FameEX Morning Crypto News Recap | September 11, 2023

"Ted Cruz Enthusiastically Supports Bitcoin's Positive Impact on Texas and Power Grid Improvement"
Ted Cruz, the Republican U.S. Senator from Texas, has voiced his optimism for Bitcoin and its potential benefits for the state. In a recent Forbes interview, Cruz highlighted how Bitcoin mining is positively influencing Texas' power grid (ERCOT), reaffirming his positive stance on the cryptocurrency.

Crypto Firm Riot Reaffirms its Texas Power Strategy Amid Accusations of State Compensation for Mining Operations
Riot Platforms, a Bitcoin mining firm, is responding to accusations of receiving over $30 million from Texas to reduce power consumption in August. They are defending their role in the state's electricity programs, aiming to clarify their involvement and any financial compensation from Texas.

Continued Decline: NFT Sales Drop by 6.75% for Fourth Consecutive Week
NFT sales saw a fourth consecutive weekly drop, down 6.75% from September 2 to September 9, 2023. The week's total sales amounted to around $80.69 million, with a notable $42.61 million attributed to Ethereum. Despite the decline, the NFT market remains robust, demonstrating sustained interest and trading in digital assets.

Indonesia Strengthens De-Dollarization Efforts via Formation of National Task Force
Indonesia's central bank has established a national task force to encourage the use of its local currency in trade with partner nations. Notably, countries like Malaysia, Thailand, Japan, and China already engage in currency exchanges with Indonesia using local currencies. Additionally, Singapore and South Korea have signed agreements to create a local currency transaction framework with Indonesia, according to the central bank.

Completion of Stablecoin Pilot Distribution Phase in Palau, Launch of Feedback Survey
Palau is wrapping up its stablecoin pilot distribution phase, which was extended by 30 days to explore additional use cases due to high demand. Jay Hunter Anson, a board member of the Palau Ministry of Finance, characterized the pilot as a temporary research and development initiative, with data being collected for a forthcoming government report.

Rising Adoption of Digital Asset Management: Nearly Half of Asset Managers Now Embrace Cryptocurrencies
In a recent study, it was found that close to half of asset managers now include digital assets in their portfolio management services. This trend extends across firms of various sizes, indicating a growing adoption of cryptocurrency strategies to cater to clients and expand their range of services.

25% of Investment Firms Appoint Senior Executives for Digital Asset Management
A recent Amberdata report reveals that 25% of asset managers and hedge funds in the U.S. and Europe have assigned senior executives to oversee digital asset strategies. The report, titled "Digital Assets: Managers’ Data Infrastructure Fuel," also notes that 24% of asset management firms have already adopted digital asset strategies, and another 13% intend to do so in the next two years.

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