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Atlanta Fed Q3 GDPNow 3.0% vs 2.5% prior

Atlanta Fed Q3 GDPNow 3.0% vs 2.5% prior

This one isn’t going to make life easier for the Fed doves.

The Atlanta Fed’s Q3 GDPNow tracker rose to 3.0% today from 2.5%.

After recent releases from the Treasury’s Bureau of the Fiscal Service, the US Census Bureau, the US Bureau of Labor Statistics, and the Federal Reserve Board of Governors, the nowcasts of third-quarter real personal consumption expenditures growth and third-quarter real gross private domestic investment growth increased from 3.5 percent and 1.2 percent, respectively, to 3.7 percent and 3.2 percent, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth increased from -0.40 percentage points to -0.36 percentage points.

The market continues to price in a 63% chance of a 50 bps Fed cut tomorrow.

This article was written by Adam Button at www.forexlive.com.

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FDIC Tightens Grip on Fintech Firms, Proposes Record-Keeping Rules for Banks

FDIC Tightens Grip on Fintech Firms, Proposes Record-Keeping Rules for Banks

The Federal Deposit Insurance Corporation (FDIC) has
proposed a significant rule that compels banks to maintain detailed records
of fintech customers’ data, CNBC reported. This initiative follows the collapse of tech firm
Synapse, which left thousands of users locked out of their accounts, many of
them customers of fintech apps.

Ensuring Customer Protection

The proposal aims to prevent a repeat of this
situation by ensuring banks, rather than fintech companies, keep track of
ownership records and account balances.

The FDIC’s rule primarily targets the type of pooled
accounts often used by fintech apps. In these setups, many customers’ funds are
combined into a single large account, with the fintech provider or a third party responsible for maintaining ledgers of who owns what.

When the records are incomplete or inaccurate,
customers are exposed to significant risks, as seen in the Synapse incident.
For months, affected users have been unable to access their funds, raising
concerns about the safety of these arrangements.

The new rule aims to close this gap by making banks
responsible for maintaining the records of fintech customers, ensuring that in
the event of a failure, it’s clear who owns what. Enhanced record-keeping would
also make it easier for bankruptcy courts to determine payouts in cases like
Synapse.

The FDIC explained that better records would allow
them to pay depositors more quickly in case of a bank failure by meeting the
requirements for “pass-through insurance.”

This would represent a significant shift in
responsibility, shifting the burden of record-keeping from fintechs to their banking partners, who are already FDIC-insured and more closely regulated. If approved, the rule would undergo a 60-day public comment period, during which industry
participants could provide feedback.

Heightened Compliance Measures

In addition to the new record-keeping rule, the FDIC
also issued a statement on its policy toward bank mergers. This new stance
promises to heighten scrutiny, especially for mergers that would result in
banks with assets exceeding $100 billion. Under the Biden administration, bank mergers have
slowed, with critics arguing that consolidation could bolster competition
against industry giants like JPMorgan Chase.

Fintech companies, which often operate in grey regulatory areas, could face increased scrutiny in their relationships with
traditional banks as the FDIC looks to prevent future debacles like Synapse.

As the proposal moves toward a vote by the FDIC board
of governors, fintech firms and their partner banks will likely need to rethink
their data management practices. The rule represents a fundamental shift in how
financial partnerships will operate.

This article was written by Jared Kirui at www.financemagnates.com.

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Mangopay Names Ex-Meta and Square Exec Sergi Herrero as New CEO

Mangopay Names Ex-Meta and Square Exec Sergi Herrero as New CEO

Luxembourg-headquartered Mangopay has appointed Sergi
Herrero as its new CEO. Herrero is a seasoned executive with experience leading payment innovations at Meta, Square, and BNP Paribas. The company mentioned today (Tuesday) that the appointment marks a strategic leadership shift as Mangopay aims to strengthen its operations globally.

Leadership Shift

Previously, Herrero spearheaded payments and commerce
partnerships at Meta, where he launched and scaled the company’s payment
capabilities. With experience at the forefront of fintech giants like Square
and major financial institutions like BNP Paribas, Herrero has a wealth of
knowledge and leadership skills.

