News

On April 6, the African Union, the United Nations Economic Commission for Africa, the African Development Bank, and the United Nations Development Programme jointly released a policy brief stating that the ongoing tensions in the Middle East are continuously impacting key international transport routes and energy and fertilizer supply chains, which will lead to a significant slowdown in Africa's economic growth and pose serious risks to African economies. The brief specifically mentioned that disruptions in the transportation of liquefied natural gas produced in the Persian Gulf will limit the supply of ammonia and urea products, significantly increasing fertilizer prices during the planting season from March to May this year, which will further affect end-consumer sectors such as food. The African Union and other organizations emphasized that the current situation has severely impacted trade and driven up fuel and food prices, potentially leading to a 'cost of living crisis' very soon. The brief noted that the continuously rising shipping and insurance costs, exchange rate pressures, and tightening financial conditions will further exacerbate the intensity of the crisis, placing the heaviest burden on the poorest households.

An Do-je, a member of South Korea's Democratic Party of Korea, told Yonhap News Agency on the 6th that Democratic Party lawmakers and government officials discussed in the National Assembly the search for new sources of crude oil imports to make up for the shortfall caused by shipping disruptions in the Strait of Hormuz. (Xinhua)

According to on-chain data from Santiment, during the weekend, for every one loss-making Bitcoin transaction, there were 2.95 profitable transactions. Historically, this ratio has usually been a short-term price top signal. (Santiment)