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There is a rhythm to a night at the Bolton Interchange.

People dart from arriving buses, racing across the concourse to catch departing ones. Sometimes they do, sometimes they don’t. Each rush is followed by a brief lull.

Every night, hundreds of lives intersect at the Bolton Interchange. The night-shift workers and commuters, those out on the town and those just a little bit lost.

Each one has their own story, some are happy to chat, most lose themselves in whatever is playing through their headphones.

I spent a week on the night buses. With the election looming, what the politicians are experiencing on their campaign battle buses is not what ordinary people are seeing. Theirs is a very different perspective.

Sky News's Greg Milam spoke to passengers on night buses
Image:
Sky News’s Greg Milam spoke to passengers on night buses

There is an unmistakeable despair about the state of the country, an indifference to what the political process might do about it and a dark humour about the future. There are very few flickers of optimism.

From the bus-spotter who says the country needs “a good clean”, to those who yearn for a Britain of a different age, to Pete, the elderly bluegrass guitarist heading for an open-mic night.

What does he think of Britain today? “Me and 50 mates are going to go to Lake Windermere to take a s*** in the water. We’ll see if they do anything to stop us, because they don’t seem to be stopping the water companies.”

It is just one of the many raw expressions of the frustration and hopelessness that I hear. As Carl, the night supervisor at the interchange, says: “Late shifts are different here. It is a real eye-opener.”

Sophia Talbot

‘Vote? I just can’t be bothered’

With her shock of white hair and ankle-length peach quilted coat, Sophia Talbot is hard to miss as she jogs across the interchange concourse. She turned 80 a few weeks ago but is still working full-time. She is taking the 125 bus home after completing filming in Bolton as an extra on the TV drama, Waterloo Road.

Sophia: The country is a mess. When I first came to Bolton 21 years ago it was a really nice place and now it’s all run down and boarded up and I think that speaks for everywhere.

Every time I go to the supermarket, I seem to get less for my money. I can drive but I can’t afford a car so that’s why I take the bus.

I do the extras work for a bit of extra money. Extra extra money, I call it.

I don’t think I’ll last long enough to see things in this country change for the better. It will take a long time for that to happen because it has gone down too far.

I probably won’t even vote. I didn’t last time or the time before if I remember right. I just can’t be bothered, and I know that’s not good because if you don’t do it, you can’t blame anybody but yourself, can you?

‘I’m treated as third class, common muck’

It is just after 8pm, still light on this early summer evening, and Janey Fairhurst is passing through the interchange on her way from Bury to Wigan, after spending the day with a bereaved friend. She lost her job in medical research in November and, after 10 interviews, is still searching for work.

Janey: My life is drastically different to what it was. There are just not enough jobs. There are jobs down South but I feel the North gets forgotten about quite a lot when it comes to politics. Maybe they need to remember that we started the industrial revolution and they wouldn’t be here if it weren’t for that so maybe give the North some more funding and more jobs.

The empire is over, Britain has just crumbled, it has been going in the wrong direction for a long time and there’s no trust between the people and the politicians.

When I was in work I felt like I was winning. I could buy the Tropicana instead of Tesco’s own brand orange juice. You don’t really think about the politics of it all when you’ve got the money.

Now, I feel like I’m treated as third class, common muck and I’m not. I come from a good family. I feel frustrated, angry, sad, belittled, in a way – judged. I worked so hard to get where I was and now I can’t get back into it.

Another night bus rider

‘The cost of living has put a lot on people’

Three buses in the morning and three more in the evening are the routine of Saila Shabir’s working life. From her home in Great Lever to her job in Manchester, she says her time spent travelling has given her perspective on the value of community and the state of the country.

Saila: I think it wouldn’t do any harm for everyone to get on the night bus and experience life from this side of things. It might not be their cup of tea but it is a way to understand what people are saying and doing.

I find it uplifting travelling on the bus in the evening because you get to see people from all sorts of backgrounds. It is amazing, really, and it opens your mind that there’s huge prospects and a really expansive community that we could all bring together under one roof.

I’m not going to say I’m despairing but the cost of living has put a lot on people. People need to work together, we can’t just rely on one set of people to do it all. I am hopeful because I do trust the right people will do the job properly. I do see the darker side of life on the buses sometimes but you need the dark to see the light.

Rick Conlon

‘I have never known this country in such a state’

From his blue suede boots to his embroidered collar, Rick Conlon is dressed for a night on the town. It is 11pm and he is making his way home to Rochdale. At 6ft4in with a shaved head, it’s easy to see why he’s well known in local boxing circles. He is jovial despite despairing of Britain today.

