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BRICS currency to challenge US dollar amid global turmoil
The BRICS alliance of Brazil, Russia, India, China and South Africa is planning to launch a new currency that could be used to settle global trade and challenge the US dollar’s dominance. The move comes at a time when the US is facing a debt ceiling crisis, a looming recession and sanctions from other countries.
The BRICS group, which began as a term for emerging economies in 200, has grown into a geopolitical force with the potential to reshape the international order. The alliance is also seeking to expand its membership and attract more developing countries, especially in Asia and Africa.
Some reports suggest that Saudi Arabia, the world’s largest oil exporter, is in talks with BRICS to fund its development bank and accept the new currency for oil transactions. This could have a significant impact on the global oil market and the US dollar’s status as the reserve currency. The BRICS currency is expected to be unveiled at a summit this summer in St. Petersberg.
FTX Avoids SEC Lawsuit While Binance and Coinbase Face Regulatory Heat
FTX, a cryptocurrency exchange founded by Sam Bankman-Fried, has managed to avoid a lawsuit from the US Securities and Exchange Commission (SEC) by complying with its rules and regulations. FTX has registered with the SEC as a broker-dealer and has limited its services to US customers. FTX also has a strong relationship with the regulators and has donated millions of dollars to political campaigns.
Meanwhile, other crypto exchanges such as Binance and Coinbase are facing regulatory challenges from the SEC and other authorities. Binance has been accused of facilitating money laundering and tax evasion, while Coinbase has been threatened with legal action for launching a lending product. Both exchanges have been criticized for their lack of transparency and cooperation with the regulators.
FTX’s strategy of paying by the rules appears to have paid off, as it became one of the largest and most successful crypto exchanges in the world. That is, before it was accused of being a massive ponzi scheme and collapsing.
Ark Invest Buys Millions of Coinbase Shares Amid SEC Lawsuit
Cathie Wood’s Ark Invest has purchased 49,324 shares of Coinbase, the largest US-based cryptocurrency exchange, worth about $2.6 million. The purchase comes despite the recent lawsuit filed by the Securities and Exchange Commission (SEC) against Coinbase for allegedly violating US securities laws.
The SEC claims that Coinbase failed to register as a broker, national securities exchange, or clearing agency, and that some of its crypto tokens are unregistered securities. The news of the lawsuit caused Coinbase’s stock price to drop by 2.09% on Tuesday, June 6.
However, Ark Invest seems to be bullish on Coinbase’s prospects, as it has increased its total holdings of COIN to over a million shares, worth around $570 million. Coinbase is Ark Invest’s fifth largest holding and accounts for 4.68% of its portfolio.
Coinbase is one of the leading platforms for trading and investing in cryptocurrencies, with over 73 million verified users and $223 billion in assets on its platform. The company went public in April 2021 with a direct listing on Nasdaq.
Jim Cramer Calls Crypto a Scam, Then Predicts Price Surge
Jim Cramer, the host of CNBC’s Mad Money, has labeled all crypto assets as a scam and advised investors to stay away from them. He made this statement on his show after the ransomware attack on Colonial Pipeline, which resulted in the payment of $4.4 million in Bitcoin to the hackers.
Cramer said that crypto is a “phony” and “worthless” currency that is used by criminals and terrorists. He also claimed that crypto has no intrinsic value and is backed by nothing. He compared it to the tulip mania of the 17th century and warned that it will eventually collapse.
However, Cramer also admitted that his negative view on crypto could actually boost its price, as more people might flock to it as a hedge against inflation and government interference. He said that he expects crypto to go higher in the short term, but he still thinks it is a scam in the long run.
Sotheby’s Launches On-Chain NFT Marketplace
Sotheby’s, one of the world’s oldest and largest auction houses, has announced the launch of its own on-chain NFT marketplace. The platform, called Sotheby’s Verse, will allow users to buy and sell curated NFTs from various artists and collections. The marketplace will also feature exclusive drops and collaborations with leading NFT creators.
Sotheby’s Verse is powered by Polygon, a layer 2 scaling solution for Ethereum that offers fast and low-cost transactions. The platform will support both ETH and USDC as payment options, and will integrate with popular NFT wallets such as Metamask and Coinbase Wallet.
The first drop on Sotheby’s Verse will be a collection of 10,000 generative art NFTs created by Dutch artist Harm van den Dorpel in partnership with Mercedes-Benz. The collection, called “The Future is Now”, explores the themes of mobility, sustainability and innovation. The NFTs will be auctioned off starting from June 10, with a starting price of 0.1 ETH each.
Sotheby’s Verse aims to provide a seamless and secure experience for NFT collectors and enthusiasts. The platform will also offer a secondary marketplace where users can resell their NFTs to other buyers. According to Sotheby’s, the secondary marketplace will be fully on-chain and decentralized, meaning that users will have full control and ownership of their NFTs.
