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‘Hedging Bitcoin and Ether’ — FTX Seeks Court Approval for Strategic Partnership With Galaxy Digital
24.8.2023
FTX Trading Ltd., accompanied by its linked debtors, has approached the U.S. Bankruptcy Court in Delaware with a proposal to collaborate with Michael Novogratz’s Galaxy Digital Capital Management LP, also known as Galaxy Asset Management. FTX Trading Proposes Alliance With Novogratz’s...
BRICS Discussing Single Unit of Account, Alternative to Dollar, Russian Finance Minister Says
24.8.2023
The BRICS members are mulling over the possible launch of a common unit of account, Russia’s Minister of Finance Anton Siluanov unveiled. This would be an alternative to the U.S. dollar that can be used to denote the cost of some commodities, for example, but not a single currency like the euro...
Chinese Yuan Not Serious Threat to US Dollar Hegemony, Says Economist
23.8.2023
An economist has dismissed the Chinese yuan as a significant threat to the U.S. dollar’s dominance. “The Chinese renminbi, which accounts for less than 3% of global reserves, is not a serious threat to dollar hegemony,” he asserted, adding that “many commentators have...
XRP Value Plunges 39% Post-SEC Verdict: XRP Army Remains Optimistic Amid Market Turbulence
22.8.2023
It’s been 40 days since the U.S. court issued a partial verdict in the SEC’s case against Ripple. In that timeframe, the digital currency XRP’s value has slumped by a significant 39.43%. Despite SEC’s Interlocutory Appeal and 39% Downturn, XRP Enthusiasts Hold out for...
SEC Charges Crypto Investment Adviser for Publishing Misleading ‘Hypothetical Performance Projections’
22.8.2023
The U.S. Securities and Exchange Commission (SEC) has charged Titan Global Capital Management for publishing misleading “hypothetical performance projections” regarding its crypto investment product. Titan Global is also accused of violating the marketing rule when it advertised...
Dutch ING Bank Analysts: BRICS Expansion to Power De-Dollarization Across World Economies
22.8.2023
Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become...
Gemini Challenges SEC Lawsuit on Lending Program, Pushes for Oral Hearing
21.8.2023
Lawyers for cryptocurrency exchange Gemini have filed a motion seeking to dismiss a lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC) over its Gemini Earn lending program. In the motion, Gemini argues the SEC has failed to plausibly allege that any securities laws were...
Farmington Bank Faces Fed Wrath: Alameda-Backed Financial Institution Ordered to Shutdown
21.8.2023
In a statement released August 17, 2023, Farmington State Bank, with an investment from Sam Bankman-Fried’s Alameda Research, consented to a cease and desist order from the U.S. Federal Reserve. Alameda invested $11.5 million into the bank’s coffers in January 2022. Government seizure...
Nobel Laureate Paul Krugman States Argentina Should Adopt the Euro Instead of the US Dollar
21.8.2023
Economics Nobel laureate Paul Krugman recently stated that Argentina might be better off adopting the euro instead of the U.S. dollar amidst the devaluation of the Argentine peso. Krugman argued that Argentina has almost twice as much trade with the European Union as it does with the U.S., stating...
BRICS Bank Could Issue Digital Currency for the Economic Bloc, Analyst Says
21.8.2023
A Trace Finance analyst has suggested that the BRICS nations could launch a single digital currency issued and regulated by the New Development Bank, also known as the BRICS Bank. He stressed that the U.S. is facing the biggest crisis in history. Many expect a common BRICS currency that would...
SEC Files Motion to Certify Interlocutory Appeal of Ripple-XRP Ruling
21.8.2023
The U.S. Securities and Exchange Commission (SEC) has filed a motion to certify an interlocutory appeal of two rulings in the Ripple case regarding XRP. According to the securities regulator, “Immediate appeal of these rulings is warranted … because they involve controlling questions...
Consensus Pause: Majority of Economists Predict No Rate Hikes for 2023, With Cuts Delayed Until March 2024
20.8.2023
A newly published Reuters poll reveals that most economists concur: the U.S. Federal Reserve has likely capped its rate hikes. Yet, rate cuts aren’t anticipated until March 2024. This survey drops just as markets approach the annual Jackson Hole Economic Symposium scheduled for next week. All eyes...
Legendary Investor Jeremy Grantham Predicts Inevitable US Recession, Challenges Fed’s Forecast
20.8.2023
A significant portion of investors and financial organizations surmise that the U.S. could avert a recession, but Jeremy Grantham, the co-founder of investment firm Grantham Mayo Van Otterloo (GMO), deems it inescapable. Grantham contends that the Federal Reserve’s optimistic prognosis...
Dollarization Can Lead to ‘Economic Contraction and Collapse’ of Argentine Economy — Former US Treasury Official
20.8.2023
The U.S. chairperson of the Official Monetary and Financial Institutions Forum (OMFIF) has characterized the Argentinian presidential hopeful’s plan to fully dollarize the economy as “a far too risky gamble.” Mark Sobel said full dollarization without an exit policy “could...
Worldcoin’s Turbulent Debut: Down 53% From Peak With 85% WLD Held in Just 6 Wallets
19.8.2023
In just over 25 days since its listing debut on July 24, 2023, the cryptocurrency known as worldcoin (WLD) has experienced a notable decline of 29% when measured against the U.S. dollar. Notably, within the last week alone, it saw a decrease of more than 11%. Interestingly, within the past...
Report: SEC on Cusp of Approving Ethereum Futures Amidst Crypto Market Rollercoaster
18.8.2023
The U.S. Securities and Exchange Commission (SEC) is said to be on the verge of greenlighting futures products tied to ethereum (ETH), as per a Bloomberg report. One insider privy to the development indicated that a handful could secure approval come October. Unnamed Sources Reveal SEC May Soon...
Valkyrie Files for Ethereum ETF With US Securities Regulator
18.8.2023
U.S.-based asset manager Valkyrie is requesting regulatory approval from the U.S. Securities and Exchange Commission (SEC) for an ether futures exchange-traded fund (ETF). The move follows the acceptance by the SEC of Valkyrie’s application for a spot bitcoin ETF last month. Asset Manager...
Judge Grants SEC’s Request to Seek Interlocutory Appeal in Ripple Case Over XRP
18.8.2023
District Judge Analisa Torres has granted the request by the U.S. Securities and Exchange Commission (SEC) seeking to file an interlocutory appeal in the Ripple case over XRP. Judge Torres’ approval came one day after Ripple Labs filed its objection to the SEC’s request. Judge...
Bitcoin Dips Below $26K in Crypto Market Whirlwind; $1 Billion Liquidated Amid Top Coins’ Tumble
18.8.2023
Bitcoin’s value briefly slipped below the $26K threshold at 5:50 p.m. Eastern Time on Thursday before swiftly rebounding past the $26,000 benchmark. Concurrently, the expansive crypto landscape experienced an 8% tumble against the U.S. dollar, teetering dangerously close to dropping below...
‘Our Country Is Going to Hell’ — Trump Warns of US Losing Global Currency Dominance
17.8.2023
The 45th president and previous White House occupant, Donald Trump cautions that America is in danger of losing its global influence. In an interview with Larry Kudlow, Trump stated while the U.S. retains significant power, its position is “waning” concerning its currency. The Diminishing Dollar?...