fxstreet32d ago
USD/JPY extends rally as Middle East conflict adds to Yen weakness
USD/JPY rose about 0.15% on Tuesday, pushing close to 157.60 as the pair continued to grind higher following last week's sharp rally.
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Financial News
themarketsdaily32d ago
Arcturus Therapeutics (NASDAQ:ARCT) Releases Earnings Results, Misses Expectations By $0.11 EPS
Arcturus Therapeutics (NASDAQ:ARCT – Get Free Report) posted its earnings results on Tuesday. The biotechnology company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.11), FiscalAI reports. Arcturus Therapeutics had a negative net margin of 68.35% and a negative return on equity of 28.68%. The firm had revenue [...]
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thereflector32d ago
Gov. Bob Ferguson: Passage of income tax could slip to 2027
Washington Gov. Bob Ferguson warned Tuesday that the income tax Democratic state lawmakers are pressing to approve in the next nine days might have to wait until next year. The governor and
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brecorder32d ago
NA adopts ‘Virtual Assets Bill’: Crypto trade to go legitimate
ISLAMABAD: The National Assembly on Tuesday passed the “Virtual Assets Bill, 2026” to legalize digital currency by setting up an authority to protect investors, support innovation, and promote transparency in the virtual assets market.The government bill was passed after suspending the scheduled business for Private Members’ Day in the House. The Virtual Assets Bill, 2026, had already been approved by the Senate on February 27, 2026, and was subsequently referred to the National Assembly. It will now be sent to the President of Pakistan for assent. Once the President grants assent, the bill will become law. Federal Minister for Parliamentary Affairs Dr. Tariq Fazal Chaudhry presented the bill before the House for consideration and it was passed by a majority vote. Under this law, an authority would be established for the licensing, regulation, and supervision of virtual assets and virtual assets service providers.READ ALSO: Crypto: a challenge and an opportunityThe bill states thatit is necessary to provide a comprehensive legal framework to empower the Authority to combat money laundering, terrorist financing, proliferation financing, and other illicit activities involving Virtual Assets, in accordance with international standards, and to provide for matters connected there with or ancillary thereto.According to clause 06 of the bill, “after the commencement of this Act, an authority shall be established to be known as the Pakistan Virtual Assets Regulatory Authority, which shall carry out the purposes of this Act.The clause 07 of the bill states that “the Authority shall consist of the following, namely:-(a) Chairperson - to be appointed by the Federal Government, (b) the Secretary, Ministry of Finance, (c) the Secretary, Ministry of Law and Justice, (d) the Governor, State Bank of Pakistan, (e) the Chairperson, Securities and Exchange Commission of Pakistan, (f) the Chairman, National AML-CFT Authority, (g) the Chairperson, Pakistan Digital Authority; and(h) two independent directors with proven expertise and a strong track record possessing expertise relevant to Virtual Asset markets, digital technology, digital finance, appointed by the Federal Government in the manner Prescribed. The Authority shall determine its own policy and strategic direction and approve its budget and regulations.According to the statement of objects and reasons of the bill, “this authority will create an enabling environment for safe trading, prevent illegal activities like money laundering and fraud, and enhance global competitiveness. Therefore, a corresponding legal framework, empowering the Authority, is also required to combat money laundering, terrorist financing, and other illicit activities while promoting innovation, financial inclusion, economic growth, and development of Shariah-compliant virtual asset services aligned with international standards.”Copyright Business Recorder, 2026
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brecorder32d ago
Middle East situation: Minister seeks allies’ help amid economic pressure
KARACHI: Federal Minister for Petroleum Ali Pervez Malik said on Tuesday that the government is fully aware of the current Middle East situation and its implications. “We’re taking measures to address the situation,” he said while speaking on Aaj News programme ‘News Insight with Aamir Zia’.Ali Pervez Malik emphasised that the duration of the conflict is uncertain, and Pakistan will need assistance from its allies to cope with additional economic pressures. He highlighted government efforts to navigate the challenges posed by regional tensions.The federal minister’s comments come as tensions escalate in the Middle East following US and Israel’s attacks on Iran, with concerns about potential disruptions to oil supplies and regional stability. Malik noted many countries are now part of the Middle East conflict, and it’s unclear how long the situation will last. Therefore, as a responsible government, we must prepare for all scenarios within our financial means, whether it’s external accounts, energy stockpiles, or savings. We should operationalise every element.The federal minister also appealed to Pakistanis to conserve fuel, including petrol, and remain vigilant. “The energy market situation is also concerning,” he maintained. While mentioning that the government has made arrangements and there’s sufficient petrol and diesel stock in the country, the minister warned that rising energy prices could increase inflation in Pakistan.