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11/01/2023

Continental Tsingshan Group plans to expand production China's nickel production may double this year
Mining Weekly reported on January 10 that Tsingshan Group, China's largest private steel company and with large nickel resources, is planning to increase refined nickel production, including building a plant in Indonesia and working with domestic copper smelters to process materials produced by Tsingshan Group into more valuable refined nickel. This could double China's refined nickel production in 2023 from 180,000 tons in 2022, and it will also increase global refined nickel production by about one-fifth.
Tsingshan Group's short position on a large number of London Metal Exchange (LME) nickel futures was shorted in March last year, causing nickel prices to soar 250% in 24 hours, eventually prompting the LME to close the nickel trading market for a week and cancel billions of dollars in controversial ways. Tsingshan Group has struck an agreement with a group of banks, including JPMorgan Chase and Standard Chartered, to avoid forced liquidation or margin calls on its nickel parts.

The LME said on Tuesday (Jan. 10) it would announce an implementation plan by the end of March with stricter rules to prevent market distortions. This includes expanding the authority of the LME risk and control function and increasing capacity accordingly to strengthen LME rules and enforcement procedures to prevent the risk of market distortions and to monitor significant risks in the OTC market to manage the risk of market distortions in the LME. The LME will also consider tightening rules, improving volatility control to mitigate extreme price volatility, and establishing operational readiness for managing extreme events across the market.

The Australian Department of Industry reported that the average nickel price in 2022 is expected to increase by 37% annually to $25,335 per tonne, mainly because the Russia-Ukraine war has affected nickel market supply. In 2023 and 2024, the average nickel price is expected to decline, estimated at $21,560 and $19,940 per tonne, respectively, as supply growth from Indonesia is expected to outpace demand growth, especially for the electric vehicle battery market.

Global nickel consumption edged down 0.2% in the third quarter of 2022 from the previous quarter, as demand in the Chinese market grew to be able to offset declines in other markets, the report said. In the third quarter of 2022, nickel consumption in Asian markets increased by 2.4% compared to the previous quarter, mainly driven by a 6.5% increase in mainland demand, a 12% decrease in demand in Japan and a 6% decrease in South Korea. Nickel consumption in Europe fell 26% in the third quarter from the previous quarter, mainly due to the impact of the economic slowdown.

In 2022, global EV sales are expected to reach 11 million units, up 67% from 6.7 million units in the previous year, while nickel consumption for EV batteries is expected to increase by 42% annually. In the first three quarters of this year, China's electric vehicle sales increased by 120% year-on-year, mainly incentivized by government subsidy programs, which made the average selling price of electric vehicles in China only about 10% higher than that of conventional vehicles, and Chinese electric vehicles are expected to account for 20% of new car sales in 2022, which will meet the Chinese government's five-year plan target by 2025 ahead of schedule.

(Image source: MoneyDJ database)

10/11/2022

The House of Representatives is determined to change the day, the new speaker may visit Taiwan, and the outside world is worried and tense up
The Republican Party in the United States did not perform as expected in the midterm elections, failing to set off a red wave of victory, but it is still expected to take over the dominance of the House of Representatives. Republican control of the House of Representatives could propose tougher China policies, creating new risks for businesses.
Barron's, VOA reports, while both Republicans and Democrats embrace hardline China policies, analysts stress that Republicans have consistently proposed more aggressive measures against China than Democrats.

Anna Tucker Ashton, director of Eurasia Group, a political risk manager, said Republicans are highly concerned about issues including policies to support Taiwan, stronger efforts to ensure that U.S. technology does not fall into Chinese hands, and cutting off U.S. capital flows to mainland companies linked to the Chinese government.

Ashton believes that if the Republican Party controls the House of Representatives, it will continue to promote China policy and pressure the White House to take a stronger stance against Beijing.

Robert Ross, a professor of political science at Boston College, pointed out that Taiwan is the most sensitive issue in the U.S.-China relationship, and one of the big questions is how many symbols of sovereignty the Taiwan Policy Act give Taiwan, and to what extent does the White House need to regard Taiwan as a sovereign independent country? Republicans will press the White House to do so, and the Republicans are so high-profile that it is difficult for the White House to resist the pressure.