Rick: I’m 58 and I’m not political particularly but I have never known this country in such a state. I just think it’s really tough at the moment. I know inflation has come down but there’s a lot of people far worse off than me struggling for food and the basic necessities.

We’re the fifth-richest country in the world, I find it incredible. When I was 16, 17, 18, in Margaret Thatcher’s time, 1981 and 1982, with all that political and social unrest, the country was still a better country. We had massive unemployment but the country was still a better country. People were looked after.

There’s that old saying about how you can judge a country by how it looks after its elderly. It’s just ridiculous how little they’re paid and how little they’re thought of.

If there’s one thing that makes me optimistic, bus fares make me optimistic. Two pounds – you can’t argue with that. Even then they’re probably subsidised but that’s great, because this is a great country, it’s just the government letting us down.

Muj Malik

‘If it was up to me, I’d move country’

Muj Malik is travelling home with his partner Tabitha and five-month-old son, Zair, after another exhausting day searching for a new family home. They have faced months of frustration on growing council house waiting lists and, they say, see countless videos on TikTok from other young families in the same situation.

Muj: Things are not good in this country. My grandma moved here from Pakistan and my mum was born here so I’m third generation but, if it was up to me, I’d move country. I don’t want to live here for the rest of my life. I don’t see the point because the country is just going sideways.

At the end of the day, I’ve got a mixed-race baby, I grew up in a predominantly white area. I like the country and the people and I know there are people far worse off than us. But you’ve got war veterans from this country, people who have gone to war for this country, they’ve put their lives on the line, they’ve lost friends, and you’ve got them sitting outside of Asda homeless with no help whatsoever.

This country is fading miserably. I like the people, it’s not about the people, it’s about the way the country is run.

If you want to watch our special report on Sky News you can tune in at 10.30am, 12.30pm, 2.30pm, 4.30pm, 6.30pm and 8pm.

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Bitcoin falls to 6-month low as ETF demand collapses: Finance Redefined

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Bitcoin falls to 6-month low as ETF demand collapses: Finance Redefined

Cryptocurrency markets have extended their decline despite much-awaited political developments taking place in the US.

On Wednesday, President Donald Trump signed a funding bill to end the record 43-day US government shutdown, after the bill passed through the Senate on Monday and was approved by the House of Representatives on Wednesday.

The bill provides funding to the government until Jan. 30, 2026, and gives Democrats and Republicans more time to strike a deal on broader funding plans for the year ahead.  

The end of the shutdown failed to lift demand among Bitcoin (BTC) exchange-traded fund (ETF) buyers. Spot BTC ETFs saw a brief resurgence on Tuesday, attracting $524 million in inflows, but outflows quickly resumed, with a whopping $866 million in daily net outflows on Thursday, according to Farside Investors.

Bitcoin fell to a six-month low of $95,900 on Friday, a level last seen in May as its biggest demand drivers continued to lack momentum.

Investments from ETFs and Michael Saylor’s Strategy were the two main vehicles driving demand for Bitcoin’s price this year, according to Ki Young Ju, founder and CEO of crypto analytics platform CryptoQuant.

BTC/USD, one-year chart. Source: Cointelegraph

Bitcoin ETF demand stalls as US shutdown optimism fails to lift sentiment

The lack of demand for spot Bitcoin ETFs is raising concerns about Bitcoin’s prospects for the rest of the year.

On Monday, the US Senate approved the funding bill and brought Congress a step closer to ending the shutdown. The legislation headed for a full vote in the House of Representatives, which occurred on Wednesday.

Despite optimistic news from the US, spot Bitcoin ETF investments remained flat on Monday, with just $1.2 million of inflows, according to data from Farside Investors.

Bitcoin ETF Flows, US dollars (in millions). Source: Farside Investors

“Despite the US shutdown seemingly ending, and the S&P and Gold bouncing hard, Bitcoin ETFs saw NO bid yesterday,” said Capriole Investments founder, Charles Edwards, adding that this is not a dynamic we want to see continue.

“Risk assets usually see a strong bid in the weeks out of the Shutdown. Still time to turn this ship around, but it needs to turn,” Edwards wrote in a Tuesday X post.

Spot Bitcoin ETF inflows were the primary driver of Bitcoin’s momentum in 2025, Standard Chartered’s global head of digital assets research, Geoff Kendrick, told Cointelegraph recently.

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Bitwise exec says 2026 will be crypto’s real bull year; here’s why

Bitwise chief investment officer Matt Hougan is more confident that crypto markets will boom in 2026, particularly as there hasn’t been a late 2025 rally.

Speaking to Cointelegraph at The Bridge conference in New York City on Wednesday, Hougan said a crypto market rally at the end of 2025 would have fit the four-year cycle thesis, meaning 2026 would mark the start of a bear market, similar to 2022 and 2018.