His leadership experience extends to VEON, a global
telecommunications company, where he served as Co-CEO. He succeeds Romain
Mazeries, who held the role of CEO for the last six years and played a key part
in Mangopay’s foundational growth. Mazeries will remain on the Board,
continuing to support the company as it transitions into this new phase.

Speaking about his appointment, Sergi
Herrero mentioned: “Mangopay provides transformational payment solutions for platforms internationally. Our offering for this expanding area
of the e-commerce industry is both innovative and highly differentiated. I am
extremely excited by the significant growth opportunities ahead for Mangopay and to join this talented team at such a pivotal point in the company’s
journey.”

“On behalf of the Board, I want to thank Romain
for his leadership over the past six years. The strong foundations that Romain
and his team have put in place have set Mangopay up for long-term growth. We
are extremely grateful for his unwavering commitment and I want to deeply thank
him for his service as CEO.”

Acquisition by Advent International

Mangopay, acquired by Advent International in 2022,
has become a significant player in providing modular payment solutions for
platforms. As the e-commerce landscape continues to evolve, so does the need
for sophisticated payment infrastructures.

With this leadership transition, Mangopay aims to
unlock new opportunities in the platform economy, leveraging Herrero’s
extensive expertise in global payments.

“We are excited for the next phase of Mangopay’s journey, and we believe Sergi’s expertise will accelerate Mangopay’s continued growth and development to become one of the global payments providers powering the platform economy,” Fabio Cali, the Managing Director at Advent International, said.

This article was written by Jared Kirui at www.financemagnates.com.

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Sealana Surges Post-Launch: Experts Eye Potential Solana Ecosystem Impact

Sealana Surges Post-Launch: Experts Eye Potential Solana Ecosystem Impact

In a surprising turn of events, Sealana ($SEAL), the Solana-based meme coin, has exploded onto the cryptocurrency scene, raising over $5 million in its ongoing presale. This unexpected success has caught the attention of both investors and crypto enthusiasts, challenging established players in the market.

Sealana’s clever marketing strategy, featuring a humorous mascot inspired by popular culture, and its multi-chain accessibility have set it apart in a crowded field. As the crypto community buzzes with speculation about Sealana’s potential impact on the Solana ecosystem, many investors are considering it the best cryptocurrency to buy today. Industry experts are closely watching Sealana as it becomes a case study in capturing market attention and challenging norms in the digital asset space.

The Sealana Phenomenon

Sealana’s mascot, a chubby, patriotic American seal, has struck a chord with crypto traders. Inspired by the “Gamer Guy” character from South Park, this overweight seal humorously embodies a relatable narrative of trading cryptocurrencies from his mom’s basement. This quirky branding resonates with a broad range of investors, especially those in the meme coin niche, creating a strong initial buzz around the project.

Presale Success

The Sealana presale has been nothing short of remarkable. Within just a few days of its launch, the project raised over $5 million, showcasing strong investor confidence. The presale offered 1 SOL in exchange for 6,900 $SEAL tokens, pricing each token at approximately $0.02 based on Solana’s current value of around $150. This initial success not only underscores the demand for innovative meme coins but also positions Sealana for a promising future in the meme coin market.

Multi-Chain Accessibility

A key strength of Sealana lies in its multi-chain strategy. While it is primarily based on Solana, Sealana also supports purchases through Ethereum and Binance Smart Chain. This multi-chain accessibility broadens its appeal by attracting a diverse group of investors across different blockchain ecosystems. By tapping into various communities, Sealana increases its potential user base and liquidity, enhancing its growth prospects.

Community Engagement and Growth

Community engagement is a core component of Sealana’s growth strategy. With over 7,000 followers on Twitter and nearly 7,000 members on Telegram, Sealana has built a vibrant and active user base. The project’s rapid community growth is a testament to its effective marketing tactics, which focus on humor, relatability, and active interaction with potential investors. This strong community backing is expected to play a crucial role in the project’s long-term success.

Marketing and Social Media Presence

The Sealana team has skillfully leveraged social media to create buzz and maintain engagement around the project. Through regular, witty, and culturally relevant posts, they keep their community entertained and informed. An endorsement by prominent crypto YouTuber Jacob Bury has further boosted Sealana’s visibility and credibility, drawing more eyes to the project and increasing investor interest.

