OKX Exchange Shuts Down Services Nigeria 😲

Good morning. It's Thursday, Jul. 18, and we're covering, Nokia's Q2 Profit Drops 32%, Anthropic And Menlo Ventures Unveil $100M Fund For AI Startup, Israeli Forces Hit Areas In Central Gaza, And A Tank Raid In Rafah, 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 $2.37 Trillion, a 1.23% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $76.05B, which makes a 19.70% decrease.

• The total volume in Defi is currently $6.67B,6.14% of the total crypto market 24-hours.

• The volume of all stablecoins is now $70.28B, which is 92.41% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.94%, an increase of 0.04%over the day.

Toncoin (TON) Introduces Bitcoin Integration With TON Teleport BTC

The Open Network (TON) Foundation, which manages the Telegram-based blockchain network TON, has announced the upcoming launch of TON Teleport BTC, a new infrastructure designed to increase the use of Bitcoin on its platform. ( Read Deeper )

BUSINESS & FINANCE

Nokia's Q2 Profit Drops 32% Amid Sluggish 5G Equipment Demand

Nokia reported a 32% decline in operating profit for Q2 due to weak demand for 5G telecom equipment. The Finnish company’s comparable operating profit dropped to 423 million euros ($462.38 million), down from 619 million euros the previous year. Both Nokia and Ericsson have experienced reduced customer purchases of telecom equipment.

Takeaway: CEO Pekka Lundmark cited ongoing market weakness and an 18% year-on-year decline in net sales in constant currency. However, he expressed optimism for improved sales in the second half of the year, driven by increased order intake in Nokia’s Networks division. ( Read Deeper )

OKX Exchange Shuts Down Services Nigeria Due To Regulatory Concerns

OKX, a prominent crypto exchange, announced its exit from Nigeria, citing regulatory changes. Nigerian users received notifications on July 17, with a deadline of August 16, 2024, to access the platform's features. This decision follows the Nigerian government's crackdown on crypto exchanges, including allegations against Binance for currency manipulation and money laundering. Binance had already ceased Naira services and faced demands from Nigeria’s EFCC to disclose user information.

Why It Matters: This announcement follows several months of winding down services in Nigeria. OKX had already suspended Naira withdrawals in May 2024, citing regulatory concerns. The Nigerian government’s crackdown included blocking access to major centralized exchanges. In response, Binance ceased Naira services in Nigeria and provided users a short window to withdraw funds or convert them to dollar-denominated stablecoins. ( Read Deeper )

TECHNOLOGY & SCIENCE

Anthropic And Menlo Ventures Unveil $100M Fund For AI Startup

AI research lab Anthropic and venture capital firm Menlo Ventures have announced the launch of the $100 million Anthology Fund, designed to invest in early-stage AI startups. The fund will target pre-seed, seed, and Series A companies developing AI applications across various sectors, including healthcare, education, and scientific research. Startups will gain access to Anthropic's AI models and Menlo's venture support. The fund aims to accelerate the development of innovative AI applications and is now open for applications from AI startups worldwide, with a preference for U.S.-based companies.

Takeaway: The fund's name, "Anthology," reflects its goal of bringing together diverse AI innovators to create something extraordinary. Startups backed by the Anthology Fund will gain access to Anthropic's advanced AI models, including $25,000 in free credits, Menlo's venture support, and an extensive network of industry connections. ( Read Deeper )

SpaceX To Deorbit The International Space Station

SpaceX has secured an $843 million contract from NASA to develop the U.S. Deorbit Vehicle (USDV), which will safely deorbit the International Space Station (ISS) at the end of the decade. This spacecraft, an advanced version of the current Dragon capsule, will integrate both existing and new technologies to perform the mission. The USDV will execute critical burns to guide the ISS on a controlled descent, launching 18 months before the planned burns and docking to the station. Unlike previous contracts, NASA will handle the USDV's launch and operation. The ISS is expected to splash down in an uninhabited ocean area in 2031, following its deorbit in 2030.

