Bitcoin News Official TheBitTimes.com

The BRICS summit ended on a positive note last month as the alliance took a historic decision to induct six new countries into the bloc. The six countries that will join BRICS are Saudi Arabia, the UAE, Argentina, Iran, Egypt, and Ethiopia. Five countries, except for Argentina, are oil-producing nations that control 42% of the global oil supply. Therefore, the BRICS expansion has ruffled feathers in the U.S. and the European Union, as the alliance is seen as a threat to the Western-dominated financial markets. Also Read: Not BRICS : Uncontrolled Debt Could Bring the US Dollar Down BRICS is advancing in its quest for de-dollarization by putting their respective local currencies forward for global trade. The move could hamper the U.S. and European Union economies but strengthen the BRICS member’s GDP. BRICS Expansion: U.S. & the European Union React Reinhard Butikofer, the European Union minister from Germany, minced no words by saying that BRICS is establishing it...

The Securities and Exchange Commission will inevitably approve a spot Bitcoin ETF, but we should retain some healthy skepticism about the risks it will create. The first spot Bitcoin exchange-traded fund (ETF) application, filed in July 2013, was denied in both 2017 and 2018. A decade has passed since that initial application, and the Securities and Exchange Commission has rejected more than a dozen additional applications and repeatedly punted the date for deciding on others. The ETF saga’s latest iteration saw Bitcoin (BTC) jump more than 6% as industry advocates celebrated a court ruling that affirmed what we already knew — that the SEC’s rejection of Grayscale’s ETF application was “arbitrary and capricious.” This was, of course, followed by the SEC delaying its decision on all seven pending Bitcoin ETFs, and a subsequent price drop. Now we wait as the SEC deliberates on its next move and Grayscale pleads for approval. Related: Bitcoin ETFs: Even worse for crypto than central exch...