ETHUSD Dips to 2285 Then Rebounds on $150–$200M ETF Inflows and Altcoin Upside 
NVIDIA Acquisition Rumors Dismissed by Morgan Stanley as Strategically Flawed 
US Freezes $344M in Crypto Linked to Iran Amid Escalating Sanctions 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
Want to cut your energy bills? Here’s how five experts are doing it 
Solana at a Crossroads: Triple Bottom Support Offers Lifeline for SOL Bulls 
J.P. Morgan Downgrades Essity AB on Rising Costs and Weak Earnings Outlook 
Ethereum Resilience: Institutional Inflows Counter Whale Caution Amid Global Tensions
Ethereum (ETH) has success 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Bitcoin Rises on Diplomatic Hopes: Bulls Eye $85,000 Ahead of Ceasefire Talks 
Why Global Web3 Projects Can't Afford to Skip South Korea: TokenPost Unveils Data-Driven Entry Solutions 
 Announces Rial-Backed Cryptocurrency to Combat Adverse Impacts of Sanctions and SWIFT - EconoTimes)
Iran oil sanctions and Jamal Khashoggi’s saga are clear examples of the indisputable role geo-politics play in oil, and this is expected to impact oil price and volatility of Rial at a time when markets are just about balanced.
Since the US decision to place Iran under sanctions in May 2018, Iranian crude oil production has fallen remarkably. Compare this with Iran’s fall in production by 1.3 million bpd back in 2010 – 2013 during the previous US-led sanctions may lead one to reckon that further production shortfalls could be expected into 2019. This has an adverse impact on the Iranian economy with the Rial losing its value significantly amid rising inflation numbers.
With an objective of finding an approach to dodge the economic sanctions imposed by the US, in the recent past, that will further hit oil exports from Iran, the Central Bank of Iran (CBI) has made announcements to unveil a cryptocurrency backed by the domestic currency ‘Rial’.
Well, the Iranian Central Bank has now engrossed a local FinTech firm Informatics Services Corporation (ISC) in order to foster the solution.
Seyyed Abotaleb Najafi, CEO of ISC mentioned that the CBI intends to leverage new technologies to enhance banking system services, as per the sources. He also noted that the cryptocurrency, which is yet to be named, and would be issued by the regulator and will facilitate remittances in a distributed and one-to-one scenario without the interference of any institution.
Hence, with an intention of establishing the conducive IT infrastructure, central bank is assessing the productive use of blockchain and cryptocurrencies for improving payment services between different banks and in retail banking, as per Najafi.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -48 levels (which is bearish), while hourly USD spot index was at 125 (bullish) while articulating (at 06:45 GMT). For more details on the index, please refer below weblink:
