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The BRICS alliance is advancing in its quest to dethrone the U.S. dollar currency from its global reserve status. A recent report from Goldman Sachs indicates that the U.S. GDP could drop to third place by 2075. Two BRICS countries China and India could have a bigger GDP than that of the U.S. and might take the first and second spot. Also Read: BRICS: The Beginning of the End for the US Dollar? According to Goldman Sachs, BRICS members China and India could overtake the U.S. GDP by 2075. The global investment bank predicts that India could overtake the U.S. GDP pushing it to the third spot in the next 50 years. Read here to know how BRICS plans to end the U.S. dollar’s supremacy by targeting America’s 10 financial sectors. Below is the break-up of the world’s biggest economies in 2075, predicted by the leading investment bank. China: $57 trillion India : $52.5 trillion United States: $51.5 trillion Also Read: US Economy Added $10 Trillion in Debt in...

ASIC accuses Bit Trade, Kraken’s Australian arm, of not specifying a target market before offering its margin trading product. The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Bit Trade Pty Ltd, the provider of Kraken Crypto Exchange. According to a Sept. 21 statement, the regulator alleges that the company’s non- compliance with Australian financial laws has resulted in approximately $12.95 million in losses for Australian consumers. We are suing Bit Trade, provider of the Kraken crypto exchange in Australia, for allegedly failing to comply with the design and distribution obligations (DDO) for its margin trading product. Since October 2021, customers have lost about $12.95 million https://t.co/MCRYqah0dP pic.twitter.com/zURQ2xDw7M — ASIC Media (@asicmedia) September 20, 2023 At the heart of the lawsuit is Bit Trade’s margin trading product, which ASIC claims did not meet the design and distribution ob...

Lookonchain revealed in an X post today that Upbit accumulated 12.53 million IMX tokens following its 35% gain. Meanwhile, institutions deposited large amounts of IMX to Binance over the past few hours. At press time, IMX was changing hands at $0.7023 according to CoinMarketCap data. The on-chain tracking firm Lookonchain revealed in a thread posted on X earlier today that Upbit wallets accumulated a lot of Immutable (IMX) in the past 24 hours. During this time, investors and institutions were also depositing IMX to exchanges. According to the thread, this spike in on-chain activity was triggered by the altcoin’s 35% price surge throughout the past day. 1/ The price of $IMX skyrocketed by 35% today. We noticed that #Upbit wallets were accumulating $IMX. And investors/institutions were depositing $IMX to exchanges after the price increase. pic.twitter.com/brWNourpoi — Lookonchain (@lookonchain) September 21, 2023 Analyzing the on-chain data in more ...

Key takeaways Toncoin has overtaken Solana and Tron to become the 9th largest cryptocurrency by market cap. Toncoin began to rally following Telegram’s endorsement of the TON project. Toncoin is now one of the top 10 cryptos by market cap TON, the native coin of the Toncoin blockchain, has become one of the top 10 cryptocurrencies by market cap. The coin has added 30% to its value over the past seven days, outperforming the other major cryptocurrencies in the process. At press time, the price of Toncoin stands at $2.53, up by more than 4% in the last 24 hours. The sustained rally comes a few days after the messaging platform  Telegram endorsed the Toncoin project . At the time, Telegram’s chief investment officer, John Hyman, said, “We are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been....

Shiba Memu brings AI to the crypto meme world. The project has so far raised more than $3 million from investors. SHMU’s price during the presale could be a huge bargain – priced at $0.028450 per token today.  As the cryptocurrency market continues to play out the choppiness expected before the next bull cycle, analysts say this could be an ideal time to play out opportunities in the altcoin market. Investors are likely to consider several tokens offering an excellent buy-low scenario, and one place to look for the #1 contender for crypto gem of the year is the presale market. Shiba Memu (SHMU) is among a few cryptocurrency projects that have attracted massive attention and interest from investors. The $3 million presale raise for this token so far suggests savvy investors know a thing or two about its potential.  Here’s what you might want to know about Shiba Memu. What is Shiba Memu? $SHMU isn’t just another crypto meme...

Following its recent recovery, crypto analysts are bullish on Uniswap (UNI). PancakeSwap (CAKE) is also firm, finding support at a critical line. Meanwhile, Tradecurve Markets (TCRV) continues to gain momentum in its quest to better serve crypto traders in 2023.  Experts bullish on Uniswap Uniswap is a decentralized exchange (DEX) that is changing how traders swap tokens.  Launched in 2018 by Hayden Adams, Uniswap enables token swaps without intermediaries. Unlike most DEXs, it has a user-friendly interface and is community-centric. You might also like: Fraudster uses fake Uniswap account to defraud dating app match Following a bounce off the $4.00 support on Sep. 11, UNI turned bullish , surging by over 12%. The recent rally brought UNI to the $5 resistance level. Crypto experts are optimistic about UNI due to the potential of UniswapX, a feature that enhances the trading experience. Analysts expect UNI to rally 50% by the end of the year. PancakeSwap is res...

