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U.S. Senator Rand Paul has warned that the U.S. dollar could lose its status as a global reserve currency. “For a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position,” said the lawmaker. Senator Rand Paul on U.S. Dollar Losing Reserve Currency Status U.S. Senator Rand Paul (R-KY) shared his concerns about the growing de-dollarization trend and the USD losing its global reserve currency status in an interview with Fox Business Thursday. He was asked: “Is king dollar going to be tossed off of its throne because of bad fiscal and monetary policies? Is it going to lose its world reserve status in your judgment?” The senator from Kentucky replied: I am concerned about it. “I think our foreign policy has something to do with that … We’ve pushed all of our adversaries farther and farther away from us and closer and closer together. It’s not just Russia and China being pushed together by foreign pol...

On April 27, Google Cloud and Polygon Labs announced a multi-year strategic alliance. Google Cloud made the announcement during the 2023 Consensus Conference in Austin, Texas. Through the partnership, both companies aim to accelerate the adoption of core Polygon protocols. Tap that ️ button to tune into our Twitter Space all about Google Cloud's new partnership with @0xPolygonLabs. Who is that coming through your ? @RichJWidmann, @jmtromans, @Fwiz, and @_bfarmer, Join their discussion right now ↓ https://t.co/qyV0BPFND1 — Google Cloud (@googlecloud) April 27, 2023 Google Cloud will bring its Blockchain Node Engine to the Polygon ecosystem to assist in running Polygon PoS nodes. Google Cloud’s Blockchain Node Engine is a fully managed node hosting service that will diversify cloud services across the Polygon ecosystem. Therefore, developers can overcome the time-consuming and costly process of provisioning, maintaining, and operating their own dedicated blo...

The world’s largest crypto exchange Binance is set to begin offering services to users in Japan. The move comes more than four months after Binance acquired local Sakura Exchange BitCoin (SEBC) for an undisclosed amount. The Japanese crypto exchange is registered with the Japanese Financial Services Agency (JFSA). According to Japanese local media, Sakura Exchange announced the latest development earlier today. SEBC plans to terminate all services on its platform and launch a new service under the name “Binance Japan” after June this year. The firm will disclose other details related to the launch in the coming days. Sakura Exchange will also stop providing brokerage services for local exchanges on May 31, 2023. The firm has asked users to sell their crypto assets and withdraw all funds before the deadline. Binance acquired a 100% stake in SEBC back in November 2022. Its existing JFSA license will allow Binance to enter the Japanese market with appropriate regulatory compli...

The BRICS Summit will take place this summer, where five of the top economies in the world: Brazil; Russia; India; China; and Saudi Arabia will meet. One of the topics on hand, which has been a trending topic for months, is a new currency. Russia is spearheading the development of a new currency, BRICS. The BRICS nations will use the currency for cross-border trade. These five countries are looking to have this currency overrule the US dollar and become a top currency for buying and trading worldwide. These foreign governments banding together look to devalue the US dollar. Talks will likely progress throughout this upcoming summit, with other countries outside of BRICS looking to join in. Here’s what you need to know before the Summit. Source: DIRCO/GovernmentZA) BRICS Summit: When is it? The BRICS Summit is scheduled for August 22nd-24th. It will take place in Cape Town, South Africa. What To Expect At The Upcoming Summit According to South African President Cyri...

The small New York-based neobank is seeking to improve crypto users’ experience by melding Web3 features and digital banking. The neobank Cogni has announced that it is rolling out soulbound nonfungible tokens containing Know Your Customer (KYC) information to holders of its crypto wallet . The Polygon-based NFT will transfer customers’ “Web2” KYC verification done by the bank at account opening into a Web3 environment. Cogni, which has United States Federal Deposit Insurance Corporation coverage through a traditional New York bank, introduced its noncustodial multichain crypto wallet in January. Users can send, receive and hold cryptocurrencies and NFTs in the wallet. Users can optionally mint the nontransferable soulbound NFT, which decentralized apps (DApps) can then decrypt with the owner’s permission. The bank’s intention is to create an improved user experience. Cogni founder and CEO Archie Ravishankar told Cointelegraph: “The reason why the crypto-curious have not really be...

Multichain directs users on how to mitigate the risk of getting hacked According to a blog post by Multichain (MULTI), a security vulnerability has been found that affects six cross-chain tokens on its platform. The vulnerability was identified by crypto-security firm Dedaub and has been fixed. However, users of the platform will have to log in and revert wallet permissions granted to the six affected tokens including wrapped Ethereum (WETH), PERI Finance (PERI), Mars Token (OMT), Wrapped Binance Coin (WBNB), Polygon (MATIC), and Avalanche (AVAX). advertisement If you ever have approved any of these 6 tokens on the Router(WETH, PERI, OMT, WBNB, MATIC, AVAX), please login into https://app.multichain.org/#/approvals to remove any approvals of the 6 tokens asap, the post directs. Multichain adds that while the technical details of the threat were yet to be exposed, all other assets on the platform were safe. It also provides guidance on how users can go...

