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BRICS Explores Bitcoin for Trade, Bypassing Western Sanctions
At the BRICS Summit, Russian lawmakers proposed using Bitcoin for international trade to bypass Western sanctions, as BRICS seeks to challenge U.S.-led financial systems. The group's growing membership highlights its rising global influence.
Joe G & Money Talks
October 24, 2024 • Estimated Reading Time: 7 minutes
What we will talk about today...
Bitcoin Must Hold 2021 Level as Traders See Dip 'Over'
BlackRock Goes on Bitcoin Buying Spree as Others Flee
BRICS Explores Bitcoin for Trade, Bypassing Western Sanctions
Bitcoin rebounded from 10-day lows, with $65,000 now a critical support level. Traders believe the recent correction is over, and some predict a retest of all-time highs soon.
There we go.
The dip has happened on #Bitcoin.
I think that the correction is over as today's macroeconomic season is kicking off with PMI data.
Expecting to see the ATH test in the next 2-4 weeks.
— Michaël van de Poppe (@CryptoMichNL)
7:31 AM • Oct 24, 2024
Main Points:
$65K key support level: Bitcoin’s recent low reached $65,000, a critical level from April 2021.
Bulls regain control: BTC rebounded to $67,000, avoiding further decline.
Analysts optimistic: Traders believe the correction has ended, with all-time highs expected within 2–4 weeks.
Economic impact ahead: Upcoming U.S. jobless data and interest rate decisions could trigger further volatility.
Detailed Insights:
$65K key support level: Bitcoin briefly dipped to $65,000 before rebounding, making this level a key support to maintain bullish momentum.
Bulls regain control: After a brief sell-off, Bitcoin avoided further losses, bouncing back above $67,000 and holding its short-term uptrend.
Analysts optimistic: Traders like CrypNuevo believe the worst of the correction is over, while Michaël van de Poppe predicts an all-time high retest in the next month.
Economic impact ahead: U.S. jobless data and interest rate decisions could influence Bitcoin’s price, with some traders expecting potential volatility.
Related: Saylor Isn't Insane, He's Selfish
Both Trend Precognition algos are flashing new ⬆️signals on the $BTC daily chart. A hot Jobless Report could trigger a reversion. For me, a move below $65k would invalidate the new #TradingSignals
— Material Indicators (@MI_Algos)
4:20 AM • Oct 24, 2024
$BTC update:
Stop losses and liquidations hit, we even went a bit lower due to slippage mostly.
I think LTF worst case scenario would be forming a W bottom to fill the wick that was created today.
More conviction when support is reclaimed but I think we're good. x.com/i/web/status/1…
— CrypNuevo 🔨 (@CrypNuevo)
11:42 PM • Oct 23, 2024
Bitcoin’s recovery suggests the correction may be over, but economic events in the coming weeks could still drive further price fluctuations.
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BlackRock Goes on Bitcoin Buying Spree as Others Flee
BlackRock’s iShares Bitcoin Trust (IBIT) attracted $317 million in inflows, even as other ETFs faced losses. Bitcoin's price remains volatile, hovering around $67,000.
Main Points:
BlackRock’s dominance: IBIT pulled in $317M while other ETFs faced outflows.
Mixed ETF performance: ARK Invest’s ARKB and others saw $130M in combined losses.
Volatile BTC price: Bitcoin peaked at $69,500, now trading around $67,000.
Election uncertainty: Upcoming U.S. election and Fed rate decision could increase volatility.
Detailed Insights:
BlackRock’s dominance: Despite market uncertainty, BlackRock’s iShares Bitcoin Trust continues to lead, amassing $317 million in inflows this week, while competing funds like ARKB and VanEck’s HODL saw significant losses.
Mixed ETF performance: While Grayscale’s Bitcoin Mini Trust gained $5M, other Bitcoin ETFs struggled, collectively losing $130M.
Volatile BTC price: Bitcoin’s price fluctuated from a high of $69,500 to its current level of $67,000, driven by broader macroeconomic trends.
Election uncertainty: As the U.S. presidential election and Federal Reserve interest rate decision approach, analysts anticipate increased volatility, which could impact Bitcoin prices, with some predicting a potential surge post-election.
BlackRock’s strong inflows reflect continued institutional confidence, even as market volatility looms ahead of key economic and political events.
₿itcoin reached $66,849. +0.47%
♢Ethereum reached $2,517. -1.88%
At the BRICS Summit, Russian lawmakers proposed using Bitcoin for international trade to bypass Western sanctions, as BRICS seeks to challenge U.S.-led financial systems. The group's growing membership highlights its rising global influence.
As the BRICS Summit Kicks Off, Top Lawmakes Are Pushing the Idea that Russian Miners Could Sell Their #Bitcoin to International Buyers, Who Would Use BTC and Other Crypto to Pay for Imports, Effectively Bypassing Western Sanctions.
🧵
— matthew sigel, recovering CFA (@matthew_sigel)
2:51 PM • Oct 23, 2024
Main Points:
Russia proposes Bitcoin trade: Russian lawmakers suggest selling mined Bitcoin to foreign buyers to bypass sanctions.
BRICS explores cryptocurrency: Leaders discuss using crypto to counter Western financial dominance.
Growing BRICS membership: Nations like Saudi Arabia and Iran join BRICS, expanding its global influence.
Shift from dollar reliance: BRICS aims to reduce dependency on dollar-based trade systems.
Detailed Insights:
Russia proposes Bitcoin trade: At the BRICS Summit, Russian officials explored using Bitcoin mined in Russia for international trade, allowing transactions without relying on U.S. dollar systems.
BRICS explores cryptocurrency: Leaders from member nations, including China and India, discussed how cryptocurrencies like Bitcoin could offer resilience against Western financial sanctions.
Growing BRICS membership: With new members such as Iran and Saudi Arabia, BRICS’ influence is growing. Economists note the coalition's rising economic strength as U.S. dominance wanes.
Shift from dollar reliance: BRICS aims to create a financial system less reliant on the dollar, with Bitcoin providing a decentralized, borderless solution for trade among member nations.
As BRICS expands and explores crypto adoption, it signals a shift in global trade dynamics, challenging the Western-dominated financial system.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results