BRICS Nations ‘Coalescing Against the Dollar,’ Major Banks Predict More Fed Hikes, Bitcoin Records Large Blocks as Ordinals Gain Currency
In spite of turbulence in conventional international finance, with BRICS nations stated to be pushing for de-dollarization and main banks like Bank of America and Goldman Sachs predicting additional rate of interest hikes from the U.S. Federal Reserve, creativity in crypto has discovered a brand new boon within the type of controversial inscriptions, known as Ordinals, on the Bitcoin blockchain. All this and extra, slightly below, within the newest Bitcoin.com News Week in Review.
Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar
Andy Schectman, CEO of Miles Franklin Precious Metals Investments, defined in a current interview that the 5 main rising economies — Brazil, Russia, India, China, and South Africa, collectively generally known as BRICS nations — are “coalescing against the dollar.” Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.”
Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes
Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions concerning the Federal Reserve elevating rates of interest additional. Bank of America and Goldman Sachs, for instance, now count on the Fed to lift rates of interest three extra instances this 12 months.
Economist Warns the Fed Can’t Reach Inflation Target Without ‘Crushing’ US Economy
Economist Mohamed El-Erian, Allianz’s chief financial advisor and chair of Gramercy Funds Management, has warned that the Federal Reserve can not obtain its 2% inflation goal with out crushing the U.S. economic system. “You need a higher stable inflation rate. Call it 3% to 4%,” the economist steered.
Bitcoin Continues to Record 3.75 MB Blocks as Ordinals Increase
As Ordinal inscriptions approached the 150,000 mark, blocks bigger than 3 MB have turn into commonplace, with many blocks close to the 4 MB vary. Meanwhile, after the typical transaction charge on-chain rose 122% greater in the beginning of February 2023, the typical charge has remained the identical over the previous few weeks.
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Supply of Tokenized Bitcoin Dropped Significantly Since the Start of the Year
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