BITCOIN

The share of currencies other than the U.S. dollar and the euro in international reserves is on the rise, according to a Russian representative. The trend is being observed as a growing number of countries try to use their national currencies in foreign trade settlements, the official noted. Russia Sees Alternative Currencies Like Chinese Yuan Replacing U.S. Dollar in Reserves and Settlements The share of the U.S. dollar in international reserves has dropped below 60% amid increasing use of alternative currencies in international settlements, the Spokeswoman of Russia’s Ministry of Foreign Affairs, Maria Zakharova, pointed out on Wednesday, quoted by the official Russian Tass news agency. The Russian diplomat remarked that this indicator for the status of the greenback was at 72% in 2002. “The euro has now fallen to 19%, from 28% in 2008. By the way, the yuan has risen to 3%, a threefold growth since 2016,” Zakharova added. The report did not mention the source of the data she quo

Meta’s Horizon Worlds, the metaverse flagship app of the company formerly known as Facebook, is reportedly getting legs as part of users’ avatars in the coming weeks. The functionality is already present in a public test version of the app, but it is only present in Horizon Home, the default space of each user. Meta’s Metaverse Gets Legs for Avatars Horizon Worlds, Meta’s metaverse app, has reached a goal proposed almost a year ago: to give legs to its avatars. According to Uploadvr’s reports, the feature will be included in Horizon Worlds in the coming weeks, with the functionality being present in a public test version of Horizon Home, the default room in which all Quest headset users enter when logging on. The legs donned by the virtual avatars will only be visible in third-person view to avoid the awkwardness caused by leg movements not being accurately represented, as leg tracking hardware and software have still not been included in Quest’s headsets. The legs issue was rais

Economist Peter Schiff has warned that Bidenomics “will soon be exposed for the fraud that it is, as inflation and unemployment heat up while the economy cools down.” He cautioned: “If Americans think the economy is bad now, just wait until they see what’s coming. Once the dollar cracks, both inflation and interest rates will rise sharply. This will send the economy deeper into recession, causing many people to lose their jobs. That’s the real Bidenomics.” Peter Schiff Calls Bidenomics Fraud Gold bug and economist Peter Schiff slammed President Joe Biden’s economic policy, known as Bidenomics, in a series of posts on social media platform X this week. “If Americans think the economy is bad now, just wait until they see what’s coming. Once the dollar cracks, both inflation and interest rates will rise sharply. This will send the economy deeper into recession, causing many people to lose their jobs. That’s the real Bidenomics,” Schiff detailed on Wednesday. “August consumer confiden

A global macro strategist has explained that the Chinese yuan is unlikely to replace the U.S. dollar as the global reserve currency. She emphasized that the “weaponization” of the USD is one of the top reasons why Russia, China, and other BRICS nations have been seeking an alternative to the dollar. US Dollar v Chinese Yuan Skylar Montgomery, senior global macro strategist at Globaldata TS Lombard, an independent investment research group focusing on global macro and strategy, explained in a note on Wednesday that the Chinese yuan is unlikely to replace the U.S. dollar as the world’s reserve currency. She detailed that the U.S. dollar’s global reserve currency status “is a privilege that gives the U.S. significant political, economic, and market influence.” However, she cautioned that the U.S. government is using the USD as a political tool, as seen in the West’s action to freeze Russia’s currency reserves in response to the invasion of Ukraine. The strategist described: That we

Bitcoin plummeted below $26,000 to start the month of September, as markets waited for the latest non-farm payrolls (NFP) report. Payrolls in the United States were expected to fall to 170,000 for August, however came in at 187,000. Ethereum was also down on the news, falling below $1,700. Bitcoin Bitcoin slipped below the $26,000 level on Friday, prior to the release of August’s U.S. nonfarm payrolls report. BTC /USD dropped to a low of $25,752 earlier in the day, less than 24 hours after peaking at $27,456. This drop caps off an extremely volatile week for bitcoin, which was trading above $28,000 three days ago. Bitcoin chart by TradingView As a result of this latest sell-off, the world’s largest cryptocurrency closed in on a key price floor of $25,600. Despite strong gains earlier this week, the 14-day relative strength index (RSI) was unable to break out of a ceiling at 53.00. This triggered previous bulls to instead secure their profits, liquidating earlier positio

Circle, a financial services company, has announced a new partnership with Mercado Pago, Mercado Libre’s digital payments wallet, to bring the USDC stablecoin to its Chilean customers. The partnership will allow millions of users in Chile to access USDC via Mercado Pago’s services and leverage it as a digital representation of the U.S. dollar for payments and savings. Circle to Enter Chile and Latam via Mercado Pago Circle, the financial services company behind the issuance of USDC, one of the top three stablecoins by market cap, has partnered with Mercado Pago, the digital payments wallet of Mercado Libre that has been including cryptocurrency in some markets , to introduce USDC to Chilean customers. According to a press release , the agreement will allow the more than 2 million Mercado Pago users in Chile to access the USDC stablecoin and leverage it for payment and saving purposes. Matías Spagui, Senior Director of Mercado Pago, commented on the relevance of this move for Chile