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A total of 47 countries have applied to join the BRICS alliance before the 2024 summit. Out of the 47 countries, only 26 nations have formally sent their application to be a part of the grouping. The other 21 countries have informally applied to join the bloc. The 16th summit is scheduled to be held from October 22 to 24 in the Kazan region of Russia. Also Read: BRICS Makes Huge Announcement On Expansion: New Country Will Join Soon For the first time, the extended nine-member bloc will meet at the summit and discuss global issues and trade. The development indicates that emerging economies find the BRICS alliance lucrative as they’ve kick-started the de-dollarization agenda. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. On the heels of the upcoming summit, BRICS member Russia has endorsed a new country to join the alliance. Russian Deputy Foreign Minister Sergey Ryabkov told reporters that the Putin administration is “ve...

Bitwise Asset Management has withdrawn its application for a Bitcoin and Ethereum Market Cap Weight Strategy ETF. Bitwise Asset Management has withdrawn its application for a Bitcoin (BTC) and Ether (ETH) Market Cap Weight Strategy exchange-traded fund. It was initially filed with the U.S. Securities and Exchange Commission on Aug. 3. This decision follows a period of increased optimism in the crypto market after Grayscale secured approval for its own ETF from the SEC. Bitwise’s Chief Investment Officer, Matt Hougan, had expressed support for the SEC’s approval of crypto ETFs in a previous interview with Bloomberg. The planned ETF was designed to invest in futures contracts for either Bitcoin or Ethereum, guided by their respective market capitalizations. In addition, Bitwise was concurrently collaborating with ProShares to initiate another ETF. The company’s official statement on the withdrawal noted, “The Trust no longer intends to seek effectiveness of...