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Crypto crashes because of black Friday discount

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Crypto crashes because of black Friday discount
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Crypto crashes because of black Friday discount

Cryptocurrency prices are tanking this morning, with some of the biggest coins recording double-digit percentage drops as the global Black Friday discount shopping event gets underway and fears over a new Covid “variant of concern” spread. The combined crypto market has dropped under $2.5 trillion, down from a peak of around $3 trillion earlier this month.

24-hour crypto market snapshot
Bitcoin (-7%) $53,793
Ethereum (-10%) $3,959
Avalanche (-18%) $103.12
Cro (-19%) $0.6518

The bitcoin price is this morning off by over 7%, with ethereum down by 10%. Bitcoin is quickly falling towards $50,000 while ethereum has edged below the closely-watched $4,000 level. Bitcoin’s price fall comes amid a sharp dip in its hash rate, a measure of the computing power directed at the bitcoin network. Quantum Economic’s Jason Deane spotted the decline.

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Fidelity Leaderboard
Ethereum rivals Binance’s BNB, solana, cardano and polkadot are all down by more than 10% with recent big gainers Crypto.com’s cro and avalanche down by almost 20% since this time yesterday.

Expect a lot of “buy the dip”-style advice from price boosters on Twitter and YouTube today and over the weekend amid claims of a crypto “Black Friday sale.”

Metaverses, the idea that we’ll all soon be living in a virtual world accessed via the likes of social media giant Facebook and VR headsets, could eventually create $1 trillion in annual revenue across the advertising, digital events, e-commerce and hardware industries, research from crypto investment company Grayscale has found.

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It matters because as people’s lives move more online, digital scarcity, smart contracts and online ownership created through bitcoin, other cryptocurrencies, and non-fungible tokens (NFTs) will help form the foundations of the virtual economy. Video games are already embracing tokenization and Facebook’s rebrand under the Meta umbrella has kicked off a wave of interest in how digital assets will fit into the new virtual economy.

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Twitter Yet To Register In Nigeria Despite Lifting Of Ban – ICIR

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Twitter Yet To Register In Nigeria Despite Lifting Of Ban - ICIR
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Twitter Yet To Register In Nigeria Despite Lifting Of Ban – ICIR

The Federal Government announced on Thursday that it had lifted the ban on Twitter, but an investigation has shown that the social media app has not met some of the conditions listed by the Federal Government.

A presidential committee comprising all relevant government agencies that engaged and worked directly with Twitter had given some conditions to the social media platform before the ban could be lifted.

The condition listed by the Federal Government committee that interacted with Twitter included that the platform would open an office in Nigeria, have a country representative, register with the Corporate Affairs Commission (CAC), and get National Broadcasting Commission’s licence.

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Others included: fair tax payment and dealing with sensitive content to national security and cohesion.

Twitter Yet To Register In Nigeria Despite Lifting Of Ban – ICIR

Twitter would also train Nigerian IT personnel and strategic intelligence officers to report abuse and infractions noticed by the government.

All of these conditions, Chairman of the Technical Committee for Nigeria-Twitter Engagement and Director-General National Information Technology Development Agency (NITDA) Kashifu Inuwa Abdullahi Abdullahi, said Twitter had agreed to.

He also said Twitter had agreed to set ‘a legal entity in Nigeria during the first quarter of 2022.’

In addition to setting up a local office or a legal entity in the country, he said Twitter had agreed to appoint a ‘designated country representative’ to hold talks with the Nigerian government when required.

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“Twitter has agreed to comply with applicable tax obligations on its operations under Nigerian law. Twitter has agreed to enrol Nigeria in its Partner Support and Law Enforcement Portals,” the statement read.

Meanwhile, a search on the Corporate Affairs Commission (CAC) website shows that Twitter is not yet registered in Nigeria.

This means the social media app may not have met all the conditions listed by the Nigerian government before the ban was suspended.

THE Federal Government lifted the suspension of Twitter operations in Nigeria in the early hours of Thursday after approval by President Muhammadu Buhari.

