Connect with us
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
previous arrow
next arrow

Business News

Investor excitement surrounding Bitcoin is resurging as the quadrennial ‘halving’ approaches

Published

on

Bitcoin surged to $US50,000 on Monday for the first time in two years
Advertisements
MadeComfy

Investor excitement surrounding Bitcoin is resurging as the quadrennial ‘halving’ approaches

 

Bitcoin surged to $US50,000 on Monday for the first time in two years, spurred by a wave of new investor enthusiasm and mounting anticipation surrounding an enigmatic event known as “the halving.”

Although Bitcoin retreated back into the high 40s on Tuesday, breaking a seven-day streak of gains, it remains significantly below its all-time high of around $US69,000. Nonetheless, Bitcoin has demonstrated an extraordinary resurgence over the past eighteen months, skyrocketing over 200 per cent from its 2022 low of $US16,000.

Several factors are propelling the current Bitcoin fervor, including a surge of capital from investors in newly launched Bitcoin exchange-traded funds (ETFs) and excitement surrounding the halving, a period when the rate of Bitcoin production is halved.

“Now that $US50,000 has been surpassed, $US69,000 followed by $US100,000 seem attainable in 2024 as attention shifts from the ETFs to the imminent halving,” remarked Antoni Trenchev, co-founder of crypto lender Nexo Capital. “This is particularly exhilarating because, if history repeats itself, the next 12 to 18 months will be a whirlwind for crypto.”

The halving, also known as the “halvening,” is a core tenet of the Bitcoin ethos. In essence, the halving is a feature in Bitcoin’s architecture that automatically reduces the pace of new coins entering circulation. It occurs approximately every four years and theoretically drives the price of Bitcoin higher.

To grasp its mechanics, one must understand Bitcoin’s fundamental premise as a decentralised asset — its value is not dictated by a central authority but by a sprawling peer-to-peer network of robust computers that oversee all Bitcoin transactions through a resource-intensive process called mining.

Those operating the networked computers, or miners, are compensated in Bitcoins for their efforts. However, approximately every four years, the number of Bitcoins awarded to a miner (or validator) is halved.

Bitcoin surged to $US50,000 on Monday for the first time in two years

Bitcoin surged to $US50,000 on Monday for the first time in two years

This adjustment serves several purposes. Bitcoin is intentionally finite — only 21 million coins will ever exist — and this scarcity underpins its value proposition, advocates argue. By halving the reward periodically, Bitcoin combats inflation while also incentivising miners. As inflation decreases and Bitcoin becomes scarcer, the theory posits that its price will ascend.

“Each halving has historically spurred bullish price movements,” noted Gareth Rhodes, former deputy superintendent at the New York State Department of Financial Services and managing director at research firm Pacific Street. “This aligns with expectations, as increased demand constraints typically result in price increases.”

In 2020, the reward decreased from 12.5 Bitcoin to 6.25. This year, anticipated in April, it will further diminish from 6.25 to 3.125.

Investors have ample reason to be optimistic, provided they can weather the short-term volatility inherent in crypto markets. In the lead-up to and aftermath of Bitcoin’s inaugural halving in 2012, its price surged by approximately 30,000 per cent, according to Rhodes. Similarly, the 2016 halving yielded an almost 800 per cent increase over two years, while the 2020 event resulted in a 700 per cent gain.

The impending halving is setting the stage for a high-stakes chess match in the markets, according to Henry Robinson, co-founder of Decimal Digital Currency. “Sentiments are bullish, particularly in the long term, but the psychology surrounding such a significant event can fuel significant volatility,” he observed.

“The last month epitomises the crypto experience,” remarked Trenchev. “Investors who purchased Bitcoin ETFs at the recent low of $US38,500 have reaped a 30 per cent profit, whereas those who entered at $US49,000 on January 11 endured a 20 per cent plunge and a trial by fire. Welcome to crypto — it’s not for the faint-hearted.”

It’s crucial to note that the information provided is of a general nature and does not constitute personal financial advice. Individual circumstances, financial situations, and needs must be considered before acting on any information provided.

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo

Business News

Help Shape the Future of Murwillumbah’s CBD: Community Input Needed

Published

on

By

Help Shape the Future of Murwillumbah’s CBD: Community Input Needed
Advertisements
MadeComfy

Help Shape the Future of Murwillumbah’s CBD: Community Input Needed

 

By Robert Heyward

Business Murwillumbah, also known as the Murwillumbah & District Business Chamber, is calling for community involvement to plan the future of the town’s central business district (CBD). With support from Tweed Shire Council, the Chamber has secured a $316,666 grant through the NSW Government’s Community Improvement District (CID) Pilot Program, aimed at revitalising local economies and business hubs across the State.

The program fosters business-led partnerships to enhance local trading environments, encouraging residents to shop, dine, and enjoy activities within their neighbourhoods. The goal is to create vibrant, foot-traffic-friendly spaces that benefit both businesses and the wider community.

Business Murwillumbah Treasurer Phillip Hepburn described this as an exciting opportunity for locals to contribute to the future of the town.

“This CID Pilot project presents an incredible chance for Murwillumbah’s CBD to thrive. It allows us to bring new ideas to life that will benefit the community and local businesses alike,” Hepburn said. “This is about reimagining how we engage with our town centre, both during the day and at night, and building a sustainable future for our CBD.”

