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

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 well lead to a far more serious economic contraction and collapse.” Javier Milei’s Unconventional Policy Proposals Argentinian presidential hopeful Javier Milei’s plan to dollarize the economy of the South American country is “a far too risky gamble,” Mark Sobel, the U.S. chairperson of the Official Monetary and Financial Institutions Forum (OMFIF), has said. According to Sobel, only “hard work” and austerity measures can extricate Argentina from its current problems. During his campaigns, Milei has repeatedly touted full dollarization as the panacea to Argentina’s economic troubles. He also claimed to have mobilized funds needed to remove local currency from circulation and abolish the central bank. In an op-e

As more countries join the BRICS economic bloc, there will be a significant increase in settlements using national currencies, leading to an acceleration in the de-dollarization process, a Chinese expert says. “For most developing countries, development is a top priority. That is why the BRICS cooperation mechanism is attractive to these countries,” he added. BRICS and De-Dollarization Sun Qi, executive director of the Center for Russian and Central Asian Studies at the Shanghai Academy of Social Sciences, told Russian news outlet Tass Friday that more countries joining the BRICS economic bloc will increase the use of national currencies in settlements significantly, which will help accelerate de-dollarization. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. He was quoted as saying: As more and more countries join the ranks of BRICS + partners, the transition to settlements in local currency or third-party currencies in mutual trade will increase signifi

Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, calls the creation of a common BRICS currency “ridiculous,” emphasizing that the BRICS nations have “never achieved anything since they first started meeting.” He added: “It’s a good job for the West that China and India never agree on anything, because if they did the dominance of the dollar would be a lot more vulnerable.” Lord Jim O’Neill Slams Common BRICS Currency Idea British economist Lord Jim O’Neill shared his view on the proposed single BRICS currency in an interview with the Financial Times this week. The BRICS leaders are set to meet at the economic bloc’s 15th summit on Aug. 22-24 in Johannesburg. South Africa is the host of the BRICS summit this year. However, there are mixed reports on whether the creation of a common BRICS currency will be discussed at the summit. O’Neill, a former Goldman Sachs economist, coined the acronym BRIC over 20 years ago to describe the economic potential of B

FTX founder Sam Bankman-Fried (SBF) is asking to be released from jail five days a week to work on his defense for the fraud trial against him set to begin in October. On Friday, Bankman-Fried’s lawyers complained to a judge in Manhattan that the currently proposed preparation time and regime for his case is “inadequate.” SBF Seeks Daily Meetings With Lawyers at Courthouse and Laptop With Internet Disgraced crypto mogul Sam Bankman-Fried is asking to be allowed to leave the Metropolitan Detention Center (MDC) in Brooklyn, New York, five days a week in order to meet with the members of his defense team at the federal courthouse in Manhattan. The request comes just days after the 31-year-old founder and former chief executive of the failed cryptocurrency exchange FTX was jailed in the MDC based on allegations of witness tampering ahead of his trial scheduled to begin Oct. 2, Bloomberg and Reuters reported. Prior to that, the former billionaire, who was arrested in the Bahamas and

According to the United Kingdom’s Financial Conduct Authority, crypto asset firms operating in the country will be required to comply with the Financial Action Task Force’s travel rule starting on Sept. 1, 2023. Crypto asset businesses will be required to take “all reasonable steps” to ensure compliance with the travel rule. When the rule becomes effective, compliance with the rule is still expected even when a crypto asset business uses a third-party supplier. Delays in Implementing Travel Rule The United Kingdom’s financial services industry regulator, the Financial Conduct Authority (FCA), has said crypto firms based in the country will soon be required to adhere to the so-called travel rule. According to the regulator, crypto firms are expected to start complying with this rule from Sept 1, 2023. In a statement released on Aug. 17, the FCA suggested that its decision to enforce the requirement aligns with the Financial Action Task Force (FATF)’s call for the swift implementati

