Daily Wave | March 12, 2023

1.Failure of Silvergate Crypto Bank results in BTC Crash

Well, it looks like Silvergate Capital has had a bit of a rough time lately. You see, they're a bank that caters to cryptocurrency businesses, but one of their top clients, FTX, got hacked and lost a whopping $2 billion worth of digital money.

As if that wasn't bad enough, Silvergate's assets and liabilities took a hit from the hack, and they had to delay their annual report and warn everyone that they lost almost $1 billion in 2022. That news hit their stock price hard, with a 55% drop! Yikes!

Things went from bad to worse when Silvergate couldn't secure more funding and decided to write off their assets and shut down shop. That's right, they're calling it quits.

All this has caused some major headaches for the crypto market. Without Silvergate, many businesses and investors have lost access to banking services, and some have even had their funds frozen or reduced. Let's just say it's been a bit of a bumpy ride for everyone involved. 2. Apple comes to India

Apple is getting serious about selling more iPhones in India by focusing on the market there. They are planning to manufacture their flagship iPhone 14 in India with the help of Foxconn, which will help reduce costs and tariffs.

According to India's commerce minister, Apple is planning to increase its iPhone production in India to 25% of its total output. In 2022, Apple's sales in India grew by 93% year-on-year, hitting a whopping $3.2 billion in revenue. This impressive performance helped Apple's market share rise to 2.4%, making it the sixth-largest smartphone vendor in India.

Looks like Apple's moving its manufacturing to India to create tons of new jobs and production spending. It's a win-win situation, as this move will also help boost India's confidence as a manufacturing hub. And guess what? Apple's expected to benefit from millions of dollars in subsidies from the Indian government! With all these perks, Apple aims to produce 5% of all iPhones in India this year, with a target of reaching 25% by 2025. This not only means more iPhones but also a slightly cheaper price tag.

3. Goldman Sachs warns about rising oil prices

Goldman Sachs, the big investment bank, predicts that the price of oil is about to skyrocket. They say that because more people will be driving cars, taking planes, and working at factories after the pandemic, there will be a higher demand for oil. On top of that, China, the country that's known for making everything, will be buying more and more of it.

Unfortunately, the people who make oil can't just crank up the oil-making machine and produce more oil. So there won't be enough oil to go around, which will create a "deficit". And you know what happens when there's not enough of something? The price goes up! By the end of this year, Goldman Sachs predicts that the price of oil will be between $100 and $105 per barrel.

But wait, there's more! Goldman Sachs also thinks that we'll need even more oil in the future, but there won't be enough to meet our needs. This could be bad news for everyone. In 2024, they predict that the price of oil will be around $105 per barrel for international oil and $99 per barrel for oil made in the United States. So if you're planning on taking a road trip or buying a new car, you might want to start saving up some extra cash for gas! That's all for today, people. See you tomorrow!