FameEX Morning Crypto News Recap | August 22, 2024

Fed Minutes: 'Overwhelming Majority' See September Rate Cut as Likely Appropriate

On August 22, Federal Reserve meeting minutes revealed that "the vast majority of members" considered a September rate cut appropriate. They noted a reduced upside risk to inflation and anticipated continued declines in inflation. However, members expressed concerns about increased downside risks to employment.

CryptoQuant CEO Forecasts Bitcoin Bull Run in Q4

CryptoQuant CEO Ki Young Ju noted that during the last Bitcoin halving cycle, the bull market surge began in Q4, and he anticipates that whales won't let this year's fourth quarter be dull.

Gold Prices Reach Record High as Many Gold ETFs Experience Redemptions

Gold prices have recently soared to a record high, prompting some investors to take profits and exit the market, leading to significant redemptions in gold ETFs. Despite this, several fund companies believe that, with strengthened expectations of a Federal Reserve rate cut and ongoing geopolitical conflicts, gold still has upward momentum as a safe-haven asset.

Harris Pledges Support for Growth in Emerging Technology and Cryptocurrency Industries

Harris's senior policy adviser, Brian Nelson, announced at a Bloomberg News roundtable during the Democratic National Convention that Harris is dedicated to supporting the growth of emerging technologies and the cryptocurrency industry. Nelson highlighted that Harris’s policy goal is to ensure the continued development of these sectors.

Wyoming to Launch Dollar-Pegged Stablecoin in 2025

Wyoming Governor Mark Gordon, speaking at the Wyoming Blockchain Symposium, highlighted the state's plans to issue a US dollar-pegged stablecoin in 2025. He mentioned that the state is working to back the stablecoin with U.S. Treasury bonds and repurchase agreements, and aims to collaborate with trading platform partners for a listing in the first quarter of 2025.

Abu Dhabi Global Market Proposes Draft Regulatory Framework for Fiat-Referenced Tokens

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has proposed a draft regulatory framework for fiat-referenced tokens (FRT) and is seeking public feedback before October 3, 2024. The framework mandates that FRT issuers adhere to strict operational requirements, including ensuring that the market value of reserve assets matches or exceeds the face value of FRT in circulation.

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