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The 50-year PETRODOLLAR agreement with Saudi Arabia to use the US dollar for oil payments ended in June 2024. Saudi Arabia can now accept other currencies for oil settlements including the Chinese yuan, Japanese yen, and Indian rupee. China’s President Xi Jinping is keen on pushing the Chinese yuan ahead not only for oil but for all transactions. Also Read: BRICS Outperforms the US: Becomes Top Exporter of Copper There’s a plethora of currencies for Saudi Arabia to choose from that could replace the PETRODOLLAR and usher into a new era of oil trade. However, Saudi Arabia cannot afford to replace the US dollar with local currencies after the PETRODOLLAR ’s demise. Why, you may ask? Well, it’s because Saudi Arabia ’s local currency, the riyal (SAR) is pegged to the US dollar . Also Read: 93% Oppose U.S. Plans of Creating ‘Asian NATO’ US Dollar Still Thrives While the Petrodollar Dies Source: Anton Petrus/Moment RF/Getty Images The riyal is pegged to t...

There are now more than 17.5 million Bitcoin wallets underwater with little faith in a rebound coming from analysts in the face of a surging dollar. Bitcoin (BTC) hodlers are feeling the squeeze this week as repeated tests of lower levels spark increasing losses. Data from on-chain analytics firm Glassnode shows more wallets are in the red as of Aug. 23 than at any time in the past month. Over 17.5 million wallets in the red BTC/USD has seen five trips below $21,000 since the end of Aug. 19, data from Cointelegraph Markets Pro and TradingView shows, and the quest for support is already making plenty of traders nervous. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Meanwhile, those who bought in in recent weeks are underwater to varying degrees, as Bitcoin is at its lowest since the last week of July. The extent to which investors added or created positions on the way to this month’s $25,200 highs is now becoming clearer — more BTC addresses are at an overall loss than at...

This week, The Market Report discusses why $22,000 is the next logical step for Bitcoin and why BitMEX co-founder Arthur Hayes claims the bull market started back in March. In the latest episode of Cointelegraph’s The Market Report , analyst Marcel Pechman explores the drivers that point to Bitcoin heading to $22,000, with investor sentiment worsening after Grayscale Investment’s much-hyped legal victory against the United States Securities and Exchange Commission (SEC) on Aug. 29 and its postponement of multiple spot Bitcoin (BTC) exchange-traded fund applications. According to Pechman, on the side of the bears are multiple lawsuits from the SEC against Binance and Coinbase, including a potential indictment from the U.S. Department of Justice regarding money laundering and facilitating trades from Russian entities. But, more importantly, U.S. inflation has come down to 3.2%, and the U.S. Federal Reserve is draining liquidity from the markets. Pechman also analyzes BitMEX founder Arth...

The final tradfi trading day of 2022 offers little inspiration to bulls with Bitcoin price action trending down in line with both equities and the U.S. dollar. Bitcoin (BTC) teased more volatility at the Dec. 30 Wall Street open with BTC/USD heading ever closer to $16,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Will new year deliver "long-awaited volatility?" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking down to lows of $16,337 on Bitstamp. The pair had been gradually upping the volatility in the days after Christmas, as analysts eyed the likelihood of a final burst of action before the yearly close. “Last trading day of the year for TradFi, but crypto will trade through the holiday weekend. Perhaps we may see some of that long awaited BTC volatility around the Weekly/Monthly close and the start of 2023,” on-chain Analysis resource Material Indicators ventured. Popular trader and analyst Rekt Capital noted that “historicall...

The first and the last major attempt to encourage a comprehensive crypto framework was buried in the House of Commons on Nov. 23. In October, Toronto-based Coinsquare became the first crypto trading business to get dealer registration from the Investment Industry Regulatory Organization of Canada (IIROC). That means a lot as now Coinsquare investors’ funds enjoy the security of the Canadian Investment Protection Fund in the event of insolvency, while the exchange is required to report its financial standing regularly.  This news reminds us about the peculiarities of Canadian Regulation of crypto . While the country still holds a rather tight process of licensing the virtual asset providers, it outpaces the neighboring United States in its experiments with crypto exchange-traded funds (ETFs), pension funds’ investments and central bank digital currency (CBDC) efforts. An era of restricted dealers Coinsquare, which happens to be Canada’s longest-operating crypto asset trading platf...