FameEX Morning Crypto News Recap | July 11, 2023
Study Reveals Central Banks' Decreased US Dollar Holdings and Growing Chinese Yuan Exposure
According to a study by a prominent $1.5 trillion asset management firm, central banks are actively reducing their U.S. dollar reserves and aiming to boost their holdings of the Chinese yuan. Geopolitical uncertainties and promising prospects in emerging markets are prompting central banks to diversify their currency portfolios.
Egypt Battles Soaring Inflation, Currency Depreciation as Bitcoin Approaches Record Levels
Egypt is facing a severe economic challenge as its annual inflation rate skyrocketed to 36.8% in June, marking a substantial increase from the previous month. The country, ranked 14th in terms of population, is grappling with soaring prices for goods and services. In addition, Egypt is witnessing the bitcoin exchange rate nearing its all-time high reached in November 2021.
Surge in BRICS Bloc and De-Dollarization Searches Evident in Google Trends Data
Google Trends data indicates a notable increase in global interest regarding the BRICS bloc, as evidenced by peak search volumes for terms like "BRICS," "de-dollarization," and "BRICS currency" in the past week. This surge in searches reflects widespread curiosity about these topics on a global level.
BIS Survey Reveals 93% of Central Banks Pursuing CBDCs, 24 Expected to Circulate by 2030
A recent survey conducted by the Bank for International Settlements (BIS) suggests that as many as 24 central bank digital currencies (CBDCs) could be in circulation worldwide by 2030. This indicates a significant potential growth in CBDC adoption in the coming decade.
Standard Chartered Predicts Bitcoin to Soar to $120,000 by the End of 2024
Standard Chartered Bank has raised its Bitcoin forecast, predicting a target price of up to $120,000 by the end of 2024. This projection, nearly quadruple the current price, is driven by miners holding onto their Bitcoin reserves as they accumulate more wealth.
DBS Bank Introduces Digital Yuan Solution for Chinese Corporate Clients
DBS Bank has introduced a new service enabling its institutional clients in China to accept digital yuan payments from their customers. The Singapore-based bank aims to provide a convenient solution for facilitating transactions in the digital currency.
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