FameEX Morning Crypto News Recap | February 29, 2024

Financial Secretary of Hong Kong Declares Broadening of Digital RMB Trial Initiative

Under the leadership of Financial Secretary Paul Chan Mo-po, the Hong Kong SAR government introduced a budget plan that includes enlarging the digital renminbi pilot. This initiative will allow residents to easily activate and use digital renminbi wallets, significantly improving the efficiency and experience of making cross-border payments through "Transfers Express".

Dubai Hosts International Blockchain Summit: A Meeting of Foremost Blockchain and Web3 Specialists

The VAP Group will host the leading blockchain conference, Global Blockchain Show Dubai, at the Grand Hyatt Dubai on April 16-17, 2024. Expected to draw more than 7000 attendees, the event will showcase 300 speakers, 120 sponsors, and include participants from 3000 companies, underscoring its importance as a central hub for enthusiasts of Web3 and cryptocurrency innovations.

Bitcoin ETFs Spearheaded by BlackRock Achieve Record Trading Volume in Turbulent Crypto Market

For the third consecutive day, BlackRock's bitcoin ETF (IBIT) set a new trading volume record, with Nasdaq reporting over 96 million shares worth around $3.3 billion were traded. This figure notably surpasses the prior record of $1.35 billion set on Tuesday, which had already surpassed Monday's high of $1.3 billion.

The Third Largest Bitcoin Address Boosts Holdings by 4,809 BTC

Today's on-chain data indicates the third largest Bitcoin address increased its holdings by 4,809 BTC, amounting to roughly US$293 million. This is the address's initial increase since January 5, bringing its total to 131,945.15 BTC, valued at approximately US$8.135 billion, with an unrealized profit of US$4.283 billion.

Morgan Stanley Contemplates Incorporating Bitcoin Spot ETF into Brokerage Offerings

Morgan Stanley is reviewing the integration of a Bitcoin spot ETF into its brokerage services, in response to the U.S. SEC's sanctioning of such ETFs in January. The financial giant aims to enrich its client offerings with Bitcoin spot ETFs. Currently, the U.S. market hosts 10 Bitcoin spot ETFs, notably including Grayscale’s GBTC, BlackRock’s IBIT, and Fidelity’s FBTC.

IRS Enlists Two Private Sector Professionals to Aid in Cryptocurrency Tax Initiatives

To enhance its cryptocurrency taxation efforts, the IRS has enlisted Sulolit Raj Mukherjee, J.D., and Seth Wilks, CPA, from the private sector as executive consultants. Their role involves supporting the creation and implementation of targeted programs related to digital assets, which will cover aspects of servicing, reporting, regulatory compliance, and enforcement actions.

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