Phantom Auto Shuts Down 📉

Good morning. It's Wednesday, Mar. 13, and we're covering, Arm Holdings Faces Increased Trading Activity as IPO Lock-up Period Expires, Phantom Auto Shuts Down, Interswitch Ventures into Telecom Sector with MVNO Licence from NCC, US Approves $300 Million Military Aid Package 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 $2.76 Trillion, a 1.44% in the last 24 hours.

• The total crypto market volume over the last 24 hours is $159.32B, which makes a 1.86% decrease.

• The total volume in Defi is currently $15.47B, 9.71% of the total crypto market 24 hours.

• The volume of all stablecoins is now $146.27B, which is 91.81% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.00%, a decrease of 0.21% over the day.

Record-Breaking Inflows Propel Bitcoin ETFs to New Heights

Bitcoin exchange-traded funds (ETFs) in the United States experienced unprecedented net inflows exceeding $1 billion on March 12. ( Read Deeper )

BUSINESS & FINANCE

Arm Holdings Faces Increased Trading Activity as IPO Lock-up Period Expires

Arm Holdings, the British chip designer backed by Softbank Group, is poised for heightened trading activity as the expiration of its initial public offering (IPO) lock-up period approaches. With expectations of increased supply hitting the market, investors are closely monitoring the potential impact on Arm's share price dynamics.

Why it matters: The end of the lock-up period allows a larger portion of Arm's outstanding shares to become available for trading. This increased supply could lead to heightened trading activity and liquidity in the market, impacting the stock's price dynamics. ( Read Deeper )

Oracle Shares Surge Nearly 12% to Record High After Beating Analyst Expectations

Oracle Corporation's stock experienced a remarkable surge on Tuesday, climbing almost 12% to close at a record high of $127.54. This surge followed the company's release of fiscal third-quarter earnings that surpassed analysts' expectations. The previous high of $126.71 was set in September 2023, marking this surge as a significant milestone for the company. This substantial increase also represented the stock's largest gain since December 2021.

Takeaway: The substantial increase in Oracle's stock price reflects investor confidence in the company's ability to deliver strong financial results and drive growth. The record-high closing price signals optimism about Oracle's prospects among investors and analysts alike. ( Read Deeper )

TECHNOLOGY & SCIENCE

Phantom Auto Shuts Down Due To Funding Challenges in Autonomous Vehicle Sector

Phantom Auto, a pioneering remote driving startup, has announced its closure after seven years of operations due to a failure to secure additional funding. The company, which developed a teleoperation platform enabling remote drivers to operate vehicles from a distance, struggled to sustain operations due to the challenging market conditions and insufficient funding.

Takeaway: The shutdown of Phantom Auto serves as a cautionary tale for startups in the autonomous vehicle sector, highlighting the uncertainties and complexities inherent in developing and commercializing cutting-edge technology. ( Read Deeper )

Interswitch Ventures into Telecom Sector with MVNO Licence from NCC

Interswitch, a leading fintech company in Nigeria, is poised to make its mark in the telecommunications sector after securing a Tier 5 MVNO (Mobile Virtual Network Operator) licence from the Nigeria Communications Commission (NCC) in May 2023. The acquisition, valued at ₦500 million ($1.08 million), paves the way for Interswitch to offer affordable 4G or 5G services to Nigerians and extend telecommunication services to underserved rural areas.

Why it matters: Despite recent challenges highlighted in an NCC report, including a slight dip in broadband penetration, Interswitch remains optimistic about the opportunities presented by its entry into the telecom sector. ( Read Deeper )

AROUND DE WORLD & POLITICS

US Approves $300 Million Military Aid Package for Ukraine

The United States has announced a new military aid package for Ukraine worth $300 million, marking the first such move in months of ongoing conflict in the region. President Joe Biden's administration confirmed the decision on Tuesday, despite facing opposition from Republican leaders in Congress who have blocked additional funding for Kyiv.

Why it matters: The conflict in Ukraine has resulted in significant humanitarian consequences, including displacement, loss of life, and destruction of infrastructure. Military aid can help Ukraine defend itself and potentially mitigate the humanitarian impact of the conflict by deterring further aggression. ( Read Deeper )

Haiti's Prime Minister Ariel Henry Resigns

Haiti's Prime Minister Ariel Henry has announced his resignation amidst a backdrop of intensifying violence and political turmoil in the country. This decision follows mounting pressure and a regional meeting in Jamaica to discuss a transition of power. Mr. Henry, currently stranded in Puerto Rico due to armed gangs preventing his return, stated that his government would step down following the establishment of a transition council.

Takeaway: Henry's departure, prompted by pressure from armed gangs and regional leaders, offers a potential opportunity for a transition of power through the establishment of a transitional council. ( Read More )

ENTERTAINMENT & SPORTS

Raya Saves the Day as Arsenal Advance to Champions League Quarter-Finals

In a thrilling encounter at the Emirates Stadium, David Raya emerged as the hero for Arsenal as they secured a spot in the Champions League quarter-finals for the first time since 2010. Facing Porto in the last 16, Arsenal prevailed 4-2 on penalties after the tie ended 1-1 on aggregate. Raya's heroics in the penalty shootout, where he made crucial saves against Wendell and Galeno, propelled Arsenal past the two-time champions and sent the home crowd into delirium. ( Read Deeper )

Beyoncé Unveils Surprise Album 'Act II: Cowboy Carter'

Beyoncé continues to captivate the music world with her latest surprise announcement: her upcoming album will be titled 'Act II: Cowboy Carter.' The news was revealed on Beyoncé's official website, accompanied by details about limited edition CD, vinyl, and box set releases. Fans can mark their calendars for the album's release on March 29. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Elon Musk Sues OpenAI, Apple's Decline, TikTok Ban, Bitcoin Hits $100K, and Science Corner: Microplastics ( Listen )

EXTRA BREVITI

• In the ongoing saga of commercial aviation, Airbus has widened its lead over Boeing in terms of aircraft deliveries as Boeing continues to grapple with the deepening crisis surrounding its 737 Max jets. ( Read More )

• Samsung Electronics is reportedly set to embrace chip-making technology favored by its rival SK Hynix. ( Read More )

• former President Donald Trump has secured the necessary delegates to secure the GOP nomination for the upcoming presidential race, as projected by the Associated Press (AP). ( Read More )