Bitcoin News and Finance: What You Need to Know

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 that the euro would suit them better. Nobel Laureate Paul Krugman Talks Dollarization in Argentina American Nobel laureate Paul Krugman recently issued his opinion about the possible dollarization process that Argentina might face later this year. Krugman, who won the Nobel Prize in Economic Sciences in 2008 for his analysis of trade patterns and the location of economic activity, argued that the dollar might not be the better substitute for the Argentine peso, given the trade realities of Argentina. Answering a post where Brad Setzer — an economist who worked at the treasury department of the U.S. — compared the circumstances of the U.S., Canada, South America, and North America as “opt...

A market analyst says that the recent decline and volatility in the Chinese yuan, the Russian ruble, and to a lesser extent the Argentine peso, “will only add further challenges to the idea of de-dollarization.” He stressed that countries are “unable to agree on a clear path to de-dollarization apart from increasing trade in their own currencies.” Chinese Yuan, Russian Ruble Face Challenges as U.S. Dollar Alternatives Zain Vawda, a market analyst at Dailyfx, has outlined the challenges faced by the Chinese yuan and the Russian ruble as alternatives to the U.S. dollar. The analyst described: The recent decline and volatility in the Chinese yuan, the Russian ruble, and to a lesser extent the Argentine peso, will only add further challenges to the idea of de-dollarization. He explained that the main problem is trust, noting that “since the move away from the gold standard, the USD is seen as the most stable, trustworthy, and liquid currency globally.” The analyst opined: “Given t...

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 challenge the dominance of the U.S. dollar to be discussed at the economic bloc’s summit next week. Analyst Discusses BRICS Digital Currency Evandro Caciano, head of FX at Trace Finance, discussed the prospect of the BRICS nations launching a digital currency in an interview with CNN Brazil, published Friday. The economic bloc comprises Brazil, Russia, India, China, and South Africa. Nothing that the U.S. dollar is no longer as safe as it once was, he cautioned (translated by Google): We are in the biggest American crisis in history. It is a crisis of fundamentals, with ratings downgraded by credit agencies, putting the dollar in check. Many people expect the topic of a common BRICS currenc...

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 of law.” SEC v Ripple Case Update On Friday, the U.S. Securities and Exchange Commission (SEC) filed a motion for the court to certify an interlocutory appeal of two Ripple rulings regarding XRP . The court document states: The SEC respectfully requests that this court certify for interlocutory appeal two holdings in its July 13, 2023 order on summary judgment. The first holding concerns the ruling that Ripple’s “‘programmatic’ offers and sales of XRP over crypto asset trading platforms could not lead investors to reasonably expect profits from the efforts of others,” the SEC detailed. The second holding is “the ruling that Ripple’s ‘other distributions’ of XRP as a ‘form of payment for services...

Canaan, a leading high-performance computing firm and mining rig producer, recently disclosed hurdles set to dent its bitcoin mining activities and revenue from Q3 2023 onward. These setbacks primarily stem from diminished operational hours of their mining devices. This revelation comes hot on the heels of Canaan’s teaser about their “groundbreaking” mining innovation slated for a September debut. Canaan Forced to Trim Mining Power by 2 EH/s In Kazakhstan, regulatory changes forced Canaan’s hand, making them curtail 2 exahash per second (EH/s) of their mining prowess since July. That’s a significant chunk, amounting to half of their mining power across Central Asia and North America. To paint a clearer picture, Canaan’s overall hashrate stood at 4 EH/s as Q1 2023 wrapped up. While grappling with licensing in Kazakhstan , another issue unfolds across the Atlantic. Stateside, Canaan finds itself entangled in a contractual disagreement with a hosting ally accused of violating a joint...

Morocco has reportedly denied the claim made by South Africa, the host of the BRICS summit this year, that it has formally applied to join the economic bloc. According to South African officials, over 40 countries are interested in joining the BRICS group, including 23 nations that have formally applied. Morocco Maintains Good Relations With 4 BRICS Countries, Will Not Attend Summit South Africa, the host of the BRICS summit this year, claimed last week that 23 countries have formally applied to join the economic bloc. According to South Africa’s Minister of International Relations and Cooperation, Naledi Pandor, they are Algeria, Argentina, Bangladesh, Bahrain, Belarus, Bolivia, Venezuela, Vietnam, Cuba, Honduras, Egypt, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, State of Palestine, Saudi Arabia, Senegal, Thailand, United Arab Emirates, and Ethiopia. However, at least one country on the list has reportedly denied applying for BRICS membership. Morocco’s state news age...