Author: NBTC

Algeria is now officially in the club. Earlier today, the North African country got the green light to join the BRICS New Development Bank (NDB). The announcement came straight from Dilma Rousseff, the bank’s president, during the NDB’s annual meeting in Cape Town, South Africa. The NDB has been on a bit of a membership spree recently. Bangladesh, Egypt, the UAE, and Uruguay all joined in 2021. For Algeria, it’s a chance to tap into new economic opportunities and expand its global connections. In July, Algeria applied to join the BRICS New Development Bank with a $1.5 billion contribution. President…

WazirX customers are unlikely to be made whole in crypto terms, the crypto exchange’s legal advisers said on Monday. In terms of U.S. dollar recoveries, recovery is possible if the market improves. On Tuesday, the Singapore High Court will hear WazirX’s request for six months’ protection while it restructures its liabilities after losing $234 million to a hack in July. It is extremely unlikely WazirX customers will be made whole in crypto terms through the restructuring process, legal advisers to the hacked Indian cryptocurrency exchange said. On a conference call with journalists that included WazirX co-founder Nischal Shetty on Monday,…

The Bitcoin network hash rate reached a new all-time high on September 3rd, surpassing 740 exahashes per second (EH/s). This comes even as Bitcoin prices trade below $60,000. JUST IN: #Bitcoin’s hash rate hit a new ALL TIME HIGH 🚀 pic.twitter.com/BiLY3pRRIV — Bitcoin Magazine (@BitcoinMagazine) September 3, 2024 A higher hash rate reflects more computational resources spent processing transactions and mining new Bitcoin. This is despite Bitcoin sliding over 10% this week, which highlights the disconnect between network fundamentals and short-term pricing. Leading mining companies such as Whatsminer and MicroBT are launching advanced machines to take advantage of the surge…

Spot Ethereum ETFs have fared worse than expected since their launch. JP Morgan said in a report that spot ETH ETFs have failed to meet expectations against Bitcoin, seeing $500 million in outflows. It’s Only a Matter of Time! While ETH ETFs have disappointed compared to expectations, John Wu, president and CEO of Avalanche ( AVAX ) developer Ava Labs, said he is very optimistic about Ethereum (ETH) and its ETFs. Speaking to Bloomberg TV, Ava Labs CEO said Ethereum ETFs will eventually succeed. Stating that Ethereum ETFs will achieve success over time due to the competitive nature of the…

Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for U.S. dollars or other foreign currencies. Indonesia and South Korea Sign Local Currency Trade Agreement Bank Indonesia (BI), the Bank of Korea, and South Korea’s Ministry of Economy and Finance have finalized an agreement on a local currency transaction (LCT) cooperation framework to enhance bilateral…

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a temporary suspension of deposits and withdrawals on the Horizen (ZEN) network. This suspension, set to begin at 10:00 AM on September 12, 2024, is aimed at supporting an upcoming network upgrade. The pause in transactions is intended to provide users with an optimal experience during this period. Contents hide 1 Why Are Deposits and Withdrawals Being Suspended? 2 What Should Altcoin Investors Remember? 3 Key Takeaways for Binance Users Why Are Deposits and Withdrawals Being Suspended? The network upgrade for Horizen will take place at block height 1,627,572,…

Bitcoin (BTC) has rebounded sharply from the recent drop that saw prices drop below $50,000, approaching $60,000 again. Bitcoin Prospects Strengthen as Key Stablecoin Metric Hits 18-Month Low This recovery could indicate a sustained bullish trend, supported by a key metric that suggests that selling pressure is abating in the Bitcoin market. The “stablecoin exchange rate,” which compares the amount of BTC held in wallets associated with centralized exchanges to stablecoins, has reached its lowest level since February 2023. According to data from blockchain analytics firm CryptoQuant, this rate has been on a downward trend since June of last year.…

Ethereum continues to dominate the blockchain space with the highest development activity over the past week. According to data from Artemis, Ethereum recorded a staggering 42.8K commits on GitHub, far surpassing its competitors. This intense development activity reflects Ethereum’s ongoing efforts to enhance its network capabilities and maintain its position as the leading smart contract platform. Top Blockchains by Commits and Development Activity in last 7 daysLet’s compare the top blockchains by @github commits and active developers in last 7 days, according to @artemis__xyz, in order to evaluate their current development activity. pic.twitter.com/w2beAqiHkS — TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico)…

Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which includes Russia, China, India, and recently added Iran, is encouraging the use of local currencies to strengthen economic ties and promote a multipolar world order. SCO Members Shift to National Currencies for Payments Russia’s Deputy Minister of Economic Development Dmitry Volvach announced at a press conference in Moscow on Thursday that payments in national currencies among Shanghai Cooperation Organization (SCO) members have…

Leading crypto analyst The DeFi Investor has highlighted several important developments that investors should keep an eye on in the coming days in its latest report. Here’s a rundown of the key updates: Phantom (FTM) Sonic Testnet Launch: Fantom will launch its highly anticipated Sonic testnet next week. Sonic will be the biggest upgrade to the Fantom network to date and promises major advancements in the blockchain’s infrastructure and capabilities. Arbitrum (ARB) Stylus Update: Scheduled to be released on September 3, Arbitrum’s Stylus update will add support for writing smart contracts in Rust, C, and C++. This enhancement is expected…