FameEX Morning Crypto News Recap | August 19, 2024

U.S. Bitcoin ETF Holdings Hit 926,000 BTC, Making Up 4.69% of Total Supply

Dune data indicates that U.S. Bitcoin ETFs currently hold around 926,000 BTC on-chain, accounting for 4.69% of the total supply.

Goldman Sachs Predicts Fed to Cut Rates Over the Next Three Meetings

Goldman Sachs predicts that the Federal Reserve will cut interest rates by 25 basis points in the next three meetings (September, November, December). Further cuts are anticipated quarterly in 2024 and in 2026, bringing the federal funds rate to around 5.375%, roughly 200 basis points below its recent level.

IMF Warns Crypto Mining and AI Data Centers Could Account for 3.5% of Global Electricity Use in Three Years

The International Monetary Fund (IMF) emphasized the environmental impact of crypto mining and AI data centers, which now consume 2% of global electricity. The International Energy Agency projects this could increase to 3.5% within three years, potentially raising crypto mining's contribution to global carbon emissions to 0.7% by 2027.

MN Trading Founder Foresees Potential Breakout in Altcoin Market Cap, Excluding Bitcoin

Michaël van de Poppe, founder of MN Trading, predicts a potential breakout in the altcoin market cap relative to Bitcoin. A rebound would confirm a bullish divergence, signaling a market shift from Bitcoin to the Ethereum ecosystem.

VanEck Suggests Bitcoin Miners Could Enhance Profits by Embracing Artificial Intelligence

VanEck recently noted that AI companies need energy, which Bitcoin miners already have. Due to the risks from operating costs and Bitcoin price fluctuations, transitioning to artificial intelligence and high-performance computing offers Bitcoin miners a strategic opportunity to improve profitability and industry stability.

Nigerian Revenue Authority to Introduce New Cryptocurrency Regulation Bill

On August 18, Nigeria’s Federal Inland Revenue Service (FIRS) announced plans to seek the National Assembly's support for new laws to regulate cryptocurrencies. FIRS Executive Chairman Zacch Adedeji stated that the proposed legislation, part of tax system reforms, will be introduced in September during a meeting with the National Assembly’s Finance Committee.

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