Quantum Blockchain Technologies (QBT), a research firm hailing from the U.K., purports to have spearheaded a revolutionary leap in bitcoin mining tech. They’ve unveiled certain methods that reportedly enhance the chances of pinpointing a winning hash. One such strategy, dubbed “Method B,” asserts it elevates the likelihood by a remarkable 260% compared to traditional mining searches, simultaneously slashing energy use by 4.3%. QBT’s Innovation Claims to Find Hashes Faster The crypto sphere is abuzz over a freshly uncovered research firm, Quantum Blockchain Technologies (QBT). For over two years, they’ve been diving deep into BTC mining and the intricacies of the SHA256 algorithm. QBT boasts a breakthrough: using machine learning to predict blockchain movements, allowing for advanced block computations. Their claimed cutting-edge research taps into quantum computing, cryptographic enhancements, deep learning, AI, and the design of FPGA and ASIC, among other innovative methods. I

The cybercrime fighting unit within the Philippines National Police has asked residents to be wary of rewards promised by play-to-earn (P2E) games because they can be used to steal crypto assets worth millions of dollars. The unit said players can reduce the chances of losing money to scammers by doing their own research before committing funds. Role Played by Custom-Made Gaming Apps The Philippines’ cybercrime fighting unit, the National Police Anti-Cybercrime Group (PNP ACG), has told residents to be wary of rewards offered by play-to-earn (P2E) games as such games are increasingly being used to steal crypto assets worth millions of dollars. In a warning published in the unit’s latest cyber security bulletin , the cybercrime unit said the theft of unsuspecting victims’ crypto assets is perpetrated via custom-created gaming apps. According to the unit, these gaming apps lure victims with promises of “huge financial rewards directly proportional to investments to potential targets.

Spacex reportedly wrote down the value of its bitcoin holdings by $373 million over the past two years and sold an undisclosed amount of the cryptocurrency. According to reports, Tesla, another company run by billionaire Elon Musk, has taken a similar approach with its bitcoin holdings. Spacex Writes Down $373M in Bitcoin Value On Thursday, the Wall Street Journal reported that Elon Musk’s Spacex has written down its bitcoin investments, citing documents it has seen. The news outlet wrote: Spacex wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency. Tesla has taken a similar approach with its bitcoin holdings. Musk has posted about cryptocurrencies frequently over the years. This led to numerous headlines claiming that Spacex had liquidated its entire bitcoin holdings, sending the price of bitcoin tumbling. However, many people took to social media to point out that writing down investments is a standard accou

Dubai will offer subsidized licenses for Web3 and artificial intelligence (AI) companies that want to enter the country. The Dubai International Financial Centre (DIFC) and its campus will subsidize 90% of the costs of these licenses to attract companies in this sector as part of its push to become a worldwide tech hub. Dubai to Offer Subsidies for Web3 and AI Companies The Dubai International Financial Centre (DIFC) announced the issuance of special commercial licenses for Web3 and artificial intelligence (AI) companies wanting to set up operations in the emirate. 90% of the cost of each license will be subsidized to help companies in their initial stages. The licenses offered will allow the companies to access physical offices and co-working spaces in the Innovation One building, according to a press release issued by the DIFC. The UAE Ministry of Economy details that the DIFC has more than 25,000 professionals working at more than 2,000 active registered companies, as one of t

The buzz surrounding Bitcoin’s leap into the NFT world via Ordinals might be fleeting. A Dappradar study reveals that trading actions and sales figures for Bitcoin Ordinals have plummeted by a staggering 97% since their May 2023 zenith. This downturn mirrors a wider slowdown in the NFT sector. However, the slump in Bitcoin Ordinals is far more pronounced than in established networks such as Ethereum. Bitcoin NFTs Face Crossroads: Ordinal Sales Decline Highlights Market Volatility and the Quest for Tangible Utility After soaring to record levels this spring, the nascent market for Bitcoin-centric NFTs has hit a snag. By June and July, Bitcoin Ordinals reported a sharp drop in both sales and transactions, diving 97% and 98% from their May pinnacle. Dappradar’s analysis indicates that Ordinals trading dwindled from $452 million in May to a mere $3 million in early August. There’s also been a sharp downturn in active participants in the Bitcoin NFT arena. The number of unique active B

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