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SOM Biotech signs licensing agreement with the University of Minnesota – GlobeNewswire

May 16, 2022 | Author: admin

SOM Biotech signs licensing agreement with the University of Minnesota

Barcelona, Spain, 16 May 2022. SOM Biotech (SOM or the Company), a clinical-stage biopharmaceutical company with a proprietary AI-based drug discovery technology and a focus on neurological orphan diseases, today announces that it has signed a licensing agreement with the University of Minnesota.

This license agreement follows the completion of research under a sponsored research agreement (SRA) signed in 2019, in which the University of Minnesota conducted a series of in vitro studies on potential pre-clinical product candidates for Duchenne and Becker muscular dystrophy identified using SOM Biotechs exclusive platform, SOMAIPRO. The work under the SRA resulted in inventions covering nine potential product candidates, which SOM chose to license exclusively from the University of Minnesota. SOM is currently conducting additional preclinical studies at the University of Minnesota to select the best potential candidates to take forward into development for Duchenne and Becker muscular dystrophy. The project was performed with the support of the Duchenne Parent Project Spain.

Ral Insa, Chief Executive Officer of SOM Biotech, said: This agreement with the University of Minnesota, a leading global research university, shows the exceptional value provided by our SOMAIPRO platform and its unique approach to AI-based drug discovery. The research that has already been conducted by the University of Minnesota is very encouraging and we are looking forward to continuing that at SOM Biotech in order to bring innovative potential treatments to patients with high unmet medical needs.

SOM Biotech successfully uses SOMAIPRO to identify drugs effective for the treatment of a specific disease, todiscover new mechanisms of action and new applications for a drug, and topredict the toxicity of the compounds, as well as the molecular scaffolds for compounds active on a given target. Whileother AI-based approaches use methods based on data mining, structural similarity, or the target structure, SOMAIPRO uses molecular fields, allowing for an increased rate of success, with results achieved in the shortest possible time and considerably reducing the costs associated with drug discovery.

ENDS

For more information about SOM Biotech, please contact:

Media Contact:Maria Ziminazimina@sombiotech.com

Consilium Strategic CommunicationsAmber Fennell, Lindsey Neville, Giulia Lasagnisombio@consilium-comms.com

About University of MinnesotaThe University of Minnesota is a leading American public research university with a billion dollar annual research enterprise that embodies its tagline, Driven to Discover. It is well regarded among commercial partners for bringing researchers cutting-edge innovations to market through successful licensing and startup partnerships.

About SOM BiotechSOM Biotech (www.sombiotech.com) established in 2009 is a biopharmaceutical company based in Barcelona, Spain. SOM has an extensive portfolio of product candidates that includes drugs for neurological orphan diseases including TTR Amyloidosis, Huntington's disease, Tardive Dyskinesia and Phenylketonuria. The company engages in accelerated discovery of therapies through a proprietary artificial intelligence-based computational technology (SOMAIPRO) and develops strategic partnerships with major research centers and pharmaceutical companies. The Company has received partial funding for a number of its programs from the Spanish Ministries of Science and Innovation (CDTI) and Industry (ENISA).

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SOM Biotech signs licensing agreement with the University of Minnesota - GlobeNewswire

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Die Casting Market to Witness Massive Growth USD 106.5 Bn by 2028 | Alcoa Inc., Guangdong Yizumi, Hitachi Metals Ltd, Arconic, Alcast Technologies -…

May 16, 2022 | Author: admin

New Research Study Die Casting Market2022 analysis by Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges and Investment Opportunities), Size, Share and Outlook has been added to Coherent Market insight

The global die casting market was valued at US$ 62.3 Bn in 2020 and is expected to reach US$ 106.5 Bn by 2028 at a CAGR of 7.2% between 2021 and 2028.

GlobalDie Casting Market Report2022 comes with the extensive industry analysis of development components, patterns, flows and sizes. The report also calculates present and past market values to forecast potential market management through the forecast period between 2020-2025.This research study of Die Casting market involved the extensive usage of both primary and secondary data sources. This includes the study of various parameters affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry.

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The Die Casting market is divided between organised and unorganised companies. The unorganised market now dominates the Die Casting market. However, over the predicted period of 2022-2028, this picture is expected to alter. Lifestyle Modification, Rising Due to urbanisation, Growing Middle Class Population, Local Availability and Availability of Snacks in Small Package Size, Low Price, and Companys Strategies to Focus on Regional Taste are all contributing to the growth of the Die Casting Market.