Investors are also worried about renewed tensions in Taiwan, triggered by Republican Representative Kevin McCarthy as speaker of the House of Representatives and leading a larger congressional delegation to Taiwan. Yun Sun, co-director of the East Asia department of The Stimson Center, a U.S. think tank, warned that when current House Speaker Pelosi visited Taiwan in August, China responded with a live-fire exercise, and if another speaker visits Taiwan, China's reaction may be more intense. This will put more pressure on U.S.-China relations, forcing U.S. companies to think more seriously about the worst-case scenario of Taiwan.

Predictions of midterm election results show that Republicans will have a slight majority in the House of Representatives, with 222 seats, surpassing Democrats by 213. In the Senate, the Democratic Party may be able to maintain a slim dominance. Of the 35 seats re-elected to the Senate, 3 have so far been difficult to decide.

19/10/2022

Ukraine raises winter wheat planting forecast Brazil's soybean production forecast has been raised
As of October 18, Ukraine's winter wheat sown area reached 2.5 million hectares, and the sowing progress reached 61% of the expected sown area, compared with 5 million hectares in the same period last year, Reuters reported. The report also raised its estimate of the area planted with winter wheat in Ukraine in 2023 from 3.8 million hectares to 4 million hectares. Ukraine planted more than 6 million hectares of winter wheat last year, but due to the impact of the Russian-Ukrainian war, farmers have only harvested about 4.6 million hectares of winter wheat this year.
Ukraine's wheat harvest this year has been completed, with the wheat harvest falling sharply to 19.2 million mt from 32.2 million mt in the previous year, mainly due to the lack of harvests in many regions in the east, north and south due to the war between Russia and Ukraine. Ukraine's first deputy agriculture minister, Taras Vysotskyi, said last month that Ukraine's wheat production in 2023 is estimated at 16-18 million mt, a further decline from this year.

Brazil's soybean acreage is estimated to be 42.8 million hectares this year, slightly higher than the original forecast of 42.5 million hectares, and soybean production estimates have been raised from 144 million tons to 148.5 million tons, the USDA counselor in Brazil said in an October 18 report. In 2022/23, Brazil's soybean export estimate has been revised up to 95.7 million mt from 92 million mt. Brazil's domestic soybean processing is expected to reach a record high of 50 million mt, mainly due to strong demand for soybean products, especially soybean oil.

According to the report, the planting of soybeans in Brazil has been earlier this year, mainly due to the more favorable influence of the weather. According to the Institute of Agricultural Economics of the State of Mato Grosso (IMEA), Brazil's largest soybean producer, the state's soybean planting progress was 1.79% at the end of September, up from 1.2% in the same period last year and 0.25% on the five-year average over the same period. According to the Department of Agriculture of the State of Paraná, soybean planting progress in the state reached 6%, compared with 3% in the same period last year and an average of 5% in the same period over the past five years.

Mike Corn, a crop analyst and South American agricultural expert at Soybean & Corn Advisor Inc. in Illinois. Dr. Michael Cordonnier wrote on October 18 that according to data from AgRural, a local Brazilian analyst, as of last week, the progress of soybean cultivation in Brazil has reached 24%, compared with 22% in the same period last year and the average of 15% in the same period of the past five years.

As of last week, the soybean planting progress in Mato Grosso reached 41.3%, compared to 45% in the same period last year and the average of 24.1% over the same period over the past five years. The soybean planting progress in Paraná reached 26%, compared to the average of 34% for the same period in the last five years. Soybean planting progress in Grand River Sul reached 15 percent, compared to the average of 17 percent over the same period over the past five years.

30/09/2022

Britain as a guide? FXH: The Fed's next step is QE, but it won't admit it
Arbert Edwards, a global strategist at Société Veritas France, has long been known for its anti-market forecasts, warned that the wave of sell-offs in financial markets will not end unless the Fed's aggressive monetary tightening policy is bent.
Business Insider, CNBC reported, Edwards published a research report on the 29th, pointing out that the UK 30-year bond yield soared below 5% this week, the first time since 2010, and the 5-year bond yield also exceeded 4.5%, the first time since 2008. He said that although people believe that the new British government's tax cut plan is the culprit of the collapse of British bond prices, in fact, when the Bank of England (BoE) announced on Thursday (September 22) that it would reduce the British bond acquisition by 80 billion pounds and raise interest rates by two yards in the next December, selling pressure began to come out.

