FameEX Biweekly: U.S. Election Victory & Crypto Market Focus (October 2024, Issue 2)

Overview:

Catch up the highlights from Oct 16 to Oct 31, 2024. This circle focuses on the U.S. election’s conclusion, during which the crypto market has seen heightened volatility. We delve into key information and analysis from this period to help formulate better trading strategies. Additionally, FameEX has prepared a variety of exciting events for all users—come and check them out!

Crypto News

FameEX Hot Topics | Driven by Institutional Players, Crypto Goes Mainstream

Cryptocurrency is becoming increasingly mainstream, with North America leading the global crypto market. According to a report from Chainalysis, the region received $1.3 trillion in on-chain value between July 2023 and June 2024, representing 22.5%of global crypto activity. This growth has been largely driven by institutional players and the success of Bitcoin exchange-traded products (ETPs) in the U.S.

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Bitcoin Short-Term Holders See 98% Profit, Suggesting Possible Market Peak

The October 24 Copper Opening Bell report revealed that 98% of Bitcoin short-term holders are currently in profit, based on on-chain data. Historically, such high-profit levels lead to increased selling pressure, suggesting a potential temporary market peak. Analysts believe this may indicate the market is approaching a top ahead of the U.S. election.

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BlackRock Warns Markets May Be Underestimating Risk of Disputed U.S. Election

On October 24, Jean Boivin of BlackRock Investment Institute warned that markets are underestimating the risk of U.S. presidential candidates disputing election results, potentially triggering weeks of chaotic legal battles and impacting risk assets. Although stocks remain near record highs, Treasuries have faced a sell-off amid these concerns.

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FameEX Hot Topics | Bitcoin ETFs Poised to Surpass 1M BTC Amid Anticipated November Tailwinds

Currently, US spot Bitcoin ETFs hold approximately 976,893 Bitcoins, valued at over $66.2 billion, representing nearly 5% of Bitcoin’s $1.34 trillion market capitalization, according to data from Apollo and SoSoValue. To achieve the 1 million Bitcoin milestone, these ETFs need an additional $1.55 billion in net inflows. This requires an average of $301 million in daily net inflows throughout this week.

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FameEX Hot Topics | SEC Chair Reinforces Regulation by Enforcement Amid Increasing Political Pressures

During a speech at a financial technology conference in Las Vegas, Gensler addressed the political challenges he faces, especially from the cryptocurrency industry, as the November 5 elections draw near. He stated, "Democracies have consequences, but we’re going to continue to do that which we do well at the SEC until, as I say, the ref calls the whistle."

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U.S. Treasury Advisory Committee Flags Significant Risks in USDT, Recommends CBDC Adoption

The U.S. Treasury's Wall Street Advisory Council conducted an analysis on tokenization, noting its substantial potential. In reviewing stablecoins, the council identified significant risks with Tether’s USDT, recommending a transition toward central bank digital currencies (CBDCs) to enhance stability and reduce financial risks associated with private stablecoins.

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FameEX News

Platform Events

1. New Listing Airdrop. FameEX launched a listing event for HERB and CROW.Users can trade to share 100,000 USDT from October 18, 2024 to October 24, 2024. A total of 976 userssigned up for this event and users can view the reward details through the announcement below.

View Winner Announcement

2. Spot Trading Competition. FameEX launched a “Spot Trading Competition: Win Your Share of 50,000 USDT and an iPhone 16 Pro Max" event, lasting 13 days from October 19, 2024 to October 31, 2024. Newcomers can claim welcome rewards after registration or participate in spot trading to share the prize pool. Please view the event announcement for more details.

View Announcement

3. New Token Listing Airdrop. To celebrate the launch of the LULUCHAIN (LULU) token, FameEX held the “Trade to Share 100,000 USDT” event from October 19 to October 25, 2024, and it attracted a total of 685 users to join. For more details, please check the winners' announcement.

View Winner Announcement

4. Halloween $666,666 Candy Party. FameEX Halloween Party to Enjoy $666,666 in Sweet Surprises event has been introduced from October 26 to November 8, 2024. All users can get rewards by completing registration, deposits, and futures trading tasks. For more details, please refer to the event announcement.

View Announcement

5. Limited-time Bonus for New Users. FameEX released a promotion for new users to trade and share 1,000,000,000 CAT from October 25, 2024 to October 31, 2024. During the promotion, users simply complete relevant tasks to get the chance to share the generous rewards of up to 1,000,000,000 CAT. For details, please check the announcement.

View Announcement

New Listing

A new token was listed on the FameEX Spot during the period.

◆ KRYZA Diamond (KRD): KRD/USDT was listed in the spot trading zone on Oct 31, 2024.

Feature Upgrade

1. Withdrawal Feature Upgrade: On October 31, FameEX integrated the Web3 Name SDK service of SPACE ID into the withdrawal process. Now, all users can conveniently use domain addresses like fameex.bnb to securely withdraw assets, eliminating the need for long 0x wallet addresses! This upgrade not only simplifies the withdrawal process but also adds a critical layer of security to enhance the user experience.

Trading Volume

◆ As of October 31, FameEX's highest ranking on CoinMarketCap hit 49, with a 24-hour trading volume of $2,397,858,986, an average liquidity of 527, and a weekly average of 1,210,756 visits. (Data source: CoinMarketCap)

◆ As of October 31, the total assets in the FameEX insurance fund stand at 7,814,896.18 USDT. It is updated daily and can be viewed HERE in real-time.

FameEX Official Community

1. X (formerly Twitter): 117K Followers. Link: https://x.com/FameEXGlobal

2. Telegram (Global): 95,208 Members. Link: https://t.me/fameexgroup 

3. Discord: 14,869 Members. Link: https://discord.gg/V8yvKPxVCk 

Follow more official channels on:

Chinese X (formerly Twitter): https://twitter.com/FameEXzh 

YouTube: https://www.youtube.com/c/FAMEEX 

Thanks for reading this report of FameEX Biweekly. Stay engaged with our official social media, and your voice matters to us!