The crypto market is up today thanks to MicroStrategy's relentless Bitcoin purchases ahead of the key ETF decisions.
The dollar is the national currency of the United States and some other countries. Some of the most common currencies using the dollar moniker are the U.S. dollar, the Canadian dollar and the Australian dollar. Since World War II, it has been the world’s primary reserve currency. In 1971, U.S. President Richard Nixon depegged the dollar from gold, making it a fiat currency. Dollarization in other countries allows citizens to use it unofficially.
In contrast, Bitcoin, a decentralized digital currency, challenges the dollar’s hegemony. Discussions on de-dollarization arise as countries seek to diversify financial systems, reducing reliance on the dollar. This shift raises questions about the dollar’s long-term status and prompts reevaluations of global economic strategies.
The Federal Reserve System holds the authority to issue U.S. dollars, and all dollar bills issued since 1861 remain legal tender. The dynamic interplay between the dollar, Bitcoin and de-dollarization underscores the evolving landscape of global finance.
Many users' Binance USD balances will automatically be converted into First Digital USD starting on Dec. 31.14960
Increased activity in Solana’s NFT markets and decentralized applications are pushing SOL price back toward year-to-date highs.31443
Bitcoin is witnessing profit-booking near $38,000, but the correction is likely to be shallow as lower levels are likely to attract buyers.3839
The weakness in the U.S. Dollar Index suggests that risky assets such as Bitcoin and the S&P 500 Index may remain in favor of the buyers.5959
A BlackRock ETF rumor prompted a big pump-and-dump in the XRP market, which may result in a 20% correction over the next few weeks.49509
Bitcoin remains prone to volatility, while further downside offers the “path of least resistance” for BTC price next, analysis warns.14517
Tether’s USDT added at least $20 billion to its market capitalization in 2023, while rival stablecoin USDC lost the same amount so far this year.4322
Bitcoin opened the week with a shallow correction, but altcoin traders seem unaffected by the slight BTC price pullback.5711
Tether has minted 4 billion USDT over the past month, which accounts for nearly 18% of all USDT issued so far in 2023.6761
Bitcoin price is consolidating near $35,000. Will altcoins capitalize on the sideways price action and move higher?7127
In September 2023, Tether also invested an undisclosed amount in Northern Data, backing AI initiatives.3539
Phase one was dedicated to full-fledged payments, programmable payments, offline payments, tokenized deposits and the settlement of Web3 transactions and tokenized assets.2939
Bitcoin’s reluctance to give up ground has attracted strong buying in select altcoins.4261
Stablecoin activity has been increasingly occurring through entities that aren’t licensed in the United States, according to Chainalysis.15912