Edwards said that while the news media mostly focused on the weak movement of the pound, the collapse of the British government was only severe. Markets have proven (as in 2018) that quantitative tightening monetary policy (QT) is not at all "as tedious as watching the paint dry out". QT forced BoE monetary policy to bend hairpins as shamefully Fed Chairman Jerome Powell did.

What's next? Edwards believes that the central bank will take "not quantitative easing monetary policy (Not-QE)" action.

Powell announced in 2019 that the Fed would resume buying Treasuries to avoid market turmoil, but he stressed at the time that "in no sense is this QE."

BoE announced on 28 September that it will acquire long-term Treasury bonds at a rate of up to £5 billion per day over the next 13 business days. BoE stressed that the purpose of the bond purchase is not to drive down the borrowing cost of long-term bonds, but to buy time to stop the vicious circle of pension funds being forced to sell British government bonds and meet the cash needs of creditors.

The size of the Fed's balance sheet has swelled to $9 trillion from less than $1 trillion before the 2008 global financial tsunami. Edwards pointed out that the central bank has pushed the bubble and financial leverage to absurd highs through monetary stimulus policies for decades, and the market will never tolerate QT for too long.

The Fed has doubled its monthly QT amount to $95 billion this month, which is to allow $60 billion in government bonds and $35 billion in mortgage-backed securities (MBS) for real estate loans to be denominated after maturity. Edwards has only one word for whether Fed can successfully execute QT: "Good luck!"

21/09/2022

Lu frantically buys Russian coal to cope with high temperatures BCI has soared 560% from the end of August
The Baltic Dry Index (BDI), which measures the freight rate of bulk shipping on raw materials, jumped 11% on the 20th, driven by China's large-scale imports of coal, and has soared nearly 80% from the previous wave at the end of August.
MoneyDJ XQ Global Winners System quotes show that BDI rose 11.33% to close at 1,729 points, the highest closing since August 3; It is up 79.17% from the previous wave low (965 points) on August 31.

The Baltic Cape Index (BCI), which measures freight rates for raw materials such as iron ore and coal, soared 31.27% to close at 1,994 points on the 20th, hitting a new high since August 1; It is up 560% from the previous low on August 31 (302 points).

Reuters reported on the 20th that China's coal imports to Russia in August hit a new high of at least five years, mainly because power plants seek overseas supply to meet domestic demand for electricity due to extreme heat. China is the world's largest consumer of coal.

China's General Administration of Customs announced on the 20th that coal imports from Russia in August reached 8.54 million tons, higher than the previous wave in July of 7.42 million tons, and also surged 57% over the same period last year. Imports in August hit a new high since 2017.

Driven by increased purchases from China and India, Russian thermal coal's offer rose to $155 a ton at the end of August, up from $150 a ton a month ago. Since late July, China's southwest has been hit by extreme drought and heat waves, and coal-fired power plants are struggling to scale up production to meet soaring demand for air conditioning and to fill the supply gap for hydroelectric power plants.

The plant is expected to increase coal imports in October, replenishing stocks ahead of the start of heating season in northern China in mid-November.

14/09/2022

Preferential exchange rates encourage the impact of Argentine soybean export sales progress accelerated
Crop analyst at Soybean & Corn Advisor Inc. in Illinois and South American agricultural expert Mike Lee. Dr. Michael Cordonnier wrote on September 13 that Argentina's soybean exports reached 5 million tons last week, affected by the government's preferential exchange rate for soybean exports to encourage exports, and the cumulative progress of soybean sales is catching up with the same period last year.
Argentina's economy minister, Sergio Massa, announced on September 4 that it would offer soybean exporters a preferential exchange rate of 1 US dollar to 200 pesos, which is far better than the official exchange rate of 1 US dollar to 140 pesos. As of the end of August, Argentina's soybean sales were progressing at 52.3 percent of the estimated 44 million tonnes, more than 10 percentage points behind 62.8 percent in the same period last year, as farmers reluctantly sold to combat the risks of inflation and currency depreciation.

Cordonie said that because the preferential exchange rate offered by the government is only until the end of September, farmers may be reluctant to sell again after October. However, the government has also introduced supporting measures, saying that if farmers retain more than 5% of the previous year's output, their financing interest rate will be 120% of the basic interest rate. But the mechanism remains unclear, mainly in how the government will determine farmers' harvests this year and how many crops farmers retain.

