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US policy, according to the White House, permits partners to apply for BRICS membership.

According to the White House, US policy does not require allies to choose between the US and other nations, including the BRICS bloc. According to Press Secretary Karine Jean-Pierre, the United States does not seek to restrict partnerships between nations. Over 40 nations have indicated interest in joining the BRICS organization, and over 70 leaders have been invited to the summit of the economic bloc in August.

US Partners’ Interest in Joining BRICS, According to the White House

During a press conference on Monday, a question concerning American allies wanting membership in the BRICS economic grouping was posed to House Press Secretary Karine Jean-Pierre. The BRICS nations are South Africa, Brazil, Russia, India, and China.

“The United States’ two allies, Algeria and Egypt, have asked to join the BRICS, which is sort of a non-alignment movement that opposes, sort of, Western hegemony. So what are your thoughts on this new development? She was questioned, “Do you welcome this?”

Asserting that nations ought to “speak on their own about their diplomatic engagement,” Jean-Pierre said, “We lead in our engagement with an affirmative agenda focused on demonstrating the benefits of our governance and economic models.” Added the White House press secretary:

U.S. policy does not demand that our allies choose between us and other nations. We have reiterated several times that the United States does not seek to restrict countries’ partnerships with other nations. However, we also want nations to have options for how to serve their inhabitants.

As more countries want to dedollarize, interest in the BRICS economic union has risen dramatically, with over 40 countries eager in joining. 22 nations have formally applied, according to the ambassador in charge of BRICS relations in South Africa.

All of the African heads of state and the leaders of the main organizations from the Global South have received invitations from South Africa, which is hosting the BRICS summit this year. Even though French President Emmanuel Macron had indicated a desire to attend the meeting, no invitations have been given to the leaders of Western nations, including France.

After 11 years, a dormant $30 million Bitcoin cache was reactivated: 8 dormant wallets from 2012 were sparked in July

A previously inactive Bitcoin address that had 1,037.42 BTC—worth $30 million—came to life for the first time since 2012 under the cover of darkness early on Saturday, July 22, 2023, at precisely 12:51 a.m. UTC.

An old Bitcoin address resurfaces, moving a $30 million hoard

Eight so-called “sleeping” Bitcoin wallets that had lain dormant since 2012 started conducting transactions in July, breaking their almost 11-year slumber. This month, a total of about 1,216.92 BTC, which had been dormant for the previous ten years, was moved. Before the slumbering whale address moved a staggering 1,037.42 bitcoins on Saturday, the previous seven occurrences of the 2012 bitcoin movement involving inactive wallets totaled 179.50 BTC.

Coins worth 1,037.42 BTC were originally received by the recipient address on April 11, 2012, and have remained unaltered since. The whole wealth was only worth $5,021 at the time of purchase, when a single BTC was only worth $4.84. On July 22, at block height 799,701, the bundle of 1,037 BTC was sent, using this particular address as its destination. The owner then transferred the balance, which was a little decreased by 1,037.4189247 BTC, after injecting a tiny 0.00000546 BTC into the wallet.

The original transaction was detected by btcparser.com and carried out with little secrecy. The transaction received a poor score of 0 out of 100 from the privacy tool at Blockchair.com. When the transfer receives a privacy grade this low, it is deemed “critical,” which means there were three severe privacy problems. One of these issues is the finding of “matched addresses.” The “critical” rating suggests that the “identified issues are seriously compromising the parties’ right to privacy.”

Three transactions (1,2,3) from 2011 were sent together with the 1,216.92 BTC sent from inactive Bitcoin addresses going back to this month’s 2012. The first two of these 2011 transfers were carried out on July 20, and the third one on July 21. However, the three payments taken together only totaled a meager 25 BTC ($745K). Although July isn’t through yet, there haven’t been any indications of Bitcoin activity coming from addresses that haven’t been used since 2010. A total of 150 BTC ($4.4M) from three dormant Bitcoin addresses (1, 2, and 3) from 2010 were reawakened in June.