“Pakistan imports LNG from Qatar Energy, and now that the Strait of Hormuz is blocked, Qatar has suspended production. Our LPG imports from Iran may also be affected,” he said. “We need to be cautious,” Malik urged, emphasizing preparedness for potential challenges ahead.Copyright Business Recorder, 2026
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brecorder32d ago
Millions of dollars in crypto left Iranian exchanges after strikes
PARIS: Outflows from Iranian crypto exchanges spiked in the hours after the US and Israeli strikes on Iran on Saturday, two blockchain analytics companies said, although researchers added it was not possible to be certain what was behind the moves.Funds leaving Iranian crypto exchanges jumped sharply to hit more than USD2 million in the hour after the strikes began, US blockchain research company Chainalysis said. Reuters’ first reports of the strikes were around 0615 GMT on Saturday.British blockchain researchers Elliptic said outflows from Iran’s largest crypto exchange, Nobitex, peaked at USD2.89 million between 1100 and 1200 GMT on Saturday, a roughly eightfold increase compared with the previous day’s peak hourly outflows.Overall, crypto worth USD10.3 million left Iranian crypto exchanges between Saturday and Monday, Chainalysis said.Nobitex was not available for comment.The data gives a glimpse into the growing role of crypto in Iran, where activity tends to rise sharply after geopolitical shocks, blockchain researchers say.While estimates can differ widely, researchers say crypto transaction volumes hit USD8-11 billion in 2025, as state-linked actors and retail investors alike have turned to the digital currency. The United States is looking into whether specific crypto platforms have facilitated sanctions evasion by Iranian officials, Reuters reported in February.Crypto wallet addresses are pseudonymous - recorded on the blockchain as a string of letters and numbers - making it difficult to establish who is behind transactions. Chainalysis said it was not clear who had moved funds in the last few days or why.“Some of these flows are almost certainly ordinary Iranians moving funds in response to rising risk,” Chainalysis said.
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brecorder32d ago
Nishat Mills Limited
Nishat Mills Limited (PSX: NML), the flagship company of Nishat Group was established in 1951. Being one of the largest vertically integrated companies in Pakistan, the company is engaged in spinning, weaving, printing, dyeing, bleaching, and stitching and apparel business. NML deals in yarn, linen and other products made from raw cotton and synthetic fiber. The company is also in to the business of generating and supplying electricity.Pattern of ShareholdingAs of June 30, 2025, Nishat Mills Limited has a total of 351.600 million shares outstanding which are held by 12,593 shareholders. Local general public has the majority stake of 32.44 percent in the company followed by directors, CEO, their spouse and minor children holding 25.22 percent shares.Modarabas & Mutual funds account for 9.81 percent shares of NML while associated companies, undertakings and related parties have a stake of 8.82 percent in NML. Around 7.74 percent of the company’s shares are held by Banks, DFIs and NBFIs and 5.68 percent by joint stock companies. Provident/pension funds hold 3.62 percent shares. Foreign companies and foreign general public have 3.36 percent and 2.14 percent of NML’s shares respectively. The remaining ownership is held by other categories of shareholders.Historical Performance (2019-25)Except for a dip in 2020, NML’s topline rode an upward trajectory in all the years under consideration. Conversely, its bottomline declined in 2020, 2024 and 2025. NML’s margins which grew reasonably in 2019 bounced back in 2020. The subsequent two years marked the period of recovery for NML’s margins. In 2023, gross and net margins slightly faded while operating margin continued to heighten.NML’s margins considerably declined in 2024 and 2025 except for an uptick recorded in gross margin in 2025. The detailed performance review of the period under consideration is given below.In 2019, NML’s net sales flourished by 18.18 percent year-on-year to clock in at Rs.63,499.029 million. Export sales, which constituted over 83 percent of the company’s total sales mix, rebounded by 23 percent year-on-year