Seeds of Wisdom RV and Economic Updates Sunday Afternoon 8-4-24
Good Afternoon Dinar Recaps,
Gold (XAU) Forecast: Dollar Weakness and Falling Yields Set Stage for Continued Rally
Key Points:
▪️ Gold surges 2.32% weekly despite Friday pullback, settling at $2442.50 amid geopolitical tensions and Fed rate cut expectations.
▪️ Middle East conflicts, including Hamas leader assassinations, boost safe-haven demand for gold as geopolitical hedge.
▪️ Powell's comments spark surge in trader bets for September rate cut, CME FedWatch tool shows 28.5% chance of 50-basis-point cut.
▪️ Weaker-than-expected U.S. jobs report strengthens case for gold: Only 114,000 jobs added, unemployment rises to 4.3%
▪️ Analysts eye $2,500 year-end target for gold, potentially arriving sooner if current bullish trends persist in the market.
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Read more: FX Empire
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Federal Reserve posted its biggest loss in history last year of $114 Billion
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Read more: Twitter
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Ripple Unveils RLUSD Webpage: Set to Compete with Tether and USDC
▪️RLUSD aims to compete with major stablecoins like Tether and USD Coin.
▪️Ripple’s strategic initiatives enhance the interoperability and utility of RLUSD.
Ripple Labs Inc. has developed a new webpage for its next stablecoin, RLUSD. The release has aroused widespread interest, with blockchain researcher Collin Brown noting that RLUSD intends to compete with big players Tether (USDT) and USD Coin.
This step demonstrates Ripple’s determination to increase its presence in the stablecoin sector, despite the changing regulatory landscape.
RLUSD Stablecoin to Leverage Ripple’s Cross-Border Network and XRP Ledger
The RLUSD stablecoin is expected to improve Ripple’s business operations by leveraging its current cross-border settlement network and the well-known Layer 1 protocol, XRP Ledger.
The stablecoin will be released on both the XRP Ledger and Ethereum, providing access to different ecosystems. This dual issuance adds significant liquidity to important trading pairs on certain centralized exchanges, increasing its utility and adoption.
The publication of the RLUSD webpage has fueled this enthusiasm, despite the fact that the stablecoin’s release date remains unknown.
On the other hand, as we previously reported, Monica Long, Ripple’s President, stressed the company’s focus on the XRPL EVM sidechain in their Q2 report, citing a collaboration with Axelar to improve interoperability. This strategic move is intended to improve the sidechain’s functioning and expand its use cases.
Also, according to a prior CNF report, Ripple has released 500 million XRP from escrow to an unnamed wallet, reportedly to assist liquidity and potential future initiatives.
Beside that, El Salvador is investigating the usage of XRP and Bitcoin for international trade with Russia, demonstrating the growing interest in Ripple’s solutions. This exploration is consistent with Ripple’s objective of improving cross-border transactions and providing more efficient financial services.
Meanwhile, according to CoinMarketCap, the XRP price is currently around $0.5458, down 4.47% over the last 24 hours. This also reflects a bearish position of 9.58% for the last 7 days.
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Read more: Crypto News Flash, XLRP-Sidechains, U Today, TimesTabloid
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Nizhny Novgorod to Host 8th BRICS Industry Ministers’ Meeting
The BRICS Industry Ministers’ Meeting will take place on 16 August 2024 as part of Russia’s BRICS Chairship in 2024. The event will focus on the development of industrial cooperation between BRICS countries.
The programme will include a BRICS–EAEU–UNIDO roundtable devoted to the synergy of developing economies and international organizations in order to accelerate industrial development and improve competitiveness.
Russian Minister of Industry and Trade Anton Alikhanov will also be available to the media.
The meeting will take place at the Nizhny Novgorod Fair. There will be a press centre for media representatives with a broadcast of the main programme events.
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Read more: BRICs-Rissia 2024
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Important Cardano Update Related to the Network’s Security: Details
“The alpha v1 release is just the beginning of the journey,” the team stated.
▪️Input Output launched the alpha v1 release of the partner chains toolkit for Cardano to enhance network security by leveraging stake pool operators (SPOs).
▪️Despite the disclosure, Cardano’s native token ADA remained around $0.38, with no significant price change.
The Alpha V1 Release
Input Output – a technology company responsible for the research and development of the Cardano blockchain – launched the alpha v1 release of the partner chains toolkit.
The move aims to strengthen the network’s security by enabling developers to leverage Cardano’s extensive network of stake pool operators (SPOs).
“By leveraging SPOs, both new and existing networks can quickly increase their number of validators for a more robust and efficient security paradigm,” the announcement reads.
The process includes a toolkit that offers numerous innovations for developers, such as mixed validator committee, consensus model flexibility, SPO participation, opt-out capability, and more.
At the core of the initiative is “a unique committee selection algorithm” that uses Cardano data to create trusted committees. These innovations are responsible for generating a specified percentage of blocks, thereby improving security for new protocols.
The Input Output team added that the alpha v1 release is just the beginning of a long journey aimed at receiving feedback from the community.
“Stay tuned for some exciting new developments over the coming months, along with a detailed roadmap,” the team concluded.
@ Newshounds News™
Read more: CryptoPotato
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