FameEX Morning Crypto News Recap | August 7, 2024

U.S. Bitcoin Mining Costs Average $43,000 Per Coin

Ki Young Ju, CEO of CryptoQuant, reported that the average Bitcoin mining cost for U.S. companies is about $43,000. Marathon Digital's Q2 2024 report showed their average mining cost was $42,969 per Bitcoin.

Goldman Sachs CEO Anticipates No Emergency Rate Cut by Fed

Goldman Sachs CEO David Solomon expects the Federal Reserve to avoid an emergency rate cut, believing the U.S. economy will avoid a recession. In an interview, Solomon predicted no major changes before September, with smooth economic development. He anticipates one or two rate cuts this fall based on current data and Fed signals.

Minnesota Governor Waltz Joins Harris' Ticket, Pushes for Stricter Cryptocurrency Regulations

Tim Walz, running mate of U.S. Vice President Harris, advocates for stricter cryptocurrency regulations. His iSideWith profile indicates he opposes classifying cryptocurrencies as legal tender and does not support a complete ban on their use for cross-border payments. Walz favors tighter government oversight of cryptocurrency usage.

IMF and El Salvador Reach Agreement to Enhance Fiscal and Financial Stability

The IMF announced that El Salvador has improved public finances, increased bank reserve buffers, enhanced governance and transparency, and mitigated Bitcoin risks. Both parties agreed to raise the main balance by about 3.5% within three years, mainly through the "rationalization" of public wage spending.

Largest Bitcoin Miner Increases BTC Holdings by $124M in July

As of August 6, Marathon holds 20,818 BTC, worth over $1.14 billion. Whales, or large Bitcoin holders, significantly influence Bitcoin’s price. Their shift to long-term holding is seen as bullish for Bitcoin’s future. In July, Marathon acquired $100 million in Bitcoin to make it a strategic treasury reserve asset.

Japanese Company Metaplanet to Invest $58.76 Million in Bitcoin

Metaplanet Inc raised about 10 billion yen ($69.13 million), allocating 8.5 billion yen ($58.76 million) to Bitcoin investment. This strategic move aims to leverage Bitcoin's long-term appreciation and hedge against currency depreciation, highlighting the firm's focus on BTC's growth and stability potential.

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