Major Key players in this Market:

Alcast Technologies Arconic Consolidated Metco Inc. Dynacast International Inc. Gibbs Die Casting Ryobi Die Casting Inc. Bodine Aluminum Martinrea Honsel Germany GmbH Leggett & Platt Endurance Technologies Ltd. Empire Die Casting Company Alcoa Inc. Hitachi Metals Ltd Nemak S.A.B. de C.V. GF Casting Solution AG Shiloh Industries Inc. Rheinmetall Automotive AG Sigma Electric Manufacturing Corp. Pace Industries Guangdong Yizumi

Drivers & Trends

The Die Casting Market is reliant on a number of factors that can either help or hinder the industry overall. The variables are presented and classified according to their potential impact on the Die Casting Market. Various factors are defined in the report for all of the Die Casting Market segments and countries. These variables have data attached to them.

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Detailed Segmentation

Global Die Casting Market, By Type:

Global Die Casting Market, By Material:

Global Die Casting Market, By Application:

Regional Outlook:

The Asia Pacific, North America, Europe, Latin America, and the Rest of the World are examined in the geographical analysis of the worldwide Die Casting market. Because of its well-established ICT service providers and big consumer base, North America is the worlds leading/significant area in terms of market share. Over the projected period 2022-2028, Asia-Pacific is expected to have the greatest growth rate / CAGR.

Method of Research

For the time frame 2022-2028, the market research team used Porters Five Force Model to examine the Global Die Casting Market demand. In addition, a thorough SWOT analysis is carried out to help the reader make more informed decisions about the Global Die Casting Market demand. We used both primary and secondary data collection techniques. In addition, for a thorough analysis of the market, the data analysts used publicly available tools such as annual accounts, SEC filings, and white papers. The approach to analysis clearly reflects the goal of having it evaluated against various metrics in order to provide a comprehensive view of the market.

Report Includes:

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Table of Contents with Major Points:

1. Executive Summary1.1. Market Snapshot1.2. Global & Segmental Market Estimates & Forecasts, 2018-2028 (USD Billion)1.2.1.Die Casting Market, by Region, 2018-2028 (USD Billion)1.2.2.Die Casting Market, by Type, 2018-2028 (USD Billion)1.2.3.Die Casting Market, by Application, 2018-2028 (USD Billion)1.2.4.Die Casting Market, by Verticles, 2018-2028 (USD Billion)1.3. Key Trends1.4. Estimation Methodology1.5. Research Assumption

2. GlobalDie Casting Market Definition and Scope2.1. Objective of the Study2.2. Market Definition & Scope2.2.1. Scope of the Study2.2.2. Industry Evolution2.3. Years Considered for the Study2.4. Currency Conversion Rates

3. GlobalDie Casting Market Dynamics3.1.Die Casting Market Impact Analysis (2018-2028)3.1.1. Market Drivers3.1.2. Market Challenges3.1.3. Market Opportunities

4. GlobalDie Casting Market Industry Analysis4.1. Porters 5 Force Model4.1.1. Bargaining Power of Suppliers4.1.2. Bargaining Power of Buyers4.1.3. Threat of New Entrants4.1.4. Threat of Substitutes4.1.5. Competitive Rivalry4.1.6. Futuristic Approach to Porters 5 Force Model (2018-2028)4.2. PEST Analysis4.2.1. Political4.2.2. Economical4.2.3. Social4.2.4. Technological4.3. Investment Adoption Model4.4. Analyst Recommendation & Conclusion

5. GlobalDie Casting Market, by Type

6. GlobalDie Casting Market, byApplication

7. GlobalDie Casting Market, byVerticles

8. GlobalDie Casting Market, Regional Analysis8.1.Die Casting Market, Regional Market Snapshot8.2. North AmericaDie Casting Market8.3. EuropeDie Casting Market Snapshot8.4. Asia-PacificDie Casting Market Snapshot8.5. Latin AmericaDie Casting Market Snapshot8.6. Rest of The WorldDie Casting Market

9. Competitive Intelligence9.1. Top Market Strategies9.2. Company Profiles9.2.1.Keyplayer19.2.1.1. Key InDurationation9.2.1.2. Overview9.2.1.3. Financial (Subject to Data Availability)9.2.1.4. Product Summary9.2.1.5. Recent Developments

10. Research Process10.1. Research Process10.1.1. Data Mining10.1.2. Analysis10.1.3. Market Estimation10.1.4. Validation10.1.5. Publishing10.2. Research Attributes

..

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Die Casting Market to Witness Massive Growth USD 106.5 Bn by 2028 | Alcoa Inc., Guangdong Yizumi, Hitachi Metals Ltd, Arconic, Alcast Technologies -...

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Macomb County first responders among the nominees for Woman of the Year – The Macomb Daily

May 16, 2022 | Author: admin

Police and firefighters make hard decisions every day. Among the most challenging but perhaps the most enjoyable is the selection of nominees for the annual Women in Blue Woman of the Year and Detroit Fire Department Woman of the Year awards.

Every nominee epitomizes the values of their department.

The finalists chosen for their professionalism, respect, integrity and dedication this year will be honored during the 9th annual Women in Blue Celebration at the MGM Grand Detroit on May 25, hosted by the Detroit Public Safety Foundation.

