.

“Word Bounties” are regular contests by creative word definitions and the dictionary app SLictionary. It’s a great Bitcoin app because anyone can use it anywhere in the world. You don’t have to have any knowledge of Bitcoin, finance, or alt-finance to join in. As founder and CEO Jack Pitts said, “even your nonagenarian Grandma can onboard herself to Bitcoin (if she’s any good).”

Why is this particular contest special? Well, the record-setting prize money for starters of the World Domination contest is $504.40, sponsored by nChain CEO Christen Ager-Hanssen. There are many others up for grabs, too, though the prize is usually between a few cents and $5 (for example, you can create a definition for the term “Christen Ager-Hanssen” itself and win $4).

500$ for the the best definition of:
“WORLD DOMINATION” for #BSV in 2023 here:https://t.co/fUoOZS6N3N
Happy New Year from my friend @EquityDiamonds & me. Winner will be announced within 7days pic.twitter.com/H1htO4Y8Dk
— Christen Ager-Hanssen (@agerhanssen) January 1, 2023

Having wit and originality helps, though SLictionary says all you need is “a faint interest in words and a competitive spirit” to make some money. If you’re reading this far, you probably qualify for that. You don’t have to pay anything to join in, so a good definition could be your first-ever BSV. The most talented definition wins.

“The record-setting World Domination bounty really shows off the power of our own-your-own-data dictionary product,” Pitts says. “Mr. Ager-Hanssen, a newspaper magnate, will have what he’s always wanted: a majority ownership share of a phrase in the English lexicon which can generate him passive cash-flows in perpetuity. He will have cornered the market on World Domination by Monday, LITERALLY ???? … or hell, just put up another $500 for the wink emoji on Word Bounty and corner that market too! It’s possible on the world’s most sporting dictionary!”

Here is my @SLictionary #WordBounty submission for ‘#WorldDomination‘ sponsored by @agerhanssen
Submit your definition or vote on your favorite: https://t.co/k1oTB81G4W pic.twitter.com/vmD1Zwx7CV
— Bryan Daugherty (@BWDaugherty) January 4, 2023

If you’re already a BSV user, you can log in to SLictionary with a HandCash wallet. If you’re not, you can create an account with a regular email address. The app recommends adding an image, audio file, or an original example sentence to make your entry stand out.

Here’s a video showing how to do it:

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Allowing users who aren’t already Bitcoin users is part of SLictionary’s onboarding drive for 2023. Of course, if you win a Word Bounty contest, you’ll need to get your own BSV wallet to collect the prize money, but by then you’ll want to anyway, right?

Keep using SLictionary even after the contest

If you have a new word you’d like to define, you can also create your own bounty and set the prize money (you’ll have to provide that). Maybe there’s a slang word you don’t really get, or maybe you just want to see people get creative with a term that’s already popular.

SLictionary uses Bitcoin’s online micropayment economy concept to earn revenue and payout to users, similar to other BSV social networks like Twetch and LaMint. You can search for existing and already-defined words for a cent or vote on other people’s definitions you like.

“Word Barons” are the people who sponsor Bounties. “WordSmiths” are the creative ones who define words. It’s an educational, fun, and gamified way to play with words and make some money along the way. Or maybe even achieve… world domination.

Watch: A way with words: NFTs with cash flows via SLictionary

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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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United states president joe biden

United states secretary of state antony blinken

Mexican president andres manuel lopez obrador

White house national security advisor jake sullivan

Organization of american states secretary general luis almagro

European union foreign policy chief josep borrell

India prime minister narendra modi

Portugal’s foreign minister joao gomes cravinho

Chilean president gabriel boric

Colombian president gustavo petro

Argentine president alberto fernandez

U.s. house minority leader hakeem jeffries

French president emmanuel macron

United kingdom foreign secretary james cleverly

Venezuelan president nicolas maduro

Uruguay’s foreign ministry

Peru’s foreign ministry

Ecuadorean president guillermo lasso

Bolivian president luis arce

Paraguayan president marito abdo

U.s. representative joaquin castro

European parliament president roberta metsola

Italian prime minister giorgia meloni

Spanish prime minister pedro sanchez

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Relations Between DCG and Genesis

Genesis Providing Loans