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Bitcoin Loses $33.19bn, Slips To $35,000 As Russia Invades Ukraine

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Bitcoin, the world’s largest cryptocurrency, has lost $33.19 billion in market capitalisation as its trading price slipped to $35,000 in the wake of Russia’s invasion of Ukraine.

News of Russia’s ‘special military operation’ in Ukraine has sent the crypto market spiralling down, tumbling along with traditional markets.

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On Wednesday, BTC had a market cap of $707.39 billion and closed trading at $37,296.57. However, as of 3:04pm on Thursday, BTC’s market cap had fallen to $674.19 billion and was trading at $35,549.04.

Reacting to the tumble in the market, Chief Executive Officer, FTX, Sam Bankman-Fried, said, “So there are arguments both ways for what should be happening to BTC right now.

I’m not really sure I would have guessed it would go down based on the fundamentals. But it is down, a lot! Why?”

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He added that the Ukraine saga would have financial consequences for European Union neighbours’ financial robustness.

He said, “It makes sense that stocks are down. War is generally bad. What should BTC be doing here? Well, on the one hand, if the world gets shittier, people have less free cash. Basically, selling BTC — along with stocks, etc. — to pay for war.”

READ ALSO: JUST IN: Ukraine’s Airbases, Air Defences Destroyed -Russia

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Prior to this, traditional financial markets along with crypto markets have been sliding for the past week, although Thursday’s slide has been rapid.

Russia’s invasion has led to a $500 billion crypto market sell-off according to CoinTelegraph, with a majority of the cryptocurrencies losing crucial support as a result of a three-month low.

Crypto’s market cap has witnessed a 10 per cent decline during early morning Asian trading hours, falling below $1.5 trillion.

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S’Africa Offers US New Trade Deal To Avoid 30% Tariff

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South Africa will offer a “generous” new trade deal to the United States to avoid 30 percent tariffs, ministers said Tuesday.

Washington on Friday slapped the huge tariff on some South African exports, the highest in sub-Saharan Africa, despite efforts by Pretoria to negotiate a better arrangement to avoid massive job losses.

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The ministers did not release details of the new offer but said previously discussed measures to increase imports of US poultry, blueberries, and pork had been finalised.

“When the document is eventually made public, I think you would see it as a very broad, generous and ambitious offer to the United States on trade,” Agriculture Minister John Steenhuisen said at a press briefing.

READ ALSO:Ogun Govt Seals Gbenga Daniel’s House, Hotel

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Officials have said the 30 per cent tariff could cost the economy around 30,000 jobs.

Our goal is to demonstrate that South African exports do not pose a threat to US industries and that our trade relationship is, in fact, complementary,” Trade Minister Parks Tau said.

The United States is South Africa’s third-largest trading partner after the European Union and China.

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However, South African exports account for only 0.25 per cent of total US imports and are “therefore not a threat to US production”, Tau said.

READ ALSO:NDLEA Arrests 46 Suspects, Seizes 40,000 KG Of Drugs

Steenhuisen said US diplomats raised issues related to South African domestic policies, which was a “surprise given the fact we thought we were in a trade negotiation”.

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The two nations are at odds over a range of policies.

US President Donald Trump has criticised land and employment laws meant to redress racial inequalities that linger 30 years after the end of apartheid.

Things like expropriation without compensation, things like some of the race laws in the country, are issues that they regard as barriers now to doing trade with South Africa,” he told AFP on the sidelines of the briefing.

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“I think we’re seeing some form of a new era now where trade and tariffs are being used to deal with other issues, outside of what would generally be trade concerns,” Steenhuisen said.

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Over 600 Pilgrims Hospitalised After Chlorine Gas Leaked In Iraq

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More than 600 pilgrims in Iraq were briefly hospitalised with respiratory problems after inhaling chlorine as the result of a leak at a water treatment station, authorities said on Sunday.

The incident took place overnight on the route between the two Shiite holy cities of Najaf and Karbala, located in the centre and south of Iraq, respectively.

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This year, several million Shiite Muslim pilgrims are expected to make their way to Karbala, which houses the shrines of the revered Imam Hussein and his brother Abbas.

READ ALSO:10 Bodies, Flight Recorders Recovered At Wagner Boss Prigozhin’s Jet Crash Site

There, they will mark the Arbaeen — the 40-day period of mourning during which Shiites commemorate the death of Hussein, grandson of the Prophet Mohammed.

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In a brief statement, Iraq’s health ministry said, “621 cases of asphyxia have been recorded following a chlorine gas leak in Karbala”.

All have received the necessary care and left the hospital in good health,” it said.

READ ALSO:Fire Guts Nigerian Pilgrims’ Hotel In Makkah

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Security forces charged with protecting pilgrims, meanwhile, said the incident had been caused by “a chlorine leak from a water station on the Karbala-Najaf road”.

Much of Iraq’s infrastructure is in disrepair due to decades of conflict and corruption, with adherence to safety standards often lax.

In July, a massive fire at a shopping mall in the eastern city of Kut killed more than 60 people, many of whom suffocated in the toilets, according to authorities.

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PHOTOS: US Soldier Searching For Her Nigerian Father

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Old photos of Zainab James Parents, Lateef Quadri and Claudine James. Credit: Facebook

A US soldier, Zainab James, has launched a public search for her Nigerian father, identified as Lateef Quadri

The 31-year-old took to Facebook on Sunday to share old photographs of her father and her late mother, Claudine James, including one where Claudine was pregnant with her.

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According to Zainab, her mother became pregnant in 1993, and she was born in 1994. Sadly, she lost her mother.

Old photos of Zainab James Parents, Lateef Quadri and Claudine James. Credit: Facebook

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In her post, Zainab wrote, “Update: Mother’s name : Claudine James, born Decenber 9, 1969 in Montego Bay, Jamaica (deceased) , Hey All! A real shot in the dark but why not! My mom(pictured) got pregnant with me in 1993 ( I was born 1994) while living in Brooklyn New York. I’m looking for my father or any of his family. All I know is he was Nigerian, possibly named Lateef Quadri or something like that. They didn’t have a long term relationship as he wasn’t present at my birth but he did choose my name. No one in my family met him either. Apparently she was friends with his sister who worked in a jewelry store with her.”

Old photos of Zainab James Parents, Lateef Quadri and Claudine James. Credit: Facebook

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