According to the data released by the Argentine Ministry of Agriculture on the 13th, as of last week, the sales progress of soybeans in Argentina in 2021/22 reached 57%, compared with 64% of the sales progress in the same period last year. In addition, the progress of corn sales in Argentina has reached about two-thirds, slightly higher than the same period last year, and Argentina's corn production is estimated at 59 million tons this year. The Rosario Grain Exchange reported that Argentina's wheat sales are progressing by 30% in 2022/23, with an expected yield of 5.2 million tonnes and an estimated 12 million tonnes of wheat exports for the current year.

The U.S. Food and Agricultural Policy Institute (FAPRI) reports that net farm income in the United States is expected to reach a record high of $148.3 billion in 2022, doubling from five years ago, due to higher food prices caused by the Russo-Ukrainian war and increased imports from China. However, the report estimates that as agricultural prices decline, net farm income in the United States will also decrease in 2023 and 2024, after which it is expected to remain flat until 2027.

France's Ministry of Agriculture reported on September 13 that, affected by this summer's severe drought, French maize production is expected to decline by 25% per year to 11.6 million tonnes per annum, a new low since 1990, as maize yields in all producing areas will decline. The report also pointed out that due to the adverse effects of weather, the production of almost all crops in France will be reduced compared with the previous year, and only oilseed crops will be spared.

29/08/2022

Meta-metacosmic ambitions hit a wall? VR platform Horizon will be gone
Social media giant Facebook parent company Meta Platforms (META. US) spent tens of billions of dollars to develop the metaverse. However, Mark Zuckerberg, CEO of Meta, recently sent out a meta-universe virtual doppelganger selfie, the texture of the picture is outdated, and it is ridiculed by netizens. What's worse, the news came out that meta's VR platform Horizon department personnel earthquake, 1 big general left, the timing is sensitive, causing external attention.
CNBC, Reuters reported that Meta spokesperson confirmed on August 26 that Horizon deputy general manager (Vice President) Vivek Sharma is about to leave, and the Horizon team will report directly to Vishal Shah, vice president of Meta Meta-Universe Department in the future.

Sharma has been with Meta for 5 years and 11 months, rising to vice president of Horizon in August 2021, where she manages Meta's VR projects, including Horizon Worlds, a meta-universe social platform, HORIZON Workrooms, a VR-based remote collaboration app, and Horizon Venues, which hosts live events in a VR environment.

Zuckerberg recently revealed that Meta plans to launch a new VR headset in October this year.

In 2020, Meta launched the second-generation VR headset Meta Quest 2, which is currently priced at $399.99 for the 128GB version and $499.99 for the 256GB version.

Metacosm refers to virtual spaces parallel to the real world, such as the virtual game world OASIS described in the movie Ready Player One. In October 2021, Facebook announced that it would change its name to Meta Platforms, demonstrating its determination to shift its operational focus to metacosms.

According to the MoneyDJ XQ Global Winner System quotes, As of August 26, 2022, Meta's share price has fallen by 51.90%.

09/08/2022

The US Senate passed the "Inflation Reduction Act" green energy and electric vehicle stocks
On Monday (August 8), US renewable energy stocks and electric vehicle stocks rose sharply. Mainly benefited by the recent passage of the Inflation Reduction Act by the US Senate, nearly $370 billion is expected to be invested in the development of clean energy to combat global warming, driving a surge of money to related stocks.
"Barron's" and other foreign media reported that the US Senate on Sunday (7th) with 51 votes from the Democratic Party to 50 votes for the Republican Party, passed the "Inflation Reduction Act" with a scale of up to $750 billion, of which $369 billion was used for a basket of clean energy and climate plans, the largest climate investment bill in the history of the United States, which will be voted on this week by the Democratic-majority House of Representatives, and is expected to be passed on Friday (12th), and then signed into law by President Joe Biden.

One of the items in the bill is a 30% tax deduction for newly installed residential solar power generation systems, which will be extended to December 31, 2034. Research firm Rhodium estimates that the bill will help reduce greenhouse gas emissions in 2030 by 31 to 44 percent from 2005 levels.

Clean energy companies such as solar panels and hydrogen fuel cells will be the biggest beneficiaries of the bill. Solar stock First Solar (FSLR. US) and Sunrun (RUN. US) shares rose 4.75% and 2.71% respectively on the 8th; Hydrogen fuel cell manufacturer Plug Power (PLUG. US) 1.71 percent, while fuel cell maker Bloom Energy (BE. US) jumped 4.36%.

