DeFI News by Thebittimes.Com

The world is now witnessing a sharp change with the US dollar being sidestepped and overshadowed by local currencies. The majority of the countries are now strengthening their commitment to local currencies, powering local trade routes to evade US sanctions, to the point of ditching them completely. Many nations are using alternatives to the USD to make foreign trade deals, a phenomenon that could end up hurting the dollar in the long run. Also Read: BRICS Moves to Local Currency Trading: BRICS Currency Dead? Local Currencies Like Yuan in Global Energy Trade Are Taking Precedence Source: Watcher.Guru India and Russia have lately been engaging in a local currency narrative, involving the yuan in the majority of their deals. Russia has asked India to pay 10% of its oil payment in yuan, a currency that Russia has long been exploring in depth. As Russia can no longer conduct business in USD, the nation has switched to the Yuan, which continues to benefit the nation in the long run. Similar...

The de-dollarization narrative is yet to die down completely. With Donald Trump busy deploying aggressive tariffs on nations, the retaliatory forces have become quite active, mulling over launching counter-tariffs on the US. At the same time, 2 leading economies have decided to ditch the US treasury bonds, ending their reliance on the US dollar to bag gold in an attempt to stabilize their economic strata. Will this phenomenon derail the US economic anatomy and usher in de-dollarization? Let’s find out. Also Read: Changpeng Zhao’s Personal Crypto Portfolio Unveiled—What’s Fueling His Fortune India and China Are Bagging Gold Source: Finbold India and China, the two global superpowers, have decided to depend on gold and have decided to move away from US Treasury bonds. Per a recent post uploaded by the Kobeissi Letter, India and China have lately been diversifying their holdings, moving away from the dollar in all ways. This includes a pattern in which both nations have dumped US Tre...

1. South Korea: Over 30% of Population Now Engaged in Cryptocurrency Investments link According to data from the Bank of Korea, as of the end of November, the total number of cryptocurrency investors in South Korea surpassed 15.59 million for the first time, accounting for over 30% of the country’s population. The total asset size reached 102.6 trillion won (approximately $79 billion), with the daily trading volume nearing the total of the domestic stock market. Fueled by expectations of crypto-friendly policies following Donald Trump’s election as U.S. president, Bitcoin prices surged nearly 35% in November, significantly boosting investment activity in South Korea’s crypto market. Among the five major exchanges, the average cryptocurrency holdings per investor reached 6.58 million won (approximately $5,070), with 610,000 new investors added in November alone. Additionally, the volume of deposits not yet invested in the market increased to 8.8 trillion won (approximately $6 billion). ...

The Bitcoin (BTC) mining race intensified between China and the United States, recently dominated by the former in a shift. AntPool mined nearly one-third of all newly issued BTC in the last 24 hours, concentrating block production and mining rewards. Finbold retrieved data from mempool.space on September 22, accounting for Bitcoin’s daily block discovery among mining companies and pools. By the time of this writing, AntPool had mined 42 blocks out of 135, while Foundry USA discovered 36. Notably, the first two leaders have been dominating the mining race for years, putting a significant distance against their competitors. ViaBTC, for example, mined only 10% of the blocks in this period, while F2Pool and MARA got less than that. Picks for you Solana must break this resistance to avoid a massive price crash ...

Two new developing countries recently collaborated to settle trade in local currencies, not the US dollar. The collaboration comes when developing nations seek to boost regional trade that benefits their economies. This puts pressure on the US dollar as countries in Asia, Africa, and South America are putting local currencies ahead of the USD. Also Read: Donald Trump Warns of Consequences If BRICS Ditches the US Dollar US Dollar: Afghanistan & Uzbekistan Collaborate to Boost Regional Trade Source: m.akipress.com Afghanistan and Uzbekistan have collaborated to boost regional trade with major new agreements without the US dollar. The deals include the construction of the UAP Railway Project and the Termez International Trade Center. Afghanistan’s Taliban government has also increased trade with its neighbouring countries, such as Uzbekistan, Turkmenistan, and Kazakhstan. Projects like the TAPI Gas Pipeline and Trans-Afghan Corridor are growing rapidly. Also Read: Currency: Russia I...

BRICS member China thinks it is spearheading the de-dollarization campaign by convincing developing countries to ditch the US dollar and trade in local currencies. While a handful of emerging economies have agreed to China’s demands, they are only acting out of self-interest. China is under the illusion that it has kick-started the de-dollarization agenda while in reality, developing countries are only seeing what benefits them. Not just other emerging economies, even BRICS members are using China when it suits them the best. Also Read: BRICS No Longer Attaching Importance to the US Dollar For instance, BRICS counterpart India agreed to end dependency on the US dollar and settle trade in local currencies. For over a year, India paid the Chinese yuan to procure oil from Russia at a discounted price due to the sanctions. India saved $7 billion by paying local currencies between 2022 to early 2024. However, both Russia and China kept demanding India pay the Chinese yuan or the Russia...

The currency wars have now intensified, with the Chinese Yuan leading the financial space aggressively against the US dollar.  The Chinese yuan is now strongly competing against the US dollar. Per new developments rife in the space, the Chinese Yuan is now potentially on the verge of outperforming the US dollar by leading central and offshore transactions in Russia.  Also Read: The Chinese Yuan Is Unsettling the US Dollar: Here’s Why The Rise of the Chinese Yuan Source: MarketsInsider.com Per a Reuters report, the Chinese Yuan has now become a leading foreign currency in Russia, leaving the US dollar behind in a new currency development. The new data metrics reveal that Russia has been using Chinese Yuan more than the US dollar, accounting for 42% of its usage. The figure has overtaken the USD metrics, which account for a mere 35%. With such extensive usage, Russia is anticipated to triple its Yuan trading requirements, exceeding its previous figure of $385 bill...

