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BRICS tried to convince other countries to ditch the US dollar and use local currencies for oil payments is backfiring. Nigeria took a leaf from its playbook and announced in October that oil refiners in the country would only accept the Nigerian naira to boost their national currency. Oil refiners accepted the government’s mandate and started accepting local currencies for oil deals and cross-border settlements. Also Read: BRICS: Standard Chartered, Deutsche Bank Predict US Dollar’s Future Trouble began immediately as the Nigerian naira depreciated against the US dollar causing losses to all the oil refiners. Nigerian oil firms began showing dissatisfaction with the government’s policies and the unions and lobbies pressured the officials to reverse the mandate, so they could accept the US dollar to keep their company’s revenues and balance sheets in profits. Nigeria is now paying a heavy price in ditching the US dollar and following the BRICS agenda for oil payments. ...

Bitcoin (BTC) has registered impressive despite a predominantly bearish atmosphere. Amid this trend, a recent analysis by a CryptoQuant market observer suggests the return of smart investors in the market, which could signal the start of a bull run.  The potential resurgence of these investors after a period of dormancy has piqued the interest of market participants. Is the smart money coming back? "The market often sees a cycle of "Stupid money" participating late after the bull market and " smart money" participating in advance before the bull market." by @bitcoin_lupin Linkhttps://t.co/QDLQKpZoEz — CryptoQuant.com (@cryptoquant_com) June 27, 2023 According to the report, which cited data from the Realized Cap UTXO Bands, market trends indicate a typical cycle where “stupid money” joins the market late in the bull run while “smart money” enters the scene well in advance.  You might also like: Gemini enabl...