FameEX Morning Crypto News Recap | August 20, 2024

US Democratic Party Unveils Platform, Omitting Blockchain and Crypto Assets

Fox Business reporter Eleanor Terrett observed that on the first day of the Democratic National Convention, the US Democratic Party released its official platform, notably omitting any mention of blockchain technology, Bitcoin, digital assets, or related encryption topics.

Growing Fed Rate Cut Expectations Could Push International Gold Prices to $3,000 Per Ounce Next Year

Fortune magazine reports that with the increasing likelihood of a Federal Reserve rate cut, capital market optimism about rising gold prices is growing. The U.S. Precious Metals Exchange predicts that if global geopolitical uncertainty intensifies and central banks continue purchasing gold, international gold prices could reach $3,000 per ounce next year.

Analysts Indicate Harris Presidency May Be More Favorable for Cryptocurrencies

TD Cowen analyst Jaret Seiberg believes Kamala Harris's potential presidency could be more favorable to cryptocurrencies than the Biden administration. However, while the Harris administration may support investor protection and keep the SEC regulating tokens and trading platforms, these measures could be slightly stricter than those under the Trump administration.

Coin Center Wins Retrial in Lawsuit Against U.S. Treasury and IRS

Coin Center, a cryptocurrency think tank, has received approval from the U.S. Court of Appeals to re-examine its lawsuit against the Treasury Department and IRS. The lawsuit, filed in 2022, challenges a controversial amendment to U.S. tax law that mandates disclosing certain crypto transactions and participants' personal details to the IRS.

SEC and Cboe Decide to Postpone Submission of Solana ETF-Related Forms

The U.S. SEC expressed concerns that Solana might be classified as a security, leading the SEC and Cboe to delay submitting the 19b-4 form and postpone the approval process. VanEck’s Solana ETF S-1 registration is still on display, while 21Shares' has been withdrawn.

Yen Rises 2.4% Against Dollar, Possibly Triggering Fluctuations in Global Risk Assets

The yen has gained 2.4% against the dollar since last Thursday, reaching 145 yen per dollar, signaling a move toward safe-haven currencies. This yen strength triggered the unwinding of carry trades in early August, leading to sharp fluctuations in risk assets like Bitcoin, which fell from $70,000 to $50,000 before rebounding to $60,000 as the dollar strengthened.

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