FameEX Morning Crypto News Recap | September 3, 2024

JPMorgan Chase: August Jobs Report May Shape the Fed's September Rate Cut

Phil Camporeale, portfolio manager at JPMorgan Asset Management, suggested that Friday's employment report could impact the Federal Reserve's decision on whether to reduce interest rates by 25 or 50 basis points at its September policy meeting.

Analysts: European Stocks' Potential to Outperform U.S. Markets Is Quickly Fading

Analyst Sagarika Jaisinghani observed that European stocks' potential to outperform U.S. markets is fading due to economic slowdown concerns and political instability. Although the European Stoxx 600 nears record highs, it underperformed U.S. stocks in August. Investors are now turning to undervalued U.S. sectors, influenced by signs of economic recovery and anticipated Federal Reserve rate cuts.

Noelle Acheson: Rate Cuts and a Weaker Dollar Boost Bitcoin

Noelle Acheson, author of "Crypto Is Macro Now," emphasized that Bitcoin benefits from interest rate cuts due to its sensitivity to monetary liquidity. As a risky asset without cash flow, Bitcoin is less impacted by economic slowdowns. A weaker dollar also boosts Bitcoin, as it generally enhances monetary liquidity by lowering capital costs.

Japan's Financial Services Agency Releases 2025 Tax Reform Proposals, First to Address Virtual Currency Transactions

Japan's Financial Services Agency has unveiled tax reform requirements for fiscal year 2025, including new regulations on crypto assets. For the first time, the reform plan's "Asset Income Doubling Plan and the Realization of the Asset Management State" section addresses the tax treatment of virtual currency transactions, considering their classification as financial assets.

Qatar Financial Centre Introduces Digital Asset Regulatory Framework

The Qatar Financial Centre (QFC) has introduced a comprehensive regulatory framework for digital assets. Created by the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA), this framework provides clear guidelines and oversight to establish a robust foundation for digital assets within the QFC.

NFT monthly sales have dropped to their lowest level since 2024, with speculative capital increasingly shifting toward Meme coins.

August NFT sales reached $374 million, the lowest in 2024 and the first time dropping below $400 million this year, a 76% decline from March's $1.6 billion. Quarterly sales also fell from $4.1 billion in early 2024 to $2.24 billion in Q2, a 45% decrease. Despite a late-August surge, the overall downtrend persisted.

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