FameEX Morning Crypto News Recap | September 5, 2024

Bitcoin Mining Firms Struggle with High Costs in Shift to AI Data Centers

Bitcoin mining companies are transitioning to high-performance AI data centers to increase revenue, but the costs are significantly higher. Sabre56 CEO Phil Harvey highlighted that AI data centers cost 10-15 times more than crypto mining farms, with expenses ranging from $3 million to $5 million per megawatt, compared to $300,000 to $350,000 for mining farms.

Experts Examine the Potential Impact of Crypto Voters on the 2024 US Presidential Election

Political experts are divided on the impact of crypto voters in the 2024 U.S. presidential election but agree that interest in cryptocurrency is growing. Northeastern University professor Ravi Sarathy highlighted that the approval of Bitcoin-related ETFs has raised awareness and investment, potentially increasing cryptocurrency's influence in the election.

CME Ethereum Futures Trading Volume Declines to $20.8 Billion in August, Marking Lowest Since November 2023

CME Ethereum futures' monthly trading volume fell to $20.8 billion in August, marking a 31% drop from the previous month and the lowest since November 2023. Analysts believe this decline in Ethereum derivatives trading volume signals less institutional interest than anticipated.

South Korea's Financial Supervisory Service to Probe Suspicious Transactions on Virtual Asset Exchanges

South Korea’s Financial Supervisory Service (FSS) will inspect virtual asset exchanges for suspicious or illegal transactions, imposing strict penalties for violations. The agency aims to maintain market order and propose regulatory changes to address systemic issues when necessary.

OpenSea Hit with SEC Wells Notice

The NFT platform OpenSea received a Wells notice from the SEC, alleging its NFTs are unregistered securities. OpenSea's CEO warned this could stifle innovation and hurt creators. Lawyers, however, note that in some cases, NFTs may resemble securities, with certain use cases similar to investment products, as explained by Atlas Development's chief legal officer.

Tether Partners with Thailand’s Mahidol University to Offer Stablecoin and Blockchain Courses

Tether, the issuer of USDT, signed a memorandum of understanding with Thailand's Mahidol University International College (MUIC) to incorporate stablecoins, blockchain, and P2P technologies into its courses. The partnership will feature seminars, guest lectures, and research projects to improve financial education and promote community engagement.

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