When asked to revise his prediction about whether the crypto market will boom in 2026, Hougan said: “I’m actually more confident in that quote. The biggest risk was [if] we ripped into the end of 2025 and then we got a pullback.”

Hougan said interest in the Bitcoin debasement trade, stablecoins and tokenization would continue to accelerate, while arguing that Uniswap’s fee switch proposal introduced on Monday would reinvigorate interest in decentralized finance protocols in the coming year.

“I think the underlying fundamentals are just so sound,” Hougan said. “I think these earlier forces, institutional investment, regulatory progress, stablecoins, tokenization, I just think those are too big to keep down. So I think 2026 will be a good year.”

Matt Hougan at The Bridge conference in New York City. Source: Cointelegraph

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Arthur Hayes tells Zcash holders to withdraw from CEXs and “shield” assets

The privacy coin sector returned to the spotlight after BitMEX co-founder Arthur Hayes urged Zcash holders to withdraw their assets from centralized exchanges (CEXs). 

On Wednesday, Hayes told holders to “shield” their assets, a feature that enables private transactions within the Zcash network. “If you hold $ZEC on a CEX, withdraw it to a self-custodial wallet and shield it,” Hayes wrote on X.

The comments came as Zcash (ZEC) saw sharp price swings in the last few days. The token rallied to $723 on Saturday before dropping to $504 on Sunday. It then surged to a high of $677 on Monday, only to see another sharp decline. At the time of writing, ZEC was trading at about $450, marking a 37% decline from its Saturday high. 

Analysts had warned that ZEC might undergo a sharp correction due to its relative strength index (RSI) reaching its highest reading after continuing to rally above its overbought zone. 

Zcash’s seven-day price chart. Source: CoinGecko

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Vitalik Buterin champions decentralization in “Trustless Manifesto”

Ethereum co-founder Vitalik Buterin has authored and signed the new “Trustless Manifesto,” which seeks to uphold core values of decentralization and censorship resistance and push builders to refrain from adding intermediaries and checkpoints for the sake of adoption.

The Trustless Manifesto, also authored by Ethereum Foundation researchers Yoav Weiss and Marissa Posner, said crypto platforms sacrifice trustlessness from the first moment that they integrate a hosted node or centralized relayer, explaining that while it feels harmless, it becomes a habit, and with each passing checkpoint, the protocol becomes less and less permissionless.

“Trustlessness is not a feature to add after the fact. It is the thing itself,” the Ethereum Foundation members said in the manifesto published Wednesday. “Without it, everything else — efficiency, UX, scalability — is decoration on a fragile core.”

“When complexity tempts us to centralize, we must remember: every line of convenience code can become a choke point.”

Extract from The Trustless Manifesto. Source: Trustlessness.eth

While the manifesto wasn’t aimed at any particular person or company, some Ethereum layer 2s have been criticized for sacrificing decentralization to focus on scalability to speed up adoption.

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Sonic Labs pivots from speed to survival with business-first strategy

Sonic Labs, the organization behind the Sonic layer-1 blockchain, announced a major strategic shift as it pivots from emphasizing transaction speed to building long-term business value and token sustainability.

After claiming industry-leading performance last year, Sonic Labs said its next chapter will focus on upgrades that deliver measurable financial outcomes, including new Ethereum and Sonic Improvement Proposals (EIPs and SIPs), token supply reductions and revamped rewards for network participants.

“Every decision we make moving forward will be guided by the principles of building real value, with price, growth, and sustainability always in focus,” said Mitchell Demeter, the new CEO of Sonic Labs. 

The focus aims to bring “measurable, lasting value” for builders, validators and tokenholders, wrote Demeter in a Tuesday X post. “Our mission at Sonic is to move beyond hype and build a sustainable business model for a layer one, that creates, captures, and returns real value to tokenholders.”

The new fee monetization upgrade will include a tiered reward system for builders and fixed rewards for validators.

Sonic Labs will also increase the rate of programmatic Sonic (S) token burns, which means permanently removing tokens from circulation to tighten the supply.

Source: Mitchell Demeter

Sonic claims to be the world’s fastest Ethereum Virtual Machine (EVM) chain, with a “true” finality of 720 milliseconds (ms) — the assurance that a transaction is irreversible, which occurs after it is added to a block on the blockchain ledger.

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DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.

The privacy-preserving Dash (DASH) token fell 45% to stage the biggest decline in the top 100, followed by the Internet Computer (ICP) token, down over 27% on the weekly chart.

Total value locked in DeFi. Source: DefiLlama

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.