FameEX Morning Crypto News Recap | July 4, 2024

Bitcoin's Correlation with S&P 500 Drops Sharply, Indicating Potential Bottom

The correlation between Bitcoin (BTC) and the S&P 500 (SPX) fell to 0.05, signaling market divergence. Historically correlated during the pandemic and late 2021-2022, both rose significantly in early 2024. While SPX hits new highs, BTC remains around $60,000. Since 2019, four instances of negative correlation have marked local lows for Bitcoin.

ECB's Stournaras: Two Additional Rate Cuts This Year Seem Reasonable

ECB board member Stournaras recently stated that cutting interest rates twice more this year seems reasonable, based on recent data. He emphasized that even with these cuts, the central bank's interest rate would remain restrictive and cautioned against over-interpreting service inflation.

U.S. Judge Rejects Motion to Dismiss Class Action Lawsuit from DraftKings NFT Buyers

A Massachusetts judge denied DraftKings' request to dismiss a class action lawsuit by NFT buyers, who claim the tokens are investment contracts. The court noted that the NFTs' value depends on the success of the DraftKings market and aligns with specific market interests, indicating NFTs could be considered securities in future legal battles.

South Africa's Financial Regulator Forms Team to Investigate Unlicensed Crypto Services

The Financial Sector Conduct Authority (FSCA) of South Africa has formed a team to investigate unlicensed crypto financial services, with 30 cases under review. Aiming to protect the public and ensure industry fairness, the FSCA will target illegal crypto operations, publish findings, and issue warnings about unregistered crypto businesses.

2024 U.S. Election Concept Tokens Anticipated to Gain Momentum

As the 2024 U.S. election nears, the popularity of election concept tokens is set to rise. Tokens and NFTs related to Trump and Biden will also gain more attention.

Paraguay Hikes Electricity Rates for Crypto Mining

Paraguay’s National Electricity Administration (ANDE) has raised electricity rates for cryptocurrency mining operators by 14%.

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