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BRICS member China officially rolled out a plan to promote its own payment system to replace SWIFT. The Communist country aims to reduce US dollar dependency to confront Washington’s aggressive stance on trade and tariffs. The new plan was jointly released by the Shanghai municipal government and the People’s Bank of China, the country’s central bank. Also Read: BRICS: India Plays ‘Double Game’ With the US Dollar? The new payment system from BRICS member China will incorporate the Chinese yuan through the Cross-Border Interbank Payment System (CIPS). China wants to leverage its dominance in the manufacturing and trade sector and push the Chinese yuan for settlements. Also Read: Illinois Analyst Predicts If BRICS Currency Can Replace the US Dollar BRICS: China Will Take on SWIFT Through CIPS Payment System Source: silkroadbriefing.com The BRICS country China revealed that it will “enhance the functionality” of CIPS and challenge the Western-dominated SWIFT payment system. “...

BRICS member China’s local currency, the Chinese yuan, has fallen into unchartered waters after Trump’s election victory early this month. The Chinese yuan has fallen to its 14-month low after Trump reclaimed the White House by defeating his Democratic rival Kamala Harris. Local currencies are now under pressure as the DXY index, which tracks the performance of the US dollar soared to 107 on Thursday. Also Read: BRICS: De-Dollarization Is Unstoppable The US dollar spiked 0.51 points on Thursday surging by 0.48% in the day’s trade. The strengthening of the US dollar is making local currencies dip to new yearly lows. A resurgence from here could be tough as the broader US market remains in the bullish phase filled with optimism. Therefore, the local currencies of BRICS nations like the Chinese yuan are under pressure after Trump’s victory. Also Read: BRICS: 28% of Trade Settled in Cryptocurrencies: Deutsche Bank BRICS: Trump Looks to Trounce the Chinese Yuan Source...

The BRICS alliance received applications for membership from countries in Asia, Africa, South America, and Eastern Europe. For the first time, BRICS has officially received an application to join the bloc from a developing country in North America. This puts the spotlight on the US as neighboring nations are finding the de-dollarization agenda lucrative. Also Read: BRICS Country Rejects De-Dollarization, Embraces the US Dollar Around 48 countries have now applied to join BRICS before the October 2024 summit. While 27 countries have formally applied to join the alliance, 21 nations have informally expressed their interest in BRICS membership. Read here to know the major sector that will be impacted if BRICS ditches the dollar for trade. Also Read: BRICS: 12 Countries Ditch US Dollar, Pay 85% Trade in Local Currencies BRICS Membership: North American Country Cuba Applies to Join Alliance Source: The National Interest The North American country Cuba has officially applied for BRICS member...

The value of XRP is aligning with the general movement of the cryptocurrency market, even as regulatory uncertainty persists regarding developments in the Ripple and Securities Exchange Commission (SEC) case. Notably, XRP remains below the $0.70 mark, despite Ripple recording several victories in its battle with the SEC. The case continues to cast a spotlight on the potential future valuation of XRP, with the conclusion of the legal matter anticipated to have a widespread impact on the asset’s price . In this context, Finbold consulted the CoinCodex tool, which utilizes artificial intelligence (AI) price prediction algorithms to assess the possible XRP price on a specified date. The tool projects that XRP is likely to trade at $0.66 on Christmas day in 2023, representing minor gains of about 5%. XRP price forecast for the 25/12/2023. Source: CoinCodex The projection comes as some market participants project that XRP is poised for an upswing in its valuation in the coming ...

When traders are crunching the numbers and figuring out the profit and loss from a crypto trade — are they factoring in fees? A new crypto calculator can help. All-in-one crypto trading solution TradeSanta has just unveiled its new crypto profit calculator to help users calculate fees, profits and losses before they open a trade. In a fast-moving market, keeping on top of your financial position isn’t easy. Just recently, Bitcoin (BTC) posted a fat green candle after Grayscale won a lawsuit against United States regulators. Bitcoin’s valuation spiked following the Grayscale lawsuit. Source: Cointelegraph A court ruled that the U.S. Securities and Exchange Commission was wrong to reject the digital asset manager’s application for an exchange-traded fund — with BTC/USD accelerating by $1,700 in just 30 minutes. Of course, volatility is a two-way street. Bitcoin has also suffered sharp falls, especially during thin weekend trading. When the markets are erratic, traders often need to reac...

A trader has banked millions of dollars with an options bet against Coinbase placed just a day before the Securities and Exchange Commission ( SEC ) issued its suit against the exchange. Earlier this week, the regulator also filed charges against Binance. The trade, made on Monday morning, was spotted by Unusual Whales and was placed via multiple put options bets with a target price of $50 and a total premium of $107,000. The trader is estimated to have made more than $25 million on the trade. Coinbase’s share price was down by nearly 19% on Tuesday morning. The stock began crashing on Monday when rival exchange Binance received its own suit from the SEC and as much as $81 billion worth of crypto was traded. Bitcoin ended 5% down on the day with as much as $300 million worth of liquidations , most of them on the long side. This activity made for one of the most intense days in Crypto this year. Coinbase insiders are still offloading shares Meanwhile, Cathie Wood of Ark I...