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FameEX Morning Crypto News Recap | November 30, 2023
2023-11-30 12:42:25
Standard Chartered Predicts Bitcoin to Surpass $100,000 Sooner Than Expected
Standard Chartered Bank stands by its Bitcoin price forecast of $100,000 for the upcoming year, now with a more positive outlook on its timing. The bank's analyst believes that greater price appreciation will likely occur prior to the Bitcoin halving, primarily driven by the earlier-than-expected introduction of U.S. spot Bitcoin ETFs.
The AI-Focused Cryptocurrency Sector Expands by $2 Billion in Less Than Two Weeks Market data shows significant growth in the AI-focused cryptocurrency sector, with a nearly $2 billion increase in value in just two weeks. Notably, the token bittensor (TAO) led this expansion with an impressive 86.5% surge in value during the past two weeks, highlighting the sector's rapid development and investor interest. Canaan Inc. Sees Q3 Revenue Decline Amid Stable Bitcoin Prices and Rising Rates Canaan Inc., a cryptocurrency miner and mining rig manufacturer, reported Q3 revenue of $33.3 million, which marked a significant drop of approximately $40 million compared to Q2. The CEO of the company cited factors such as stagnant bitcoin prices and interest rate hikes by the U.S. Federal Reserve as contributing to the decline in revenue. Brazilian Cryptocurrency Holders May Face Taxation on Overseas Assets The Brazil Senate has approved income tax rule changes that might necessitate Brazilians to pay a maximum of 15% tax on earnings from cryptocurrencies held on foreign exchanges. This adjustment would place income from overseas crypto holdings under the same tax rate as local income. CME Bitcoin Futures Reflect Investor Confidence in $40,000 BTC Price The annualized premium for Bitcoin futures spiked to 34% on November 28, prompting speculation about the potential launch of a spot Bitcoin ETF. This surge in confidence among investors indicates a strong belief in Bitcoin's ability to surpass the $40,000 price level in the short term, based on BTC derivatives metrics. US Deputy Treasury Secretary Calls for Strengthened Sanctioning Measures for Cryptocurrency Firms Wally Adeyemo, Deputy Secretary of the U.S. Treasury Department, is investigating enhanced sanctions measures for combating cryptocurrency-related misconduct. During the Blockchain Association's Policy Summit on November 29, Adeyemo urged Congress to consider sanctions that could entirely sever an entity's ties to the U.S. financial system. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