BRICS member China is on a GOLD buying spree as it added 225 tonnes of GOLD to its reserves in 2023 alone, the latest data shows. China stockpiled 225 tonnes of GOLD worth a staggering $13.2 billion last year. The Communist country has been steadily accumulating GOLD since 2022 purchasing millions worth of the precious metal every month. In December last month, BRICS member China accumulated 9 tonnes of GOLD worth $532 million. Also Read: Pakistan Must Never Be Allowed To Join BRICS Under Any Situation: India Apart from China, the other BRICS countries India, Russia, and Brazil, are steadily purchasing gold. BRICS is officially the largest buyer of gold in 2023, outperforming every other country, reported the World Gold Council. Among the BRICS countries, China tops the list, while Russia and India, take second and third place, respectively. Read here to know how much gold the Central Banks have accumulated in a year. China Plans BRICS Currency To Be Backed By Gold? ...

BTC's correction reveals a disconnect between pro traders' confidence and retail investors' skepticism amid regulatory shifts. Bitcoin (BTC) briefly reached $38,000 on Nov. 24 but faced formidable resistance at the price level. On Nov. 27, Bitcoin price traded below $37,000, which is unchanged from a week ago.  What is eye catching is the unwavering strength of BTC derivatives, which signals that bulls remain steadfast with their intentions. An intriguing development is unfolding in China as Tether (USDT) trades below its fair value in the local currency, the Yuan. This discrepancy often arises due to differing expectations between professional traders engaged in derivatives and retail clients involved in the spot market. How have regulations impacted Bitcoin derivatives? To gauge the exposure of whales and arbitrage desks using Bitcoin derivatives, one must assess BTC options volume. By examining the put (sell) and call (buy) options, we can estimate the prevailing bullis...

The BSN Foundation’s “non-cryptocurrency” approach aims to create a stable network that would not be as volatile as traditional cryptocurrencies like Bitcoin. The Singapore-based BSN Foundation, a global blockchain infrastructure organization, officially announced its launch with five international founding members on Nov. 16. BSN’s founding members include the institutional digital asset wallet Blockdaemon, the blockchain infrastructure automation platform Zeeve, the digital asset creation platform Toko and tech firms GFT Technologies and Red Date Technology. The newly formed BSN Foundation will serve as the governing body of the BSN Spartan Network, a public infrastructure network based on the open-source BSN Spartan data center software. The foundation’s launch marks one of the most significant milestones on its path to global expansion and its ambitions to establish a new international standard for decentralized IT infrastructure. “The BSN Foundation launch is a vital step in our...

Cracks are emerging in BRICS as India is showing discomfort with paying the Chinese Yuan to procure oil from Russia. The Indian government is upset over letting state-run refiners like the Indian Oil Company (ICO) settle payments in the Chinese Yuan. India’s unwillingness to pay the Chinese Yuan for Russian oil imports has held up payments for seven cargoes reported Reuters. However, the tussle over payments has not disrupted the oil flow and deliveries, officials with knowledge of the matter said. Also Read: US Military Stocks Experience a $100 Billion Wipe Out in 2023 Two finance ministry officials told the news outlet that India is uncomfortable with using the Chinese Yuan for oil payments. They said on the condition of anonymity that payments for seven cargoes are pending with Russia since September. The development comes at a time when BRICS is looking to end reliance on the US dollar. However, India is unhappy with the idea of putting the Chinese Yuan forward for g...

Hong Kong-based OTCs say the region has become a safe harbor not only for crypto multimillionaires but for ordinary people, too. As the ongoing international conflict between Russia and Ukraine keeps unfolding, many citizens of both countries turned to Hong Kong, seeking safety for their money in crypto. Chainalysis, a New York-based blockchain forensic firm, citing Hong Kong-based over-the-counter (OTC) firms, revealed that “many Russians and Ukrainians are coming to Hong Kong to get their money to safety using crypto .” In a commentary to Chainalysis, Merton Lam, founder of one of the largest crypto OTCs in Hong Kong called CryptoHK, said that for high net worth individuals crypto has become a “part of their investment portfolio.” “They mostly want Bitcoin and Ether, though some have shown interest in smaller altcoins recently, which is interesting.” Merton Lam Merton did not go into details but noted that “ordinary people” al...

BTC price action heads higher with Bitcoin joining Asia stocks in a rebound despite FTX pressures continuing. Bitcoin (BTC) held crucial $16,000 support into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader teases BTC long as $16,500 reappears Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving lower levels untouched overnight. The pair had seen a flash downturn after the Nov. 27 weekly close thanks to uncertainty from China over Coronavirus measures. A recovery nonetheless took the market higher, with $16,500 coming into play at the time of writing. As Cointelegraph reported, traders and analysts had warned that it was all but essential to preserve current support, with a violation opening up the road to $14,000 or lower. Popular trader Crypto Tony even felt comfortable going long BTC on the day. “Flipping the EQ would be a safer long entry, but keeping this open with a tigh...