in line with the company’s marketing strategy of expanding its footprint in diverse geographies. Gross profit rose by 37.95 percent in 2019 with GP margin climbing up from 10.33 percent in 2018 to 12.06 percent in 2019.This was on account of Pak Rupee depreciation which considerably drove up the margins of export sales. Moreover, cost rationalization, scalability of production and availability of gas and electricity at subsidized rates of USD 6.5 per MMBTU 7.5 cents per KWH during the year also greatly contributed in achieving robust GP margin. Distribution expense multiplied by 13.60 percent in 2019 mainly on account of outward freight & handling and commission to selling agents on account of increased export sales.Administrative expense spiraled by 4.15 percent in 2019 due to higher payroll expense incurred during the year. Elevated profit related provisioning resulted in 90.34 percent spike in other expense during the year. However, it was washed away by superior other income on account of net exchange gain and dividend income earned by NML in 2019. Operating profit mounted by 43.93 percent in 2019 with OP margin clocking in at 13.49 percent up from OP margin of 11.08 percent posted in 2018. 67.85 percent hike in finance cost in 2019 was the consequence of higher discount rate and increased borrowings due to greater working capital requirements.NML’s gearing ratio picked up from 20.77 percent in 2018 to 27.31 percent in 2020. Nevertheless, NML was able to register 43 percent year-on-year growth in its net profit which clocked in at Rs.5859.048 million in 2019 with EPS of Rs.16.66 versus EPS of Rs.11.65 in 2018. NP margin also enlarged from 7.63 percent in 2018 to 9.23 percent in 2019.After a year full of achievements and recovery in term of margins and profitability, came 2020, where NML’s topline posted a year-on-year downtick of 4.09 percent to clock in at Rs.60,904.096 million. These were the times when the local as well as global economies were crippled due to the global pandemic. NML’s topline took a hit as export sales to its main markets – China, US and Europe – dropped considerably during the year owing to lockdowns imposed in the last quarter. Gross profit plummeted by 4.97 percent in 2020, however, GP margin marginally ticked down to clock in at 11.95 percent.Distribution expense posted a marginal growth of 3.81 percent in 2020 due to higher outward freight & handling charges due to restrictions imposed on the movement of people and goods during the year. Administrative expense hiked by 10.67 percent in 2020 on account of higher payroll expense as the company added 567 new employees to its workforce to take it up to 18,278 employees in 2020. This was because the company expanded its yarn production facility besides establishing a new towel manufacturing unit and installing a 3.075 MW solar power plant during 2020.All these expansions required additional employees. Other expense slid by 40.97 percent in 2020 on account of lesser provisioning for WPPF. Other income also eroded by 41.21 percent in 2020 due to thinner dividend income and lesser net foreign exchange gain recorded by NML in 2020. As a consequence, operating profit declined by 30.16 percent in 2020 with OP margin slipping to 9.82 percent. Finance cost also shrank by 9.94 percent during the year due to monetary easing towards the end of the year. Net profit slumped by 40.16 percent in 2020 to clock in at Rs.3506.284 million with EPS of Rs.9.97 and NP margin of 5.76 percent.In 2021, NML’s topline registered 17.28 percent year-on-year rise to clock in at Rs. 71,431.01 million. This was the result of a remarkable 84 percent rise in local sales. Export sales also inched up by 2.2 percent as COVID related restrictions began to ease off. Duty drawback incentive on export sales also positively contributed in topline growth in 2021.While prices of raw material significantly hiked during the year, strategic pricing and cost control strategies adopted by the company enabled it to attain 28.06 percent year-on-year growth in gross profit with GP margin rising up to 13.04 percent in 2021. Distribution expense escalated by 7.69 percent in 2021 on account of higher outward freight and handling charges. Administrative expense surged by 8.22 percent in 2021 as NML’s workforce expanded to incorporate 20,599 employees which drove up the payroll expense. 