FameEX Morning Crypto News Recap | July 11, 2023

Research Unveils Decline in Central Banks' US Dollar Holdings and Surge in Chinese Yuan Exposure
A study from a leading $1.5 trillion asset management firm indicates that central banks are actively decreasing their U.S. dollar reserves while increasing their Chinese yuan holdings. This diversification is driven by geopolitical uncertainties and promising opportunities in emerging markets, encouraging central banks to rebalance their currency portfolios.

Rising Inflation and Depreciating Currency Plague Egypt as Bitcoin Reaches Record Highs
Egypt confronts a severe economic challenge with a staggering annual inflation rate of 36.8% in June, significantly higher than the previous month. The nation, ranking 14th in population, struggles with soaring prices for goods and services while observing the bitcoin exchange rate approaching its November 2021 record peak.

Google Trends Data Shows Increasing Interest in BRICS Bloc and De-Dollarization
Google Trends data highlights a significant surge in worldwide interest surrounding the BRICS bloc, as demonstrated by peak search volumes for terms such as "BRICS," "de-dollarization," and "BRICS currency" in the previous week. This rise in searches reflects a widespread global curiosity about these subjects.

Survey: Over 90% of Central Banks Actively Developing CBDCs, 24 Anticipated to Launch by 2030
The Bank for International Settlements (BIS) survey reveals a projection of up to 24 global central bank digital currencies (CBDCs) circulating by 2030. This indicates a substantial potential for growth in CBDC adoption in the next decade, reflecting a shift towards digital currencies in the global financial landscape.

Standard Chartered Forecasts Bitcoin to Surge to $120,000 by the Conclusion of 2024
Standard Chartered Bank has revised its Bitcoin forecast, expecting the cryptocurrency to reach a target price of $120,000 by the close of 2024. This significant projection, nearly four times the current price, is attributed to miners accumulating more wealth and reducing the sale of their Bitcoin reserves.

DBS Bank Launches Digital Yuan Solution Catered to Chinese Corporate Clients
DBS Bank now offers a convenient solution for its institutional clients in China, allowing them to accept digital yuan payments from customers. The Singapore-based bank aims to facilitate seamless transactions in the digital currency, enhancing convenience for both businesses and their clientele.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.