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A widely followed crypto analyst says that one Ethereum (ETH)-based altcoin is flashing signs of bullishness against both the US dollar and Bitcoin (BTC).
Pseudonymous crypto analyst Kaleo tells his 590,200 Twitter followers that the decentralized derivatives exchange Injective (INJ) looks poised to outperform Bitcoin (INJ/BTC).

According to a chart shared by the analyst, the INJ/BTC pair appears to have successfully retested a diagonal resistance as support.
“INJ is showing solid strength vs. BTC again. I’m long here.”
Source: Kaleo/Twitter
Kaleo later updates the chart, saying that the INJ/BTC pair could briefly cool off after rallying to as high as 0.0003031 BTC ($8.23).
“INJ / BTC with a solid move so far. Wouldn’t be surprised to see a bit of accumulation here before a continuation higher.”
Source: Kaleo/Twitter
Kaleo is also keeping a close watch on INJ’s price action against the US dollar.
The popular analyst says that the pair also looks bullish after taking out its diagonal resistance and retesting it as support.
“INJ / USD chart looks great as well.”
Source: Kaleo/Twitter
 
Injective is worth $7.86 at time of writing, up 7.7% during the last 24 hours.
Injective has recently announced a number of new developments to its ecosystem, including the integration with the blockchain-scaling solution Polygon (MATIC).
“Injective launches a groundbreaking integration with [Polygon Labs] to enable true DeFi (decentralized finance) composability. For the first time, native assets from Polygon and Injective can be utilized for a diverse array of cross-chain use cases within the two ecosystems.” 
Injective also completed an upgrade to its Avalon mainnet after the proposal was approved by 99.8% of the community voters.
“The Avalon Mainnet Upgrade is complete to bring you the most performant Injective infrastructure to date:

 Robust scalability optimizations 
PoS (proof of stake) validation revamp 
Fastest block times on mainnet.” 

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The post Popular Crypto Analyst Bullish on One Ethereum-Based Altcoin, Says It’s Showing ‘Solid Strength’ appeared first on The Daily Hodl.


A widely followed crypto analyst says that one Ethereum (ETH)-based altcoin is flashing signs of bullishness against both the US dollar and Bitcoin (BTC). Pseudonymous crypto analyst Kaleo tells his 590,200 Twitter followers that the decentralized derivatives exchange Injective (INJ) looks poised...

dailyhodl.com

Popular Crypto Analyst Bullish on One Ethereum-Based Altcoin, Says It’s Showing ‘Solid Strength’

Cuba’s president, Miguel Diaz-Canel, says the U.S. dollar’s global reserve currency status enables the United States to pursue an “aggressive hegemonistic policy of building walls, imposing punitive sanctions, blackmail, aggression, and slander.” He added that the BRICS economic bloc “provides a brilliant alternative for economic integration, especially for developing economies.”
Cuba’s President on De-Dollarization
Cuban President Miguel Diaz-Canel discussed the global de-dollarization trend in an interview with RT, aired on Thursday.
He explained that the U.S. dollar’s status as the world’s reserve currency enables the United States to pursue an “aggressive hegemonistic policy of building walls, imposing punitive sanctions, blackmail, aggression, and slander,” the news outlet conveyed. The Cuban president was further quoted as saying:
BRICS provides a brilliant alternative for economic integration, especially for developing economies.
The BRICS nations (Brazil, Russia, India, China, and South Africa) have intensified their endeavors to reduce dependency on the U.S. dollar, advocating for the adoption of their respective national currencies in trade settlements. Their leaders’ summit in August is expected to include discussions on a proposed common BRICS currency. Many people believe that a successful BRICS currency will erode the dominance of the U.S. dollar.
Despite not being a member of the BRICS group, Cuba has maintained a strong partnership with Russia dating back to the days of the Soviet Union. Trade between Moscow and Havana experienced significant growth last year, reaching $452 million, tripling its previous value.

For several decades, the United States has upheld wide-ranging economic sanctions against Cuba, originally imposed in the 1960s. The U.S. government has cited human rights violations, communist tendencies, and regional instability as some of the reasons behind the ongoing sanctions.
Diaz-Canel said, “I believe that we need to recognize the leading role of Russia in shaping this multipolar world,” adding that continued de-dollarization efforts will lead to “more inclusive and more mutually beneficial trade” for countries that reject the US’ “lies and empty promises.” Last month, Russia’s president, Vladimir Putin stated that the trend toward multipolarity is inevitable and will only intensify. “Those who do not understand this and do not follow this trend will lose,” the Russian president warned.
A growing number of countries besides the BRICS nations are ramping up their de-dollarization efforts. Ten Southeast Asian nations that are members of the Association of Southeast Asian Nations (ASEAN) recently agreed to promote the use of national currencies. Moreover, top officials of nine Asian countries met in Iran last week to discuss de-dollarization measures.
Do you agree with Cuban President Miguel Diaz-Canel? Let us know in the comments section below.