Johnny Francos owner Adam Housen, Business Murwillumbah Treasurer Phillip Hepburn and Council’s Business Development Officer Vanessa Rose are excited about plans to activate the Murwillumbah CBD.

With input from local businesses, schools, and community groups, the project will focus on revitalising key areas, including Murwillumbah Street, Proudfoots Lane, and Wollumbin Street. Public feedback is essential for developing a plan that reflects the needs and values of the community.

Tweed Shire Council’s Program Leader for Destination and Industry Development, Nicole Manderson, praised the initiative. “It’s fantastic to see business leaders in Murwillumbah committed to better activating the CBD, and we are working closely to support their efforts,” Manderson said.

Get Involved

Residents can contribute ideas and feedback through a variety of channels:

  • Online Survey: Share your thoughts by completing the survey by Monday, 7 October 2024.
  • Pop-up Stalls: Visit stalls at Sunnyside Mall, Murwillumbah Farmers Market, or Murwillumbah Street between Tuesday, 24 September, and Thursday, 26 September 2024.
  • Free ‘Walkshops’: Dive deeper into the town’s spaces and share improvement ideas during scheduled walkshops on the same dates.

For more information or to participate, visit here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Business News

Australia’s August Unemployment Drops to 9.1% with Part-Time Job Surge

Published

on

By

August Unemployment
Advertisements
MadeComfy

Australia’s August Unemployment Drops to 9.1% with Part-Time Job Surge

 

In August 2024, Australia’s ‘real’ unemployment rate decreased by 1%, dropping to 9.1% of the workforce, following a significant rise in part-time employment. The unemployment count fell by 174,000 to 1,423,000. This reduction was driven by an increase of 136,000 part-time jobs, bringing total part-time employment to 4,901,000, while full-time employment remained steady at 9,387,000.

Overall employment rose by 133,000 to 14,288,000 in August, reflecting growth in part-time jobs. Fewer Australians were looking for both full-time and part-time work, contributing to the decline in unemployment.

Roy Morgan August Unemployment & Under-employment (2019-2024)

Roy Morgan Unemployment & Under-employment (2019-2024)
Source: Roy Morgan Single Source January 2019 – August 2024. Average monthly interviews 5,000.
Note: Roy Morgan unemployment estimates are actual data while the ABS estimates are seasonally adjusted.

Labour Market Trends

Roy Morgan’s unemployment estimates, based on a national survey of Australians aged 14 and above, classified anyone seeking work as unemployed. The ‘real’ unemployment rate is calculated as a percentage of the total workforce, both employed and unemployed.

Despite the improvement in employment figures, the combined unemployment and under-employment rate still stands at 18.6%, affecting 2.92 million Australians. The under-employed, those working part-time but seeking more work, represented 9.5% of the workforce.

Michele Levine, CEO of Roy Morgan, highlighted that the surge in part-time jobs drove the drop in unemployment, while the rapidly growing workforce—up by 377,000 over the past year—has been a key factor in the country’s employment growth.

The ABS comparison puts Roy Morgan’s 9.1% unemployment figure well above the ABS estimate of 4.2% for July. However, when combined with under-employment, the ABS figure reaches a comparable 10.5%.

Roy Morgan August Unemployed and ‘Under-employed’* Estimates

Roy Morgan Unemployed and ‘Under-employed’* Estimates

Impact and Challenges

While the job market has made strides in absorbing the growing workforce, the high level of labour under-utilisation remains a challenge. Addressing the persistent issue of unemployment and under-employment will continue to be a priority for the Australian government.

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Business News

ITECA Releases Its Student-Centric Blueprint For The Next Australian Parliament

Published

on

By

Troy Williams ITECA
Advertisements
MadeComfy

ITECA Releases Its Student-Centric Blueprint For The Next Australian Parliament

 

The Independent Tertiary Education Council Australia (ITECA) has unveiled a policy reform agenda aimed at putting students at the forefront of skills training and higher education in the lead-up to the next federal election. The blueprint, described as student-centric, challenges the current institution-focused policies, which ITECA argues are failing students, businesses, taxpayers, and the nation.

Key Points:

  • Call for Reform: ITECA criticises the current government’s preference for public institutions like TAFE colleges and universities, which they believe creates significant barriers to accessing quality tertiary education. They argue that this approach disproportionately affects students who choose independent Registered Training Organisations (RTOs) or higher education institutions, leaving them without sufficient government support.
  • Student-Centric Focus: The manifesto emphasises the need for reforms that prioritise students’ needs and choices, advocating for a system that allows students to select the provider—whether independent or public—that best aligns with their personal and professional goals.
  • Equity and Access: ITECA’s blueprint calls for eliminating discrimination against students who choose independent RTOs or higher education providers. The organisation believes that government policies should ensure a fair and equitable playing field for all tertiary education providers, supporting students’ informed decisions.
  • Advocacy and Vision: ITECA’s approach is driven by its members, who are committed to advocating for a tertiary education system that better supports students and creates a more balanced and fair educational landscape.

ITECA’s election manifesto is part of their broader vision for a student-focused tertiary education system in Australia.

For more details on the manifesto and ITECA’s policy recommendations, you can visit their website here.

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

NRTimes Online

Advertisement

KC-Farm-Equipment

National News Australia

Facebook

Latest News

Verified by MonsterInsights