Faces Implementation Challenges and Needs the Consent of Several Parties

The formation of a shared BRICS currency, according to the head of the Russian central bank, “requires the consent of many parties.” While stressing that the planned BRICS currency “deserves attention,” the head of the Russian central bank warned that this proposal is tough and “will be quite difficult to implement.”

On BRICS currencies, the Governor of the Bank of Russia

Elvira Nabiullina, the governor of the Bank of Russia, discussed the proposed BRICS currency on July 6 and 7 in St. Petersburg during the central bank’s annual Financial Congress. Brazil, Russia, India, China, and South Africa make up the BRICS economic group.

At the next BRICS presidents’ conference in South Africa, which is set for August 22–24, it is anticipated that the BRICS currency effort would be one of the subjects covered. The concept has received a lot of attention since last week’s allegation by Russian news site RT that Russia has confirmed the BRICS would introduce a gold-backed currency. The story hasn’t been formally publicized or confirmed by any BRICS authorities, though.

The head of the Russian central bank told reporters (through Google translation) that the concept of a BRICS currency “deserves attention.” She did, however, emphasize that this initiative “would be rather difficult to implement,” stating that “like any notion of a global currency, it requires the approval of numerous stakeholders. This assignment is definitely not easy. Nabiullina went on:

As a result, we are still working and focusing on the creation of bilateral settlements using the national currency, the creation of the infrastructure that links our payment systems, and the current needs of companies.

A top official of the New Development Bank, commonly known as the BRICS Bank, declared that the development of any currency other than the U.S. dollar is a medium- to long-term goal, despite RT’s assertion that Russia has verified that the unified BRICS currency will be backed by gold. He said that “no one is currently suggesting that BRICS will form an alternative currency.” However, a lot of people anticipate that the dominance of the US dollar would decline when BRICS adopt a single currency.

As Bitcoin and Ethereum Approach Key Levels, the cryptocurrency market picks up steam

The second half of 2023 has seen a rise in the cryptocurrency market, with a number of tokens showing spectacular increases. A link between Bitcoin’s performance and Ethereum’s performance can be seen as the top digital currency, Bitcoin, is testing a prior resistance level while Ethereum, the second-largest cryptocurrency by market capitalization, is about to surpass the critical $2,000 milestone.

Price of Ethereum

In a recent video that Crypto World published, it was said that Ethereum is presently riding a broader, multi-month bullish trend with its support levels staying unaltered. Although the daily Ethereum MACD (Moving Average Convergence Divergence) shows continuous upward trend, at least for the time being, the daily Ethereum RSI (Relative Strength Index) offers a more pessimistic prognosis.

A crucial resistance level known as the “golden pocket” may be retested in the near future for Ethereum. This important area of resistance, which spans around $1,930 to $1,940, is quite significant. Despite an early breakout over this level that Ethereum has already witnessed, it is essential for the price to hold above it and confirm it as a support level with a good rebound.

Price of Bitcoin

A four-day candle closure above the crucial resistance level of $31,000 in the bitcoin market has recently been verified. A weekly candle closure above $31,000 is needed in order to completely verify the breakout and understand the significance of this resistance level.

The $31,000 barrier may see a brief retest in the near future for Bitcoin’s price. Further upward momentum will be largely determined by how long this level can maintain its status as support. The next significant resistance mark for Bitcoin would be close to $37,000, more particularly around $37.2K, if the breakthrough over $31,000 is confirmed.

Ethereum is now retesting a significant resistance level and needs to turn it into support in order to confirm the breakout. While waiting for additional confirmation from a weekly candle closure, Bitcoin, on the other side, has effectively overcome a significant resistance level.

Phaedra Parks, a reality TV star, gives her 13-year-old son $150,000 to invest in cryptocurrencies and rental properties

Phaedra Parks, a member of the “Real Housewives of Atlanta” cast, said in a recent interview that the reality TV star handed her son $150,000 to invest and learn about accumulating riches. Ayden, her 13-year-old son, is “big into cryptocurrency,” according to Parks, and is particularly interested in rental properties.

The sons of reality television star Phaedra Parks “love anything about making money in cryptocurrency.