Among the nominees being celebrated for their work are three women from Macomb County including Lt. Shannon Moran of Clinton Township, a senior firefighter with the Detroit Fire Department.

This is a very nice honor for one of our residents, said Clinton Township Supervisor Bob Cannon. We in Clinton Township have several women in nontraditional female jobs that head up departments.

Only 7% of women are firefighters nationally, according to the National Fire Protection Association and Moran is among those trying to boost the numbers by example and by talking to young women about her career.

It was her grandfather who sparked her passion for firefighting. As a youngster she was captivated by his stories about the glory days as a firefighter and chief for the DFD. Some of them had to do with fighting fires and saving peoples lives but ask any firefighter and theyll tell you the most beloved stories have to do with the camaraderies that they enjoy among the men and women with whom they serve.

Moran is a member of the Regina High School Class of 1989. It was after high school she followed in her grandfathers boots.

It took me four years, Moran said, in a previous report. Then I finally got it.

Once she was hired, Moran blazed a trail for herself as a firefighter for Detroit Engine 50 and Ladder 23. It is one of the busiest fire stations in the nation and on one occasion Moran and her fellow firefighters battled 17 fires.

Now shes at Engine 41 where she has not only served as a firefighter for 24 years but is the first female elected as a trustee to the Detroit Firemens Fund Association in its 150-year history.

Also nominated for her work as a DFD is Lt. Mary Moates of Roseville, a member of the DFD since 2004 and an Emergency Medical Technician since 1996.

Her first priority as a firefighter was answering the calls for help and then dispatching her department to their location.

Her skills as a communicator eventually led to her promotions as a sergeant and then lieutenant in the communications division.

Lt. Moates takes pride in doing her job to the highest standard possible, sending out accurate information and crews in lightning-fast time and getting the additional resources on the scene when necessary, said one of her superiors in a release. Throughout her time with the department, she has maintained her EMT license and is always advancing her training and knowledge.

That includes becoming a new member of the Womens Inspiring Network Employee Resource Group.

Her support system includes her husband, who is also an EMT for the DFD EMS Division and her brother, also a firefighter and paramedic with DFD.

In addition to serving her community she stands as a role model to other young women including three daughters, one of whom attended Macomb Community College the same year she decided to return to school for her associates degree in applied science and in information technology. She also has a daughter with Aspergers Syndrome and works to raise awareness about this and other Autism Spectrum Disorders.

Lt. Mary Moates is a selfless leader who works tirelessly to support those around her, said her superior at the DPD. We are proud to recognize hre as a nominee for the DFD Woman of the Year award.

While the population of women firefighters is still growing Lt. Wendy Collier of New Haven is one of more than a dozen police officers competing for this years Women in Blue award.

Collier currently serves as the officer in charge of secondary employment, which is a partnership program in which local businesses hire off duty police officers.

While overseeing her department, Collier has worked to improve conditions for her fellow officers. Program improvements credited to Collier include implementing a more comprehensive management system with improved onboarding and invoicing processes, better transparency, accountability and job selection processes.

She also hosted an advisory board to help better understand the needs of business partners and officers in the secondary employment program.

She is expected to graduate in May with her masters degree in strategic leadership.

During her 22-year career she has worked in a variety of areas including a patrol sergeant for the 10th and 11th precincts as well as a community relations and compliance liaison sergeant at the 9th precinct. She worked in the Real Time Crime Center, helping to manage Project Green Light and oversee investigations and data mining. While serving in these positions Collier was instrumental in developing several departmental and community projects including the Neighborhood Police Officer Program, Project Green Light Crime Prevention Program and management of the Children in Trauma Intervention (CITI) camp. To top it off she had a hand in developing the DPDs 150th anniversary ball.

Among her earned accolades is the DPDs Community Outreach Leadership Award and the Detroit City Councils Spirit of Detroit Award presented to her in 2004. And while her duties are anchored in Detroit she has also served her community as executive director of the New HAven Community Enrichment Committee and chairperson of the New Haven Parks and Recreation Committee (2016-2019).

Lt. Collier has worked hard her entire career to better the Detroit Police Department for the citizens of Detroit, said her commanding officer. For her service, we are proud to recognize her as a Women in Blue Officer of the Year nominee.

The winners of the awards for the DFD and DPD will be announced during the celebratory breakfast hosted by the Detroit Public Safety Foundation on May 25.

For a full list of nominees and final results visit detroitpublicsafety.org/.

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Macomb County first responders among the nominees for Woman of the Year - The Macomb Daily

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South and Central America $1.14 Bn Robotic Process Automation Markets to 2028: Increasing BPO and Shared – Benzinga

May 16, 2022 | Author: admin

The "South and Central America Robotic Process Automation Market Forecast to 2028 - COVID-19 Impact and Analysis - by Component and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.

