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March 31, 2023<h3 id="strong-exploring-the-future-of-cryptocurrencies-and-their-role-in-the-global-financial-system-strong">Exploring the Future of Cryptocurrencies and Their Role in the Global Financial System</h3>The Bretton Woods Agreement of 1944 was the first time that a group of nations negotiated a global monetary order, and it was successful in the years following World War II. However, Europe and Japan&#39;s economic recovery decreased the USA&#39;s dominance in global trade, and an overvalued dollar caused by inflation and growing public debt pushed the US to suspend the dollar&#39;s convertibility into gold in 1971.As the dollar&#39;s value was no longer tied to gold, the Federal Reserve was tasked with maintaining the currency&#39;s value. The central bank failed to preserve the dollar&#39;s value and began increasing the money supply, causing the currency to lose two-thirds of its value in the following decade.This devaluation of the dollar has continued well into the 21st century, and its position as the global reserve currency is in jeopardy. Various factors, such as inflation, increasing public debt, and devaluation, have contributed to its weakness.Over the past few years, the global financial system has been witnessing a gradual shift away from the US dollar. Countries such as Russia, China, and Iran have been reducing their dependence on the dollar and seeking alternative currencies to conduct their international trade.This phenomenon, known as de-dollarization, is driven by concerns over the US&#39;s economic and political dominance, as well as its use of the dollar as a tool for exerting influence on other countries.As the world searches for alternative currencies, many are turning to cryptocurrencies as a viable option. In fact, some analysts believe that de-dollarization could ultimately lead to the widespread adoption of cryptocurrencies.There are several reasons why cryptocurrencies may be an attractive alternative to the dollar. Firstly, they are decentralized and not controlled by any government or financial institution, which means they are immune to the kind of political interference that has made the dollar a subject of controversy.Secondly, cryptocurrencies are fast, secure, and relatively cheap to use for international transactions. Unlike traditional currencies, which require intermediaries such as banks to facilitate transactions, cryptocurrencies can be sent directly from one party to another, anywhere in the world, within minutes, and with minimal fees.Thirdly, cryptocurrencies offer privacy and anonymity, which is particularly attractive to countries that want to conduct trade without the risk of being sanctioned or surveilled. This feature has already made cryptocurrencies popular among individuals and businesses that want to keep their financial transactions private.But there are also some obstacles that cryptocurrencies must overcome before they can become the dominant alternative to the dollar. For one, the technology is still relatively new and not widely understood, which means there is a risk of fraud, hacking, and other security issues.Additionally, cryptocurrencies are highly volatile and subject to sudden fluctuations in value. This can make them risky for investors and businesses that want to conduct transactions in a stable currency. One might argue about the ideas of stablecoins, but with several cases of stablecoins deviating significantly (depegging) from their pegged values, this doesn’t hold much sway.Finally, there is the issue of regulation. While cryptocurrencies are currently unregulated in many parts of the world, governments are beginning to take notice and are exploring ways to regulate them. The obvious lack of comprehensive understanding of these emerging technologies is also why crypto regulation is still generally murky in several countries. This could pose a challenge to their widespread adoption, as some countries may choose to ban or heavily restrict their use.Despite these challenges, the potential benefits of cryptocurrencies as an alternative to the dollar are significant. If countries continue to move away from the dollar and towards cryptocurrencies, it could lead to a major shift in the global financial system, with significant implications for trade, investment, and geopolitics.In conclusion, while de-dollarization is a complex and multifaceted phenomenon, cryptocurrencies may well be the ultimate destination for those looking to break free from the dominance of the dollar. However, it remains to be seen whether cryptocurrencies can overcome the challenges they face and emerge as a true alternative to traditional currencies.Catch up on our published articles for the week!