Parents can register accounts on their behalf and give permission for their children to trade even though the majority of cryptocurrency exchanges do not authorize minors to trade digital assets. The younger generation now frequently makes investments in cryptocurrencies, and since the invention of bitcoin (BTC), there have been many accounts of kids doing so.

For instance, when Erik Finman was 12 years old, he got a $1,000 investment. By the time he was 18, his BTC investment had made him a billionaire. 1.33 million kids from the U.K. have invested in cryptocurrencies, according to a report done by the teen neobanking platform Gohenry and released last year.

The 14th annual Parents, Kids, and Money Survey, which T. Rowe Price issued in April 2022, also showed that 57% of kids aged 8 to 14 are familiar with digital currencies. Even though 47% of parents claimed to be aware with the technology, the survey’s findings showed that kids knew more about cryptocurrency than their parents.

Reality television personality Phaedra Parks from “Real Housewives of Atlanta” stated last week that she gave her 13-year-old son, Ayden, $150,000 to invest in a People magazine interview.

Parks, an educator from a middle-class family, said her parents would have liked to offer her that chance but lacked the money to give her a $150,000 gift for a purchase. Parks addressed her son’s interest in cryptocurrency assets especially while talking about the investment.

According to Parks during her interview, Ayden is “big into cryptocurrency and big into researching how to become a millionaire before he turns 25.” The reality-show participant continued by saying that both of her sons “love anything about making money in cryptocurrency.” According to Parks, her second son Dylan, who is ten years old, also wants to be “financially stable” in the future.

Kids of all ages have embraced decentralized cryptocurrency technology, and there are a ton of books and manuals available that explain how parents may introduce their kids to digital currencies. In addition, there are specific programs like the Earlybird Crypto platform that are designed to guide young people as they start their bitcoin investment journeys.

Earlybird obtained $4 million from Seven Seven Six and Gemini in November 2021, then on June 13th, 2022, the company received an unknown sum of investment. Children between the ages of 5 and 7 may learn about cryptocurrencies and artificial intelligence (AI) at a camp for kids called Crypto Kids Camp that takes place every year in Los Angeles.

The Real Competition Is the Centralized World, According to Ethereum Co-Founder Vitalik Buterin on SEC Crypto Enforcement Actions

Co-founder of Ethereum, the second-largest cryptocurrency project by market capitalization, Vitalik Buterin expressed his opinion on recent enforcement proceedings against cryptocurrencies by the U.S. Securities and Exchange Commission (SEC). Solana initiatives were cited in relation to these legal efforts, and Buterin said that the “centralized world” was the true rival.

Open Letter from Vitalik Buterin Regarding SEC Crypto Enforcement Measures

Co-founder of Ethereum Vitalik Buterin recently discussed his opinions on the latest crypto enforcement measures the U.S. Securities and Exchange Commission (SEC) is conducting against exchanges and cryptocurrency projects. When Matt Huang, the co-founder of the cryptocurrency investment company Paradigm in California, questioned Buterin about his opinions on the matter, Buterin responded:

I regret that Solana and other initiatives are suffering such setbacks. They don’t deserve it, and if Ethereum ends up ‘winning’ by all other blockchains being removed from exchanges, it isn’t a righteous way to win and probably isn’t even a success in the long run.

Further, Buterin cautioned against the potential goals of these measures, saying that “the real competition is not other chains, it’s the rapidly expanding centralized world that is imposing itself on us as we speak,” and wishing other cryptocurrency projects a “fair outcome” in this circumstance.

Solana, Ethereum, and Their Classification

In the ongoing legal battles that the SEC is having with Coinbase and Binance, two of the biggest cryptocurrency exchanges on the market, among other cryptocurrency projects, such as Solana, Cardano, Polygon, BNB, and others. As a result of these procedures, SOL, the native token of the smart-contracts-enabled cryptocurrency project Solana, has been categorized as a security, putting its stability and unrestricted listing on American exchanges in jeopardy.

