TL;DR Breakdown Economist Jim Rickards blames President Biden’s administration for potentially weakening the US dollar as a reserve currency. A proposed common currency for the BRICS bloc (Brazil, Russia, India, China, South Africa) could challenge the dollar’s global standing. The merger of BRICS and the Shanghai Cooperation Organization (SCO) could further pressure the dollar’s status as a primary reserve and transactional currency. Description The monetary strategy of President Joe Biden’s administration has been under a blistering microscope, with claims that the future of the US dollar as a reserve currency could be in jeopardy. Prominent economist and renowned author, Jim Rickards, is at the forefront of this critique, attributing potential damage to the dollar to Biden’s leadership. Rickards, … Read more The monetary strategy of President Joe Biden’s administration has been under a blistering microscope, with claims that the future of the US dollar as a reserve currency could be in jeopardy. Prominent economist and renowned author, Jim Rickards, is at the forefront of this critique, attributing potential damage to the dollar to Biden’s leadership. Rickards, whose investment expertise spans…

TL;DR Breakdown The Swiss parliament has launched a rare investigation into the collapse of Credit Suisse, the country’s second-largest bank. The investigation will focus on the actions of state bodies, such as the Swiss cabinet, the finance ministry, and financial market regulator FINMA. Description As the Swiss parliament braces itself to launch an unprecedented investigation into the collapse of Credit Suisse, once the country’s second-largest banking institution, the financial world is on tenterhooks. The findings of this investigation could potentially have far-reaching implications for the Swiss banking sector and beyond. The anatomy of the investigation A dedicated commission, comprising … Read more As the Swiss parliament braces itself to launch an unprecedented investigation into the collapse of Credit Suisse, once the country’s second-largest banking institution, the financial world is on tenterhooks. The findings of this investigation could potentially have far-reaching implications for the Swiss banking sector and beyond. The anatomy of the investigation A dedicated commission, comprising 14 members, is poised to delve into the government’s actions preceding and during the catastrophic downfall of Credit Suisse. The team will focus…

TL;DR Breakdown Rodeo Finance suffered a flash phishing attack, losing $1.5 million in ETH. The hacker used asset swaps and Tornado Cash to convert the stolen ETH into fiat currency and erase evidence. Rodeo Finance has yet to respond, raising concerns about transparency and accountability. Description Decentralized Finance (DeFi) platform Rodeo Finance, operating on the Arbitrum network, has fallen prey to a flash phishing attack, resulting in a loss of approximately $1.5 million or 810 Ethereum (ETH). The security firm PeckShield quickly detected the audacious $1.5 million heist. Analyzing on-chain data, PeckShield uncovered the movement of stolen funds from Arbitrum to … Read more Decentralized Finance (DeFi) platform Rodeo Finance, operating on the Arbitrum network, has fallen prey to a flash phishing attack, resulting in a loss of approximately $1.5 million or 810 Ethereum (ETH). The security firm PeckShield quickly detected the audacious $1.5 million heist. Analyzing on-chain data, PeckShield uncovered the movement of stolen funds from Arbitrum to Ethereum by the hacker behind the attack. #PeckShieldAlert @Rodeo_Finance is exploited for ~810.1 $ETH (~$1.53M)The exploiter has bridged the stolen funds…

TL;DR Breakdown Central banks are amassing and repatriating gold due to high inflation and sanctions threats. Gold is preferred over derivatives and ETFs for its tangible, safe-haven value. Increased gold purchases have boosted prices, although there’s a shift away from gold ETFs. Description In a world bristling with uncertainty, a unique resurrection is playing out on the global stage. Gold, the timeless emblem of wealth and stability, is now experiencing a revival. Central banks around the globe, driven by the need to fortify their financial ramparts against high inflation and asset freeze threats, are accumulating more of this … Read more In a world bristling with uncertainty, a unique resurrection is playing out on the global stage. Gold, the timeless emblem of wealth and stability, is now experiencing a revival. Central banks around the globe, driven by the need to fortify their financial ramparts against high inflation and asset freeze threats, are accumulating more of this precious metal. They are also bringing it closer to their own vaults, a move reflecting not just a financial strategy but also a nuanced…

TL;DR Breakdown Chinese tourists are frequently traveling to Hong Kong to buy cryptocurrencies due to strict regulations against such transactions in mainland China. Hong Kong’s lightly regulated crypto stores offer a unique appeal as they allow easy cash purchases of digital assets without revealing the money’s origin or the customer’s identity. Description A rising trend is taking hold in the heart of Hong Kong. Regularly, Zhang, an entrepreneur hailing from Shenzhen’s Futian district, embarks on a 90-minute journey across the border to exchange his money for USDT, a stablecoin pegged to the U.S. dollar. A wave of Mainland Chinese tourists, like Zhang, are partaking in this venture, … Read more A rising trend is taking hold in the heart of Hong Kong. Regularly, Zhang, an entrepreneur hailing from Shenzhen’s Futian district, embarks on a 90-minute journey across the border to exchange his money for USDT, a stablecoin pegged to the U.S. dollar. A wave of Mainland Chinese tourists, like Zhang, are partaking in this venture, highlighting the appeal and thrill of Hong Kong’s flourishing, yet loosely regulated, crypto scene. Mainland…

