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(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
BRICS: US DOLLAR FALLS AS TRUMP TARIFF PLAN TAKES A TURN
Geopolitical tensions are nearing a fever pitch as the global south and the west face off. With de-dollarization efforts at the forefront, the two sides have shown no interest in budging.
However, things took a twist for BRICS and the US this week, as the US dollar fell from its two-year high with President Donald Trump’s 100% tariff plan taking a turn.
Throughout his campaign for reelection, Trump has not been shy about his perspective on the US dollar. Specifically, he has continued to maintain the importance of the greenback to remain the world’s currency. This week, he has shared an interesting update that adds the latest on what is an extended saga.
US Dollar Falls From 2-Year High as BRICS & Trump Saga Enters Another Chapter
Since his 2024 presidential e******n win in November of last year, Donald Trump has targeted the BRICS alliance. He has issued a severe warning on the bloc, calling for 100% tariffs on participating nations. Specifically, he sought to challenge its ongoing initiatives to create a native currency to oppose the dollar.
That had been received rather well by the United States citizens. In his early days returning to the Oval Office, the greenback had surged to a two-year high. However, things took a turn on Monday. Specifically, the BRICS and US faceoff saw the US dollar fall as Trump’s tariff plan has taken a turn.
Late last week, the dollar fell to a January low following a recent statement from the US President. Specifically, Trump said he would “rather not” impose tariffs on China, according to a Yahoo Finance report. Moreover, he went into detail about the plan and its impact on the largest economy in BRICS.
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“We have one very big power over China, and that is tariffs, and they don’t want them,” Trump said. “And I’d rather not have to use it. But it’s a tremendous power over China.” That statement led the US Dollar index to fall more than 0.5%. In the end, it would have its worst week of the year thus far.
The move saw the greenback suffer its greatest single-day drop since November of 2023. Moreover, the report notes that the movement is likely connected to the president’s refrain from using the “broad-based tariffs on his first day in office.”
The unknown nature of the tariff policy will still have an increased effect on the dollar. With his economic and international relations policy still developing, its confrontation with BRICS is immensely important to observe.
@ Newshounds News™
Source: Watcher Guru
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FED: BANKS ABLE TO SERVE CRYPTO CUSTOMERS, BTC UP 3%
Bitcoin bounced after comments from U.S. Federal Reserve Chair Jerome Powell at the FOMC meeting signaled that banks are allowed to serve crypto clients.
Crypto markets initially had a muted reaction to the Federal Open Market Committee’s decision on Wednesday, Jan. 29, to keep interest rates unchanged. The Fed maintained its 4.25% to 4.50% federal funds rate, citing “somewhat elevated inflation,” as analysts had predicted.
Bitcoin edged up 0.5% minutes after the Fed released its FOMC minutes. The uptrend accelerated to 3%, pushing BTC above $103,500 heading into the U.S. evening trading session.
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Responding to a crypto-related question, Powell stated that U.S. banks are “perfectly able” to serve crypto customers, provided they comply with risk disclosure requirements. He emphasized that de-banking legally compliant customers is not Fed policy, addressing concerns related to the so-called “Operation Choke Point 2.0.”
“Great regulation on crypto would be helpful,” Powell added.
He also reiterated that the U.S. central bank cannot legally hold BTC, prompting Senator Cynthia Lummis to propose changing the law if necessary.
Digital asset markets flipped green following Powell’s remarks while major U.S. equity indices closed the day slightly in the red.
Unchanged federal interest rates split sentiment between bulls and short-term bears. Bulls argued that Bitcoin could surge in February, as it has in eight of the last 12 Februaries. They also speculated that President Trump’s pro-crypto stance could provide additional support for BTC and the broader market.
Bears, on the other hand, contended that static interest rates could deter new capital inflows into BTC and related products, such as Wall Street’s spot Bitcoin exchange-traded funds.
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Meanwhile, reports suggest that President Trump has encouraged Powell and the Fed to implement lower interest rates. However, Powell stated that he has had no contact with Trump so far and did not comment on the rumored request.
@ Newshounds News™
Source: Crypto News
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TRUMP MEDIA PARTNERS WITH CHARLES SCHWAB IN NEW CRYPTO VENTURE TRUTH.FI
President Donald Trump’s media and technology group (TMTG) is announcing a partnership with financial services giant Charles Schwab to further venture into the world of decentralized finance (DeFi)
In a new press release, TMTG – the firm behind social media platform Truth Social and the video streaming service Truth+ – says it’s collaborating with Charles Schwab to launch Truth.Fi, a fintech firm with crypto services.
@ Newshounds News™
Read more: DailyHodl
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Source: Dinar Recaps
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