Analysis Crypto by Thebittimes.Com

India officially confirmed that they do not support the formation of a BRICS currency to challenge the US dollar. The Modi government made it clear that India embraces the US dollar and will use the currency for cross-border transactions. The country will settle payments in local currencies with other developing nations only when it seems fit. The U-turn comes after Trump spared India from tariffs but imposed them on Canada, Mexico, and China. Also Read: BRICS: 2 Countries Officially Agree To Ditch the US Dollar For Trade BRICS member China might not take India’s stance lightly as the Communist country wants to launch the new currency. It is working closely with Russia and Iran for the formation of the currency to uproot the US dollar’s global dominance. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The move could dampen the US markets and lead to inflation in the homeland. Also Read: De-Dollarization: New Country Emerg...

The BRICS bloc created a mock-up currency during the 16th summit in October in Russia’s Kazan region. Russian President Vladimir Putin proudly displayed the mock-up bill to all the attendees, indicating that a new currency is in the works. The currency in question would challenge the US dollar’s hegemony and dim its demand in the global supply mechanism. On the other hand, BRICS member India is slowly distancing itself from the de-dollarization agenda. Also Read: The US Dollar’s Clout Is Decreasing Globally, Says BRICS The threat from BRICS was real and the Joe Biden administration stood by doing nothing. However, things are changing after Trump reclaimed the White House and the bloc is backtracking on the formation of a new currency. The recent threat from Trump to impose a 100% tariff on goods has ruffled feathers among developing countries. India made an official announcement regarding the BRICS currency and the de-dollarization initiative. Also Read: BRICS Worry Trump To...

Russia’s President Vladimir Putin discussed the prospects of an upcoming BRICS currency ahead of the 16th summit. The upcoming summit is scheduled to be held from October 22 to 24 in the Kazan region of Russia. The nine-member alliance will sit at the table for discussions for the first time since the expansion in 2023. Also Read: 11 Countries Might Join BRICS in 2024 as ‘Associated Partners’ Putin emphasized the need for an alternative BRICS currency that will take on the US dollar and SWIFT payment system. He addressed the idea of the currency but confirmed that it is not fully developed. However, Putin hinted that the launch was not too far and could come as a surprise, similar to the new BRICS Pay card. Also Read: BRICS Settle 78% Oil Trade in Local Currencies, Ditch the US Dollar Russia Talks About BRICS Currency Ahead of 2024 Summit Source: pics.alphacoders.com In a press conference, Putin made it clear that the currency will not be launched at the 2024 summit. “As reg...

NATO member Turkey has expressed interest and officially submitted the application on Monday to join the BRICS alliance. Turkey is seeking to bolster its influence on the global stage and expand trade beyond its traditional Western allies. The nation is aiming to improve its ties with both the East and the West and extend cordial relations with other developing countries. Also Read: BRICS Bank Officially Authorizes a New Country To Join the Ranks BRICS is the perfect alliance that mirrors the views and aspirations of NATO member Turkey. The bloc aspires to go beyond the US dollar and wretch control of the financial world from the West. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency NATO Member Turkey Wants To Join BRICS Alliance Source: NewsWeek Turkey’s President Recep Tayyip Erdogan aims to stand in support of both sides of the world as the shif...

Ripple XRP is now playing a significant role in trade talks between two BRICS nations: India and the UAE. India has completed its first crude oil transaction with the UAE using local currencies, bypassing the US dollar. The transaction is integrated with the XRP Ledger System CryptoTradingFund (CTF). This enables customers to earn CTF tokens as cashback when using the system. Earlier this week, Ripple announced a major partnership in the United Arab Emirates (UAE). The company issued a press release unveiling a partnership with the Dubai International Financial Centre (DIFC). The release stated that the collaboration will “accelerate blockchain and digital asset innovation in the UAE.” BRICS Members India and UAE Use XRP Ledger To Abandon US Dollar Source: Financial IT Both India and the UAE have been strong supporters of the overall BRICS mission to ditch the US dollar. The two nations have struck multiple deals already together, but this is the first of its kind fully bypassing th...

Meme Moguls (MGLS) has accelerated its presale as more participants bet on the new meme-based assets platform. Increaased investment in MGLS comes as one trader reportedly turns 1 SOL ($62 at the time) into $2 million as they traded a Solana-based meme coin. MGLS is priced at $0.0025 and in stage 3 of the presale. In one spectacular moves in the crypto market, a savvy trader turned a modest $62 into a fortune as their bet on a Solana-based meme coin returned over $2 million. The trader ’s jackpot isn’t isolated as more and more regular trader s become adept at spotting gems across the market. One of those likely to grab more attention as the crypto market flips bullish is Meme Moguls – a new token set to bring the benefits of trade-and-earn to the increasingly profitable meme coins sector. Huge win as meme trader 1.5 SOL into $2 million An on-chain analytics platform has alerted the crypto community to the exploits of one trader that mana...

Wintermute Asia, a branch of the algorithmic trading firm Wintermute Group, has executed its first options block trade through CME Group, marking a significant collaboration between crypto and traditional financial markets. Wintermute Asia, a subsidiary of the algorithmic trading giant Wintermute Group, marked a significant milestone in the landscape of cryptocurrency derivatives trading. Wintermute Asia counterparties can now trade options with us on @CMEGroup! We executed our first options block trade , trade d with @TPICAPGroupPLC and cleared by @ABNAMRO. This step not only advances our offerings but also marks the growing convergence between crypto and tradfi. pic.twitter.com/fruz4MnCcg — Wintermute (@wintermute_t) November 21, 2023 On Tuesday, the firm announced its first successful execution of an options block trade through the CME Group, a noteworthy event in the realm of digital assets. This pioneering BTC/USD block trade , facilitated between Wintermute Asi...