FameEX Morning Crypto News Recap | August 5, 2024

Whales Pull Bitcoin from Exchanges at 9-Year Peak

Despite market volatility, Bitcoin withdrawals by whales hit a nine-year high. In July, whales increased their holdings by 84,000 BTC, marking the fastest rate of Bitcoin withdrawal from exchanges since 2015, when BTC prices bottomed out at around $220.

Bank of America Predicts Fed Will Cut Interest Rates by 25 Basis Points in September

Bank of America expects weaker July non-farm payrolls and weak ISM manufacturing data to lead the Fed to cut interest rates by 25 basis points in September. They have revised their monetary policy outlook, anticipating gradual easing with further rate reductions likely at the September meeting.

Musk Tours Texas Cortex Supercomputing Cluster with 100,000 Nvidia Chips

Musk visited the Cortex supercomputing cluster in Texas and announced on X that he had toured the new facilities. Cortex contains about 100,000 Nvidia H100 and H200 chips, which are used to train neural networks for fully autonomous driving (FSD) and the humanoid robot Optimus.

Trump: US Should Embrace Cryptocurrencies to Stay Ahead

Former US President Donald Trump told Fox Business Channel that the US should embrace cryptocurrencies to stay ahead of China and other countries. He noted that cryptocurrency market capitalization surpasses many companies and nations, underscoring its significance. Trump believes this new form of currency will ultimately benefit the country.

Microsoft Identifies OpenAI as Competitor and Strategic Partner in SEC Report

On August 4, a report submitted to the US SEC in July revealed that Microsoft hopes the federal government views its relationship with OpenAI as a "friend-and-enemy" relationship rather than a true partnership. In its Form 10-K Periodic Report, Microsoft describes OpenAI as both a competitor and a strategic partner multiple times.

'Rich Dad Poor Dad' Author Views U.S. Stock Market Crash as Investment Opportunity

Robert Kiyosaki, author of Rich Dad Poor Dad, announced the US stock market crash has led to significant losses. He advised investors to buy assets at lower prices, predicting that gold, silver, and Bitcoin will rise sharply in the future. Kiyosaki urged viewing the recession as an opportunity to get rich.

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