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The number of countries apart from BRICS that are planning to ditch the US dollar for trade and commerce is increasing alarmingly. Developing countries worldwide are looking to use local currencies and sideline the greenback for cross-border transactions. This adds pressure on the USD as it could lose out on the supply and demand mechanism in the currency markets. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If more nations end reliance on the currency, the cost of daily essentials could skyrocket in the homeland. The USD stands at the crosshairs of a global change that could dim its lights and send it towards the path of decline. Also Read: BRICS Makes Major Announcement on De-Dollarization BRICS: Venezuela Says 25% of Trade Can Be Conducted Without the US Dollar Source: latinamericanpost.com Venezuelan Foreign Minister Yvan Gil said that 25% of trade can be conducted without depending on the US dollar. He cited that local curren...

Canada’s Indigenous groups are seeking deals with BRICS member China to bolster their communities’ income. The indigenous communities under the ‘First Nations in Canada’ are seeking deals with China that could give Beijing access to the country’s natural resources. Also Read: BRICS: 28% of Trade Settled in Cryptocurrencies: Deutsche Bank The indigenous groups in Canada are seeking deals with BRICS member China despite warnings from the Canadian Security Services (CSS). The CSS has warned the indigenous communities about conducting business with Xi Jinping’s government. However, Canada’s indigenous groups are not paying heed to the warnings despite being at odds with its national security priorities. The deals from the indigenous groups could give access to BRICS member China’s natural resources in Canada. This week alone, the Canada-China Business Council indigenous trade mission is being held in Beijing. The two groups will discuss potential en...

The BRICS alliance is giving hope to developing countries that want to break away from the clutches of the US dollar. Emerging economies are facing challenges from carrying the burden of the US dollar on their backs. The latest report shows that around 40 countries are interested in joining the BRICS alliance in 2024. All these nations are emerging economies and hail from Asia, Africa, and South America. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: Purchasing Power of the US Dollar Could Fall From 3% to Zero BRICS: 40 Countries Desire to Escape From the US Dollar Dominance Source: seekguidance.org The 40 countries share a common desire, that is to escape from the dominance of the US dollar. The development indicates that several nations are disinterested in hoarding the US dollar or settling trade with it. Also Read: BRICS Currency: 40% Could Be Tied to Gold, 60% in Local Currencies The developing countries want ...

Key takeaways Bitcoin is trading above $46k as market experts expect the US SEC to approve a spot Bitcoin ETF soon. Bitbot’s presale is launching in a week and the project seeks to make trading easier for users.  The cryptocurrency market has been performing well over the last few hours, with Bitcoin trading above $46k. With the SEC expected to approve a spot Bitcoin ETF soon, BTC’s price could soar higher soon. Bitcoin could soar if the SEC approves a spot Bitcoin ETF Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well over the last few hours. At press time, the  price of Bitcoin stands at $46,239, up by more than 1% in the last 24 hours. BTC’s price could soar higher over the coming hours if the US SEC approves the spot Bitcoin ETF applications.  What is Bitbot?  With the bear market now over, trading volume across centralised and decentralised exchanges has massively incre...

Exchange-traded fund analyst Eric Balchunas said the addition was “all part of the process” of a crypto ETF being listed and traded and a positive sign for SEC approval. The iShares spot Bitcoin exchange- trade d fund (ETF) proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), suggesting potential approval by the United States Securities and Exchange Commission. In an Oct. 23 X (formerly Twitter) thread, Bloomberg ETF analyst Eric Balchunas said the DTCC listing was “all part of the process” of bringing a crypto ETF to market. The iShares spot Bitcoin (BTC) ETF has a ticker symbol of IBTC for a possible listing on the Nasdaq stock exchange, which applied to list and trade shares of the investment vehicle in June. “This is [the] first spot ETF listed on DTCC, none of the others on there (yet),” said Balchunas. “Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior t...