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Latam Insights — Javier Milei’s Victory Divides Argentina; Bitso Launches Cross-Border Institutional Payment Service

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Javier Milei’s victory in Argentina causes a devaluation maelstrom, and Bitso launches a cross-border...

Farmington Bank Faces Fed Wrath: Alameda-Backed Financial Institution Ordered to Shutdown

In a statement released August 17, 2023, Farmington State Bank, with an investment from Sam Bankman-Fried’s Alameda Research, consented to a cease and desist order from the U.S. Federal Reserve. Alameda invested $11.5 million into the bank’s co...

Farmington Bank Faces Fed Wrath: Alameda-Backed Financial Institution Ordered to Shut Down

Nobel Laureate Paul Krugman States Argentina Should Adopt the Euro Instead of the US Dollar

Economics Nobel laureate Paul Krugman recently stated that Argentina might be better off adopting the euro instead of the U.S. dollar amidst the devaluation of the Argentine peso. Krugman argued that Argentina has almost twice as much trade with the...

Volatility in Chinese Yuan, Russian Ruble Makes De-Dollarization Harder, Market Analyst Says

A market analyst says that the recent decline and volatility in the Chinese yuan, the Russian ruble, and to a lesser extent the Argentine peso, “will only add further challenges to the idea of de-dollarization.” He stressed that countries are “unable...

BRICS Bank Could Issue Digital Currency for the Economic Bloc, Analyst Says

A Trace Finance analyst has suggested that the BRICS nations could launch a single digital currency issued and regulated by the New Development Bank, also known as the BRICS Bank. He stressed that the U.S. is facing the biggest crisis in history. Man...

SEC Files Motion to Certify Interlocutory Appeal of Ripple-XRP Ruling

The U.S. Securities and Exchange Commission (SEC) has filed a motion to certify an interlocutory appeal of two rulings in the Ripple case regarding XRP. According to the securities regulator, “Immediate appeal of these rulings is warranted...

Consensus Pause: Majority of Economists Predict No Rate Hikes for 2023, With Cuts Delayed Until March 2024

A newly published Reuters poll reveals that most economists concur: the U.S. Federal Reserve has likely capped its rate hikes. Yet, rate cuts aren’t anticipated until March 2024. This survey drops just as markets approach the annual Jackson Hole Econ...

Legendary Investor Jeremy Grantham Predicts Inevitable US Recession, Challenges Fed’s Forecast

A significant portion of investors and financial organizations surmise that the U.S. could avert a recession, but Jeremy Grantham, the co-founder of investment firm Grantham Mayo Van Otterloo (GMO), deems it inescapable. Grantham contends that the Fe...

Bitcoin’s Transaction Backlog Surges Past 400,000

A fortnight ago, unconfirmed BTC transactions dipped under 300,000. However, they’ve since rebounded, surpassing the 400,000 mark. While the average network fee remains under $1, since August 6, it’s fluctuated from $0.77, peaking at $2...

Weekly NFT Sales Dip by 1.18% Despite Rising Buyers and Transactions

Based on the most recent week-long data, non-fungible token (NFT) sales experienced a slight decline of 1.18% from the previous week. Despite a recorded $107.05 million in NFT sales, there was a noteworthy rise of 86.71% in the number of buyers. Addi...

Kiyosaki: Buy Silver Before It’s Gone; Michael Burry Bets Against Stocks — Week in Review

Rich Dad Poor Dad author Robert Kiyosaki urges buying silver before it’s gone, hedge fund manager Michael Burry has bet $1.6 billion on the stock market collapsing, and mining rig manufacturer Bitmain is set to reveal a cutting-edge BTC miner...

Banks Allowed to Issue Crypto Mastercard Cards in Uzbekistan

Authorities in Uzbekistan have authorized two local banks to issue payment cards allowing users to spend their digital coins. The move is part of a pilot project to launch virtual cards linked to cryptocurrency wallets on an exchange that will facili...

Canaan Cuts Bitcoin Mining Power by 2 EH/s Amid US, Kazakhstan Challenges

Canaan, a leading high-performance computing firm and mining rig producer, recently disclosed hurdles set to dent its bitcoin mining activities and revenue from Q3 2023 onward. These setbacks primarily stem from diminished operational hours of their...

Morocco Denies South Africa’s Claim That It Has Applied to Join BRICS: Report

Morocco has reportedly denied the claim made by South Africa, the host of the BRICS summit this year, that it has formally applied to join the economic bloc. According to South African officials, over 40 countries are interested in joining the BRICS...

Dollarization Can Lead to ‘Economic Contraction and Collapse’ of Argentine Economy — Former US Treasury Official

The U.S. chairperson of the Official Monetary and Financial Institutions Forum (OMFIF) has characterized the Argentinian presidential hopeful’s plan to fully dollarize the economy as “a far too risky gamble.” Mark Sobel said full do...

BRICS Expansion Will Speed Up De-Dollarization, Chinese Expert Says

As more countries join the BRICS economic bloc, there will be a significant increase in settlements using national currencies, leading to an acceleration in the de-dollarization process, a Chinese expert says. “For most developing countries, developm...

Economist Lord Jim O’Neill Calls BRICS Currency Idea ‘Ridiculous’ — Says China and India Never Agree on Anything

Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, calls the creation of a common BRICS currency “ridiculous,” emphasizing that the BRICS nations have “never achieved anything since they first started meeting.” He a...

Bankman-Fried Wants to See His Lawyers Outside Jail Five Days a Week

FTX founder Sam Bankman-Fried (SBF) is asking to be released from jail five days a week to work on his defense for the fraud trial against him set to begin in October. On Friday, Bankman-Fried’s lawyers complained to a judge in Manhattan that the cur...

Ethereum Gears Up for ‘Holesky’ Testnet Launch With 1.6 Billion Testnet Ether

Ethereum developers plan to roll out a new testnet named Holesky, intending to bring 1.6 billion Holesky testnet ether to the network. The core devs of Ethereum highlighted that 1.4 million validators were evaluated for Holesky, with the aim of enhan...

US Court Classifies Tornado Cash as ‘Person’ in Verdict Echoing Ooki DAO Designation

A recent ruling by a U.S. judge declared that Tornado Cash holds the legal status of a “person.” This development came on the heels of a previous verdict in June, which recognized the decentralized autonomous organization Ooki DAO in a similar...

Opensea Phases Out BNB Smart Chain Support, Citing Resource Alignment With Promising Efforts

One of the largest non-fungible token (NFT) platforms, Opensea, has declared its decision to withdraw BNB Smart Chain (BSC) support. Opensea revealed that the “cost to continue supporting BSC outweighs the impact.” Opensea Pivot...

Worldcoin’s Turbulent Debut: Down 53% From Peak With 85% WLD Held in Just 6 Wallets

In just over 25 days since its listing debut on July 24, 2023, the cryptocurrency known as worldcoin (WLD) has experienced a notable decline of 29% when measured against the U.S. dollar. Notably, within the last week alone, it saw a decrease of more...

Biggest Movers: XLM, DOGE Rebound on Saturday, Following Recent Market Sell Off

Stellar was a notable mover during Saturday’s session, as the token returned to the green to start the weekend. Prices recently fell lower for six straight days, however, bulls have reentered the market snapping this streak in the process. Dog...

Bitcoin, Ethereum Technical Analysis: BTC, ETH Seek Support Level, Following Worst Selloff Since FTX Crisis

Bitcoin started the weekend trading below $26,000, as the cryptocurrency had its worst week since the collapse of FTX. Market sentiment was bearish following reports that Spacex liquidated its bitcoin holdings. Ethereum remains below $1,700. Bitcoin...

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