FEATURED IN TODAYS NEWSLETTER

• Angola Faces Economic Strain as Oil Prices Decline, Finance Minister Warns

• A Genius Tech Founder Closed His Startup, and Here’s Why I Get It

• Tether Under Fire: U.S. Scrutiny Poses New Threat to Crypto’s Giant

Business

Angola Faces Economic Strain as Oil Prices Decline, Finance Minister Warns

Angola’s economy faces significant pressure from the prospect of lower oil prices, with Finance Minister Vera Daves de Sousa expecting prices to average $70-$72 per barrel, down from $75 in 2024. Speaking at the IMF and World Bank meetings in Washington, she confirmed the government’s gradual phase-out of fuel subsidies, which currently account for 4% of GDP. Angola, which exited OPEC earlier this year, is also reviewing its external financing needs and may explore a potential IMF program alongside other funding options from the World Bank, African Development Bank, and domestic markets. The last IMF program, worth $3.7 billion, was launched in 2018 after a collapse in oil prices devastated the nation’s revenues.

LATEST IN CRYPTO

Tether Under Fire: U.S. Scrutiny Poses New Threat to Crypto’s Giant

Among the numerous legal actions taken by U.S. regulators against cryptocurrency firms over the past year, few pose as significant a threat to the industry as a potential crackdown on Tether Holdings Ltd. Tether is the issuer of USDT, a digital token designed to serve as a substitute for the U.S. dollar, with a market capitalization of approximately $120 billion. This positions USDT as the third-largest cryptocurrency by value and the most actively traded token daily, primarily because it enables traders to conduct transactions in markets where traditional currencies are not readily available.

A regulatory push against Tether could have profound implications, not only for its own operations but also for the broader cryptocurrency ecosystem that relies on its stability and liquidity. Given Tether's pivotal role in facilitating transactions and providing a stable alternative to more volatile cryptocurrencies, any disruption could lead to increased market volatility and diminished confidence among investors. As regulators continue to scrutinize the practices of crypto firms, Tether’s fate could serve as a bellwether for the future of stablecoins and their acceptance within the financial system. The outcome of this situation may redefine the landscape of digital assets, prompting a reevaluation of risk and compliance across the sector.

In terms of Bitcoin ETFs, there was a net loss of $80 million on Tuesday, with Ark Invest’s ARKB seeing a record $134 million outflow, while BlackRock’s IBIT led inflows with $42 million. Additionally, BlackRock’s ether ETF added $11 million, whereas other products.

TECH

A Genius Tech Founder Closed His Startup, and Here’s Why I Get It

A brilliant tech entrepreneur I admire recently announced he was winding down his promising startup—and taking a corporate job instead. At first, it seemed shocking, but after hearing his reasoning, I couldn’t blame him. “Jack,” a behind-the-scenes innovator with decades of success, was building a product that could disrupt an entire industry. But after juggling multiple roles—building the platform, running operations, and managing customers—he realized he needed capital and investors. Unfortunately, VCs only cared about AI, not his practical, high-margin idea. Faced with the choice between forcing his vision into a trendy AI framework or accepting a lucrative job offer, Jack chose the latter—getting paid to do what he loves without the burden of running a company. In today’s market, even brilliant entrepreneurs are questioning whether the startup grind is still worth it.