The judicial managers of Hodlnaut rejected OPNX’s takeover bid. OPNX has offered $30 million in FLEX tokens, which are seen as illiquid and have speculative value. Reasons for rejection included no timeline for repayment of creditors’ debt. The interim judicial managers of Hodlnaut, the embattled crypto lender, have opposed the proposed terms of a takeover bid made by OPNX, a digital asset exchange platform. OPNX was created by the founders of Three Arrows Capital, a failed hedge fund. OPNX has offered a $30 million capital injection in FLEX digital tokens, after which the exchange would own 75% of Hodlnaut. Furthermore, if the proposal is approved, creditors will receive 30% of their claims in FLEX and other tokens. According to a court filing, the judicial managers described the $30 million offer of FLEX digital tokens as “illiquid” and with “speculative value.” Moreover, the majority of Hodlnaut Group’s creditors, who account for 60% of the ...

The crypto market is currently stable. Meanwhile, investors and traders are keen on THORChain (RUNE), Hedera (HBAR), and Kangamoon (KANG). Summary: THORChain is bullish and trading above all the daily moving averages. Hedera’s trading volume surged 289.70% in the past 24 hours. Crypto analysts are bullish on Kangamoon in the ongoing presale. THORChain is bullish THORChain is an interoperable and decentralized liquidity network enabling coss-chain swapping.  RUNE prices have been steadily rising in the past two weeks, driving trading volume s higher. You might also like: THORChain (RUNE) gains 48% in one week From technical indicators, RUNE is trading above all daily moving averages, a bullish signal. Analysts predict the token to continue rising, hitting $2 or $3 in the days ahead. Hedera unveils stablecoin studio Hedera Hashgraph has launched Stablecoin Studio, a platform that simplifies stablecoin creation without requiring specialized blockchain kno...

Bitcoin and specific alternative cryptocurrencies are striving to regain their footing, with market players predicting the Federal Reserve will maintain the current interest rates in the upcoming weekly session. Last week, the inability of the bearish investors to lower Bitcoin’s value beneath the $25,000 threshold sparked renewed buying enthusiasm. This upbeat trend gained traction as the new week commenced, with investors endeavouring to uphold the market vitality of Bitcoin. The overall sentiment among market players appears optimistic, predicated on the presumption that the Federal Reserve might refrain from increasing the rates further this year. According to the data from the CME FedWatch Tool, there’s a 58% likelihood that the Federal Reserve’s fund rate will persist at its existing mark, even during the December congregation. Daily cryptocurrency market performance. Source: Coin360 That could be one of the reasons why the strength in the Uni...

Chinese fintech giant Ant Group is reportedly pulling out of the crypto market by selling its $100 million stake in A&T Capital, amid market turbulence and increasing focus on AI. A&T Capital was founded in April 2021 and has invested in various crypto firms including Matrixport and ConsenSys. The firm hit a significant snag several months ago when its founding partner Yu Jun resigned amid an investigation into his workplace conduct. With the departure of its major investor, Ant Group, it’s unclear whether A&T Capital will shut down or look for new funding. The move comes amid waning venture capital in crypto . VC funding hit a record low for crypto in June when it dropped by 23% from May, to just $520 million raised in 84 funding rounds, Bloomberg reports. Was FTX funded by Chinese capital flight? Read more: Opinion: Silicon Valley Bank and the hypocrisy of venture capitalists Meanwhile, Ant Group has decidedly shifted its attention to AI. It entered Chi...

While the cryptocurrency community is waiting for the official conclusion of the protracted court standoff between blockchain company Ripple and the United States Securities and Exchange Commission (SEC), legal expert Bill Morgan took to Twitter (now X) to clear up a few misconceptions regarding the case. Specifically, commenting on the X post by user CryptoGeek, who shared the news of Ripple opening up its Liquidity Hub to Brazil and Australia, claiming that Ripple has begun the use of XRP in those countries for payment transactions, Morgan said that this was incorrect in his post on September 15. Liquidity Hub issue As the lawyer subsequently stated, as Ripple’s enterprise-level crypto trading platform, created specifically to allow businesses to buy, sell, and hold digital assets, and therefore not intended for retail traders, “Liquidity Hub does not use XRP anywhere yet.” Furthermore, replying to user MicahPW20, who noted that Liquidity Hub originally did not include XRP “be...

