Biden Drops Out Of 2024 Presidential Race

Good morning. It's Monday, Jul. 22, and we're covering, Vodafone Sells Additional 10% Stake In Vantage Towers, WazirX Suspended Trading After $230 Million Loss, Bangladesh Top Court Scraps Job Quotas, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.34 Trillion, a 1.36% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $70.29B, which makes a 5.03% decrease.

• The total volume in Defi is currently $4.17B, 5.93% of the total crypto market 24-hours.

• The volume of all stablecoins is now $64.57B, which is 91.87% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.89%, an increase of 0.07% over the day.

Bitcoin Surges Past $68,000 Amid Positive ETF Flows

Bitcoin has experienced a notable rebound, breaking through the $68,000 mark during Sunday night trading. The cryptocurrency's rise has been driven by sustained positive performance from U.S. bitcoin exchange-traded funds (ETFs) and other influential market factors. (Read Deeper)

BUSINESS & FINANCE

Vodafone Sells Additional 10% Stake In Vantage Towers For €1.3 Billion

Vodafone Group PLC has announced the sale of a further 10% stake in its European mobile phone mast company, Vantage Towers, for €1.3 billion ($1.4 billion). This transaction reduces Vodafone’s ownership in Vantage Towers to its planned level under its agreement with infrastructure investors. Vodafone stated that the proceeds from this sale will be used to reduce its net debt, achieving a reduction of 0.1x. This aligns with the company's goal of maintaining its leverage ratio within the lower half of its 2.25x to 2.75x range.

Why It Matters: Vodafone has now generated a total of €6.6 billion from the Vantage Towers stake sales. Oak Holdings, the joint venture that co-controls Vantage Towers, acquired the 10% stake. Post-transaction, Oak Holdings holds 89.3% of Vantage Towers, while Vodafone’s remaining stake is approximately 44.7%. The move was part of Vodafone’s strategy to raise capital to alleviate its debt burden. (Read Deeper)

Dangote Offers To Sell Refinery To NNPC Amid Monopoly Allegations

Aliko Dangote, President of Dangote Group, has proposed selling the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL) in a bid to address ongoing accusations of monopolistic practices in the Nigerian oil sector. Dangote expressed his readiness to divest from the refinery, citing that such a move would help dispel claims of market dominance that have been directed at him. He stated that if NNPCL assumes ownership, the monopoly allegations would be effectively resolved.

Takeaway: The offer follows comments from Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Ahmed alleged that the Dangote Refinery had requested the suspension of import licenses to ensure it became the sole fuel supplier in Nigeria, raising concerns about energy security and market fairness. (Read Deeper)

TECHNOLOGY & SCIENCE

WazirX Suspended Trading After $230 Million Loss

WazirX, one of India's largest cryptocurrency exchanges, has temporarily suspended all trading activities following a security breach that resulted in the loss of approximately $230 million, nearly half of its reserves. The exchange announced the suspension in a tweet on Sunday evening, citing a cyber-attack that severely compromised its ability to maintain the essential 1:1 collateral ratio with assets. This incident has raised further concerns about the sufficiency of WazirX's reserves and its capacity to fully reimburse its customers.

Why It Matters: The security breach led WazirX to halt customer withdrawals earlier this week after an attacker accessed one of the exchange’s multi-signature wallets, which contained crypto assets valued at hundreds of millions of dollars. The loss of $230 million is a substantial blow to WazirX, which had reported holdings of approximately $500 million in its June proof-of-reserves disclosure. The exchange has described the security breach as "a force majeure event." (Read Deeper)

CrowdStrike Update Causes Global Outage

A routine update to CrowdStrike’s widely used cybersecurity software, Falcon sensor, caused computer systems worldwide to crash on Friday. Security experts suggest that the update did not undergo adequate quality checks before deployment, leading to one of the most extensive tech outages in recent years for systems using Microsoft Windows. The update, intended to bolster security by updating threat defenses, contained faulty code that led to widespread disruptions affecting global banks, airlines, hospitals, and government offices.

