Search Results for: us dollar losing

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies

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The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore,…

Ex-Coinbase Exec Balaji Srinivasan Closes Out $1 Million Bitcoin Bet

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Former Chief Technology Officer at Coinbase, Balaji Srinivasan, closed out early a bet that the price of bitcoin would hit $1 million by mid-June amid hyperinflation of the U.S. dollar. Srinivasan paid a total of $1.5 million, more than the initially…

Former President Donald Trump Likens US Losing Currency War Against China to America Losing a World War

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Former U.S. President Donald Trump has warned that the U.S. losing a currency war against China would be like America losing a world war. “We’ll be a second-tier country,” Trump cautioned, adding that the U.S. dollar is “what makes us powerful…

Billionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits

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Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is…

‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

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Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts…

Rap Star Drake Loses $400,000 Bitcoin Bet on Jake Paul in Split-Decision Loss to Tommy Fury

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The Canadian rapper and singer Drake lost $400,000 in bitcoin after betting that the YouTuber-turned-boxer Jake Paul would beat Tommy Fury by knockout. Drake could have potentially raked in a $1.44 million bitcoin payout, but Fury won the fight in a…

Stablecoin Market Sees Supply Increase for Tether as Competitors Decline in Light of Recent Regulatory Developments

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While the stablecoin market has seen significant redemptions in the past three months, the supply of tether, the largest stablecoin by market capitalization, has increased by 2.46 billion since mid-November 2022. Tether is the only one of the top five stablecoins…

Argentine Peso Loses Almost 12% Against the Greenback During January; Inflation Projected to Rise Sharply

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The Argentine peso has fallen consistently against the U.S. dollar this month, losing almost 12% since Jan. 1. The behavior of the exchange rate for the informal “blue” dollar keeps bringing concerns about a possible escalade in inflation rates, that are…

Argentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars

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The U.S dollar-Argentine peso exchange rate escalated during December, with the Argentine fiat currency reaching new historic lows as citizens ran to exchange their holiday payments for dollars. The U.S. dollar reached a value of 356 pesos on December 28, losing…

The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

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2022 has been an interesting year for stablecoin assets as the market capitalization of the entire stablecoin economy lost just over $28 billion in value. Moreover, more than $3 billion has been erased from the stablecoin economy during the last 23…