In addition, the bill provides a $7,500 tax break for each newly purchased electric vehicle, with a maximum credit of $4,000 for the purchase of a used electric vehicle, but electric pickup trucks that sell for more than $55,000 and electric SUVs that sell for more than $80,000 will not be eligible for the credit.

Electric vehicle leader Tesla (TSLA. US) shares rose 0.78 percent, rookie electric vehicle company Lucid (LCID.US) rose 3.71 percent, and Rivian (RIVN. US) 6.78%, electric heavy-duty truck manufacturer Nikola (NKLA. US) gave back gains, losing 3.23% in the final market.

25/07/2022

Strong currency values depress inflation The Russian central government unexpectedly slashed interest rates and cut interest rates by 6 yards

While international central banks raised interest rates to fight inflation, the Central Bank of Russia (CBR) did the opposite, cutting interest rates by 6 yards in one go, and the benchmark interest rate fell below before the invasion of Ukraine.
The New York Times and CNBC reported that the Central Bank of Russia announced on Friday (22nd) that it would cut interest rates by 150 basis points, and the benchmark interest rate would fall from 9.5% to 8%, a decline of two yards (0.5%) higher than the market estimate. This is the fifth time this year that the Russian central bank has cut interest rates.

Weak consumer demand and a strong Russian ruble narrowed inflation growth to 15.9 percent in June, down from 17 percent in May, the central bank said. The Russian ruble briefly reached a seven-year high against the dollar in June.

Since Russia's military campaign in Ukraine, global food and energy prices have skyrocketed, forcing countries to raise interest rates one after another. The European Central Bank (ECB) also raised interest rates for the first time last Thursday (21st) after more than a decade apart.

However, the situation in Russia is different. After the war between Russia and Ukraine, Russian prices once soared; The Russian-Chinese Bank raised interest rates urgently at the end of February, and interest rates rose sharply from 9.5% to 20%. However, the damage of Western sanctions to the Russian economy is not as far as expected, and the country's inflation has slowed, giving the Russian central government room to cut interest rates.

Elvira Nabiullina, president of the Russian Central Committee, said the economic downturn would persist longer, but the contraction was likely to be smaller. She stressed that the external environment remains challenging and will continue to suppress economic activity. The central bank estimates that the country's economy will shrink by 4 to 6 percent this year, outperforming estimates at the beginning of the year. In addition, inflation will increase by 12% to 15% in 2022 and narrow to 5% to 7% in 2023.

Liam Peach, senior emerging markets economist at Capital Economics, noted that interest rate cuts in Russia will turn to moderate in the future, with a decline of 4 yards (1%) or less. He expects the Russian benchmark rate to reach around 7.00 percent by the end of the year.

MoneyDJ XQ Global Winner System quotes show that at the end of the 22nd currency market, the Russian ruble depreciated by 0.33% against the US dollar at 57.7830. This year, the Russian ruble has risen 22.55%.

22/07/2022

Weak demand hurt financial test Hard disk machine factory Seagate will reduce production after-hours diarrhea by 11%
The market turned weak, and the hard disk drive manufacturer Seagate Technology reported less than expected and announced that it was ready to cut production, and the stock price plunged 15% after hours.
Yahoo Finance quotes show that after hours on Thursday (21st), Seagate plunged 15% at one point, and then the decline narrowed to 11.09% at $74.34.

After trading on the 21st, peer Western Digital Corp. followed suit by 5.35% at $47.73.

Barron's, MarketWatch reported that Seagate said that considering the demand turning, the situation in traditional end markets such as personal computers (PCs) facing consumers is particularly obvious, and the company will cut production in response.

Seagate's fiscal fourth quarter (july 1) financial report showed revenue decreasing by 13% year-on-year to $2.6 billion, lower than the company's estimate of $2.8 billion. The industry's earnings per share were $1.59, also below the company's estimate of $1.90. The market originally estimated revenue of $2.78 billion and earnings per share of $1.88.

The company's earnings were even worse in the quarter, with estimated revenue in the range of $2.35 billion to $2.65 billion and earnings per share in the industry between $1.20 and $1.60. Wall Street estimates revenue of $3.03 billion and earnings per share of $2.27.

