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Shanghai’s government unveiled an implementation plan on July 31 aimed at propelling the growth of its urban blockchain digital infrastructure system from 2023 to 2025. The plan is designed to drive the city’s digital transformation and bolster block chain adoption in various sectors, including the economy, public services, and urban governance. On-chain and cross-chain development In the website update, authorities share they plan to accelerate the construction of Pujiang digital chain’s urban blockchain digital infrastructure system, having it in full operation by 2025. By design, the system will offer rapid on-chain and cross-chain deployment capabilities, playing a pivotal role in bolstering various aspects of Shanghai’s operations, including government affairs, public services, and industry applications.  Their focus is on developing a distributed block chain open network and dedicated computing power clusters, encompassing the main network, nodes, s...

Cracks emerge in BRICS as China and India have different perspectives on how the bloc should operate and move forward. China’s close allegiance to Pakistan is making India uncomfortable as the Communist country wants Islamabad to be a part of the alliance. India and Pakistan’s rivalry is the main cause for the Modi government to remain skeptical about China’s power prowls. Also Read: 74 Countries Ready To Attend BRICS Summit In August Moreover, New Delhi is against reconciling with Islamabad through Beijing and the move could suffocate BRICS in the process. Pakistan and India’s rivalry dates back several decades and the two nations hesitate to initiate discussions, let alone be a part of the same alliance. India is opposed to China’s idea of bringing Pakistan into BRICS and the infighting is turning into a ‘pricking’ issue. India ’s relationship with China is not friendly either as the two nations have been at odds for decade...

Jul 30, 2023 at 11:00 // Price Author Coin Idol Dogecoin (DOGE) price is rising after crossing the initial barrier of $0.075. Dogecoin price long term forecast: bullish The altcoin has recovered from its previous downturn. Since June 10, the cryptocurrency's price has reached a series of higher highs and higher lows. According to the price indication, the altcoin will move forward but then reverse. Moreover, DOGE is approaching the overbought zone of the market. Meanwhile, a retraced candlestick approached the 78.6% Fibonacci retracement line of th...

China’s Blockchain DAO In Soup This pivotal event has instigated the Mankiw Lawyer Team to undertake a comprehensive investigation, to uncover the truth and enhance regulatory compliance within the industry. While DAO s symbolize an ideal society with a free spirit, borderless collaboration, and distribution according to work for many blockchain practitioners, this case has spotlighted the overlooked legal risks, especially those involving criminal offenses. advertisement DAO s, recognized for their decentralized operation model, allow members to participate in the decision-making process transparently without any centralized authority. However, some DAO operations involve legal and criminal dangers. First off, their fundraising practices, which may involve the sale of community points or NFTs, may amount to crimes including fraudulent financial transactions, illegal securities issuance, and pyramid schemes. DAO tokens frequently serve many purposes, incl...

FTX and Genesis representatives informed the US court that they are ready to settle the bankruptcy case. In a filing to Judge Lane of the United States Bankruptcy Court, FTX and Genesis lawyers state that they agreed on a potential settlement between the two parties in the ongoing bankruptcy case. @Geminiearn @Gemini Genesis Debtor just submitted this letter to the court indicating agreement with FTX. Lift Stay Motion and Estimation will be mooted. Waiting for the "Settlement" to see what the numbers are. pic.twitter.com/hvRK8lX6X6 — CryptoEquality (@crypto_equality) July 28, 2023 The letter provided no further details on the agreement. But if the case is settle d, both FTX’s claims against Genesis debtors and the reverse petitions could be satisfied. Currently, both FTX and Genesis are bankrupt . Their investors and clients are seeking to get their money back in various lawsuits worldwide. You might also like: $175 million of Genesis locked in FTX ...

Investors have since the Ripple ruling, which deemed XRP not a security in secondary sales, like those on exchanges like Coinbase and Binance, focused less on Bitcoin (BTC) while concentrating on altcoins. advertisement Funds built around XRP and SOL performed incredibly, with the AUM growing “by 33.2%, accumulating to $65.7 million. Likewise, SOL-focused products rose by 55.7%, resulting in an AUM totaling $87.8 million.” source CryptoCompare Can XRP Rally To $1? XRP is trading at $0.7158 following a 2% spike in the last 24 hours. The recovery stemmed from support confirmed after XRP abandoned the SEC-Ripple ruling-trigged rally at $0.85. Reinforcing that support was the 100-day Exponential Moving Average (EMA) (blue)), which is still in line to dampen declines in the event of a pullback from the current market value. Recommended Articles ...