TL;DR Breakdown Ripple’s Chief Technology Officer (CTO), David “JoelKatz” Schwartz stated that the delay should not be considered uncommon given the complex nature of the legal proceedings. John E Deaton’s tweet suggests that the timeline for the Ripple case is not unprecedented, as other cases before Judge Torres have also taken a significant amount of time to receive a ruling. Schwartz’s statement reflects a calm and measured attitude toward the situation, reminding the community that judicial processes can be time-consuming, especially when dealing with complex matters that have far-reaching consequences.  Description Ripple‘s Chief Technology Officer (CTO), David “JoelKatz” Schwartz, recently responded to a tweet by John E Deaton regarding the extended delay in the Ripple case decision. Schwartz acknowledged the frustration felt by many who are eagerly awaiting a ruling on the summary judgment motions in the case. However, he cautioned against jumping to conclusions or … Read more Ripple‘s Chief Technology Officer (CTO), David “JoelKatz” Schwartz, recently responded to a tweet by John E Deaton regarding the extended delay in the Ripple case decision. Schwartz acknowledged the frustration felt…

TL;DR Breakdown BitOasis, the first licensed crypto exchange in Dubai, has had its operational license suspended by VARA for not meeting specified regulatory conditions within the given timeframes. The suspension emphasizes the importance of regulatory compliance and highlights VARA’s commitment to maintaining transparency and security in Dubai’s crypto market. Description Dubai’s Virtual Assets Regulatory Authority (VARA) has suspended the operational license of BitOasis, the first crypto exchange to receive regulatory approval in the city. The suspension comes after BitOasis failed to meet key conditions within the specified timeframes set by the regulator. As a result, BitOasis’ license for institutional and qualified retail investors is now … Read more Dubai’s Virtual Assets Regulatory Authority (VARA) has suspended the operational license of BitOasis, the first crypto exchange to receive regulatory approval in the city. The suspension comes after BitOasis failed to meet key conditions within the specified timeframes set by the regulator. As a result, BitOasis’ license for institutional and qualified retail investors is now considered “non-operational” until the conditions are fulfilled. This development raises questions about the regulatory landscape for cryptocurrencies…

TL;DR Breakdown Ripple Labs receives a rare award from Currency Research for its advancements in Central Bank Digital Currency (CBDC) and commitment to sustainability. The recognition acknowledges Ripple’s role in assisting central banks worldwide in transitioning to a dual model of fiat currency and CBDC. Description Ripple Labs, the American blockchain payments firm, has received a prestigious award from Currency Research for its outstanding contributions to the development of Central Bank Digital Currency (CBDC). The rare accolade was presented to Ripple Labs at the recently concluded 2023 Digital Currency Conference, where the company was honored for its Advancement in Digital Currency … Read more Ripple Labs, the American blockchain payments firm, has received a prestigious award from Currency Research for its outstanding contributions to the development of Central Bank Digital Currency (CBDC). The rare accolade was presented to Ripple Labs at the recently concluded 2023 Digital Currency Conference, where the company was honored for its Advancement in Digital Currency and Best Sustainability Initiative. This recognition highlights Ripple Labs’ pivotal role in assisting central banks worldwide in their transition to a…

TL;DR Breakdown Former SEC Chair Jay Clayton suggests that spot Bitcoin ETFs may be approved if applicants can demonstrate similar efficacy to futures markets. The article discusses the changing perception of investor protection and surveillance in spot Bitcoin markets and the ongoing legal challenges faced by major crypto exchanges. Description In a significant development for the cryptocurrency market, former U.S. Securities and Exchange Commission (SEC) Chair, Jay Clayton, has expressed the possibility of approving spot Bitcoin exchange-traded funds (ETFs). Clayton, who was known for his skepticism towards cryptocurrencies during his tenure, has recently acknowledged a shift in his perception, indicating that improved market conditions may … Read more In a significant development for the cryptocurrency market, former U.S. Securities and Exchange Commission (SEC) Chair, Jay Clayton, has expressed the possibility of approving spot Bitcoin exchange-traded funds (ETFs). Clayton, who was known for his skepticism towards cryptocurrencies during his tenure, has recently acknowledged a shift in his perception, indicating that improved market conditions may warrant the approval of spot Bitcoin ETFs. This article delves into Clayton’s evolving perspective, exploring the need…

TL;DR Breakdown Coinbase CEO’s deleted tweets have been recovered by pro-Bitcoin tweeter Pledditor Observers speculate that Armstrong’s deleted tweets were to reduce potential abuse or misinterpretation in light of current regulatory scrutiny Crypto CEOs have a history of deleting past controversial tweets Description Brian Armstrong, Coinbase CEO, recently deleted most of his older tweets. In a turn of events, the WayBackMachine, a comprehensive digital archive on the World Wide Web, has deleted the tweets from its records, sparking a flurry of speculation. Some observers have linked this to the ongoing Coinbase regulatory scrutiny, raising questions about the CEO’s … Read more Brian Armstrong, Coinbase CEO, recently deleted most of his older tweets. In a turn of events, the WayBackMachine, a comprehensive digital archive on the World Wide Web, has deleted the tweets from its records, sparking a flurry of speculation. Some observers have linked this to the ongoing Coinbase regulatory scrutiny, raising questions about the CEO’s intentions. The Securities and Exchange Commission (SEC) recently voiced concerns that the exchange might not entirely comply with the regulations and laws. In its…