FameEX Morning Crypto News Recap | May 7, 2024

SEC Delays Decision on Galaxy's Spot Ethereum ETF Until July

The SEC has postponed its decision on Invesco Galaxy’s Ether ETF application to July 5. This extension allows the commission additional time to thoroughly assess the proposed rule change and address any related concerns. The SEC stated that this delay is necessary to ensure they have ample opportunity to review all aspects of the proposal and resolve issues before making a final decision on approval or disapproval.

Bitcoin Mining Revenue Reaches Yearly Low Since Last Halving

Daily revenue from Bitcoin mining has plummeted to below $3 million, significantly down from around $6 million in early 2024. According to CryptoQuant CEO Ki Young Ju, Bitcoin needs to maintain a price above $80,000 to sustain mining profitability post-halving. To cope, most miners are proactively upgrading their equipment to decrease operational costs and maintain competitiveness in the market.

ECB Member Asserts Central Banks Need to Revamp Business Models, Adopt CBDCs

Joachim Nagel, president of the Bundesbank and ECB member, emphasized that central banks must revamp their business models and rapidly adopt central bank digital currencies (CBDCs) to remain relevant. He highlighted the critical need for integrating distributed ledger technology in response to the declining appeal of physical money.

Marathon Digital and Kenyan Government Confer on Crypto Policy and Energy Consumption

Marathon Digital is in talks with the Kenyan government about cryptocurrency policies and the energy demands of crypto mining. As Kenya continues to regulate the crypto market, these discussions were announced by the Kenyan president at an American business summit in Nairobi, which the U.S. commerce secretary also attended.

South Korea Holds Back on Permitting Crypto in Revised Donation Regulations

South Korea's updated donation laws exclude digital currencies, posing a potential setback for charities and donation campaigns. While department store vouchers, stocks, and tech giant loyalty points are acceptable, cryptocurrencies are not included.

Apple Creates AI Chips for Data Centers, Potentially Gaining an Advantage in Artificial Intelligence

Apple is advancing its position in the artificial intelligence sector by developing chips specifically designed for server use in data centers. Known internally as Project ACDC (Apple Chips in Data Center), this initiative has been underway for years, although the launch date for the new chips remains uncertain. This development could potentially give Apple a competitive edge in AI.

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