55.64 percent hike in other expense was the consequence of increased profit related provisioning done in 2021. However, it was wiped off was by 23.67 percent bigger other income recognized during the year on the back of superior dividend income particularly from MCB Bank Limited, an associated company of NML. Scrap sales and rental income also strengthened other income in 2021.This translated into 38.75 percent rise in operating profit in 2021 with OP margin picking up to 11.62 percent. Finance cost declined for the second consecutive year due to monetary easing and better cash flow to meet working capital requirement for the year. Net profit posted a staggering 68.91 percent year-on-year growth in 2021 to clock in at Rs.5922.470 million with EPS of Rs.16.84 and NP margin of 8.29 percent.Among all the years under consideration, 2022 stands out when it comes to topline and bottomline growth. NML’s topline magnified by 62.07 percent to clock in at Rs.115,768.065 million in 2022. The growth was the result of favorable pricing and bigger volumes sold during the year. Local and export sales mounted by 84 percent and 62 percent respectively during the year. Pak Rupee depreciation, supply chain disruptions, huge increase in raw cotton prices due to damage of cotton crop on account of catastrophic floods, energy crisis as well as upward revisions in energy prices increased the cost of sales by 58.47 percent 2022, however, with better volume and prices, the company was able to attain 86.05 percent rise in its gross profit with GP margin reaching its optimum level of 14.97 percent in 2022.Massive 82.98 percent year-on-year hike in distribution expense during the year was the effect of higher outward freight and handling charges as well as commission to selling agents. Expansion of workforce to 24,086 employees resulted in 24.72 percent spike in administrative expense in 2022. Improved profitability allowed the company to book higher provision for WPPF. This resulted in 51.30 percent bigger other expense incurred in 2022. Superior dividend income, net exchange gain, rental income and scrap sales drove other income up by 48.56 percent in 2022.All these factors led to 81.54 percent stronger operating profit recorded by NML in 2022 with OP margin of 13.02 percent. Finance cost soared by 75.76 percent in 2022 on account of higher discount rate and increased working capital related borrowings. NML’s gearing ratio reached 34.68 percent in 2022 from 27.97 percent in 2021. The imposition of super tax also diluted the bottomline growth which nevertheless registered year-on-year rise of 74.11 percent in 2022 to clock in at Rs.10,311.674 million with EPS of Rs.29.33 and NP margin of 8.91 percent.In 2023, NML’s topline mustered 22.45 percent year-on-year growth to clock in at Rs.141,756.469 million. This was on the back of better local and export sales made during the year. Despite elevated raw material cost, energy price hikes, Pak Rupee depreciation and high indigenous inflation, NML was able to keep a check on its cost of sales by implementing rigorous cost control measures. This coupled with upward revision in prices and Pak Rupee depreciation allowed NML to record 21.60 percent year-on-year rise in gross profit with GP margin slightly ticking down to 14.87 percent.Distribution expense hiked by 10.10 percent due to higher payroll expense, commission to selling agents, fuel and travelling cost incurred during the year. During the year, NML streamlined its workforce from 24,086 employees to 21,975 employees; however, adjustment in minimum wage rate resulted in higher payroll expense and drove up administrative expense by 28.67 percent. Higher provisioning for WPPF resulted in 11.12 percent higher other expense incurred by NML in 2023. Superior dividend income from its associated companies particularly MCB, higher net exchange gain and interest income earned on loan granted to Nishat Linen (Private) Limited, a wholly owned subsidiary of NML, resulted in record high other income of Rs.10,201.578 million in 2023, up 83.11 percent year-on-year.Operating profit multiplied by 48.23 percent in 2023 with OP margin reaching its highest level of 15.76 percent. 220.67 percent surge in finance cost in 2023 was the consequence of unprecedented level of discount rate and additional short-term loans obtained during the year due to working capital requirements. NML registered the highest gearing ratio of 40.77 percent in 2023 versus 34.68 percent in 2022. Net profit grew by 17.98 percent in 2023 to clock in at Rs.12,166.022 million with EPS of Rs.34.60 and NP margin of 8.58 percent.In 2024, NML registered year-on-year growth in its topline which clocked in at Rs.160,256.56 million. Export sales remained stable during the year, however, local sales posted a tremendous year-on-year growth of 44.68 percent to clock in at Rs.58,985.799 million. Cost of sales surged by 18.44 percent on account of elevated gas and electricity prices. This coupled with reduced export sales and the forced price reductions due to increased competition resulted in 17.82 percent decline in gross profit in 2024 with GP margin drastically falling down to 10.81 percent.Distribution expense inched up by 4.47 percent in 2024. While outward freight and handling charges shrank due to lower export sales, salaries of sales force and commission to selling agents were the growth drivers of distribution expense in 2024. Administrative expense mounted by 20.38 percent in 2024 due to higher payroll expense due to workforce expansion to 23,170 employees. Other expense contracted by 51.39 percent in 2024 due to lesser profit related provisioning done during the year. Other income posted a staggering