Cuba’s president, Miguel Diaz-Canel, says the U.S. dollar&#8217;s global reserve currency status enables the United States to pursue an “aggressive hegemonistic policy of building walls, imposing punitive sanctions, blackmail, aggression, and slander.” He added that the BRICS economic bloc “provi...

news.bitcoin.com

Cuban President: Ditching US Dollar Frees Countries From Sanctions and Aggression

Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, has explained that the U.S. dollar will lose its dominant status. He expects the Chinese yuan and possibly the Indian rupee to become “much more important currencies for the world.”
Lord Jim O’Neill on USD Losing Its Dominant Status
British economist Lord Jim O’Neill discussed de-dollarization and the potential for a proposed common BRICS currency or the Chinese yuan to replace the U.S. dollar as the world’s reserve currency in a couple of interviews this week. O’Neill, a former Goldman Sachs economist, coined the acronym BRIC over 20 years ago to describe the economic potential of Brazil, Russia, India, and China. South Africa joined the group a few years later, and the acronym was changed to BRICS. O’Neill is now the chair of venture capital firm Northern Gritstone.
He believes that the U.S. dollar will lose its world’s reserve currency status at some point, stating in an interview with Going Underground on Wednesday:
The idea that the dollar will remain king forever, I think, is probably unlikely … At some point the dollar will lose its dominant status.
However, he does not expect the proposed common BRICS currency to replace the U.S. dollar as the world’s dominant currency. In an interview with IC Intelligence chief economist Dr. Desné Masie, published Thursday, he described the idea of a single currency for the BRICS nations as “ridiculous” and “amusing.” He emphasized that “China and India never agree on anything,” noting that the two countries “can’t even really agree on basic things like a peaceful border.”
The former Goldman Sachs economist opined:
What is more feasible, and more likely, is at some point in the future, the RMB [renminbi], and possibly the rupee are going to be much more important currencies for the world.
Moreover, he detailed: “I do think if China and India could ever strongly agree on things as the two biggest countries in the emerging world … then that would probably hasten the end of the dollar’s dominance.”
Regarding whether the Chinese yuan will replace the U.S. dollar as the world’s dominant currency, O’Neill noted: “If you are no longer the biggest economy in the world, your currency stops being the most important. So if China ends up being a lot bigger than the U.S., then probably, the dollar won’t be what it is today. But that’s the reality of life.”
However, the economist outlined several challenges that the Chinese yuan would have to overcome in order to replace the U.S. dollar as “the preferred global currency.” He explained: “You’ve got to allow and encourage people anywhere in the world to hold their wealth with confidence in your currency, and not having any fear that something might happen that they don’t expect. You’ve got to have some significant degree of transparency as well as liquidity. And I’m not sure the CCP is in the position to do that.”

The BRICS nations have been ramping up their de-dollarization efforts, pushing for the use of national currencies in trade settlements. A proposal for a common BRICS currency is expected to be discussed at the economic bloc’s upcoming leaders’ summit. Many believe that a successful BRICS currency will erode the U.S. dollar’s dominance, including former White House economist Joseph Sullivan.
Regarding whether the BRICS will eventually rival the Group of Seven (G7) on the global stage, O’Neill said:
Economically, it already is … Last year’s GDP data shows that collectively they are now, in PPP terms, already bigger than the G7.
“By the end of this decade, China is going to be pretty close to the size of the U.S. while India is going to be close to overtaking Germany. So two of the biggest four economies in the world are two of the BRICS,” he detailed.
Do you agree with Lord Jim O’Neill? Let us know in the comments section below.


Lord Jim O&#8217;Neill, the British economist credited with coining the acronym BRIC, has explained that the U.S. dollar will lose its dominant status. He expects the Chinese yuan and possibly the Indian rupee to become “much more important currencies for the world.” Lord Jim O&#8217;Neill on USD...

US Dollar Will Lose Dominant Status, China and India Could Play Key Role in Currency Shift, Says Economist Lord O’Neill

