FameEX Morning Crypto News Recap | September 4, 2024

New Bitcoin Investors Encounter Challenges, Echoing 2019 Trends

CryptoQuant's analysis reveals that short-term Bitcoin holders are behaving similarly to those in mid-2019, with recent buyers either holding firm or selling at a loss after price stagnation. The current UTXO levels resemble 2019, when BTC/USD took nearly 500 days to surpass the $20,000 all-time high from December 2017. New investors remain key to driving Bitcoin price increases.

Artificial Intelligence to Overtake BTC Mining in Energy Consumption by 2027

The energy competition between artificial intelligence (AI) and Bitcoin (BTC) mining is intensifying. As tech companies enhance AI, they increasingly compete with BTC miners for energy, significantly impacting U.S. energy consumption. Analysts predict that by 2027, AI's energy demand will surpass BTC mining, with 20% of electricity capacity shifting towards AI.

Anticipation of More Bank of Japan Rate Hikes Limits Bitcoin Gains

Bank of Japan Governor Kazuo Ueda reaffirmed that the central bank may raise interest rates further if the economy and inflation meet expectations. Despite a July rate hike, inflation-adjusted rates remain negative, keeping the economic environment accommodative. Speculation of additional rate hikes in Japan has dampened Bitcoin's recent gains.

Elon Musk Unveils xAI's Colossus, the World’s Most Powerful AI Training System

Elon Musk announced that his AI company, xAI, has launched the Colossus 100k H100 training cluster, currently the world’s most powerful AI training system with 100,000 GPUs. It took 122 days to complete, with plans to expand to 200k GPUs soon. In comparison, OpenAI's strongest model utilizes 80,000 GPUs.

Report Reveals 96% of NFTs Are Defunct, with Investor Losses Exceeding 43%

A recent report reveals that 96% of NFTs are "dead," experiencing minimal trading volume, low sales over seven days, and little social media presence. Analyzing over 5,000 NFTs and 5 million transactions, the study shows that more than 43% of NFT holders have incurred losses, with average returns dropping by 44.5%.

Venezuelan President Maduro Calls for Country's Return to Cryptocurrency

On September 3, Venezuelan President Nicolas Maduro emphasized the need for the country to "return to the world of cryptocurrency."

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