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FameEX Morning Crypto News Recap | October 11, 2023
2023-10-11 12:17:30
Fidelity Digital Assets Report Highlights Bitcoin's Distinctive Position in the Cryptocurrency Landscape
In a Fidelity Digital Assets report, Bitcoin emerges as a unique digital asset within the cryptocurrency market. The report advocates for separate evaluation of Bitcoin when constructing crypto investment portfolios, emphasizing its distinctive qualities relative to other digital assets.
China Launches Digital Yuan Integration with Hong Kong Payment System at 19th Asian Games
China's central bank digital currency (CBDC), the digital yuan, has integrated with the Hong Kong payment system. This advancement allows tourists in mainland China to easily create and fund digital yuan wallets. Developed by the People's Bank of China's Digital Currency Research Institute, the system underwent successful testing at the 19th Asian Games, simplifying digital yuan usage for visitors.
Bank of Canada Study Reveals Central Bank Digital Currency (CBDC) as a Solution for Inclusion Challenges A Bank of Canada study examined how a central bank digital currency (CBDC) could boost financial and digital inclusion. Despite Canada's already inclusive financial system, the study indicates that a CBDC could tackle distinct challenges, emphasizing its ability to enhance accessibility and inclusiveness further. Unraveling Fiat Currency's Involvement in Global Conflicts: Assessing the Economic Consequences of Warfare Satoshi Nakamoto introduced Bitcoin as a response to the shortcomings of fiat currencies. Over 800 fiat currencies have come and gone, with claims that governments designed them to fuel corruption and finance wars, ultimately benefiting financial elites. Essentially, fiat currencies have frequently served military or elite interests. UK Regulatory Body Issues 146 Cryptocurrency Alerts in 24 Hours The Financial Conduct Authority (FCA) in the UK issued 146 crypto promotion alerts within just 24 hours of rolling out its fresh regulatory measures. The FCA has urged a range of entities, including social media platforms, app stores, search engines, domain registrars, and payment companies, to join in safeguarding British consumers from illicit cryptocurrency promotions. International Impact of Israel's Strife: U.S. Stock and Crypto Declines Amid Middle East Conflict, with Oil and Metals Registering Gains Monday brought market instability as all major U.S. indices declined, with the Israel-Hamas conflict escalating to a full-scale war over the weekend. Cryptocurrencies also dipped 1.8% against the U.S. dollar. In contrast, the Middle East crisis fueled substantial price increases in precious metals and crude oil. Bitcoin Hits Unprecedented Hashrate Peak Amid Anticipated Reward Halving and Market Volatility On October 8, despite a 0.35% uptick in mining difficulty, Bitcoin's hashrate achieved a record-breaking 440 exahash per second (EH/s) using a seven-day simple moving average (SMA). This achievement is significant as it occurs with less than 200 days remaining until the next block reward halving, which is approximately 28,468 blocks away. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
