Bitcoin News and Finance: What You Need to Know

Argentines are flocking to purchase stablecoins to protect their savings as the peso loses value. Local cryptocurrency sources reported an increase of up to 500% in the crypto volumes moved, mostly in stablecoins like USDT , to shield incomes against the raging devaluation registered after the victory of the libertarian candidate Javier Milei in the primary elections. Argentines Fly to Safety by Acquiring Dollar-Pegged Stablecoins Argentines have turned to purchasing cryptocurrency amidst a raging devaluation that has tanked the peso to record low levels. According to local reports , several cryptocurrency exchanges have registered a rise in their trade volumes of up to 500%, as users seek to take cover mostly in dollar-pegged stablecoins after the victory of libertarian Javier Milei in the preliminary elections. Milei has plans to dollarize the country. Stablecoins, in this case, give Argentines the advantage of having high availability compared to physical dollars, offering mor...

Market expert Peter Grandich is urging the masses to keep a close eye on the BRICS bloc of burgeoning countries, hinting that specific partnerships might usher in “dramatic” ramifications. In just five days, the much-awaited BRICS Summit will convene, and Grandich believes the strategic economic plays of the organization could very well “rival the industrial revolution.” Peter Grandich Predicts Game-Changing BRICS Alliances and Challenges for the U.S. Dollar In under a week, the heads of the BRICS nations – Brazil, Russia, India, China, and South Africa – are gearing up for their upcoming summit from August 22-24 in Johannesburg, South Africa. During a recent video interview with Kitco News’ lead anchor and editor-in-chief, Michelle Makori, market analyst Peter Grandich delved deep into the BRICS dynamics. He emphasized that a potential alliance between China and oil-abundant Saudi Arabia might set the stage for “dramatic” shifts. Grandich believes that the magnitude of impendi...

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 Valkyrie Seeks Regulatory Nod for Ether Futures ETF Tennessee-headquartered asset management firm Valkyrie is applying for authorization for an “Ethereum Strategy ETF” that will invest in ether futures and other collateral assets, Reuters reported quoting documents filed with the U.S. securities regulator. The submission comes amid increased interest from well-established players in the sector in launching crypto-based ETFs, which has become a cause for optimism in the crypto space after a difficult year for the whole digital assets industry. U.S. regulators allowed ETFs tracking the price of bitcoin ( BTC ) futures in 2021 and the first bitcoin futures-based exchange-traded fund began trading ...

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 Approves SEC’s Request in Ripple- XRP Case The U.S. Securities and Exchange Commission’s request seeking to file an interlocutory appeal in the Ripple case over XRP has been granted by District Judge Analisa Torres despite Ripple’s objection to the regulator’s request. In a court order filed on Aug. 17, Judge Torres stated that the court had reviewed the SEC’s and the defendants’ letters, adding: The SEC’s request to file a motion for leave to file an interlocutory appeal is granted. The judge further ordered the SEC to file its motion by Aug. 18 and the defendants (Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen) to file their opposition papers by Sept. 1. The SEC must then file its r...

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 the $1 trillion threshold. Moreover, a staggering $1 billion in derivatives positions were met with liquidations within the crypto market. Bitcoin Wavers and $1B in Crypto Derivatives Trades Liquidated As we approach the weekend, the crypto sector grapples with a pronounced slide, depreciating 8% against the dollar in the last 24 hours. As of 7:22 p.m. Eastern Time on Thursday, the global trade volume over the preceding day sits at roughly $69.60 billion. Notably, $37.62 billion of this sum represents stablecoin trading, signaling a considerable shift of traders either pivoting to stablecoin pairs or gravitating towards the dollar-anchored token ecosystem. Bitcoin ( BTC ), the crypto vanguard, has...

Shortly after Bitmain announced its intention to launch a new bitcoin mining rig at the 2023 World Digital Mining Summit (WDMS) in Hong Kong this September, Canaan, another mining machine giant, hinted at introducing a “groundbreaking” product poised to elevate the BTC mining sphere. Canaan’s Big Reveal: Setting the Stage for a New Era in BTC Mining? Canaan, the publicly-traded bitcoin mining rig producer, is gearing up to celebrate its decade-long journey. This Thursday, they disclosed plans for an event in Singapore on September 12, 2023, aptly named “Avalon Bitcoin & Crypto Day.” The event promises to be a hotspot for bitcoin mining bigwigs, with Canaan emphasizing a rich tapestry of “insight exchange, collaborative learning, and networking avenues.” Meanwhile, Canaan remains tight-lipped about the specifics of its upcoming innovation, leaving people guessing whether it’s a fresh Avalon model. However, their teaser does promise the audience will “witness the debut of a gr...

BRICS plans to discuss trade in national currencies at its summit but de-dollarization is not on the agenda, South Africa’s BRICS Sherpa stated. The talks in Johannesburg next week will also focus on the expansion of the bloc of emerging economies and the diplomat doesn’t see this as a challenge to any other organization. De-Dollarization Not on BRICS Summit’s Agenda, According to South African Representative Increasing trade in local currencies will be a subject of the talks between the member states of BRICS (Brazil, Russia, India, China, and South Africa) at their meeting in Johannesburg on Aug. 22–24, South Africa’s top diplomat in charge of relations with the organization, Anil Sooklal, told Bloomberg. While the bloc will consider the establishment of a common payments system and is likely to form a technical committee to explore the issuing of a joint currency, it does not intend to discuss replacing the U.S. dollar as the world’s de facto global currency, he also said, and ...