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Markets

Sacramento Kings becomes first sports team to offer salary option in Bitcoin

Sacramento Kings had already begun selling all their merchandise (tickets, branded meals) for Bitcoins in 2014 and in 2019.

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Sacramento Kings, a popular American basketball team has become the first major sports franchise to offer its players and staff an option of earning in Bitcoin. Team Chairman, Vivek Ranadivé said this on Clubhouse recently.

Crypto pundits have said that such a move would strengthen the California NBA team’s longstanding claim to being one of the most pro-crypto teams in professional sports.

Sacramento Kings had already begun selling all their merchandise (tickets, branded meals) for Bitcoins in 2014 and in 2019, launched rewards sports tokens for fans.

READ: Chiliz, football-based crypto on a hat trick, surges by 380% in a week

At the time of writing this report, Bitcoin traded at $58,852.47 with a daily trading volume of $60.8 billion. Bitcoin is up 1.59% for the day.

READ: Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin

In case you missed it

Recall that some weeks back the highly respected footballer, Cristiano Ronaldo collected about 770 Fan Tokens JUV ahead of Juventus’ match against Benevento as a way of marking his record-breaking goal milestone.

It is the first time a footballer has been rewarded with Crypto which is becoming prominent in terms of fans’ interaction with the world’s most popular sport.

SSKOHN

The recent use of crypto in sports will also address geographical challenges and trigger the global expansion of sports and teams.

READ: Football fans cashing out with Crypto as Juventus’ fan token rises by 596.98%

Consequently, leading European football clubs that include Manchester City, Juventus, and Ac Milan are now using blockchain to facilitate better experiences for their fans and presently, Chiliz is the crypto used in buying these football fan tokens.

Sports teams take advantage of the feeling of ownership exhibited by their fans amid the negative disruption the COVID-19 pandemic has inflicted on their business, as fans remain indoors. It is, therefore, logical for these sports teams to explore avenues that strengthen fan loyalty and their passion for the game.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Markets

Bulls enjoy slight victory at the NSE

The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week.

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The Nigerian Stock Exchange market posted gains at the end of the trading session today, making it the fourth day of a bullish run. The All-Share Index increased by +0.01% to close at 39,131.80 from 39,128.34 index points. CUTIX made the top of the gainers list.

  • Nigerian Stock Exchange market value currently stands at NGN 20.48Tr. Its Year-to-Date (YTD) returns currently stands at – 83%.
  • The market closed in profit as CUTIX led 17 Gainers, and 15 Losers topped by EKOCORP with a slightly bullish movement by the NSE ASI.

Top gainers

  1. CUTIX up +7.00% to close at N2.14
  2. PZ up +6.93% to close at N5.40
  3. LINKASSURE up +5.00% to close at N0.84
  4. COURTVILLE up +4.35% to close at N0.24
  5. OANDO up +3.96% to close at N3.15

Top losers

  1. 1. EKOCORP down -10.00% to close at N5.40
  2. SUNUASSUR down -9.09% to close at N0.60
  3. HONYFLOUR down -8.45% to close at N1.30
  4. SOVRENINS down -8.00% to close at N0.23
  5. UNITYBNK down -6.78% to close at N0.55

Outlook

The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week.  However, the following stocks are on our watchlist: PZ, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.

  • Nairametrics advises cautious participation in the stock market in this era of growing uncertainties.

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Markets

The NSE Banking Index plunges as Zenith Bank dips

The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates.

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The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates. The Index finished in the red with a loss of -0.04% pushing the Index point down to 357.76 from 357.89

UBA topped the gainers with a +2.07% increase. Technical analysis showed that UBA share price saw a noticeable upward trend from the start of the trading session pushing the price from its previous day’s close of N7.25 to N7.40.

Wema bank also posted gains of +1.75% pushing the price from the previous day’s close of N0.57 to N0.59 at today’s close of market. Wema Bank technical analysis shows a slightly correlated trend with that of UBA for today’s trading session.

EcoBank saw a +1.01% gain at the end of the trading session today. Price was moved from its previous gains of N4.95 to N5.00 showing a N0.05 increase that was sufficient enough to earn EcoBank 4th place on the gainers’ side at the end of the trading session today.

Access Bank escaped the bear’s claws with a +0.67% profit at the end of the trading session, technical analysis shows massive consolidation today before price moved from N7.50 to N7.55.

GTBank was also saved after posting a profit of 0.16% pushing the price to N31.30 from its previous N31.25.

Fidelity Bank held top spots on the losing side of today’s trading session with a noticeable decline from -1.77% pushing the price downwards from N2.26 to N2.22.

Jaiz Bank saw a noticeable bearish turn of -1.59% holding the price at N0.62 from N0.63.

Zenith Bank was next to feel the claws of the bear as it took a hit of -1.35% pushing price downwards from N2.30 to N2.00. Union Bank and Sterling Bank both saw a stalemate at the end of the trading session today to hold at N5.00 and N1.60 respectively.

SSKOHN

Outlook

  • Market sentiments indicate that tomorrow might see a bullish recovery with 6 gainers being opposed to 3 losers and 3 stalemates.
  • Nairametrics advises cautious participation in the market amid growing uncertainties.

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