The Solana Foundation, whose goal is to “help build the Solana protocol into the most censorship-resistant network in the world,” has contested the legality of the SEC’s plan and stated it “disagrees with the characterization of SOL as a security.”

This argument over security classification also involves ether, the native coin of the Ethereum network. When asked directly if ether was considered a security by the commission during a recent congressional session, SEC chairman Gary Gensler remained silent.

However, former SEC official William Hinman stated in his now-famous 2018 speech that in accordance with his understanding, “current offers and sales of ether are not securities transactions.” On March 9, 2023, Letitia James, the attorney general of New York, filed a lawsuit against Kucoin, describing ether as a security.

The release of the Hinman documents, a collection of internal memos and emails that detail the conversations an SEC officer had prior to this speech, has increased the likelihood that Ethereum will be classified as a commodity, says JPMorgan analyst Nikolaos Panigirtzoglou. He explains that this could lead to a boom in decentralization.

Kraken is Required to Provide the IRS with User Data

A judge ordered the cryptocurrency exchange Kraken to provide the Internal Revenue Service access to a wide range of customer data in order to support the IRS’s investigation into unreported tax liability.

According to the IRS, data on Kraken accounts that traded cryptocurrencies for at least $20,000 in any given year between 2016 and 2020 is required. Kraken has referred to the agency’s summons as a “unjustified treasure hunt,” contending that it went well beyond the parameters established in a conflict with Coinbase nearly six years prior.

The verdict on Friday side with the government comes as the US assault on cryptocurrencies intensifies. This month, the Securities and Exchange Commission filed two distinct complaints, accusing Coinbase of operating an illicit exchange and Binance of doing the same.US mismanaged client cash, deceived authorities and investors, and violated securities laws.

The San Francisco-based Payward Inc., which was founded in 2011 to run Kraken, did not grant the IRS everything it requested, but US Magistrate Judge Joseph Spero ordered the company to turn over users’ names, birth dates, taxpayer identification numbers, addresses, phone numbers, and email addresses, as well as some documents and transactional ledgers.

According to the court’s ruling, the IRS “has a legitimate purpose for seeking the materials,” namely to “determine the identity and correct federal income tax liability” for users within the specified time frame.

Taxpayers who file returns with assets tied to bitcoin are “dwarfed by the amount of trading activity that occurs on Kraken,” Spero said, supporting the agency’s requests. According to the ruling, the exchange was enrolling up to 50,000 new users every day and had 4 million consumers who made more than $140 billion in deals between 2011 and 2017.

According to CoinMarketCap, the leading cryptocurrency exchange Kraken has a daily trading volume of almost $650 million worldwide. An email seeking comment from the firm on the decision received no immediate response.

The IRS provided data, which the judge accepted, demonstrating that under-reporting of revenue is “substantially higher where there is no third-party information reporting, as is the case with Kraken.”

In a previous battle between Coinbase and the organization, the IRS lowered its initial demand, but the firm resisted. The IRS had a legitimate interest in looking into taxpayers who might not be disclosing their Bitcoin earnings, so the judge determined that a summons targeting more than 14,000 customers of the exchange wasn’t too invasive.

While both the US and Kraken made arguments that appeared to be misrepresenting the Coinbase judgment, Spero stated that it is “clearly not the case,” as Kraken asserted, that the previous decision put a cap on the amount of Bitcoin accounts that the IRS can target.

The judge denied IRS requests for data from the due diligence Kraken questionnaires on users’ employment, financial worth, and wealth sources. Additionally, he refrained from directing Kraken to provide information gleaned from anti-money laundering inquiries.

Payward Ventures Inc. is the defendant in United States of America v. Payward Ventures Inc., 23-mc-80029, filed in the Northern District of California (San Francisco).

US Stock Futures Trend Upward Before the Consumer Sentiment Report

Prior to the consumer confidence survey from the University of Michigan, which will be announced later this morning, US stock futures were rising on Friday in the premarket session. The final June score is expected by the market to be 63.9, up more than four points from May, according to Econoday.
Futures for the S&P 500 are up 0.34%, 0.26%, and 0.46%, respectively, as are futures for the Dow Jones Industrial Average and Nasdaq.

