The Twelvefold Collection Collected A Total Of 3,246 Bids During The 24-Hour Auction, More Frequent Reporting On The Flow Of Money To And From Israel
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A large sale of the collection is an important event for the NFT market. Further banking regulations are also being observed.
In this article:
- China
- The flow of money
- Banking and inflation
- The TwelveFold
China
At the National People's Congress on Sunday, the Chinese government announced a goal of "around 5%" gross domestic product growth in 2023 - the lowest level in more than three decades and below the 5.5% expected by economists. The administration also proposed a modest increase in fiscal support for the economy.
President Xi Jinping and other officials have targeted the West for limiting China's growth prospects as relations between Beijing and Washington continue to deteriorate. Beijing is well aware that the U.S. will look to curtail its global influence by growing the “technology gap”. Negative reactions and further investment restrictions are therefore likely, at least from the US.
How China's shifting growth picture could hit global markets https://t.co/isZYv12CJp
— CNBC (@CNBC) March 7, 2023
The flow of money
The Bank of Israel has instructed local banks to report more frequently about the flow of money into and out of Israel.
The new directive comes at a time of instability in the Israeli shekel.
Analysts have linked the results of the shekel to uncertainty over Prime Minister Benjamin Netanyahu's plan to change Israel's judicial system. Critics of the changes say Netanyahu is taking steps that will damage Israel's democratic checks and balances, enable corruption and lead to diplomatic isolation.
The Bank of Israel has instructed local banks to report more frequently on the movement of money in and out of Israel, a central bank spokesperson said. More here: https://t.co/PoOluu5MI5
— Reuters Business (@ReutersBiz) March 7, 2023
Banking and inflation
These are difficult times for central bankers. The increase in inflation in 2021 took many central banks by surprise. The challenges would have been much tougher had it not been for the significant improvements in central banking over the past three decades - in particular, advances in what is known as the inflation target.
Under the inflation target, central banks make a clear commitment to a long-term inflation target and strive to achieve it by changing the interest rate policy that they control. Raising interest rates, such as what central banks are doing now, tends to bring down inflation by reducing spending on housing and other interest rate sensitive goods.
Former Swedish central banker @leosven led the inflation-targeting revolution. Read a profile of him in the latest F&D. https://t.co/cGsIdEteS2 pic.twitter.com/xNC7MZNnj0
— IMF (@IMFNews) March 7, 2023
The TwelveFold
The high-profile and controversial auction of Yuga Labs' debut Bitcoin NFT collection ended on Monday. The TwelveFold collection collected a total of 3,246 bids during the 24-hour auction that began on Sunday. Of these, the highest bid was 7.1159 BTC, or around $159,500. The lowest successful bid was 2.2501 BTC, which is just over $50,000.
Yuga, the $4 billion company behind Bored Ape Yacht Club's dominant collection of NFTs, previously only hosted NFTs on the Ethereum blockchain.
NEWS: @yugalabs' auction of its debut #Bitcoin NFT collection, TwelveFold, raises $16.5M with 288 successful bidders.
— CoinGecko (@coingecko) March 7, 2023
📰 https://t.co/iJVTndsYGj pic.twitter.com/eK4keX4e6j