Increasing BPO and Shared Services Fuels South and Central America Robotic Process Automation Market Growth

The South and Central America robotic process automation market size is expected to grow from US$ 115.3 million in 2021 to US$ 1,145.2 million by 2028; it is estimated to grow at a CAGR of 38.8% during 2021-2028.

Robotic process automation (RPA) provides its users with an ability to in-source and off-shore RPA managed services, which further enables them to regain governance over process without any surplus cost. The cost incurred might even be lesser than off-shore process without RPA. Furthermore, the buyers are attracted toward the robust return on investments offered through RPA deployments.

The evolution of cognitive RPA would expand the market scope and raise the demand for expertise, as such expertise is rare in organizations. This would pave opportunities for RPA service providers, particularly for consulting and training services. Various industries, such as financial services and oil & gas, are expected to be benefitted most from the cognitive RPA.

The demand for enhanced and innovative cognitive RPA is expected to increase in the next 3-5 years. Companies operating in the RPA ecosystem are expected to illustrate their expertise to attain RPA demands at multiple levels.

BPO service providers, who have already implemented RPA solutions, have significantly improved their productivity levels and experienced noteworthy financial gains in the past few years. This has further encouraged several other BPO service providers to implement RPA at an early stage to identify future growth opportunities, reduce debts, and evade unwanted costs.

RPA innovations and increasing BPO and shared services are targeted to minimize human involvement. They would retool their business models to reflect higher service levels such as cost reduction and enhanced cycle speed. This refurbished business model of BPOs will have to incorporate RPA products, further boosting the South and Central America robotic process automation market growth.

South and Central America robotic process automation market analysis by component, the South and Central America robotic process automation market is bifurcated into solution and services. South and Central America robotic process automation market analysis by industry vertical, is segmented into BFSI, retail, telecommunication, healthcare, transportation & logistics, and others.

In the pre-COVID-19 pandemic situation, the demand for robotic process automation (RPA) was rising, owing to the growth of the e-commerce sector in SAM countries. With 649 million people living in SAM and mobile subscribers making up 68% of the population, there is significant potential for growth across the region.

Along with these digitally-connected consumers and SAM is one of the fastest-growing e-commerce markets in the world, comes significant potential in the region. For instance, in 2019, over 150 million South Americans had bought goods and services online, while retail sales alone had surpassed approximately US$ 84.7 billion by 2019, according to the article published by Crunchbase Inc. in December 2019. Thus, the need for RPA in the e-commerce sector had supported the South and Central America robotic process automation market growth in 2019.

In 2020, the COVID-19 pandemic had positively impacted the robotic process automation market in SAM due to the increase in spending in the healthcare sector. As per observation, in October 2020, the Brazilian government spent over 120 billion Brazilian reals (US$ 21.31 billion) on health, out of which more than 37% was aimed at the hospital and outpatient care. Thus, the healthcare industry was positively impacted during 2020. Therefore, the overall COVID-19 impact on the South and Central America robotic process automation market share was positive in 2020.

Further, in 2021 and 2022, with the positive growth of defence, financial institutions, and telecommunication sectors had positively impacted the South America robotic process automation market growth. South America's fintech sector is booming. For instance, a total of US$ 2 billion had been invested in financial services, according to Crunchbase Inc. in June 2021. Therefore, the South and Central America robotic process automation market share will grow during the forecast period due to the growth in the fintech sector.

Key Topics Covered:

1. Introduction

1.1 Study Scope

1.2 Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection:

3.2.2 Primary Interviews:

3.2.3 Macro-Economic Factor Analysis:

3.2.4 Data Triangulation:

3.2.5 Country-level data:

4. South and Central America Robotic Process Automation Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. South and Central America Robotic Process Automation Market - Key Industry Dynamics