The Central Bank of Nigeria (CBN) said on June 1 that the report claiming it had devalued the local currency to N631 per dollar “is replete with outright falsehoods and destabilising innuendos.” The Nigerian publication Daily Trust has said it stands by its story and called on the central bank to provide facts to disprove its report. 
Central Bank Says Report Contains ‘Destabilising Innuendos’
The Nigeria central bank has rejected reports it had devalued the local currency to 630 per dollar and branded the report in the Daily Trust “fake news.” In a statement issued shortly after news of the naira’s supposed devaluation went viral, the Central Bank of Nigeria (CBN) insisted that the report “is replete with outright falsehoods and destabilising innuendos.” The apex bank claimed that the report also exposes the authors’ “potentially willful ignorance” of how the Nigerian foreign exchange market works.
The CBN ended its statement by revealing that the naira to U.S. dollar exchange rate at the Investors’ & Exporters’ (I&E) window on the morning of June 1, 2023, was N465 per dollar. In contrast, dealers on the black market were said to be offering as much as N740 for every dollar. As has been reported by Bitcoin.com News, the gap between the rate offered on the official market and the parallel market has widened over the past few years. According to a report, the parallel market rate was at one point almost twice the I&E rate.
Some Nigerian and foreign economic experts have said the CBN’s current exchange rate overvalues the naira by as much as 20%. Others like Tatonga Rusike, a Bank of America economist, predicted that the CBN would eventually devalue the naira’s exchange rate versus the dollar by as much as 20%.

Publication Says Its Story Is Based on Facts
Meanwhile, in its earlier report that prompted the CBN’s furious response, the Daily Trust said the CBN had on May 31 sold U.S. dollars on the I&E market at the rate of N631:USD1. The report insinuated that the devaluation may have been sanctioned by the country’s new president Bola Ahmed Tinubu. In his inauguration speech less than 48 hours earlier, Tinubu hinted that his administration would move to unify the naira’s multiple exchange rates.

pic.twitter.com/aS9Ce4JMgF
— Daily Trust (@daily_trust) June 1, 2023

However, after the central bank issued its terse statement which also questioned the publication’s professionalism, Daily Trust said in a tweet that it stood by the story. The publication insisted that the story “contains three facts and one interpretation.” One of these according to Daily Trust is the fact that the CBN “sold dollars to banks on behalf of their customers at the said rate [N631:USD1]” on May 31. President Tinubu’s call for the unification of the naira exchange rates as well as his meeting with the CBN governor on May 30 are the two other uncontested facts, the publication said.
Besides rejecting the central bank’s fake news label, Daily Trust also said it had evidence to back its claims that the CBN had used a different exchange rate on the day in question. The publication said the onus is on the CBN to “provide any facts to the contrary.”
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What are your thoughts on this story? Let us know what you think in the comments section below. 


The Central Bank of Nigeria (CBN) said on June 1 that the report claiming it had devalued the local currency to N631 per dollar &#8220;is replete with outright falsehoods and destabilising innuendos.&#8221; The Nigerian publication Daily Trust has said it stands by its story and called on the cen...

Nigerian Central Bank Blasts Naira Devaluation Report — Publication Stands by Its Story

Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle’s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchain last week.
Circle Plans to Launch USDC on Arbitrum on June 8
On Thursday, Circle revealed that usd coin (USDC), the second largest stablecoin by market valuation, will make its debut on Ethereum’s L2 scaling network, Arbitrum. With a current market capitalization of roughly $28.8 billion, USDC ranks as the second-largest stablecoin. “USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem,” Circle said on Thursday. “Over time, native USDC liquidity will grow and replace the currently circulating ‘bridged USDC’ liquidity that comes from Ethereum.”
Arbitrum also released a blog post discussing the impending USDC native support, asserting that it will provide numerous benefits such as enabling institutional on/off-ramps through Circle and its partners. Additionally, Circle’s Cross-Chain Transfer Protocol (CCTP) support is expected to eradicate delays related to bridge withdrawals. Furthermore, Arbitrum said that the upgradeable smart contract will permit Circle to implement future improvements for an enhanced user experience.
Arbitrum has decided to rename the Ethereum-bridged edition of USDC on block explorers as “USDC.e”. The team also plans to proactively engage with ecosystem applications and encourage them to adopt this change in their app user interfaces and documentation. “Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time,” the blog post elaborates. The developers also said that the functionality of the Arbitrum Bridge will remain unchanged for the time being.

The latest development coincides with Circle’s decision to remove U.S. Treasury bonds from USDC reserves, leaving only cash and overnight repurchase agreements. Moreover, EUROC, Circle’s euro-backed stablecoin, was recently implemented natively on Avalanche. In March, it came to light that Circle partnered with token protocol startup Noble to launch USDC on the Cosmos chain. Circle also announced its presence on Arbitrum’s Discord under the “usdc-circle-support” channel for those seeking answers to their questions.
What are your thoughts on Circle’s decision to bring USDC to Arbitrum? Share your thoughts and opinions about this subject in the comments section below.


Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle&#8217;s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchai...

Gemini Dollar price	$1.00
Low - High 24H	$0.997211 - $1.00
Market cap	$572.00M
Volume 24H	$473,795.00
All time high	$3.30 -69.69% October 11th 2018
All time low	$0.78261 27.96% September 29th 2018
Genesis date	N/A

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