FameEX Morning Crypto News Recap | July 15, 2024

Customers Turn to Bitcoin and Gold Following Trump Shooting

Kyle Rodda, a senior financial market analyst at Capital.com, observed a surge in customers turning to Bitcoin and gold following the Trump shooting. He described the incident as a shift in U.S. political norms and a rise in political violence, indicating a move towards risk-off trading, yet with a preference for non-traditional forms of risk aversion.

U.S. SEC Enforcement Director Talks Crypto Regulation

On July 15, Gurbir S. Grewal, the head of the U.S. SEC's enforcement division, spoke about cryptocurrency regulation at a seminar. He stressed the importance of applying federal securities laws to crypto assets, referencing the 1946 SEC v. Howey case's definition of securities. Grewal highlighted the urgent need to address fraudulent crypto activities that have led to significant investor losses.

Analysts Predict Dovish Fed Remarks Will Depreciate the Dollar

Analysts predict the dollar's boost from Trump's assassination will soon diminish. They anticipate dovish remarks from Federal Reserve Chairman Powell this week, likely weakening the dollar further. Investors are keenly watching the size of the upcoming rate cut, with some expecting a 50 basis point reduction in September. This prospect is prompting traders to purchase short-term U.S. Treasuries.

South Korea Mulls Postponing Crypto Investment Income Taxation to 2028

South Korea's Economic Daily reported that the South Korean government and ruling party are considering a proposal to delay taxation on cryptocurrency investment income in next year's tax revision. Initially, a three-year postponement was suggested by lawmakers. If approved, the start of taxation would shift from January 1, 2025, to January 1, 2028.

Stablecoins' Total Market Value Rose 0.42% Over the Past Week

According to DefiLlama, the total market value of stablecoins rose by 0.42% over the past week to US$162.372 billion. USDT's value increased by 0.26% to US$112.469 billion, holding a 69.27% market share. Conversely, USDe's market value fell by 1.977%, now standing at US$3.411 billion.

Russia's Finance Ministry Suggests Permitting Licensed Exchanges to Provide Digital Currency Trading Services

Anatoly Aksakov, chair of the State Duma Committee on Financial Markets, stated that Russia's major exchanges are prepared for cryptocurrency transactions. He emphasized that, with proper legal frameworks in place, these exchanges could swiftly commence crypto trading without issues.

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