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Article 370 abrogation, Covid lockdowns cost Kashmir Rs 45000 Cr business losses

Month-long Carona-Curfew results in Rs 5000 Cr loss; Trade bodies demand bailout package, to submit detailed memo to Govt once pandemic stablises

Jahangir Sofi

(Asian News Hub) – Kashmir economy has borne the brunt of three back to back lockdowns since abrogation of article 370 in August 2019 resulting in the loss of whopping Rs 45000 Crore. The month-long lockdown from April 230 to May 30 this year has registered a loss of Rs 5000 crore alone, reveal figures worked out by the trade bodies of Valley.

According to the Kashmir Chamber and Commerce Industries president Sheikh Ashiq Hussain, Kashmir economy suffered a loss of around Rs 17,878 crore in first four months of restrictions and shutdown in the valley post Article 370 abrogation by the Government of India in August 2019.

This was followed by nation-wide lockdown triggered by Carona-virus pandemic in 2020 that cost Kashmir economy Rs 27,000 crore

As per trade bodies, the ongoing Corona lockdown has further taken the already crippling economy to silent offshores with people associated with trade and economy estimating a loss of around Rs 5000 Crore from April 30 to May 30 this year.

Chairman Kashmir Economic Alliance (KEA), Muhammad Yaseen Khan said that around 50 percent of the traders won’t be able to continue the business as they have taken loans from financial institutions and they aren’t able to repay the installments.

“For the last 22 months, we have been hardly able to pay interests. To cope-up with the set premiums has become very difficult, almost impossible, which has turned the performing assets into Non-Performing Assets (NPA),” Khan said.

He said that if trade and business has to be rescued from the uncertainty, infusion of bailout packages is highly inevitable.

Figures available with the Kashmir Economic Alliance (KEA) suggest that the Kashmir economy suffered a loss of around 27,000 Crore during the nationwide Corona lockdown imposed in March 2020.

While talking about the partial relaxation in the ongoing Corona lockdown, Khan said: “People from trade, business and transport owe money to banks and suppliers, and the economy has been on crippling end, which makes the survival very difficult. The immediate remedy would be the assistance from the government, but given the ongoing pandemic situation, we want to wait till Covid situation stabilizes and we will come up with our demands and submit the same to the government.”

“Even if the trade and business is allowed to work on all week days, we are on the receiving end, unless there is no capital infusion in the market,” he said.

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Cryptocurrencies: Elon Musk Changes Twitter DP to ‘Triggered’ Crypto Woman

(Asian News Hub) – Elon Musk has changed his Twitter display picture (DP), otherwise known as a profile photo, a character from a Japanese site wearing a Bitcoin dress and posed on the foreground of a $BTC logo.

The character has “Triggered” eyes. Currently, there are no explanations as to why the CEO did it. Still, speculations point out to Musk targeting Bitcoin fans that blame his tweets for the leading cryptocurrency plummet.

Musk’s Tweets Causes Bitcoin Drop

Recently, Bitcoin has dropped in market price and performance despite seeing a rise in its trends, particularly as it is on the road to recovery, following the drastic changes it suffered in the past months. The drop in performance of the leading cryptocurrency was due to Elon Musk’s tweet about it, saying that Tesla has dropped Bitcoin use due to coal energy dependence.

Tesla is known to be a clean energy company, and that Musk is also an advocate for the environment, so dropping Bitcoin was a way to adhere to their beliefs and not something personal against Bitcoin. However, recent developments have pushed Bitcoin purists to think of Musk as the villain, especially with his increased support for Dogecoin.

What Does This Mean?

Musk is always fond of trolling people on the internet, and doing things without explanation even though people would either go crazy about it or have them develop theories as to his next move. However, one speculation is that the CEO was about the “triggered” Bitcoin fans who were affected by the price drop in the market, as brought by his latest tweet.

The CEO did not mean for the prices to go down, but his meme photo tweet still had a massive effect on the cryptocurrency, and in doing so, has triggered the downfall of Bitcoin in the market today.

Currently, Wazirx still lists Bitcoin as the top and leading cryptocurrency, with a $37,500 market price and a 4.33 percent downward trend in the past 24 hours.

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Billionaire Elon Musk trolls Bitcoin again, Markets slump

(Asian News Hub) – Elon Musk, the billionaire entrepreneur is back at what he does the best, tweeting about Bitcoin and trolling the top cryptocurrency despite knowing his tweets often impact the market. 

Musk today shared a meme which many interpreted as a hint about a possible breakup with the top cryptocurrency.

The speculation about Tesla potentially selling its $1.5 billion bitcoin purchase has been rife ever since Musk announced the electric car maker has decided against accepting Bitcoin as a payment for its cars, just weeks after opening the Bitcoin payment option for US customers.

Ever since then, Musk has gone on a wild Bitcoin trolling spree which many believed led to panic selling among amateur traders and resulted in a market crash.

The Bitcoin price crash in May left many speculating whether Tesla has dumped its share, but Musk tweeted that the company has ‘diamond hands’ a popular slang in crypto-verse that indicates holding on to one’s Bitcoin even during market turmoil. But, his latest tweet has brought back the Tesla Bitcoin dump discussion again.

Bitcoin Price Slide Below $38K

Bitcoin price reacted to Elon Musk’s tweet today and slumped by 3% over the past hour after his tweet. The price of Bitcoin slid below $38K for a brief period right after Musk’s tweet. Musk even followed his meme tweet with another meme trolling about the price crash.

After three weeks of consolidation under $40K after registering a new 3-month low in the second week of May, Bitcoin was looking well set on its path to recovery.

The price broke out of an equilateral triangle on the 1-day chart breaking $38.5K key resistance. The on-chain fundamentals had started to climb back to pre-crash levels and miners had started accumulating indicating a possible lift-off above $40K.

A recent report suggested Musk’s reputation had taken a hit post his recent attack on Bitcoin and its community.

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Cryptocurrencies: Memecoin DOGE set for listing on Coinbase Pro

(Asian News Hub) – Coinbase Pro, the professional trading arm of the Coinbase cryptocurrency exchange, has begun accepting inbound transfers for Dogecoin (DOGE), setting the stage for wider adoption of the meme-based digital asset. 

Trading of DOGE will go live on Coinbase Pro on Thursday at 4:00 pm UTC, provided that liquidity conditions are met, the exchange announced Tuesday afternoon.

Initially, DOGE will be supported across five trading pairs, including DOGE/USD, DOGE/BTC, DOGE/EUR, DOGE/GBP and DOGE/USDT. Order books will launch in three staggered phases, beginning with post-only, followed by limit-only and then full-trading.

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” Coinbase said.

The price of DOGE appears to have responded positively to the news, gaining more than 3%, according to TradingView. Of course, such gains pale in comparison to the exponential rise for the meme-based cryptocurrency through the first five months of 2021.

Dogecoin has permeated the mainstream thanks to a bizarre confluence of factors, including Elon Musk’s apparent backing of the coin and widespread support from Robinhood traders. At one point during the market craze, DOGE liquidations surpassed Bitcoin (BTC), underscoring the high demand for the asset.

Twitter activity surrounding DOGE also briefly surpassed the flagship crypto asset at the beginning of the year.

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