With Brent crude and West Texas Intermediate crude, the front-month global benchmarks, up by 0.13% and 0.04% respectively, oil prices are rising.

After learning late on Thursday that the US Food and Drug Administration had approved the sale of a predictive test to enhance care management for persons with type 2 diabetes and early-stage chronic kidney disease, Renalytix’s (RNLX) stock price increased by about 48% during premarket trading. Shares of Bright Health Group (BHG) rose 32% on the announcement that it had reached a deal to sell Molina Healthcare (MOH) for $600 million its California Medicare Advantage business.

While this was going on, shares of Paltalk (PALT) fell 20%, compounding a 14% loss on Thursday. Shares of Root (ROOT) fell 18% a day after the company declared that it has not yet received any proposals that are actionable or in the best interests of its shareholders.

The biggest movers on Friday were LTC and BCH, which rose 20%.

Bulls drove Litecoin to its highest point since April during today’s session, increasing its value by as much as 20%. Before the most recent U.S. consumer sentiment survey, which increased to a rating of 64.4, the change was made. Since April 2022, Bitcoin Cash has risen to its greatest level.

Litecoin (LTC)

As traders appeared to stay positive on the currency following its recent listing on EDX exchanges, Litecoin (LTC) climbed above $100.00 for the first time since April.

Following a low of $84.25 the day before, LTC/USD reached an intraday top of $102.38 earlier in today’s session.

Due to the rise, litecoin achieved its highest position since April 18 when the price topped out at $103.41.

Bulls were able to overcome recent resistance at $98.00, and the relative strength index (RSI) also managed to do so, which led to today’s movement.

On its path to its present value of 65.43, Litecoin’s price strength soared over a ceiling at the 62.00 level.

If the current trend holds, bulls will probably lessen their pressure closer to the impending mark of 68.00.

Bitcoin Cash (BCH)

For a second straight session, Bitcoin Cash (BCH) saw huge gains, climbing by more than 20% to finish the week.

BCH/USD accelerated to an intraday high of $312.77 earlier in the day after hitting a low of $241.21 on Thursday.

Due to this most recent uptrend, BCH reached its highest level since April 18 of last year, when the price reached a high of $345.00.

According to the chart, the most recent gain has caused the RSI to reach an extremely overbought level of 86.97.

The 10-day moving average (red) has likewise moved much farther away from the 25-day moving average (blue).

For bears waiting for the ideal opportunity to reenter the market, this might indicate a probable peak.

A loan from Coinbase to Bitcoin Miner Hut 8 of $50 million

A $50 million loan has been given to Hut 8 Mining Corp. by Coinbase Global Inc. The massive Bitcoin mining company receives much-needed financial respite from this acquisition. According to Bloomberg, the loan provides a lifeline, particularly as Hut 8 prepares for the upcoming “halving.”
The “halving” is a planned occurrence on the blockchain of Bitcoin. Every four years, this occurrence reduces by half the amount of tokens given to miners. By 2024, there will be a 6.25 to 3.125 Bitcoin reduction in the payout for each unit of data processed on the network.

The loan facility has been well-received by Hut 8 CEO Jaime Leverton. According to her, it guarantees the continuance of their adaptive Bitcoin treasury management approach. Hut 8 has maintained possession of the coins they have mined thanks to this tactic despite a market slump.

This strategy does, however, provide certain difficulties. Miners are forced to look for more income by hanging onto their Bitcoin. This needs for liquidity is more pressing than ever in a difficult climate with rising electricity prices, more intense competition, and growing debt.

The mining industry’s ability to borrow money through debt finance has also decreased. This is because several crypto lenders filed for bankruptcy following several market meltdowns in the preceding year.

After 364 days have passed since the initial borrowing date, Coinbase’s loan will expire. If the federal funds rate is higher than 3.25%, interest on the borrowed money will be charged at that rate plus an extra 5.0%.

Hut 8’s stock has soared since this news was announced. Following an over 90% decline in 2022, the shares have more than quadrupled this year.

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