Standard Chartered, the British multinational bank, has predicted in a recent note that Bitcoin’s value might reach $100,000 by the end of 2024 due to several variables that increase its desirability as a digital asset. According to the note, “crypto winter” has ended, and Bitcoin will thrive due to its reputation as a haven, a store of value, and a means of sending money abroad. The note highlights the decreasing supply of new Bitcoins, which will be cut in half in 2024, as a significant catalyst for a potential price surge. Furthermore, as the Federal Reserve approaches the end of its tightening cycle, Bitcoin may trade better due to improved risk sentiment and a preference for risk-on assets. According to Geoff Kendrick, head of digital assets research at Standard Chartered, Bitcoin could benefit from the recent turmoil in the banking sector. It is known to stabilize risk assets as the U.S. Federal Reserve ends its interest rate-hiking cycle and improves...

The popular crypto analyst and Bitcoin (BTC) fan Ali published a post on Twitter earlier today to share an observation he made about the mining reserves of the crypto market leader. According to the post, BTC miners’ reserves have experienced a major decrease. Bitcoin miner reserve (Source: CryptoQuant) The post indicated that BTC miners’ reserves dropped by 6,145 BTC over the last week alone. According to Ali, this suggests that miners sold around $172,060,000 worth of BTC over this time period. On April 18 of 2023, BTC miners’ reserves stood at 1,834,664.76909841. Today, the analyst’s post indicates that this number currently stands at 1,828,519.8210153. BTC price (Source: CoinMarketCap) In related news, BTC is one of the many cryptocurrencies trading in the green today. CoinMarketCap indicates that BTC experienced a price increase of 4.09% over the last day to now trade hands at $28,399.93. This means that the crypto is currently trading closer to its daily hig...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses if the latest price of Bitcoin is a sign of a new bear market starting or just a healthy correction. In today’s Market Report episode, analyst and writer Marcel Pechman covers the potential triggers to move Bitcoin’s price away from $27,000, including the United State Federal Reserve meeting on May 3. The show airs every Tuesday on the Cointelegraph Markets & Research YouTube channel. The first news article discussed the catalysts for Bitcoin’s next move, including whether the Fed will follow the market s’ consensus of a 25-basis-point interest rate increase on May 3. The video analyzes how Bitcoin (BTC) should react to the central bank’s decision and explains how interest rates affect families and businesses. In Pechman’s opinion, the correlation between Bitcoin and the stock market should decline considering the U.S. is nearing its debt limit and the economy is displaying signs of weakness an...

The court case might have a decisive influence on the legal classification of NFTs. On Apr. 24 the Southern district court of New York held the first jury hearing on the case against former OpenSea product manager Nathaniel Chastain, who’s being accused of insider trading with nonfungible tokens (NFTs). The allegations were filed by the U.S. Manhattan Attorney's Office on May 31, 2022. Chastain is being indicted on two counts — wire fraud and money laundering. On the first count, the former employee of the largest NFT market presumably used his insider knowledge to secretly buy 45 NFTs shortly before their listing to sell them with a profit immediately afterward. The filing cites several examples of misconduct, such as the case with NFT "The Brawl 2." In August 2021, through anonymous accounts, Chastain allegedly bought four of them “minutes before” they got featured on OpenSea and sold them within hours with 100%-profit. In October 2022, Chastain’s defenders unsuccess...

Bitcoin [BTC], the world’s largest crypto currency started 2023 on a great note. The king coin led a rally that the entire ecosystem benefited from. While several naysayers declared BTC dead multiple times in 2022, the asset jumped beyond $30K. This hot streak was recently interrupted and the asset was back at $27K. Is this a minor correction or is it a downtrend in the making? At press time, Bitcoin was trading at $27,397.34 with a 0.52% daily drop. But there are several aspects that would push the king coin above the $30K zone. Will Bitcoin gain from this week’s macro conditions? The macro catalysts this week are limited to Personal Consumption Expenditures [PCE], GDP as well as jobless claims which are expected to come out on April 27. However, this could further impact the Fed interest rate hike along with the Federal Open Market Committee [FOMC]. But according to CME Group’s FedWatch Tool, the majority now favors yet another rate rise, putting more pressure on American ...