5.1 Market Drivers

5.1.1 Increasing BPO & Shared Services

5.1.2 Cost Benefits of RPAs

5.2 Market Restraints

5.2.1 Frequent Alterations in Business Rules

5.3 Market Opportunities

5.3.1 Cognitive RPA to Generate Growth Opportunities

5.4 Future Trends

5.4.1 Advanced Analytics and Data Mining Capabilities

5.5 Impact Analysis of Drivers and Restraints

6. South and Central America Robotic Process Automation Market Overview

6.1 Market Overview

6.2 South and Central America Robotic Process Automation Market Forecast and Analysis

6.3 Market Positioning - Global Key Players

7. South and Central America Robotic Process Automation Market Analysis - By Component

7.1 Overview

7.2 South and Central America Robotic Process Automation Market Breakdown

7.3 Solution

7.4 Services

7.4.1 Overview

7.4.2 Services: South and Central America Robotic Process Automation Market Revenue and Forecast to 2028 (US$ Million)

7.4.2.1 Professional Services

7.4.2.2 Managed Services

8. South and Central America Robotic Process Automation Market Analysis - By Industry Vertical

8.1 Overview

8.2 South and Central America Robotic Process Automation Market Breakdown

8.3 BFSI

8.4 Retail

8.5 Telecommunication

8.6 Healthcare

8.7 Transportation & Logistics

8.8 Others

9. South and Central America Robotic Process Automation Market - Country Analysis

9.1 South and Central America Robotic Process Automation Market Breakdown, By Country

10. Impact of COVID-19 Pandemic on Robotic Process Automation Market

10.1 South and Central America

11. Industry Landscape

11.1 Overview

11.2 Market Initiative

11.3 New Product Development

11.4 Merger and Acquisition

12. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/229vu6

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005629/en/

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South and Central America $1.14 Bn Robotic Process Automation Markets to 2028: Increasing BPO and Shared - Benzinga

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PODCAST | Whats needed to get SAs mining exploration investment on track – BusinessLIVE

May 16, 2022 | Author: admin

Unsurprisingly, one of the strengths of SAs mining industry identified by the DMRE is the countrys mineral endowments, as well as the range of such minerals. Equally unsurprising, the weaknesses identified include energy instability, road and rail infrastructure challenges, as well as unsatisfactory policy implementation. These identified weaknesses appear not to have gone unnoticed by investors, as SAs exploration budget has seen a decrease from $400m in 2007 to under $100m in 2018, with its share of global exploration budgets decreasing to about 1%.

To capitalise on the countrys mineral wealth, the DMRE has outlined strategic initiatives and actions to be undertaken to encourage mining exploration. These include improvements in the countrys geoscience data and information, government support to junior exploration companies and the formation of private-public partnerships with junior exploration companies, and a national investment drive.

The vision espoused by the strategy document is to secure a minimum of a 5% share in global exploration investment within a five-year period. This would be an impressive feat indeed, as SA would arguably be required to drastically improve its attractiveness, or perceptions of its attractiveness, as a mining destination to achieve the desired 4% increase in its share of global exploration investment.

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PODCAST | Whats needed to get SAs mining exploration investment on track - BusinessLIVE

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Pentane Market Industry Analysis by Players, Type and Applications and Top Countries Analysis to 2030 – Digital Journal

May 16, 2022 | Author: admin

Global Pentane Market size was valued at USD 124.6 million in 2021 and is predicted to reach USD 190.6 million by 2030 with a CAGR of 4.7% from 2022-2030. Pentane is an organic compound that belongs to alkenes group. It is non-polar, inexpensive, and miscible in almost all non-polar solvents. Pentane is a hydrocarbon that has several industrial uses including cleaning agents. In addition, it is also used to create blowing agents that are capable of producing a cellular structure via a foaming process in a variety of materials that undergo hardening or phase transition.

Market Segmentations and Scope of the Study:

The pentane market has been segmented on the basis of type, application, and geography. Based on type, the market is bifurcated into n-pentane, isopentane, and neopentane. Based on application, the market is classified into blowing agent, electronic cleansing, chemical solvent, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

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Geographical Analysis

Asia-Pacific region holds the major share of pentane market and is expected to continue its dominance throughout the forecast period. This is due to the emergence of various developing economies in this region such as India, China, Vietnam, Taiwan, and South Korea that are expected to witness high demand of pentane over the forecast period. Also, increased usage of pentane in food and construction industries is expected to propel the growth of the market during the forecast period. North America region, on the other hand, is expected to show a steady rise due to increase in demand of pentane from various end-user industries in this region due to its low cost, and superior chemical properties, such as higher strength and superior volatility as compared to other alkanes that is expected to drive the market growth. Moreover, increased utilization of pentane in blending and formulation of fuels that help end-user industries to generate polystyrene, required to make insulation materials such as thermocol and styrofoam are further expected to drive the market growth of pentane in this region.

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Competitive Landscape

The market comprises of various players such as Exxon Mobil Corporation, Merck KGaA, HCS Group, Ineos Group Holding S A, Maruzen Petrochemical CO. Ltd, Phillips 66 Company, Top Solvent Co. Ltd, Royal Dutch Shell Plc, Sk Innovation Co, Ltd, and TCI Chemicals Pvt. Ltd. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product as well as increase their growth and geographical reach. For instance, in July 2021, Haltermann Carless, had completed development of its new hydrogenation plant at the Speyer site in Germany. This development would enhance the cyclopentane and cyclopentane blends market in Germany.

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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics. We carefully analyse the historical data, augment it by constantly keeping an eye on the latest industry trends and estimate the future events to arrive at accurate market forecasts.

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Pentane Market Industry Analysis by Players, Type and Applications and Top Countries Analysis to 2030 - Digital Journal

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$3 billion in bitcoin was sold in a last-ditch attempt to save UST stablecoin from collapse – CNBC

May 16, 2022 | Author: admin

Bitcoin fell below the $26,000 level since December 2020. (Photo credit should read CFOTO/Future Publishing via Getty Images)

CFOTO | Future Publishing via Getty Images

Investors have been eager to find out what happened to the $3 billion in bitcoin bought up by crypto firm Terra to back its failed stablecoin. Now, they've got their answer.

