FameEX Morning Crypto News Recap | August 19, 2024

U.S. Bitcoin ETF Holdings Reach 926,000 BTC, Representing 4.69% of Total Supply

Dune data reveals that U.S. Bitcoin ETFs now hold approximately 926,000 BTC on-chain, representing 4.69% of the total current supply.

Goldman Sachs Forecasts Fed Rate Cuts in the Next Three Meetings

Ahead of next week's Jackson Hole Global Central Bank Annual Meeting, Goldman Sachs forecasts the Federal Reserve will cut interest rates by 25 basis points in each of the next three meetings (September, November, and December). Additional cuts are expected quarterly in 2024 and again in 2026, ultimately bringing the federal funds rate to around 5.375%, approximately 200 basis points below its recent level.

IMF Warns Crypto Mining and AI Data Centers Could Consume 3.5% of Global Electricity in Three Years

The International Monetary Fund (IMF) highlighted the environmental challenges of crypto mining and AI data centers, which currently consume 2% of global electricity. The International Energy Agency predicts this could rise to 3.5% within three years, potentially increasing crypto mining's contribution to global carbon emissions to 0.7% by 2027.

MN Trading Founder Predicts Altcoin Market Cap, Excluding Bitcoin, Could Break Out

Michaël van de Poppe, founder of MN Trading, suggested that the altcoin market cap, when divided by Bitcoin, could see a significant breakout. A rebound would confirm a bullish divergence, indicating a market shift towards the Ethereum ecosystem rather than Bitcoin.

VanEck: Bitcoin Miners Could Boost Profits by Adopting Artificial Intelligence

VanEck recently highlighted that AI companies require energy, while Bitcoin miners possess it. Given the risks Bitcoin miners face from operating costs and price fluctuations, shifting towards artificial intelligence and high-performance computing presents a strategic opportunity to enhance profitability and stability in the industry.

Nigerian Revenue Authority Set to Propose New Cryptocurrency Regulation Bill

On August 18, Nigeria’s Federal Inland Revenue Service (FIRS) announced plans to seek the National Assembly's support for new comprehensive laws to regulate cryptocurrencies. FIRS Executive Chairman Zacch Adedeji revealed that the proposed legislation, aimed at reforming the tax system, will be introduced in September during a meeting with the National Assembly’s Finance Committee.

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