year-onyear growth of 29.79 percent in 2024 due to superior dividend income from associated companies such as MCB Bank Limited, Pakgen Power Limited, Lalpir Power Limited and Nishat Power Limited.The company recorded 5.14 percent decline in its operating profit with OP margin falling down to 13.22 percent. Finance cost escalated by 50.74 percent in 2024 due to higher discount rate and increased borrowings to finance new projects and working capital requirements. In 2024, NML invested Rs.18.74 billion in new facilities related to denim and work wear units, alternate energy and efficient energy projects. NML’s gearing ratio clocked in at 39.94 percent in 2024. Net profit eroded by 47.65 percent to clock in at Rs.6368.85 million in 2024. This translated into EPS of Rs.18.11 and NP margin of 3.97 percent. This was the lowest NP margin recorded by the company.In 2025, NML’s topline posted year-on-year growth of 11.18 percent to clock in at Rs.178,167.146 million. The growth was primarily driven by local sales – both in terms of value and volume. While export sales to Europe and America remained steady during the year, export sales to Asia, Africa and Australia posted a plunge. Cost of sales surged by 10.64 percent in 2025 owing to high energy cost and increased raw material prices due to lesser domestic crop and delayed arrival. However, with price optimization, product diversification and operational efficiency, NML was able to record 15.59 percent higher gross profit in 2025 with GP margin clocking in at 11.24 percent. Selling & distribution expense mounted by 23.03 percent in 2025 due to higher freight charges, salaries of sales force and commission to selling agents recorded during the year.Administrative expense also posted an increase of 12.98 percent in 2025 due to higher payroll expense as the company expanded its workforce from 23,170 in 2024 to 24,767 in 2025. This was because NML is spreading out its various facilities such as denim, work-wear etc. Other income plummeted by 22.93 percent in 2025 due to lesser dividend income and interest income from loan granted to Nishat Linen (Private) Limited.Other expense also plunged by 45.67 percent in 2025 on account of fair value adjustment at initial recognition of margin against guarantee. NML’s operating profit dwindled by 9.67 percent in 2025 with OP margin recorded at 10.74 percent. Finance cost fell by 19.25 percent in 2025 due to lower discount rate. Net profit ticked down by 5.58 percent to clock in at Rs.6013.519 million in 2025. This translated into EPS of Rs.17.10 and NP margin of 3.38 percent in 2025.Recent Performance (1HFY26)During the first half of the ongoing fiscal year, NML posted 2.79 percent year-on-year dip in its topline which clocked in at Rs.86,926.04 million. This was due to negative price variance which offset the effect of positive volume variance. Negative price variance was due to the fact that many major brands in the US market are passing on the burden of tariffs on to the suppliers by setting tough price targets. Local sales also dipped during the period. Thinner topline coupled with higher energy tariff and reliance on imported cotton due to shortage in the local market resulted in 15.59 percent diminution in gross profit in 1HFY26 with GP margin clocking in at 10.24 percent versus GP margin of 11.80 percent recorded in 1HFY25.Distribution expense remained largely intact during 1HFY26. Administrative expense ticked up by 5.37 percent due to upward revision in the minimum wage rate. Lesser profit related provisioning appears to be the cause of 59.83 percent thinner other expense recorded in 1HFY26. Other income deteriorated by 41.14 percent in 1HFY26 due to lower interest income and a sharp decline in dividend income particularly from companies in the power sector. NML recorded 37.79 percent contraction in its operating profit in 1HFY26 with OP margin clocking in at 7.95 percent versus OP margin of 12.42 percent recorded in 1HFY25. Monetary easing squeezed finance cost by 19.97 percent in 1HFY26. Net profit clocked in at Rs.3346.82 million, down 19.22 percent year-on-year. This translated into EPS of Rs.9.52 in 1HFY26 versus EPS of Rs.11.78 recorded in 1HFY25. NP margin also slid from 4.63 percent in 1HFY25 to 3.85 percent in 1HFY26.Future OutlookWhile local economic conditions have posted sound recovery, weaker demand from global market coupled with high input cost continued to haunt the local textile sector. Landmark trade deal between India and the European Union risks grabbing the competitive advantage of GSP plus from Pakistan textile companies. To mitigate these risks, the company is actively diversifying its product and geographical mix and adding high value added products such as corduroy to its sales mix. Besides, the company is seeking operational efficiency by replacing its air-jet looms with more advanced ones and investing in solar energy projects and battery energy storage systems. These measures will enhance the company’s competitive position in the global market.
