FameEX Morning Crypto News Recap | June 25, 2024

Rich Dad Poor Dad Author Robert Kiyosaki: Bitcoin Dropped, But I'm Prepared to Buy More

On June 25, Robert Kiyosaki, author of Rich Dad Poor Dad, shared on social media that despite Bitcoin's decline, he plans to buy more. He highlighted market fluctuations and the potential for profits by buying low and selling high. Kiyosaki favors a long-term strategy akin to Warren Buffett's "buy and hold forever" to avoid short-term capital gains taxes.

ECB Issues First CBDC Progress Report, Emphasizes Privacy Safeguards

The European Central Bank (ECB) released its first progress report on central bank digital currency (CBDC) on June 24, highlighting privacy protection. The ECB pledged to prevent tracking of personal transactions through pseudonymization, hashing, and encryption, and to ensure payment service providers cannot use consumer financial data without consent. The report also explores methods for supporting offline transactions.

Crypto Could Become a Major Player in the 'Trump Trade' if Republican Sentiment Shifts

Despite recent bearish sentiment, the adoption cycle for cryptocurrencies remains strong. Analysts predict cryptocurrencies will be crucial in the 'Trump trade' if Republican election sentiment increases. The expected approval of Bitcoin ETFs by major private banking platforms is anticipated to significantly impact Bitcoin portfolio allocations beyond just underlying trades.

Bank of America and Citigroup Forecast Gold Prices Could Hit $3,000 an Ounce

Reports from Bank of America and Citigroup predict gold prices could reach $3,000 per ounce within 12-18 months. While current capital flows don't support this level, encouraging signals include fund inflows into physical ETFs and a recovery in LBMA clearing volume. Analysts expect Federal Reserve rate cuts to particularly benefit precious metals.

Bank of Canada Governor Macklem: Canadian Economy Projected for Soft Landing, Anticipates Rise in Unemployment

Bank of Canada Governor Macklem indicated that Canada's economy is heading for a soft landing with a moderate rise in unemployment, which won't need to be sharp to meet inflation targets. He noted the labor market is "closer to balance" and expressed confidence in reaching the 2% inflation target due to the recent easing of core indicators.

ECB's Schnabel Downplays Likelihood of Diverging Euro Zone and U.S. Interest Rates

European Central Bank Executive Board member Schnabel minimized the likelihood of eurozone interest rates diverging significantly from U.S. rates. Despite higher-than-expected U.S. inflation, Schnabel indicated that potential policy differences between the ECB and the Federal Reserve are not a major concern, acknowledging the possibility of temporary divergences but expressing little worry.

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