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Is the Stage Set for New Leadership in the Global Economy?

US Inflation heats up and Bitcoin slips while BRICS nations flourish amidst economic growth & collaboration.

Author

Austin Hodge
October 11, 2024 • Read Time: 11 minutes

September's US inflation numbers came in hotter than expected, with the CPI jumping 0.2% and core CPI ticking up 0.3%, shaking up expectations for a Fed rate cut in November. Suddenly, hopes for a 50 basis point cut have been dashed, and the Fed might not trim rates at all, leaving markets buzzing. Bitcoin, which has been under pressure for days, took another hit after the report, sliding further as investors reacted to the news. To add insult to injury, jobless claims also spiked last week, and while Hurricane Helene might have played a role, it could still sway the Fed’s next move.

Meanwhile, Russia has unveiled bold new BRICS initiatives to reduce reliance on the US Dollar and boost the use of national currencies in trade, aiming to cut costs and streamline transactions among member nations. Backed by a BRICS-wide financial platform and special clearing systems, this move is set to revolutionize how these countries do business with each other. Meanwhile, Russian officials pointed out that Western attempts to disrupt BRICS unity have backfired, actually increasing global interest in the bloc. With over 30 countries eager to engage, BRICS is positioning itself as a strong alternative to Western-dominated economic systems.

Let's dive in!

  • Bitcoin fell further after September CPI data showed unexpected inflation rises, dashing hopes for a Fed rate cut. — Read More

  • BRICS members develop new platform to promote national currency use. — Read More

  • Stripe sees rapid adoption of its USDC stablecoin payments across 70 countries on launch day, signaling strong demand for crypto integration. — Read More

  • BRICS nations on track for 4.4% growth in 2024-2025, surpassing G7 economies. — Read More

  • Justin Sun named Prime Minister of Liberland, a self-proclaimed libertarian micro-nation utopia with ambitious on-chain governance plans. — Read More

  • South Korea's Financial Services Commission reviews ban on spot cryptocurrency ETFs, eyeing regulatory changes. — Read More

  • Nearly half of U.S. investors plan to invest in crypto ETFs, surpassing traditional asset interests, according to Charles Schwab. — Read More

  • US regulators squeezed $32 billion out of crypto companies in fines, with major settlements involving FTX, Alameda, and Binance. — Read More

  • Mt. Gox pushes creditor repayment deadline to October 2025, easing Bitcoin selloff fears. — Read More

  • Federal authorities target Utah properties after a $722M BitClub crypto fraud scam ensnares local businesses. — Read More

  • Yala closes a $8M seed round to enhance Bitcoin's liquidity through a multi-chain strategy, backed by major investors. — Read More

  • Bitpanda introduces Steelcoin, a regulatory-compliant security token tied to steel prices, under the EU Prospectus Regulation. — Read More

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