Riding the Solana Meme Coin Wave

Sealana’s launch coincides with a surge in the popularity of Solana-based meme coins. Recently, meme coins like Dogwifhat and Popcat have experienced gains of over 260% in just two weeks, paving the way for Sealana’s potential success. This rising trend in Solana meme coins underscores the growing interest in community-driven projects within this blockchain, presenting a favorable backdrop for Sealana’s growth.

Staking Rewards and Tokenomics

Sealana has implemented an enticing staking rewards program, offering early holders of $SEAL tokens a generous 307% staking yield. This high yield is designed to encourage long-term holding, reducing selling pressure in the early stages and fostering a more stable market environment. Such attractive tokenomics are vital for sustaining investor interest and driving continued growth.

Price Predictions and Market Potential

Predicting the future of any cryptocurrency is challenging, especially for highly volatile meme coins. However, several factors could drive Sealana’s price higher in the coming years. Analysts predict that $SEAL could reach as high as $0.80 by 2025, representing a significant return on investment for early backers.

Key Factors Driving Sealana’s (SEAL) Price Predictions for 2025

  • Crypto Bull Market: A bullish crypto market in 2025 could positively impact Sealana’s price.
  • Solana Ecosystem Growth: As the Solana blockchain continues to grow, so too could Sealana’s value as a Solana-based token.
  • Community Engagement: The active community around Sealana could drive sustained demand and price appreciation.
  • Marketing and Social Media Strategy: Continued effective marketing could attract new investors.
  • Meme Coin Popularity: The ongoing trend of meme coins could benefit Sealana as investors seek high-potential, community-driven projects.
  • Potential New Features: Speculation about additional features or utility could further enhance its appeal.
  • Market Maturation: As the market matures, stable and credible projects like Sealana may gain more significant traction.
  • Macroeconomic Factors: Meme coins’ resilience during economic downturns could favorably impact Sealana.
  • Exchange Listings: More listings on major exchanges could boost liquidity and accessibility, driving demand.

Analysts’ predictions for Sealana (SEAL) vary widely, reflecting the speculative nature of meme coins. For 2025, forecasts range from conservative estimates of $0.085 to more optimistic projections of $0.8. Some analysts suggest SEAL could reach as high as $3.09 by the end of 2025, while others predict a more modest range between $0.04 and $0.4.

Factors Influencing Sealana’s Future

Sealana’s long-term success will depend on several key elements:

  • Exchange Listings: Securing major exchange listings will enhance accessibility and growth.
  • Market Sentiment: The overall sentiment towards meme coins will impact its trajectory.
  • Utility Development: Future developments in utility could increase its value proposition.
  • Regulatory Environment: Changes in cryptocurrency regulations could affect its future.

Risks and Considerations

As the hype around Sealana and other Solana-based meme coins continues to grow, industry experts are urging caution. The meme coin market, known for its extreme volatility, presents both opportunities and significant risks for investors.

Recent data from CoinGecko shows that meme coins have experienced price fluctuations of up to 1000% in a single day, highlighting the unpredictable nature of these assets. Regulatory concerns also loom large, with several countries considering stricter oversight of meme coins due to their speculative nature.

The Broader Implications for Solana’s Ecosystem

Despite the risks, Sealana’s success could have far-reaching implications for the Solana blockchain. Industry insiders suggest that a successful launch and sustained growth of Sealana could attract more developers and projects to the Solana ecosystem.

Data from DappRadar shows an 87% increase in new projects launched on Solana in the past month alone, coinciding with the rise of Sealana and other meme coins. This influx of new projects could potentially boost the overall value and utility of the Solana network.

However, critics argue that the focus on meme coins might detract from more substantive blockchain applications. While meme coins bring attention, analysts seem to agree that Solana’s ecosystem should develop in a balanced way, supporting both fun projects and serious DeFi applications.

Conclusion

The next few months will be crucial since Sealana transitioned from presale to public trading. Whether it becomes a significant player in the meme coin world or fades away remains uncertain, but it has undoubtedly ignited excitement in the ever-evolving landscape of digital assets.

This article was written by FM Contributors at www.financemagnates.com.

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S&P backs off after trading to a new all time high

S&P backs off after trading to a new all time high

The Dow is still on pace for record high levels today, but the S&P backed off after trading to a new intraday high today.

