FameEX Morning Crypto News Recap | August 9, 2024
2024-08-09 15:52:55
Fed's Balance Sheet Reduction Approaches End, Linked to Rate Cuts and Market Pressures
The Fed is approaching the end of its balance sheet reduction, with the timing influenced by interest rate cuts and market pressures. Policymakers indicate U.S. debt holdings reduction could finish by year-end, but Wall Street expects quantitative tightening won't end suddenly.
Bitcoin Miners' Holdings Reach Three-Year Low
As of August 3, Bitcoin miners' holdings have decreased to around 1,510,300 BTC, a 2.4% drop from the December 2020 peak, hitting a three-year low. A software upgrade in April further reduced miner revenue, increasing pressure to sell cryptocurrencies.
The United States Commands 35% of Bitcoin Hash Rate
Ki Young Ju, CEO of CryptoQuant, noted that the United States controls 35% of the Bitcoin hash rate, while Russia is making moves to catch up, with FOMO (Fear of Missing Out) at the national level increasing.
U.S. Jobs Report Boosts Market Sentiment
The U.S. job market drove stock gains as unemployment benefit applications were lower than expected, easing recession fears. However, Wall Street remains cautious, worried that if economic growth continues to slow and the Federal Reserve doesn't urgently ease monetary policy, U.S. stocks could face greater downside risks.
Greeks.live: Cryptocurrency Losses Halted Last Week, Markets Begin to Recover
Greeks.live macro researcher Adam noted on X that the Bank of Japan's recent hawkish remarks had a significant impact on cryptocurrency prices. He stressed the importance of monitoring the Bank of Japan's actions this month, as the yen is crucial in global macro transactions. The sharp decline has stalled, and markets are recovering, reducing implied volatility (IV) for major maturities.
Putin Enacts Law Legalizing Cryptocurrency Mining in Russia
On August 8, Russian President Vladimir Putin signed a law officially legalizing cryptocurrency mining in Russia, according to TASS.
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