Time and again, Bitcoin has garnered criticism for using the Proof of Work consensus mechanism. Contrary to the Proof of Stake concept, Proof of Work based protocols tend to consume more energy. Now, a recent video from the World Economic Forum [WEF] showed the facilities and technology employed by a crypto-mining firm. It indicated that its operations were the “biggest winner” for the environment. However, in the video, it never actually mentioned that it was mining Bitcoin or crypto. Chase Lochmiller, the CEO and co-founder of Crusoe Energy, said in the video that it builds and operates “modular data centers” that are parallel to waste energy sources. Such a setup helps in using wasted methane streams to generate power. Elaborating on the same, Lochmiller added, “By doing that, not only do we create a massive energy reduction from this previously wasted source of energy, but we can also produce ultra-low-cost computing infrastructure by harnessing this otherwise stranded form of e...

With the latest non-fungible token (NFT) trend on the Bitcoin blockchain, known as Bitcoin Stamps, users have issued more than 18,000 digital collectibles on the network. While this figure falls short of the number of Ordinal inscriptions, stamp creators are exploring new ways to leverage this technology. Number of Bitcoin Stamps Rises Above 18,000 A mere 17 days ago, Bitcoin.com News reported on the trend of Bitcoin Stamps, as more than 8,000 stamps had been minted on the Bitcoin blockchain. Since then, the tally has grown to 18,443 stamps. The trend of creating stamps began following the craze of Ordinal inscriptions, and proponents of stamp technology argue that it enhances permanence, as stamps cannot be pruned like witness or signature data. Stamp creation comes with a higher price tag than Ordinal inscriptions, and the creators suggest using “24×24 pixel, 8-color-depth PNG or GIF” files for encoding stamps. However, creators have managed to develop high-resol...

Virtual Reality has come a long way to enhance user experience. Right from games to films, several technologies have been tapping into this computer-generated environment and its capabilities. Hollywood has been gearing up for the whole Virtual Reality and Metaverse concept for quite some time. Several films have deployed or entertained the idea. In fact, there are also movies that have been entirely shot in the Metaverse. HBO documentary film ‘We Met in Virtual Reality’ is one such exhibit. Such films have proven to be quite immersive and have helped viewers feel a whirlwind of emotions. VR and the Metaverse have made their way into almost every industry. Several mainstream companies right from Meta to Nissan are on-board and are experimenting with the said technology. In fact, the Cryptoverse x Metaverse intersection has also proven to be quite fruitful. Right from Decentraland to Sandbox and Axie Infinity, several projects from the space have been blooming. Shiba Inu’...

Some pundits shared harsh sentiment towards a new euro-pegged stablecoin, but it's not publically accessible for the time being. Criticism has been leveled at a new euro-pegged stablecoin released in France due to a decision to restrict peer-to-peer transactions. French bank Societe Generale-Forge (SGF) released the Ethereum-based stablecoin called EUR CoinVertible (EURCV) on April 20 which is available to only qualified institutional clients. According to observers who reviewed its smart contract code, ERC-20 transfers need to first be approved by a central ized registrar — presumably one controlled by the bank — before the transaction is processed. In an April 20 tweet, pseudonymous smart contract engineer “alephv.eth” explained: “They coded it so they have to whitelist all users, process all user transfers, and even process your ERC20 approvals before they process your 'transferFrom' lmao.” She further mocked the code in a separate post, stating it was a "radical c...

April 20, or 4/20 has its own significance. On one hand, today is the day celebrated by cannabis smokers. On the other, it is also Doge Day—a day quite significant for people from the meme community. Back in 2021, DOGE’s price created a daily high of $0.42 on April 20. The community did attempt to push the asset’s price to $0.69 to commemorate the occasion but failed to do so. Instead, Doge wrapped up the day in red and closed at $0.31. In effect, DOGE dropped by more than 20% on this day two years back. Around Doge Day last year, the bearish sentiment associated with Dogecoin noted a substantial incline. Parallelly, the market was devoid of bullish momentum, and thus, 4/20 2022 turned out to be a dry day for Doge. As shown below, it registered a red candle and depreciated in value by over 1%. DOGE/USDT by TradingView 2023’s outlook, nevertheless, seems to be a bit different. The community has been optimistic about a 4/20 pump for Doge and has been rooting for it...

Space and Time CEO Nate Holiday said this would allow enterprises to build on the blockchain without compromising security and computing power. Web3 data company Space and Time has announced that developers can now deploy their data warehouse directly from the Azure Marketplace, Microsoft’s online store that provides services and applications to use on Azure. In an announcement sent to Cointelegraph, Space and Time said developers will have an accelerated on -ramp to access, analyze and manage native blockchain data. This allows developers to quickly onboard large enterprise Data volumes to smart contracts and new use cases for indexed blockchain data. Through the integration, businesses will be able to access decentralized Data without rebuilding their existing infrastructure. This will allow enterprises to build on the blockchain without sacrificing security and computing power, according to the announcement. Space and Time CEO Nate Holiday commented that verifiable data across ...