<h3 id="strong-news-strong">News</h3><ul><li>Chinese Regional Bank Embraces Cryptocurrency Ahead of New Crypto Licensing Regime, Report Reveals &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/chinese-regional-bank-embraces-cryptocurrency-ahead-of-new-crypto-licensing-regime-report-reveals/" rel="noopener noreferrer nofollow">Read more</a></li><li>First Citizen Bank Set to Acquire Silicon Valley Bank &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/first-citizen-bank-set-to-acquire-silicon-valley-bank/" rel="noopener noreferrer nofollow">Read more</a></li><li>Titanium Blockchain CEO Faces Four Years Jail Term for ICO Fraud &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/titanium-blockchain-ceo-faces-four-years-jail-term-for-ico-fraud/" rel="noopener noreferrer nofollow">Read more</a></li><li>Kokomo Finance Vanishes Amidst Suspected ‘$4M Exit Scam’ &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/kokomo-finance-vanishes-amidst-suspected-4m-exit-scam/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Kucoin Partners With Hacken to Introduce a Bug Bounty Program Worth $1 Million &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/kucoin-partners-with-hacken-to-introduce-a-bug-bounty-program-worth-1-million/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Binance Establishes a New Regional Center in Georgia &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/binance-establishes-a-new-regional-center-in-georgia/" rel="noopener noreferrer nofollow">Read more </a></li><li>Blockchain Based Betting Platform, BetDEX Adds Cricket to Platform &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/blockchain-based-betting-platform-betdex-adds-cricket-to-platform/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Binance Witnesses $1B in Withdrawals Amidst CFTC Indictment &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/binance-witnesses-1b-in-withdrawals-amidst-cftc-indictment/" rel="noopener noreferrer nofollow">Read more</a></li><li>BlockFi to Refund California Clients Over $100K for Loan Repayment &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/blockfi-to-refund-california-clients-over-100k-for-loan-repayment/" rel="noopener noreferrer nofollow">Read more</a></li><li>New Vulnerability Reports Force THORChain Mainnet to Pause Operations &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/new-vulnerability-reports-force-thorchain-mainnet-to-pause-operations/" rel="noopener noreferrer nofollow">Read more</a></li><li>Disney Scraps Its Metaverse Division &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/disney-scraps-its-metaverse-division/" rel="noopener noreferrer nofollow">Read more</a></li><li>Everything Blockchain Inc. Partners With the Center for Internet Security &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/everything-blockchain-inc-wartners-with-the-center-for-internet-security/" rel="noopener noreferrer nofollow">Read more</a></li><li>SBF Restricted From Using Online Messengers Under New Bail Agreement &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/sbf-restricted-from-using-online-messengers-under-new-bail-agreement/" rel="noopener noreferrer nofollow">Read more</a></li><li>Coinme Wallet Adds Support For USDC on Stellar Network &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/coinme-wallet-adds-support-for-usdc-on-stellar-network/" rel="noopener noreferrer nofollow">Read more</a></li><li>China Aiming to Establish National Blockchain Standards by 2025 &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/china-aiming-to-establish-national-blockchain-standards-by-2025/" rel="noopener noreferrer nofollow">Read more</a></li><li>Signature Crypto Customers Must Close Their Accounts Before April 5 – U.S. FDIC &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/signature-crypto-customers-must-close-their-accounts-before-april-5-us-fdic/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Bank of Russia’s CBDC Pilot Program Postponed Due to Delays in Lawmaking Process &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/bank-of-russias-cbdc-pilot-program-postponed-due-to-delays-in-lawmaking-process/" rel="noopener noreferrer nofollow">Read