FameEX Morning Crypto News Recap | November 8, 2024

Federal Reserve Lowers Interest Rates by 25 Basis Points as Bitcoin Rises on Trump’s Election Win

The Federal Reserve announced a 25 basis point rate cut, which may further boost assets like Bitcoin, recently reaching record highs after Trump’s election win. The decision received unanimous support from all 12 Fed voters, reflecting a unified stance on economic support.

Ethereum Adds 11,431 ETH in the Last 7 Days Amid Significant Drops in Revenue and Burn Rates

Ethereum data shows supply is outpacing burn, with 11,431 ETH added over the past week. Revenue and ETH burn have significantly declined, with revenue 69% below the 150-day average prior to the upgrade, and burn down over 80%. Many industry experts remain doubtful about Ethereum's upgrade effectiveness.

U.S. SEC and Senate Banking Committee Expected to Embrace Crypto-Friendly Approach Under Trump Administration

Bernstein anticipates that under Trump's administration, the U.S. SEC and Senate Banking Committee will take a more crypto-friendly approach, potentially re-evaluating crypto assets amid uncertainty about their classification as securities. This shift could also accelerate progress on stablecoin and market structure legislation.

10% of Canadians Hold Cryptocurrencies, with BTC and ETH Comprising Over 60% of Total Assets

A November 7 CCN report shows significant growth in Canada’s cryptocurrency market, with 10% of Canadians holding crypto assets. Bitcoin and Ethereum lead, comprising over 60% of total holdings. New 2024 regulatory guidelines from the Canadian government are further encouraging exchanges and individuals to engage actively in the market.

Cryptocurrency Fear and Greed Index Reaches 77, Signaling Extreme Market Greed

According to data from Alternative.me, the cryptocurrency Fear and Greed Index climbed to 77 today, up from 70 yesterday. This rise signals a transition from a greedy to an extremely greedy market state, pointing to increased investor enthusiasm and bullish sentiment within the cryptocurrency market.

UK House of Lords Backs Digital Assets Bill, Moving Forward with Cryptocurrency Legal Framework

The UK House of Lords backed the Digital Assets Bill in its second reading, aiming to clarify legal disputes surrounding cryptocurrencies. Drafted by the Law Commission, this bill revives a 2022 proposal to regulate crypto as a formal activity, previously delayed by government changes. This step advances efforts to establish a clear legal framework for crypto in the UK.

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