Seagate CEO Dave Mosely said that the demand for large-capacity storage is stable, especially in the use of cloud, but the asian epidemic restrictions, the global economic slowdown affects many markets, with the consumer side being the most prominent, offsetting the aforementioned benefits. Many of the total economic challenges continued into this season, and in this environment, the production cuts were maintained to maintain supply discipline.

21/07/2022

The tide of funds has receded to disperse the housing market Rongjing The demand for US housing loans hit a new 22-year low
Inflation in the United States continues to soar, and major bearish interest rate hikes and other major bears have washed away the housing market and the demand for mortgages has also blown cold winds. The latest data show that last week, the US housing loan demand refreshed the 22-year low, reflecting that the housing market is no longer "hot", and the housing market scenery built by the capital frenzy during the epidemic has obviously subsided.
CNBC reported that the Market Composite Index, which measures mortgage applications, fell 6.3 percent from the previous week and hit a 22-year low since 2000, after a seasonally adjusted july 20, CNBC reported.

Judging from the two major projects of Refinance and Purchases, the number of applications decreased from the previous week. According to MBA statistics, the Refinance Index is 4% lower than the previous week and 80% lower than the same period last year, also at a 22-year low; The Purchase Index also fell 7 percent from the previous week and 19 percent from the same period last year as current mortgage rates nearly doubled from January.

According to the MBA, the average interest rate on a 30-year fixed-rate mortgage with a conforming loan balances ($647,200 or less) rose to 5.82% from 5.74% the week before july 15.

The report pointed out that the US mortgage interest rate has not changed much recently, but as the volatility of the bond market increases, the situation may soon change. The Fed is widely expected to raise rates by another 3 yards (0.75 percentage points) next week, and other major central banks have turned to aggressive hawkish tones to curb worsening inflationary pressures.

The National Association of Realtors (NAR) recently announced that after seasonal adjustment, Existing-home sales in the United States in June 2022 were seasonally adjusted for 5.12 million units, down 5.4% from May, down for five consecutive months and a new low since June 2020.

20/07/2022

Cryptocurrency bank Silvergate unexpectedly stabilized, share price surged 22%

Despite a harsh winter for the industry, cryptocurrency bank capital firm Silvergate Capital (traded under the symbol SI) has a solid financial position for the second quarter of this (2022), encouraging shares to fall deep and soar.
Barron's, The Motley Fool reported, Silvergate announced on the 19th that the Q2 (April-June) net profit reached $38.6 million, earnings per share of $1.13. Q2 net profit was higher than $27.4 million in the prior quarter and $20.9 million a year ago. According to the FactSet survey, Wall Street had originally forecast the company's Q2 earnings per share to reach $0.84.

Silvergate noted that while the number of cryptocurrency customers slowed slightly, it rose to 1,585 at the end of June, up from 1,503 at the end of March. Digital currency customer fee income fell to $8.8 million in Q2, down from $8.9 million in the prior quarter and $11.3 million a year ago.

Alan Lane, president and CEO of Silvergate, pointed out that although the digital currency ecosystem is facing serious challenges, Silvergate still pays another season of eye-catching report cards.

It is worth noting that although the cryptocurrency lending industry is under serious pressure, Silvergate said that the "SEN Leverage solutions" that provide institutional legal person Bitcoin guaranteed US dollar loans have not lost money or broken financing. Leveraged positions increased to $1.4 billion at the end of June, up from $1.1 billion at the end of March.

Separately, between April and June, silvergate Exchange Network (SEN), a real-time payment system, processed $191.3 billion in transfer transactions, 34 percent higher than the previous quarter, but down more than 20 percent year-over-year. SEN's ability to settle the two parties in the system immediately and at any time, facilitating cryptocurrency trading, is completely different from the traditional bank's inability to handle cross-border business after work, attracting a large number of institutional traders and cryptocurrency exchanges to join.

Lane said, "Our platform has managed to support customers in this relatively emerging industry, even in periods of explosive transaction volume and large fluctuations, and the performance of this season has been as originally designed."

Hit by the volatility of the cryptocurrency market, the average deposit Q2 of Silvergate cryptocurrency customers fell to $13.8 billion, below Q1's $14.7 billion.

Silvergate heard on the 19th soared 22.37%, closing at $79.60, a new high since June 8; it is still down 46.29% so far this year.

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