Why It Matters: NASA chose SpaceX over Northrop Grumman due to SpaceX's use of flight-proven hardware, enhancing reliability. Approximately half of the USDV will incorporate Dragon architecture, with the rest being new developments. The deorbit functionality will be entirely new. The rocket procurement process will begin three years before the anticipated launch in 2030, with the ISS expected to splash down the following year. ( Read Deeper )

AROUND DE WORLD & POLITICS

Israeli Forces Hit Areas In Central Gaza And A Tank Raid In Rafah

Israeli forces conducted airstrikes in central Gaza and a tank raid in Rafah, killing at least nine Palestinians and wounding 198 others in the past 24 hours, Israeli strikes have killed 81 Palestinians and injured 198 others. Israeli tanks advanced briefly into the northern part of Rafah, a tactic used to disrupt militant operations before pulling back. This raid resulted in two deaths and the elimination of what the Israeli military described as a terrorist cell and a rocket launcher.

Takeaway: Israeli Defence Minister Yoav Gallant stated significant progress in the military campaign, claiming half of Hamas' military leadership has been eliminated and around 14,000 fighters have been killed or captured. The conflict, now in its ninth month, has seen over 38,000 Palestinian deaths according to Gaza health authorities, while Israel reports 326 of its soldiers killed. ( Read Deeper )

Ethereum Co-Founder Urges Caution In Voting Only Pro-Crypto

Ethereum co-founder Vitalik Buterin warned against voting for political candidates solely based on their "pro-crypto" stance. This caution comes as Donald Trump positions himself as a pro-crypto candidate for president, supported by venture capitalists Marc Andreessen and Ben Horowitz of Andreessen Horowitz (a16z), who announced donations to political action committees backing Trump's campaign. Buterin emphasized the complexities of politics beyond simple crypto support, highlighting that even authoritarian regimes, like Russia, have expressed openness to crypto.

Takeaway: Marc Andreessen and Ben Horowitz criticized the Biden administration, particularly the SEC and FDIC, for allegedly stifling crypto innovation through lawsuits against their companies. Their firm, a16z, is a major contributor to Fairshake, a super PAC backed by top crypto companies, which has raised substantial funds for the current election cycle. Buterin's post, while not naming specific political figures, criticized the trend of supporting candidates just for their crypto-friendliness, which he argues could lead to misguided incentives in politics. ( Read Deeper )

ENTERTAINMENT & SPORTS

Argentina Faces Backlash Over Copa America Victory Celebration

Argentina's recent triumph in the Copa America has been marred by controversy following a celebratory incident involving alleged racist chants, prompting global condemnation and internal repercussions. Midfielder Enzo Fernandez of Chelsea FC faces disciplinary action after posting a video featuring what the French Football Federation described as "racist and discriminatory language." The incident occurred during celebrations following Argentina's 1-0 victory over Colombia in the Copa America final. ( Read Deeper )

The 2024 Emmy Nominations: Complete List

The 2024 Emmy nominations were unveiled on July 17 at a live ceremony streamed on Emmys.com/nominations. Presented by Tony Hale, Sheryl Lee Ralph, and academy chair Cris Abrego, the nominations mark the 76th anniversary of the Emmy Awards. From its humble beginnings at the Hollywood Athletic Club with five awards, the Emmys have grown into a premier event honoring excellence in television. This year’s nominations highlight the diverse talents behind nearly 600 original scripted series, celebrating the contributions of writers, performers, and television professionals from the past year. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• In the world of marketing, successful strategies often emerge from unexpected places. Jingles, Candy Crush, and betting sites offer unique insights into effective marketing techniques ( Listen )

EXTRA BREVITI

• Trump VP pick Vance vows to fight for 'forgotten' Americans ( Read More )

• Hundreds of Disneyland Resort employees in Anaheim, California, rallied on July 17, 2024, demanding better wages and protesting alleged anti-union practices by Disney.( Read More )