Takeaway: Patrick Wardle, a security researcher specializing in operating system threats, identified the problematic code as being in a file containing either configuration information or signatures. These signatures are crucial for detecting specific types of malware. Although CrowdStrike has provided information to address the affected systems, experts say the recovery process will be time-consuming, requiring manual removal of the flawed code. (Read Deeper)

AROUND DE WORLD & POLITICS

Biden Drops Out Of 2024 Presidential Race, Endorses Kamala Harris

President Joe Biden announced on Sunday that he will not seek re-election in 2024, endorsing Vice President Kamala Harris for the Democratic nomination. Biden cited the best interests of his party and country for his decision, stating his commitment to fulfilling his current duties. Shortly after Biden's announcement, he expressed his support for Harris, who responded with gratitude and a pledge to unite the Democratic Party and defeat Donald Trump in the upcoming election. Harris has actively engaged with Americans nationwide and emphasized her dedication to continuing her campaign efforts.

Takeaway: Former President Donald Trump, the Republican presidential nominee, reacted to Biden's withdrawal by suggesting Harris would be easier to defeat. Trump, who has yet to commit to debating Harris, indicated that Biden's decision was a shock and alleged that Biden was pressured out of the race by his party. Biden's withdrawal follows concerns about his debate performance and overall fitness to serve another term. Democratic leaders have urged him to step aside. (Read Deeper)

Bangladesh Top Court Scraps Job Quotas

In the wake of violent clashes that have claimed over 100 lives, Bangladesh's top court has abolished most of the quotas on government jobs that had ignited nationwide unrest. The court's decision reduces the allocation for veterans' relatives from one-third of public sector jobs to just 5%. Law Minister Anisul Huq confirmed the government will implement this ruling within days, though some student leaders vowed to continue protesting until their broader demands are met.

Takeaway: The unrest has led to a heavily armed police presence in Dhaka, a curfew, and sporadic clashes, with reports of police brutality and arrests. Protesters demand justice for those killed, the release of detained leaders restored internet services, and resignations of government ministers. The quota system was scrapped in 2018 and reinstated by a lower court last month, leading to the current turmoil. (Read Deeper)

ENTERTAINMENT & SPORTS

Xander Schauffele's Major Breakthrough: Dominance On Golf's Biggest Stages

Xander Schauffele's golf career has reached a new pinnacle in 2024, with the American star now holding two major championships within a single season. This remarkable achievement came to fruition on Sunday as Schauffele clinched the British Open at Royal Troon Golf Club. The win at the British Open, where Schauffele secured a two-shot victory and a record $3.1 million prize, solidifies his claim for Player of the Year honors. "It's a dream come true to win two majors in one year," Schauffele remarked after lifting the iconic Claret Jug. "It took me forever just to win one, and to have two now is something else." (Read Deeper)

Jennifer Lopez And Ben Affleck’s Relationship Hits A Rough Patch

As Jennifer Lopez and Ben Affleck marked their second wedding anniversary this July, rumors about their relationship have surfaced, with sources revealing that the couple is not planning to reconcile. Despite their separation, Lopez and Affleck's children from previous relationships remain close. Lopez has been supportive of Affleck’s kids, who reportedly enjoyed their time with her. Affleck shares three children—Violet, Seraphina, and Sam—with ex-wife Jennifer Garner, while Lopez has twins, Max and Emme, with her former husband, Marc Anthony. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Are you sleeping on Facebook while getting caught up in the whirlwind of newer social media platforms like Instagram, TikTok, and LinkedIn? ( Listen )

EXTRA BREVITI

• Autonomous AI workers that talk to each other will arrive in 2025, Capgemini predicts. ( Read More )

• Expectation vs. Reality: At this point, I should be earning at least ₦400k from tech, not ₦150k. ( Read More )

• Mt. Gox wallet transfers a small amount of Bitcoin to Bitstamp ( Read More )