The old high was at 5669.67 from back on July 16. The high price today extended to 5670.82 before backing off. The current price is trading at 5655.43. That is stil up 22.37 points or 0.39%. The S&P is working on its 7th day in a row higher.

The all time high closing level comes in at 5667.21 also reached on July 16.

Meanwhile the Nasdaq index is leading the major indices with a gain of 0.73%, but it is the small cap Russell 2000 which is the best performer with a gain of 1.76% today.

This article was written by Greg Michalowski at www.forexlive.com.

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iFX EXPO Asia Kicks Off: The Industry Meets Again in Bangkok

iFX EXPO Asia Kicks Off: The Industry Meets Again in Bangkok

The iFX EXPO Asia has made its return to Bangkok, kicking off this morning at the Centara Grand & Bangkok Convention Centre at CentralWorld, located in the heart of the vibrant city. As one of the largest B2B expos in the retail trading industry, the event spans over two days and attracts a wide range of attendees, including regulators, C-level executives, marketers, company representatives, and traders.

This year’s expo provides an excellent opportunity for industry players to network, strengthen relationships with existing clients, and generate new leads from potential partners. The event covers the broader financial services industry, with a particular focus on retail trading, payments, and cryptocurrencies. Attendees will have the chance to explore new products and services showcased by various companies in booths spread across the exhibition floor.

The expo promises a dynamic experience, with exciting lineups, insightful discussions, and valuable networking moments throughout the event.

Moments from iFX EXPO Asia

Here are some highlighted moments straight from iFX EXPO Asia.

Crypto in Asia

Catch the panel discussing on the topic “Crypto in Asia: The World is Watching,” which is moderated by Jason Fernandes, Co-Founder of AdLunam, and participated by Kamalika Poddar, Founding member – Data & Product at LXME, Su Lyn Siria Ng, Binance Link at Binance, Andrew Matushkin, Head of Global Business Development at B2Broker, and S B Seker, Senior Vice President at Crypto.com.

If you are at iFX EXPO Asia, catch up with the Finance Magnates team at booth #42.

This article was written by Finance Magnates Staff at www.financemagnates.com.

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WSJ: JPMorgan in talks with Apple for credit card business

WSJ: JPMorgan in talks with Apple for credit card business

The WSJ is reporting that JPM is in talks with Apple to take over credit card business from Golman.

  • The program has over 12 million users and roughly $17 billion in outstanding balances.

  • Apple has been seeking a new issuer after deciding to part ways with Goldman Sachs, the current issuer, last year.

  • JPMorgan is seeking concessions from Apple, including paying less than the full face value of the outstanding balances and changing the billing structure of the card program.

  • Apple has signaled that it is open to making changes to the billing structure, which could help to alleviate customer-service issues and regulatory scrutiny.

  • A deal between JPMorgan and Apple would further tie together America’s biggest bank and one of the largest technology companies in the world, potentially expanding Apple’s financial services offerings.

  • Apple’s credit-card program has been successful, with over 12 million users and a strong brand reputation, making it an attractive asset for JPMorgan to acquire.

  • The deal could also help Apple to expand its reach in the financial services sector, potentially leading to new partnerships and offerings.

Overall, Apple’s potential deal with JPMorgan Chase could be a win for the company, as it would allow Apple to maintain its credit-card program and potentially expand its financial services offerings, while also providing a new partner to help manage the program’s risks and regulatory challenges.

Apple shares are trading down $-0.31 or -0.15% at $216.01. The low price today reached $214.50. The high price extended to $216.90. The recent decline has been off of the expectations for sluggish demand for the new iPhone due to AI software not being ready for the new phone. Nevertheless, dictations still remain strong that once things kick in, it will give consumers a reason to upgrade.

Looking at the hourly chart, the price gapped lower after the sluggish demand reports over the weekend. That made the high price from Friday look foreshadowing. The price high stalled right at the 100 hour moving average (blue line on the chart below).. That is the bearish news. The not so bearish is the low price yesterday and today stalled right at the 50% midpoint of the move up from the August low. So the buyers are staying play above that level. However, the price will need to get back above the 50-hour MA, the 200 hour MA and the 100-hour MA between $220.14 up to $222.96 to give the buyers more control in the short term.

This article was written by Greg Michalowski at www.forexlive.com.

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