FameEX Morning Crypto News Recap | August 23, 2024

Bitcoin Volatility Tops March All-Time High, May Trigger Breakout from Consolidation Phase

Bitcoin's volatility has exceeded its March high, leading traders to speculate it may trigger a breakout from the ongoing consolidation phase. For a potential rally, Bitcoin needs to sustain above $61,000 and successfully retest the $62,000 level, which it hasn't reached since August 9.

Franklin Templeton CEO Critiques Traditional Finance for Underestimating Bitcoin's Magnitude

Franklin Templeton CEO Jenny Johnson, speaking at the Wyoming Blockchain Symposium, criticized traditional finance for underestimating Bitcoin's scope. She noted Bitcoin's $36.6 trillion in 2023 transactions surpassed the combined totals of Mastercard and Visa, indicating the traditional financial sector's limited understanding of Bitcoin's extensive transaction volume.

Asian Stocks Drop Amid Diminished Expectations for Fed Rate Cut

Asian stocks dropped early Friday as expectations for U.S. rate cuts were moderated. The market responded to economic data from Japan, Taiwan, and Singapore. The Kansas City Fed President hinted at a cautious approach to rate cuts amid cooling U.S. labor market trends and declines in manufacturing activity and home sales, suggesting a more moderate policy response is likely.

California Senator Responds to OpenAI's Concerns Over SB 1047

California Senator Scott Wiener responded to OpenAI's opposition to SB 1047, highlighting that the company didn't dispute the bill's specifics and recognized its core rationale. Wiener stressed the need for California to legislate AI regulation, given Congress's inaction on the issue.

Mercado Pago Launches Meli Dollar Stablecoin in Brazil

Mercado Pago, the digital bank of Mercado Libre, has launched the US dollar-pegged stablecoin "Meli Dollar" in Brazil. Users can trade the stablecoin using Brazilian real balances without fees, providing a practical and stable financial management option.

U.S. Existing Home Sales Rise for First Time in Five Months; Freddie Mac Rate Falls to 6.46%

Freddie Mac noted the average rate for a 30-year fixed mortgage dropped to 6.46% from 6.49% last week, boosting homebuyers' affordability. Meanwhile, U.S. existing home sales rose for the first time in five months, increasing 1.3% from the previous month, yet representing the slowest July growth rate since 2010.

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