Luna Foundation Guard, a fund set up by Terra creator Do Kwon, said Monday it spent almost all of the bitcoin in its reserve last week in a futile attempt to save terraUSD or UST, for short.

The foundation had accumulated a total of more than 80,000 bitcoins, which was worth nearly $3 billion last week, as well as other tokens including BNB, tether, USDC and avalanche. Kwon had promised to use the bitcoin in the event of a dramatic fall in the value of UST.

In a series of tweets, Luna Foundation Guard said it transferred 52,189 bitcoins to "trade with a counterparty" as UST fell below its intended $1 peg. A further 33,206 bitcoins were sold by Terra directly in a last-ditch effort to defend the peg, the foundation said.

As of Monday, Luna Foundation Guard had just 313 bitcoins left in its reserve, worth approximately $9.3 million. The firm said it would use the remainder of its $85 million in crypto assets including some BNB and avalanche to "compensate remaining users" of UST.

"We are still debating through various distribution methods, updates to follow soon," Luna Foundation Guard said.

UST is what's known as an "algorithmic" stablecoin. Unlike tether and USDC, which hold fiat assets in a reserve to back their tokens, UST relied on a complex set of code, coupled with a floating token called luna, to balance supply and demand and stabilize the price.

When UST began to drop below $1 last week, luna also started to sell off, resulting in a vicious cycle that caused UST to plunge to less than 30 cents while luna became worthless. UST is now worth just 9 cents, according to CoinGecko data.

"The big problem when you're dealing with a partially collateralized stablecoin like UST is that your hard collateral bitcoin, in this case is going to be considerably more valuable to [investors] than your governance token," or luna, said Frances Coppola, an independent economist.

Blockchain analytics firm Elliptic estimates holders of UST and luna have lost a total of $42 billion over the past week. Analysis from the company shows that 52,189 bitcoins were moved to a single account at crypto exchange Gemini, while a further 28,205 bitcoins were transferred to Binance. Tom Robinson, chief scientist at Elliptic, said it was "not possible" to trace the movement of funds beyond these wallets.

The debacle rippled through crypto markets, wiping out more than $200 billion of wealth in a single day. Bitcoin on Thursday briefly fell below $26,000, its lowest level since December 2020. The world's biggest cryptocurrency was last trading at $29,526.75, down 1.4% in the last 24 hours.

"There's not a whole lot of outstanding sell pressure," said Dustin Teander, analyst at crypto research firm Messari.

"In a sense, the market is going to take that as kind of bullish."

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Luna Foundation Tried to Prop Up Terras Crumbling Base With Billions in Bitcoin, But It Still Failed – Gizmodo

May 16, 2022 | Author: admin

You could probably call it a luna eclipse, but perhaps only in reference to a celestial body suddenly blinking out of existence.Photo: Maurice Norbert (Shutterstock)

As a kid, I remember when my father tried to use a broom handle in a last ditch effort to support a roof that was collapsing from the weight of nearly three feet of snow. You can guess how well that went. In a similar vein, Terra blockchain reportedly spent $3.5 billion to keep the roof from collapsing in on itself. Now were seeing just how much it cost the once-popular cryptocurrency for its faulty broom handle.

The nonprofit Luna Foundation Guard, who oversees and supports the TerraUSD stablecoin and its blockchains native coin Luna, said in a tweeted statement Monday that on May 7 it had over 80,000 bitcoin in its wallet alongside many thousands of other various coins. The reserve was built to support Terra if it ever dropped below $1. After TerraUSD started to falter May 8, the LFG reported it loaned and traded its many thousands of reserve coins to maintain the peg it had in its stablecoin.

A stablecoin system like TerraUSD is tied to a currency, which in this case was the U.S. dollar, to provide financial security. One TerraUSD was equivalent to $1, but unlike other stablecoins Terra was algorithmically stabilized rather than being backed with assets, and it worked with its sister coin Luna in a kind of closed ecosystem to support each other to maintain the price of the currency. However, Terra started to falter around the weekend of May 8, which ultimately made people sell off their Luna in droves, creating a death spiral for both tokens. Now TerraUSD is being traded at 9 cents on the dollar.

After the rush to trade its reserves last week, the LFG said it is left with just 313 bitcoin alongside other coins. It has 222,700,000 Luna coins in its reserves as well, though currently the vast majority is staked with validators, meaning theyre being used to support the Terra blockchain which uses a proof of stake model. LFG stated that the Luna is unbonding and should be returned to stakers within 20 days.

Researchers at The Block estimated that the foundation had gone from $3.1 billion in reserves to just $87 million. Meanwhile, the foundation said it is compensating users of TerraUSD with its remaining tokens starting with smallest holders first.