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techbullion32d ago
XRP Holds $1.34 and Bitcoin Recovers to $67,038: Pepeto Dual Audit Fortress Makes It the Top Crypto Presale to Buy in March 2026 With 269x Potential
The crypto market in March 2026 is gripped by extreme fear according to CoinDesk. The Fear and Greed Index hovers at 10. Bitcoin dipped below $65,000 before recovering to $67,038 on a short squeeze. Major altcoins like Ethereum at $1,935 and Solana at $83.40 sit in corrections amid risk off sentiment and geopolitical tensions. Yet [...]The post XRP Holds $1.34 and Bitcoin Recovers to $67,038: Pepeto Dual Audit Fortress Makes It the Top Crypto Presale to Buy in March 2026 With 269x Potential appeared first on TechBullion.
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bitcoinworld32d ago
Ethereum’s Vitalik Buterin Reveals Crucial Strategy to Prevent Digital World Domination
BitcoinWorldEthereum’s Vitalik Buterin Reveals Crucial Strategy to Prevent Digital World DominationIn a significant statement from his verified X account on March 15, 2025, Ethereum co-founder Vitalik Buterin articulated a compelling vision for blockchain technology’s role in preserving digital freedom. Buterin emphasized that Ethereum’s fundamental purpose extends beyond financial applications to creating cooperative digital spaces that prevent single-entity domination. This perspective arrives amid growing global concerns [...]This post Ethereum’s Vitalik Buterin Reveals Crucial Strategy to Prevent Digital World Domination first appeared on BitcoinWorld.
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dhakarnews32d ago
Discover how Unknown transforms your online casino experience with cutting-edge technology
Discover how Unknown transforms your online casino experience with cutting-edge technology Revolutionizing Gaming with Advanced Software In the ever-evolving landscape of online casinos, Unknown stands out by leveraging cutting-edge technology to enhance the gaming experience. With state-of-the-art software and innovative gaming solutions, it transforms traditional gambling into an interactive and immersive experience. This fresh approach [...]
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watchlistnews32d ago
Marathon Digital (NASDAQ:MARA) Stock Price Down 8.4% – Should You Sell?
Marathon Digital Holdings, Inc. (NASDAQ:MARA – Get Free Report) shares fell 8.4% during trading on Tuesday . The stock traded as low as $8.61 and last traded at $8.66. 51,047,416 shares were traded during trading, an increase of 8% from the average session volume of 47,370,121 shares. The stock had previously closed at $9.45. Analyst [...]
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techbullion32d ago
Best Crypto to Invest In While the Market Bleeds: Pepeto Exchange Will Curate the Future of Meme Coins While Solana Gains 1.88% and Bitcoin Holds $67,038
The crypto space is bleeding according to CoinDesk. Solana recently impressed investors gaining 1.88% to $83.40 while Bitcoin recovered to $67,038 on a short squeeze. The Fear and Greed Index reads 10 representing extreme fear. Yet amidst these developments Pepeto at $0.000000186 currently in presale is emerging as the best crypto to invest in for [...]The post Best Crypto to Invest In While the Market Bleeds: Pepeto Exchange Will Curate the Future of Meme Coins While Solana Gains 1.88% and Bitcoin Holds $67,038 appeared first on TechBullion.
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