Tom Lee, managing partner at Fundstrat Global Advisors, believes Bitcoin (BTC) may reach six digits before halving in 2024. According to Lee’s research report, introducing a spot Bitcoin exchange-traded fund (ETF) may cause BTC to increase in value to between $140,000 and $180,000 before the end of April of the following year. If executed, there would be an increase between 380% and 516% from the present levels. The Fundstrat managing partner claims that Sean Farrell, the company’s head of cryptocurrency strategy, argued that establishing a spot Bitcoin ETF would result in a five-fold rise in daily demand for Bitcoin as the foundation for his projection. The Bitcoin market is currently in balance with $25 million in daily block rewards and $25 million in daily demand. Demand for ETFs might increase by $25 billion in the first year, according to Sean [Farrell]. The request for this is $100 million each day. With on...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses the launch of the Worldcoin token by OpenAI creator Sam Altman and why it's controversial. In the latest episode of "The Market Report," analyst and writer Marcel Pechman discusses the Worldcoin token launch , why it is controversial, and the differences between it and most altcoins. According to the Analysis , investors should take time to understand the project before even considering an investment. Looking at the tokenomics of the Worldcoin token, launch ed on July 24, there are two absolute outliers. Firstly, the extremely high volume overtook the market cap, as the token reportedly traded 1.6 times its entire capitalization in the first 24 hours. How’s that even possible? According to Pechman, one must understand that the project has lent 100 million tokens to market makers. Only 8 million coins were handed out to users, who may or may not have flipped their positions, but this do...

Join Our Telegram channel to stay up to date on breaking news coverage Alki David, a Greek billionaire, director, and more, just launched his own crypto currency token, SWX Coin, with his Swiss-based consortium, reports CoinTelegraph. Cannabis Wallets Are Expanding This news comes to us via a press release via the company itself. The associated company is called “The Swissx Bank of Cannabis.” It’s based in Gstaad and will also expand to a Caribbean headquarters somewhat soon. Interestingly, the asset is based on Bitcoin’s blockchain. That, and its value is “pegged directly to the median global price of premium hemp flower.” The goal here is to “provide the entire industry with a secondary market where futures and other trades can be made based on its global market analytics.” At the start, the Swissx Bank will handle any and all transactions made on its platform within the European, Caribbean, and United States industries. That...

A handful of developing countries from Asia, Africa, and, Latin America are unhappy with the U.S. commanding the global financial sector. Around 19 countries have expressed their interest to join the BRICS bloc and ditch the U.S. dollar. The interest to trade in a new currency comes on the heels of the next BRICS summit which will be held in August. Countries that have been on the receiving end of the White House are desperate to trade in a new currency. Also Read: Germany Warns BRICS Nations Not To Take Advantage of Russian Sanctions Therefore, China is advancing in convincing other countries to settle cross-border transactions with the Chinese Yuan. The move boosts other local currencies making the U.S. dollar slowly yet steadily lose in the supply and demand dynamics. In this article, we will highlight 3 reasons why other countries want to join BRICS ’ mission to ditch the U.S. dollar for global trade. BRICS: Here’s Why Other Countries Want to Ditch the U.S. ...

The top Bitcoin inflow transactions’ weightage has been increasing. Usually, whenever WHALES accumulate collectively, it is considered as a sign of conviction. However, that might not essentially be the case this time. The connotation changes during bear markets. When this ratio climbs above 0.8, it signals a fake relief rally. With the current number around 0.9, the landscape is becoming more favorable for a mass dump. A recent CryptoQuant Analysis thread on Twitter pointed out, “It’s [It is] an unmistakable sign of selling pressure.” In fact, in the recent past, this inverse correlation has been quite evident. In mid-June, as this ratio dropped, the price initiated an uptrend. Likewise, even during the beginning of 2023, when the exchange whale ratio shrunk, the price rose. So, with the flip trend in play, the current conditions seem ripe for mass dumping. Thus, with BTC already below $30k, traders need to exercise caution. Source: CryptoQuant Als...

Interestingly, several upcoming events could potentially have a market moving effect on the global cryptocurrency market. advertisement Also Read: Shiba Inu Claws Back Gains But This Metric Shows Better Days Are Ahead The FOMC Impact? Trading volumes for Bitcoin have seen a significant drop since July 15, 2023, when there was a $8.01 billion daily volume compared to the $20 billion it clocked the days before. Hence, the July 26, 2023 meeting of the Federal Open Market Committee (FOMC) could likely initiate a cycle of volatility for Bitcoin price, as was seen around the previous US Fed meetings. Investors would be closely looking at Fed Chair Jerome Powell’s message on the committee’s forecast for the FOMC meets to come in the remainder of 2023. Also scheduled for the week is U.S. PCE inflation Index data on Friday, July 28, 2023. The CME FedWatch Tool projects a 99.2% chance for an interest rate rise to the 525-550 bps range in the upcoming meeting...