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Conspiracies were on the move from the starting gun after the stablecoins price cratered last week. Some users baselessly claimed that the foundation and Terra were supporting the whales, AKA the largest holders of Luna and Terra, first. The LFG denied this.

Terra founder Do Kwon had previously said that they would be providing documentation of the use of reserves, but the LFGs latest tweets leaves several questions unanswered. CoinDesk has reported on some skeptical analysts who were confused by why much of the bitcoin ended up in major crypto exchanges Gemini and Binance, though its hard to determine what happened to the coins after that.

What likely didnt help Luna support itself was the rapidly declining price of practically all crypto around that time, including bitcoin. CNBC reported last Thursday that bitcoin was hitting price lows it hasnt seen in well over a year, and that investors lost a total of $200 billion during the rapid selloffs. Ether, the second biggest cryptocurrency next to bitcoin, has struggled to keep above trading at $2,000, compared to when it was going for over $4,400 at the end of 2021.

Luna and other cryptocurrencies fall these last two weeks has regulatory hounds ready to pounce. The International Organization of Securities Commissions is considering bringing a centralized regulatory body to what has traditionally been called decentralized finance.

This post was updated May 16 at 5:15 to amend the name of the stablecoin.

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Luna Foundation Tried to Prop Up Terras Crumbling Base With Billions in Bitcoin, But It Still Failed - Gizmodo

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Market Mayhem and Calling the Bitcoin Price Bottom – Bitcoin Magazine

May 16, 2022 | Author: admin

Watch This Video On YouTube or Rumble

Listen To The Episode Here:

In this episode of the Fed Watch podcast, Christian Keroles and I, along with the livestream crew, discuss macro developments relevant to bitcoin. Topics include the recent 50 bps rate hike from the Fed, a consumer price index (CPI) preview the episode was recorded live on Tuesday, before the CPI data was released and a discussion on why owners equivalent rent is often misunderstood. We wrap up with an epic discussion of the bitcoin price.

This could be a pivotal episode in the history of Fed Watch, because Im on the record saying that bitcoin is in the neighborhood of the bottom. This is in stark contrast to the mainstream uber-bearishness in the market right now. In this episode, I rely heavily on charts that didnt always line up during the video. Those charts are provided below with a basic explanation. You can see the whole slide deck that I used here.

Fed Watch is a podcast for people interested in central bank current events and how Bitcoin will integrate or replace aspects of the traditional financial system. To understand how bitcoin will become global money, we must first understand whats happening now.

On this first chart, I point to the Feds last two rate hikes on the S&P 500 chart. I wrote in a blog post this week, What I'm trying to show is that the rate hikes themselves are not the Federal Reserves primary tool. Talking about hiking rates is the primary tool, along with fostering the belief in the magic of the Fed. Remove the arrows and try to guess where the announcements were.

Same goes for the next chart: gold.

Lastly, for this section, we looked at the bitcoin chart with quantitative easing (QE) and quantitative tightening (QT) plotted. As you can see, in the era with No QE, from 2015 to 2019, bitcoin experienced a 6,000% bull market. This is almost the exact opposite of what one would expect. To summarize this section, Fed policy has little to do with major swings in the market. Swings come from the unknowable complex ebbs and flows of the market. The Federal Reserve only tries to smooth the edges.

Its hard to write a good summary of this part of the podcast, because we were live one day prior to the data dropping. In the podcast, I cover Eurozone CPI going slightly higher, to 7.5% in April year-over-year (YoY), with a month-over-month rate of change dropping from a staggering 2.5% in March to 0.6% in April. That is the story most people are missing on CPI: month-to-month changes rapidly slowed in April. I also covered CPI forecasts for the U.S. on the podcast, but now, we have hard data for April. U.S. headline CPI dropped from 8.5% in March to 8.3% in April. Month-to-month change fell from 1.2% in March to 0.3% in April. Again, a big decline in the rate of CPI increase. CPI can be very confusing when looking at YoY figures.

It looks like inflation in April was measured at 8.3%, when in fact, it was measured at only 0.3%.

Year-over-year CPI, month-over-month CPI (source)

Next topic we cover in the podcast is rent. I very often hear misunderstandings of the CPI measure on shelter and specifically owners equivalent rent (OER). For starters, its very hard to measure the impact of increases to housing costs on consumers in general. Most people do not move very often. We have 15- or 30-year fixed-rate mortgages that are not affected at all by current home prices. Even rental leases are not renewed every month. Contracts typically last a year, sometimes more. Therefore, if a few people pay higher rents in a certain month, that does not affect the average persons shelter expenses or the average landlords revenue.