Binance CEO addresses recent management changes at BinanceUS. Zhao praises Brian Shroder’s successful tenure, highlighting market share growth. Norman Reed, with an impressive career including SEC and Ripple, is appointed to lead BinanceUS. In a recent tweet, the CEO of Binance, Changpeng Zhao, addressed the speculation surrounding recent management changes at the sister exchange platform, BinanceUS. Zhao clarified that Brian Shroder, who had been at the helm for the past two years, is stepping aside to take a well-deserved break.  According to Zhao, Shroder successfully achieved the goals he had set for himself when he joined the company during his tenure.  There has been some speculation regarding recent management changes at @BinanceUS. Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, https://t.co/hSHrrlF7o7 raised capital, improved its product… — CZ ...

This year has brought about changes in the global economy and regulations for virtual assets. Even so, the crypto industry is still progressing by introducing new product s that meet the demands of users and the community. One of these new developments is real-world asset (RWA) tokenization, which can offer a fresh opportunity for value capture. You might also like: SEC accuses Binance US of hampering securities violation probe As this wave gains momentum, native decentralized finance (defi) protocols like MakerDAO and Aave are actively moving to embrace RWA.  BNB.WIN recently launched its first RWA product,  BNB.WIN . After monitoring their performance for several weeks, many are questioning the true value of BNB.WIN and similar product s. Is BNB.WIN safe? BNB.WIN is a rebasing RWA protocol on the BNB Chain, a smart contract platform.  The process involves staking BNB to mint BNB tokens at a 1:1 ratio. BNB staked are pegged to real-world assets. Rewards...

Although building a financial market that has grown behind the narratives of decentralization, the crypto currency industry’s liquidity is mostly concentrated among just a few centralized exchanges (CEX). In 2023, 91.7% of all the crypto market liquidity lies in the hands of only eight global entities: Binance, Coinbase, Kraken, OKX, KuCoin, Bybit, Binance.US, and Bitfinex. This is what a new report by Bankless Times noted on September 15.  Interestingly, the smart data platform Kaiko also recently reported a similar value of 91.7% of the entire liquidity concentrated among the eight largest centralized exchanges, and 58.5% of this liquidity is kept by two of them. Things get even worse when looking at the traded volume, 64% is dominated by a single CEX. Crypto liquidity concentration in 2023. Source: Kaiko Notably, the crypto market liquidity and trade volume have become more centralized since 2021, as by then, the dominant CEX only had 38% of the entire trading volume. A...

Cryptocurrency adoption in Latin America is on the rise, accounting for 9.1% of the global crypto value received in 2022 and totaling $562 billion from July 2021 to June 2022. This massive surge can be partially attributed to regulatory developments and institutional adoption. Authorities in the region are actively working on central bank digital currencies (CBDCs) and refining regulatory frameworks, bringing stability and clarity to the crypto landscape. Latin American companies are also exploring blockchain technology’s potential to address regional challenges. Notably, Mercado Bitcoin issued Brazil’s first stablecoin, MBRL, in partnership with Stellar. Colombia plans to introduce its digital currency to enhance transparency and combat tax evasion, while cities in Argentina accept cryptocurrencies for tax payments to combat inflation.  In what follows, we take a closer look at the key factors driving Latin America to the forefront of cryptocurr...

Polygon Labs has unveiled the first three proposals to introduce infrastructural changes and a new native token as part of the Polygon 2.0 roadmap. The first of these Polygon Improvement Proposals (PIPs), PIP-18, is dubbed “Phase 0”, and focuses on four milestones designed to require no action from developers and end users on Polygon proof-of-stake (POS) and zkEVM chains. Polygon Phase 0 Milestones | Source: Polygon Labs PIP-17, the second proposal , pushes for POL, a new token to replace MATIC, as Polygon’s native asset.  If approved by the community, the upgrade would allow one-to-one migration from MATIC to POL. You might also like: Polygon to replace MATIC with POL token The third proposal , or PIP-19, seeks approval to upgrade the Polygon’s native gas token system. It calls for specific changes to the native MATIC Bridge Contract, effectively switching the native gas token on Polygon PoS from MATIC to POL while ensuring “maximum backwards compatibility” This ...

Recent investigations link North Korea’s Lazarus Group to a series of crypto hacks totaling over $270 million in stolen assets across major platforms in the past 102 days. Investigations suggest the latest high-profile hacks targeting crypto entities have been perpetrated by North Korean hackers, particularly the notorious Lazarus Group, with over $270 million stolen over the past 102 days. Data from a consolidated list of the last four massive crypto-related hacks sheds light on this. The list was compiled by MetaMask’s lead product manager Taylor Mohana (Tayvano), and featured contributions from prominent on-chain sleuth ZachXBT. North Korean state-sponsored hackers aka Lazarus Group have stolen over $270 million dollars worth of crypto in the last 102 days. That's an average of $2.64 million dollars stolen every single day. They show no sign of slowing down. https://t.co/M90Nyqgjcz pic.twitter.com/T9oM4jSsz4 — Tay (@tayvano_) September 13, 2023 Notably,...