FameEX Morning Crypto News Recap | June 12, 2024

JPMorgan Report: Investors Positive on Market Effects of US Election

JPMorgan Chase reported that the market consensus expects former President Trump to win the White House, Republicans to take the Senate, and Democrats to control the House. Investors remain optimistic about the US election's market impact, with only 12% of survey respondents viewing the election as the biggest market threat.

EU Report Cautions: Bitcoin's Lightning Network and Other L2 Solutions Vulnerable to Criminal Exploitation

A European Union report indicates that Bitcoin's Lightning Network and other L2 solutions are viewed as "data obfuscation" technologies that could be "abused by criminals." The report notes that the Lightning Network's "two-party multi-signature payment channels" only broadcast the opening and closing of channels, complicating law enforcement investigations.

Three Democratic Senators Call on Federal Reserve to Reduce Interest Rates

In a letter to the Federal Reserve, three Democratic senators called for interest rate cuts and suggested abandoning the 2% inflation target. They argued that prolonged high rates have harmed the economy and failed to address key inflation drivers, while also increasing costs for housing, construction, and auto insurance.

Russia to Initiate First Cross-Border Digital Ruble Payment in Second Half of Next Year

Russia plans to conduct its first cross-border payment using the digital ruble in the second half of next year. Anatoly Aksakov, chairman of the Russian State Duma Financial Market Committee, mentioned that CBDC transactions with China or Belarus are being considered. Before these tests, Russia had already begun promoting CBDC domestically.

World Bank: Strong US Economy Leads to Higher Global Growth Forecasts

The World Bank slightly raised its 2024 global economic growth forecast on Tuesday due to the stronger-than-expected US economy. However, it cautioned that overall output will remain below pre-pandemic levels by 2026. Deputy Chief Economist Ayhan Kose noted that sharp interest rate hikes have reduced inflation without causing significant unemployment or disruptions.

Trump Meets with US Bitcoin Mining Representatives, Pledges Support for Crypto Mining Industry

Trump met with the CEO of Bitcoin Magazine and representatives from US Bitcoin mining companies, promising to support the cryptocurrency mining industry.

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