more</a></li><li>Senator Bragg Proposes Private Bill to Accelerate Cryptocurrency Regulation &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/senator-bragg-proposes-private-bill-to-accelerate-cryptocurrency-regulation/" rel="noopener noreferrer nofollow">Read more</a></li><li>Galaxy Digital CEO Says Government Should Regulate Artificial Intelligence Not Crypto &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/galaxy-digital-ceo-says-government-should-regulate-artificial-intelligence-not-crypto/" rel="noopener noreferrer nofollow">Read more</a></li><li>BitKeep Announces Rebrand and Full Compensation for Victims of $8M APK Exploit &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/bitkeep-announces-rebrand-and-full-compensation-for-victims-of-8m-apk-exploit/" rel="noopener noreferrer nofollow">Read more</a></li><li>US SEC Chairman Gary Gensler to Appear Before Congress to Discuss His Crypto Policy Stance &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/us-sec-chairman-gary-gensler-to-appear-before-congress-to-discuss-his-crypto-policy-stance/" rel="noopener noreferrer nofollow">Read more</a></li><li>Bitcoin Dips As Crypto Market Grows Apprehensive Over CFTC’s Legal Action Against Binance &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/bitcoin-dips-as-crypto-market-grows-apprehensive-over-cftcs-legal-action-against-binance/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Gensler Seeks $2.4 Billion Funding to Strengthen SEC’s Oversight of Financial Markets &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/gensler-seeks-2-4-billion-funding-to-strengthen-secs-oversight-of-financial-markets/" rel="noopener noreferrer nofollow">Read more</a></li><li>OKX Plans Expansion to Australia, Predicts Crypto Market Growth &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/okx-plans-expansion-to-australia-predicts-crypto-market-growth/" rel="noopener noreferrer nofollow">Read more</a></li><li>MYEG and China Customs Sign Deal to Enable Cross-Border Trade on Zetrix Blockchain Platform &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/myeg-and-china-customs-sign-deal-to-enable-cross-border-trade-on-zetrix-blockchain-platform/" rel="noopener noreferrer nofollow">Read more</a></li><li>Hong Kong Based Fund Sets Sights on Raising $100M for Crypto Investments &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/hong-kong-based-fund-sets-sights-on-raising-100m-for-crypto-investments/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Terraform Labs Co-founder, Daniel Shin, Appears in Court As Prosecutors Request Arrest Warrant &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/terraform-labs-co-founder-daniel-shin-appears-in-court-as-prosecutors-request-arrest-warrant/" rel="noopener noreferrer nofollow"> Read more</a></li><li>The Giving Block Publishes Annual Report &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/the-giving-block-publishes-annual-report/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Senior Russian Official Urges BRICS Countries to Create a New Currency to Reduce USD Dominance &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/senior-russian-official-urges-brics-countries-to-create-a-new-currency-to-reduce-usd-dominance/" rel="noopener noreferrer nofollow"> Read more</a></li><li>FTX EU Launches Website to Refund European Customers &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/ftx-eu-launches-website-to-refund-european-customers/" rel="noopener noreferrer nofollow"> Read more</a></li><li>Donald Trump NFT Trading Cards Soar Despite Criminal Charges &gt;&gt;&gt;<a href="https://defi-planet.com/2023/03/donald-trump-nft-trading-cards-soar-despite-criminal-charges/" rel="noopener noreferrer nofollow"> Read more</a></li></ul><h3 id="strong-articles-strong">Articles</h3><ul><li>Unpacking the Silicon Valley Bank Collapse: Causes and Consequences: This article comprehensively examines the factors that led to Silicon Valley Bank collapse, the bank’s history, and the consequences of its failure for the financial sector.... &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/unpacking-the-silicon-valley-bank-collapse-causes-and-consequences/" rel="noopener noreferrer nofollow">Learn More</a></li><li>Introducing StepN: The Web3 Lifestyle App That Pays for Exercising: StepN is an activity-tracking app that rewards users with cryptocurrency for exercising. The app quickly gained popularity in the gamified “Move-to-Earn” industry. It reached over 700,000 monthly active users at its peak, despite.... &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/introducing-stepn-the-web3-lifestyle-app-that-pays-for-exercising/" rel="noopener noreferrer nofollow">Learn More</a></li><li>Silvergate Bank’s Exit: A Turning Point for Crypto Banking?: In this article, we delve into the events that contributed to Silvergate bank’s downfall and discuss how this collapse will impact the crypto banking sector. Furthermore, we will examine the key takeaways from this incident and what lies ahead for both the bank and the industry.