Closing changes in the major European indexes
- UK FTSE 100 -1.1%
- German DAX – flat
- French CAC -1.2%
- Spain IBEX -1.9%
- Italy MIB -1.51%
- UK FTSE 100 -2.7%
- German DAX -2.3%
- French CAC -2.3%
- Spain IBEX -3.65%
- Italy MIB -2.6%
Virtual currency traders here are halting bitcoin deposits and withdrawals for the second time in recent days ahead of a potential split in trading protocols expected for Tuesday evening local time, fearing unforeseen glitches and instability.
A number of exchanges shut down temporarily early last week on similar concerns. Traders think that a split could cause trading history logs to become unstable or coins to be lost.
The fork in the digital currency’s software would give rise to a second currency called Bitcoin Cash, which would be issued in the same amounts as existing bitcoin. Japan’s traders have said that in the event of a split, they would give customers one unit of Bitcoin Cash for each corresponding unit of bitcoin they held. The currencies’ respective values would be determined through market trading.
Some traders are opting not to give out Bitcoin Cash, including Coinbase in the U.S., Hong Kong’s BitMEX and Europe’s Bitstamp, suggesting the industry may face a split of its own.
On the month:
The story changes when you factor in the strength of the euro. In US dollar terms, all the indexes were safely in positive territory with Italian stocks up 7.7%.
After ralying over 80% in the last month, Bitcoin prices are tumbling (down 25% from record highs to 2-week lows) as cryptocurrencies face uncertainty on three fronts.
As iBankCoin reports, investors are spooked over recent cyberattacks, uncertainty surrounding a Bitcoin platform upgrade, and proposed legislation which adds cryptocurencies a list of reportable assets under existing anti-money laundering laws.
The RBI has trained its guns on a dozen bank accounts that are awash with bad loans for action under insolvency rules that could lead to the liquidation of the companies.
An internal committee of the Reserve Bank of India (RBI) has identified the 12 accounts that would be considered for resolution under Insolvency and Bankruptcy Code (IBC).
These accounts account for around 25 per cent of the gross non-performing assets (NPAs) of the banking system. Bad loans in the banking system are estimated at over Rs 8 lakh crore, meaning the NPAs in the 12 accounts are at over Rs 2 lakh crore.
The RBI had constituted an Internal Advisory Committee (IAC) comprising independent members of its board to advise it on cases that may come under the insolvency code.
This was part of an action plan of the central bank against bad loans under Banking Regulation (Amendment) Ordinance, 2017.
According to the ordinance, the RBI can issue directions to banks to initiate insolvency proceedings against defaulters.
Two weeks ago Bank of America caused a stir when it calculated that central banks (mostly the ECB & BoJ) have bought $1 trillion of financial assets just in the first four months of 2017, which amounts to $3.6 trillion annualized, “the largest CB buying on record.”
You could say he’s cautiously optimistic.
Earlier in the year, the market read the optimism as a sign of potential action to tighten but officials have fought back against that idea, and that’s what helped to cap the euro at 1.09.
“As underlying inflation remains subdued and the path of inflation crucially dependent on the prevailing very favourable financing conditions, we cannot yet have sufficient confidence that a sustained adjustment in inflation will materialize in a durable manner,” he wrote.
It’s a similar line to what he said after the March 9 ECB meeting. The next ECB meeting is April 27.
India’s foreign exchange reserves rose by USD 889.4 million to USD 369.887 billion during the week ended April 14, helped by increase in foreign currency assets, the Reserve Bank said.
They had declined by USD 956.4 million to USD 368.998 billion in the previous reporting week.
The reserves had touched a life-time high of USD 371.99 billion in the week to September 30, 2016.
Foreign currency assets (FCAs), a major component of the overall reserves, surged by USD 881 million to USD 346.248 billion in the reporting week, RBI said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves remained unchanged at USD 19.869 billion, the apex bank said.
The special drawing rights with the International Monetary Fund was up by USD 3.1 million to USD 1.446 billion.
India’s reserve position with the Fund, too, rose by USD 5.3 million to USD 2.323 billion, RBI said.