FameEX Morning Crypto News Recap | August 7, 2024

U.S. Mining Companies Average $43,000 Cost Per Bitcoin

Ki Young Ju, founder and CEO of CryptoQuant, stated that the average mining cost for U.S. mining companies is approximately $43,000 per Bitcoin. Marathon Digital's Q2 2024 report revealed their average mining cost per Bitcoin was $42,969.

Goldman Sachs CEO Predicts Fed Will Avoid Emergency Rate Cut

Goldman Sachs CEO David Solomon expects the Federal Reserve to avoid an emergency rate cut, believing the U.S. economy will avert a recession. In an interview, Solomon predicted no significant changes before September, with the economy developing smoothly. He anticipates one or two rate cuts this fall based on current economic data and Federal Reserve messaging.

Minnesota Governor Waltz Joins Harris as Running Mate, Advocates for Stricter Cryptocurrency Regulations

Tim Walz, running mate of U.S. Vice President Harris, advocates for stricter cryptocurrency regulations. According to his iSideWith profile, he does not support classifying cryptocurrencies as legal tender nor completely banning their use for cross-border payments. Walz believes in tighter government oversight on cryptocurrency usage.

IMF and El Salvador Agree to Strengthen Fiscal and Financial Stability

The IMF announced that El Salvador has advanced in strengthening public finances, increasing bank reserve buffers, improving governance and transparency, and mitigating Bitcoin risks. Both parties agreed to boost the main balance by about 3.5% within three years, primarily through "rationalization" of public wage spending.

World's Largest Bitcoin Miner Boosts BTC Holdings by $124M in July

As of August 6, Marathon holds 20,818 BTC, valued at over $1.14 billion. Whales, or large Bitcoin holders, significantly influence Bitcoin’s price. Their shift to long-term holding is seen as bullish for Bitcoin’s future. In July, Marathon acquired $100 million worth of Bitcoin to make it a strategic treasury reserve asset.

Japanese Firm Metaplanet to Invest $58.76 Million in Bitcoin

Metaplanet Inc decided to raise about 10 billion yen ($69.13 million), with 8.5 billion yen ($58.76 million) allocated for Bitcoin investment. This decision aims to capitalize on Bitcoin's long-term appreciation and hedge against currency depreciation, reflecting the firm's strategic focus on BTC's potential growth and stability.

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