Taking current market prices for rentals or homes is a dishonest way to estimate the average cost of housing, yet not doing so is the most often-quoted critique of the CPI. Caveat: Im not saying CPI measures inflation (money printing); it measures an index of prices to maintain your standard of living. Of course, there are many layers of subjectivity in this statistic. OER more accurately estimates changes in housing costs for the average American, smooths out volatility and separates pure shelter costs from investment value.

The rest of the episode is talking about the current bitcoin price action. I start my bullish rant by showing the hash rate chart and talking about why it is a lagging and confirming indicator. With the hash rate at all-time highs and consistently increasing, this suggests that bitcoin is fairly valued at its current level.

Bitcoin hash rate (source)

The history of bitcoin drawdowns (source)

Recent years have seen shorter, smaller rallies and shorter, smaller drawdowns. This chart suggests that 50% drawdowns are the new normal, instead of 85%.

Now, we get into some technical analysis. I concentrate on the Relative Strength Index (RSI) because it is very basic and a fundamental building block of many other indicators. Monthly RSI is at levels that typically signal cycle bottoms. Currently, the monthly metric shows that bitcoin is more oversold than at the bottom of the corona crash in 2020. Weekly RSI is equally as oversold. It is as low as the bottom of the corona crash in 2020, and before that, the bottom of the bear market in 2018.

The Fear and Greed index is also extremely low. This measure is showing Extreme Fear that typically registers at relative bottoms and at 10, ties for the lowest rating since the COVID-19 crash in 2020.

In summary, my contrarian (bullish) argument is:

That does it for this week. Thanks to the readers and listeners. If you enjoy this content please subscribe, review and share!

This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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Market Mayhem and Calling the Bitcoin Price Bottom - Bitcoin Magazine

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The Brazilian Stock Exchange will launch Bitcoin and Ethereum futures – Cointelegraph

May 16, 2022 | Author: admin

B3, the Brazilian Stock Exchange, confirmed that within six months it intends to launch its first official product aimed at the cryptocurrency market Bitcoin (BTC) futures trading. The group's chief financial officer, Andr Milanez, made the announcement during a conference call on Monday.

Milanez did not provide many details on how the product will work. It is not yet known if B3 will form a partnership or if it will offer Bitcoin futures trading directly, but the timeline for launching this product was stated to be relatively short. "We plan to launch bitcoin futures in the next three to six months," he said.

Currently, in Brazil, institutional and retail investors can trade 11 ETFs through B3 with exposure to cryptocurrencies, including CRPT11 from Empiricus with Vitreo; the NFTS11of Investo; QBTC11, QETH11 and QDFI11 all from QR Assets and META11, HASH11, BITH11, ETHE11, DEFI11, WEB311 all from Hashdex. In addition, in Brazil, there are more than 25 investment funds approved by the Securities and Exchange Commission (CVM) that offer different types of exposure to the crypto-assets market.

In January Jochen Mielke de Lima, director of information technology at B3, had already said that the Brazilian stock exchange would launch several products with exposure to cryptocurrencies in 2022, including Bitcoin futures and Ethereum (ETH) futures

At the time, the executive highlighted that the Brazilian stock exchange had been looking closely at the cryptocurrency market from a technological point of viewsince 2016.

According to the statement, B3 only needed to settle the question on whether the negotiations would be carried out against the U.S. dollar or against the Brazilian real. Futures contracts need a reference index, so if the team chooses Brazil's native currency, it will be necessary to compose a crypto-assets index in reais something that does not exist now.

The B3 rep also said it is exploring ways to provide data inputs for the countrys central bank digital currency, or CBDC.

In addition to BTC and ETH futures, B3 also intends to offer services to national cryptocurrency exchanges and to be a kind of "centralizer" of custody and settlement operations, according toJochen Mielke de Lima:

Mielke, also stated that the cryptocurrency market is very similar to the regulated stock market, as it involves issuing, trading, settlement and custody. He stated therefore that B3 could help solve common problems between exchanges.

We are identifying points of friction that we can help resolve to face up, such as helping our customers provide the best access to their end customers, he said.

In addition, B3 plans other products based on cryptocurrencies and blockchain to launch in 2022. Among them, there are studies on a platform for asset tokenization, cryptocurrency trading, cryptocurrency custody, among others.

"Trading and access to liquidity centers: this means mitigating the complexities of accessing a fragmented, global and 24x7 market; Digital Asset Custody: providing reliable custody (hence, purpose of blockchain transactions); Over-the-counter facilitation: thIn this way, it wants to provide more security and efficiency in the movement and DVP of digital assets; Capital efficiency gains: thus, it wants to mitigate the pre-funded nature of operations and Crypto as a service: make it easier for clients to explore the crypto market with low friction," highlighted B3.

For 2022, B3 reps said they foresee the official launch of a reinsurance platform. This will work on the Corda blockchain R3, and is a partnership between the exchange and IRB Brazil.

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The Brazilian Stock Exchange will launch Bitcoin and Ethereum futures - Cointelegraph

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