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Crypto custody services, which support clients in managing their crypto assets, represent a new venture for Ripple, now unified under the brand Ripple Custody.
The company is best known for its XRP cryptocurrency and RippleNet, a distributed ledger platform facilitating fast interbank payments.
Now we are already part way through October 2024, investors are understandably cautious, wondering if history might repeat itself.
The Wall Street Crash of 1929, also known as the Great Crash, began on 24th October 1929, with Black Thursday, followed by Black Tuesday on 29th October 1929. The Dow Jones Industrial Average (DJIA) plummeted nearly 13% on Black Monday and an additional 12% on Black Tuesday.
This crash marked the beginning of the Great Depression, a period of severe economic downturn that lasted for over a decade. The 1929 crash was precipitated by a combination of speculative investments, excessive leverage, and a lack of regulatory oversight, leading to a massive sell-off as panic spread among investors.
In contrast, the stock market crash of 1987, known as Black Monday, occurred on 19th October 1987, when the DJIA dropped by 22.6% in a single day. Unlike the 1929 crash, the 1987 crash did not lead to a prolonged economic depression. Instead, it was a sharp correction in an otherwise strong bull market. The causes of the 1987 crash included program trading, overvaluation, and market psychology.
The rapid recovery following the crash was aided by swift intervention from the Federal Reserve, which provided liquidity to stabilize the markets.
Comparing these historical crashes to today’s stock market, several differences and similarities emerge. The current market environment is characterized by high valuations, geopolitical tensions, and concerns about inflation and interest rates.
However, today’s markets are also more resilient due to advanced technology, better regulatory frameworks, and more sophisticated risk management practices.
The likelihood of a significant stock market crash in October 2024 is difficult to predict. While some analysts argue that the market is due for a correction, others believe that the underlying economic fundamentals remain strong.
The lessons from 1929 and 1987 highlight the importance of investor psychology and the impact of external shocks on market stability.
In conclusion, while October has a notorious reputation for stock market crashes, the probability of a crash in October 2024 is uncertain. Investors should remain vigilant, diversify their portfolios, and avoid speculative investments to mitigate potential risks.
By learning from past crashes, we can better navigate the uncertainties of the current market environment and prepare for any potential downturns.
Electric car sales in the UK are facing challenges despite the growth in the number of electric vehicles (EVs) on the roads. The Society of Motor Manufacturers and Traders (SMMT) has indicated that the proportion of EV sales has not surpassed 18%, with the market mainly propelled by fleet operators, not private consumers.
It has been suggested that the industry will struggle to meet the government target of 22% of new car sale in 2024 being ‘zero-emission vehicles’.
Contributing factors to this slowdown include the high costs, a limited public charging infrastructure, and range anxiety.
Nonetheless, September 2024 saw a record number of new electric car registrations, exceeding 56,000. Yet, the long-term viability of these figures is uncertain, as they were bolstered by substantial discounts.
And yet the electric car still remains an equally expensive option by direct comparison.
But there is a warning of a potential UK slowdown despite the August pick-up.
The gross domestic product (GDP) matched the 0.2% growth anticipated by economists.
Over the three months leading to August, Britain’s economic growth also registered a 0.2% increase, which was marginally below the expectations of economists.
A rebound in construction and a robust month for accountancy, manufacturing, and retail sectors contributed to a 0.2% boost in the economy, following a stagnation in growth over the prior two months.
However, the Office for National Statistics (ONS) noted that economic growth has been weaker relative to the first half of the year and of a potential slowdown.