Abdullahi made it known in a statement on Wednesday.

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See What Twitter agrees with Nigerian Government

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See What Twitter agrees with Nigerian Government

President Muhammadu Buhari has approved the lifting of the suspension on the Twitter operations in Nigeria.

The lifting, according to a statement signed by Kashifu Inuwa Abdullahi, director-general, National Information Technology Development Agency (NITDA), will be effective from midnight, January 13, 2022.

In June 2021, the government announced the indefinite suspension of Twitter’s operation in Nigeria after the platform deleted tweets made by President Muhammadu Buhari, who had threatened to treat members of the Indigenous People of Biafra (IPOB) in the language they understand.

Three months ago, the president said he had directed that Twitter suspension be lifted — only if the conditions are met to allow citizens to use the platform for positive engagements.

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Some of the conditions include legal registration of operations, taxation, and managing prohibited publications in line with Nigerian laws.

While announcing the lifting of the ban, the government noted that Twitter has agreed to meet the set out conditions.

REGISTRATION OF TWITTER WITH THE CAC

One of the conditions given by the federal government is that the social media giant must register with the Corporate Affairs Commission (CAC) in Nigeria.

The statement added that Twitter has agreed to register with the CAC.

“Twitter has committed to establishing a legal entity in Nigeria during the first quarter of 2022. The legal entity will register with the Corporate Affairs Commission (CAC),” the statement reads.

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“The establishment of the entity is Twitter’s first step in demonstrating its long-term commitment to Nigeria.”

APPOINTMENT OF COUNTRY REP

The government also noted that Twitter would appoint a designated country representative to interface with Nigerian authorities.

The Global Public Policy team is also directly available through a dedicated communication channel.

TWITTER WILL PAY TAX

The statement noted that the micro-blogging platform has agreed to comply with applicable tax obligations on its operations under Nigerian law.

ENROL NIGERIAN OFFICIALS TO MANAGE PROHIBITED CONTENT

The federal government said the company also agreed to enrol Nigeria in its Partner Support and Law Enforcement Portals.

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According to the statement, the portal will provide a direct channel for government officials and Twitter staff to manage prohibited content that violates Twitter community rules.

Additionally, the portal will provide a channel for the law enforcement agencies to submit a report with a legal justification on content that violates Nigerian Laws.

TO PLAY BY NIGERIA RULES AND CULTURE

The government said Twitter also agreed to act with a respectful acknowledgement of Nigerian laws, national culture and history on which such legislation has been built.

The platform will work with the federal government and the broader industry to develop a Code of Conduct in line with global best practices, applicable in almost all developed countries.

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Breaking: FG lifts ban on Twitter

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Breaking: FG lifts ban on Twitter
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Breaking: FG lifts ban on Twitter

The Federal Government of Nigeria has lifted the suspension of Twitter operations in the country, following President Muhammadu Buhari’s approval.

The decision was revealed by the Chairman Technical Committee Nigeria-Twitter Engagement and Director-General National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, CCIE.

In a statement on Wednesday in Abuja, Kashifu noted the approval was given following a memo written to Buhari by his Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim.

He said: “The Federal Government of Nigeria (FGN) directs me to inform the public that President Muhammadu Buhari, GCFR, has approved the lifting of the suspension of Twitter operation in Nigeria effective from 12am tonight, 13th January 2022.

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Breaking: FG lifts ban on Twitter

“The approval was given following a memo written to the President by the Honourable Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim.

“In the Memo, the Minister updated and requested the President’s approval for the lifting based on the Technical Committee Nigeria-Twitter Engagement’s recommendation.”

Twitter operations in Nigeria were suspended in June 2021, days after Buhari’s tweet was deleted.

In November last year, Information Minister Alhaji Lai Mohammed, said correspondence between us and Twitter had reached an advanced stage.
Mohammed noted: “We have a few more issues to resolve. Out of about 12 conditions, Twitter has been able to meet 10.

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“Very soon, all issues will be resolved in a way that will be good for both our country and Twitter.”

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