FameEX Morning Crypto News Recap | December 27, 2024

U.S. Congress Expected to Reintroduce Cryptocurrency Legislation in 2025

The U.S. Congress is set to revisit cryptocurrency legislation in 2025, focusing on key proposals like FIT21 and stablecoin regulations. FIT21 seeks to enhance the Commodity Futures Trading Commission’s (CFTC) authority and clarify the Securities and Exchange Commission’s (SEC) jurisdiction.

TradingView Data Errors Spark BTC Volatility

On December 26, Bitcoin faced sharp volatility caused by a TradingView data error, briefly plunging about 4%. The chart inaccurately displayed BTC’s market share at 0%, triggering panic selling. According to CoinGlass, roughly $33 million in Bitcoin long positions were liquidated within four hours due to the sudden price drop.

OpenAI Plans Shift to For-Profit Model, Microsoft Poses Key Challenge

OpenAI CEO Sam Altman seeks to shift the company to a for-profit model but faces hurdles with Microsoft, a key investor with over $13 billion committed. Ongoing negotiations address Microsoft’s equity stake, cloud provider role, intellectual property rights, and revenue-sharing terms.

Japan’s Prime Minister Says More Data Needed to Assess Bitcoin as Strategic Reserve

On December 26, Japanese Prime Minister Shigeru Ishiba said the government currently lacks sufficient information to assess the viability of Bitcoin as a strategic reserve asset.

Brazil's Central Bank Plans to Ban Stablecoin Transactions Starting in 2025

On November 29, Brazil's central bank proposed banning stablecoin transactions, including those through self-custody wallets like USDT. Public consultations on the proposal are set to conclude by February 2025 before.

Ethiopian Power Company Derives 18% of Revenue from Bitcoin Mining

Ethiopia utilizes the Grand Renaissance Dam to support Bitcoin mining, contributing 18% of the Ethiopian Electric Power Company's revenue. Over the past year, $1 billion was invested in mining, exceeding electricity export profits. The government partnered with 25 mining firms, drawing international miners with competitive electricity rates of around 3.2 cents per kilowatt-hour.

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