FameEX Morning Crypto News Recap | March 18, 2024

Bitcoin Miners Enter Final Month Before Halving Reduces Earnings

With just 34 days remaining until the anticipated Bitcoin halving event around April 20, 2024, miners are facing a reward reduction by half. Despite this, Bitcoin's price has consistently stayed over $60,000 in March, even nearing $74,000 on March 14. The combination of onchain fees and the recent price surge may help mitigate the impact of reduced mining revenues following the halving.

El Salvador Continues Daily Purchase of 1 Bitcoin

Since 2022, El Salvador, under President Nayib Bukele's direction, has adopted a strategy of purchasing one bitcoin daily, as part of its "1 bitcoin a day program." The bitcoins obtained through these daily acquisitions are deposited into the same wallet address that holds the "large chunk" of bitcoins previously disclosed by Bukele, consolidating the country's investment in the cryptocurrency.

Indian Finance Minister Asserts Crypto Assets Are Not Currencies, Anticipates 'Emerging Framework' from G20 Talks

Finance Minister Nirmala Sitharaman of India clarified that the government does not view crypto assets as currencies but acknowledges their use for trading and other financial activities. She revealed India's engagement with the G20 on crypto regulation, expressing hope for the development of a comprehensive framework to address this evolving financial landscape.

Goldman Sachs Forecasts Three Interest Rate Reductions in the U.S. for 2024

In its FOMC outlook report, Goldman Sachs noted recent U.S. inflation rises but forecasts a decrease by the June FOMC meeting, enabling the first interest rate cut. The firm has revised its expectation to three rate cuts in 2024, down from four, attributing this change to a slightly elevated inflation trajectory. Additionally, Goldman Sachs predicts four rate cuts in 2025 and anticipates one final reduction in 2026.

US Manufacturing Companies Increasingly Migrating to the Metaverse

The World Economic Forum (WEF) reports a significant trend of U.S. manufacturing firms embracing the industrial metaverse to address intricate issues in the production cycle. A publication released on March 12 highlighted that 92% of manufacturing executives in the U.S. are investigating how to integrate the metaverse into their business operations, signaling a major shift towards digital solutions in the industry.

Starbucks Announces Termination of Its NFT Rewards Program

Starbucks has decided to discontinue its innovative NFT rewards program, where customers could earn and purchase digital collectible stamps as non-fungible tokens (NFTs). This move by the global coffee giant mirrors actions taken by other prominent companies over the past year, indicating a shift in the approach to integrating digital collectibles within consumer engagement strategies.

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