… <a href="https://defi-planet.com/2023/03/silvergate-banks-exit-a-turning-point-for-crypto-banking/" rel="noopener noreferrer nofollow">Learn More</a></li><li>The Complete Guide to Investing in Cryptocurrency Index Funds: If you want to learn more about cryptocurrency index funds, this article is for you. We will explore how to invest in cryptocurrency index funds and the top cryptocurrency index funds to consider in 2023.... &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/the-complete-guide-to-investing-in-cryptocurrency-index-funds/" rel="noopener noreferrer nofollow">Learn More</a></li></ul><h3 id="strong-markets-strong">Markets</h3><ul><li>Terra Luna Classic Trades at $0.00012, Dips 2.79%: Can LUNC Reach $1? &gt;&gt;&gt; <a href="https://defi-planet.com/2023/03/terra-luna-classic-trades-at-0-00012-dips-2-79-can-lunc-reach-1/" rel="noopener noreferrer nofollow">Read more</a></li></ul><h4>In Other News…</h4><h3 id="strong-trump-nfts-mooning-soars-461-following-indictment-strong">Trump NFTs Mooning; Soars 461% following indictment</h3>The NFT collection of former U.S. President Donald Trump has once again made headlines, having achieved an unprecedented 461% increase in sales volume within just 24 hours, raking in an impressive 183 sales transactions and earning an astounding $185,783, despite his recent <a href="https://defi-planet.com/2023/03/donald-trump-nft-trading-cards-soar-despite-criminal-charges/" rel="noopener noreferrer nofollow">New York grand jury indictment</a>.Interestingly, <a href="https://opensea.io/collection/trump-digital-trading-cards/analytics" rel="noopener noreferrer nofollow">OpenSea&#39;s data</a> showed a decline in sales volume by 41% to 244 ETH during the reporting period. However, the rise in sales volume was clearly reflected in the floor price of the collection, as the Trump NFTs&#39; floor price grew by an impressive 16% to 0.568 ETH, which amounts to approximately $1,019.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/e1accae870ff4e7796d4bb631beb5fce.jpeg" />According to crypto data aggregator <a href="https://www.coingecko.com/en/nft/trump-digital-trading-cards" rel="noopener noreferrer nofollow">CoinGecko</a>, the market cap of the NFTs increased by 16% to 25,560 ETH, equivalent to $45.88 million. This signifies a remarkable success story for Trump&#39;s NFTs, as their floor price has consistently risen throughout the year, soaring from a low of 0.145 ETH in January to a high of 0.675 on February 13.It is important to note that this stunning sales performance occurred despite Trump&#39;s recent criminal <a href="https://www.nytimes.com/live/2023/03/30/nyregion/trump-indictment-news" rel="noopener noreferrer nofollow">indictment</a>, making him the first U.S. President to receive such charges. However, the public&#39;s interest in his NFT collection appears undeterred, as more and more individuals are purchasing these digital assets.Spotlight on interesting projects<h3 id="strong-betdex-strong">BetDEX</h3>The <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">BetDEX Exchange</a> is a sports betting exchange built on the Monaco Protocol, allowing for peer-to-peer wagering.The Exchange is licensed and regulated under the jurisdiction of the Isle of Man via the Gambling Supervision Commission. BetDEX is a key contributor to the Monaco Protocol, a permissionless decentralized and open-sourced protocol built on the Solana blockchain, supporting prediction and betting markets.For more information, visit <a href="https://www.betdex.com/" rel="noopener noreferrer nofollow">https://www.betdex.com/</a>.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/45e369e3390f4a5985a3838e9a8a9d42.png" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #44 | Cryptocurrencies and De-Dollarization: Navigating the Opportunities and Challenges Ahead

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