Day: March 8, 2023

India-Russia Oil Deals Chip Away at Dollar Dominance in International Trade – Economics Bitcoin News

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On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S. dollar’s dominance in the oil trade under pressure. Sources Say Non-U.S. Currencies Used in India-Russia Oil Deals Total ‘Several Hundred Million Dollars’ During the last few months, Bitcoin.com News has reported on several instances in which analysts and economists suggest that Brazil, Russia, India, China, and…

The SEC’s Custody Rule Would Be a Net Positive for Crypto

The SEC’s proposal that registered investment advisors be required to use an independent, regulated, qualified custodian is prudent and good for the digital asset industry. Qualified custodians, which have a fiduciary duty to clients, would hold client funds in segregated accounts. The custodian must also meet rigorous regulatory standards with audits to protect those funds. Source CryptoCustodyNetPositiveruleSECs CryptoX Portal

Bitcoin price could tank soon warn traders

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Bitcoin (BTC) has been experiencing a bumpy ride lately. As of March 8, BTC was trading at $21,989, marking a drop of roughly 12% from its 90-day high of $25,134. BTC monthly price chart | Source: CoinMarketCap The recent bearish price action has left investors and traders scratching their heads, wondering what’s behind the downturn. Some traders are saying big declines could be coming. So, let’s take a closer look at the on-chain metrics to uncover what’s really driving the current state of the market. Bitcoin exchange netflow  According to…

Alpha Sigma, Transform Ventures Partner on New $100M Crypto-Focused Funds

“The ATH vision is to shepherd in a new era of financial and technological innovation leveraging decentralization, blockchain technology and Web3 infrastructure,” said Alpha Transform Holdings CEO and CIO Enzo Villani in a press release. “The Alpha Transform model is to continue to support our portfolio companies with strategic advisory, acceleration, and capital to drive innovation and success.” Source

Why Layer 2 Protocols Matter

Like their L1 counterparts, L2 protocols generally have their own native token, which serves as an incentive to use the network. As an investor, I view a layer 2 as an investment in the infrastructure that allows greater access to the main room, while providing space for developers to build new and useful things. And so even if I don’t know what those useful things are yet, I know that more levels and doorways are needed in the building itself. Knowing that, I want to invest in the materials that…

XRP Hits 2-Week High, SHIB Marginally Higher – Market Updates Bitcoin News

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Xrp rose higher for a third straight session on Wednesday, as prices moved to a two-week high. The rise comes despite market sentiment remaining largely bearish, with the global market cap trading 1.29% lower as of writing. Shiba inu also climbed higher in today’s session. XRP, formerly ripple, was once again a notable mover, as prices rose for a third straight session on Wednesday. XRP/USD raced to an intraday high at $0.3952 earlier today, which comes less than 24 hours after trading at a low of $0.3729. Following the rally,…

Crypto Rails Should Bring Efficiency Gains to the $7T-a-Day TradFi FX Market

Meanwhile, this USDC/EUROC pool completed transactions on a public ledger, and did it really efficiently. During the study period, prices stuck within a few basis points of the conventional EUR/USD exchange rate. There was weekend liquidity, a time when the traditional FX spot market goes dark. And there were fewer intermediaries and their associated fees and frictions. Automation worked. Source