FameEX Morning Crypto News Recap | September 4, 2024

New Bitcoin Investors Face Hurdles, Reflecting 2019 Patterns

CryptoQuant's analysis shows that short-term Bitcoin holders are mirroring mid-2019 behavior, with recent buyers either holding or selling at a loss after price stagnation. Current UTXO levels resemble 2019, when it took BTC/USD nearly 500 days to break the $20,000 high from December 2017. New investors are crucial to Bitcoin's price growth.

AI Expected to Surpass BTC Mining in Energy Consumption by 2027

The energy competition between artificial intelligence (AI) and Bitcoin (BTC) mining is intensifying. As AI advances, it increasingly competes with BTC miners for energy, reshaping U.S. energy consumption. Analysts expect AI's energy demand to surpass BTC mining by 2027, with 20% of electricity capacity shifting towards AI.

Expectations of Additional Bank of Japan Rate Hikes Restrict Bitcoin Gains

Bank of Japan Governor Kazuo Ueda reaffirmed potential further rate hikes if economic and inflation targets are met. Despite a July increase, inflation-adjusted rates remain negative, maintaining an accommodative environment. Speculation of more rate hikes in Japan has weakened Bitcoin's recent gains.

Elon Musk Introduces xAI's Colossus, the World’s Most Powerful AI Training Platform

Elon Musk announced that xAI has launched the Colossus 100k H100 training cluster, the world's most powerful AI system with 100,000 GPUs. Completed in 122 days, xAI plans to expand it to 200k GPUs soon. OpenAI's strongest model, by comparison, uses 80,000 GPUs.

Report Finds 96% of NFTs Are Defunct, with Investor Losses Over 43%

A recent report shows that 96% of NFTs are "dead," with minimal trading volume, low weekly sales, and little social media presence. Analyzing over 5,000 NFTs and 5 million transactions, the study reveals that more than 43% of NFT holders have incurred losses, with average returns falling by 44.5%.

Venezuelan President Maduro Urges Nation to Reembrace Cryptocurrency

Venezuelan President Nicolas Maduro stated on September 3 that the country must "return to the world of cryptocurrency."

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