FameEX Morning Crypto News Recap | November 21, 2024

Trump Team Considers Establishing a Dedicated Cryptocurrency Role in the White House

Reports on November 21 indicated that the Trump team is considering creating a specialized cryptocurrency role within the White House administration.

DeFi Enters a New Era of Growth with Regulatory Clarity

DeFi and stablecoins are set for significant growth as regulatory clarity and pro-crypto leadership emerge. DeFi's total value locked (TVL) rose 31%, while the stablecoin market grew 4%. Institutional crypto interest hit record highs, with Bitcoin ETF inflows expected to surpass gold ETFs, reflecting a strong shift toward digital assets.

Grayscale Implements Reverse Stock Split to Improve Cost-Effectiveness of Crypto ETFs

On November 19, Grayscale Investments completed a reverse stock split for its two cryptocurrency ETFs: the Grayscale Bitcoin Mini Trust ETF and the Grayscale Ethereum Mini Trust ETF. This initiative aims to make securities trading more cost-effective for investors. Grayscale emphasized that shareholders need not take any action; the stock split will occur automatically, and their holdings will remain unchanged.

Fed's Bowman Raises Concerns About Rate Cuts Amid Elevated Inflation

On November 21, Federal Reserve Governor Bowman expressed concerns about reducing interest rates while inflation remains above the 2% target. She highlighted that progress toward this goal has stalled and advocated for cautious rate cuts to monitor their impact, particularly on the labor market.

Japan Targets Year-End Approval of Economic Stimulus Package and Tax Reforms

Japanese Prime Minister Shigeru Ishiba has pledged cross-party discussions to promote tax reforms, aiming to approve an economic stimulus package by the end of 2024. The proposed changes include adjustments to income tax, corporate tax, and cryptocurrency tax. This initiative marks a policy shift for the ruling party, which had previously advocated for higher taxes.

Phantom Surpasses Google to Claim Top Spot in US App Store Tools Category

Appfigures data shows that on November 21, Phantom crypto wallet surpassed Google to become number one in the US App Store's tools category.

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