FameEX Morning Crypto News Recap | September 11, 2024

U.S. Congressional Hearing Explores the Future of DeFi and Regulatory Hurdles

The U.S. House Financial Services Committee held its first hearing on decentralized finance (DeFi) after the recess. Hosted by the Digital Assets, Fintech, and Inclusion Subcommittee, the hearing, titled “Decoding DeFi: Analyzing the Future of Decentralized Finance,” aimed to explore the future and regulatory challenges of the DeFi sector.

Analyst Warns: A Fed Rate Cut Typically Precedes a Recession, Urging Investors to Prepare

Peter Berezin, chief global strategist at BCA Research, warns investors to prepare for a possible U.S. recession, as the Federal Reserve may struggle to prevent it. Historically, the economy entered a recession shortly after rate cuts, as seen in January 2001 and September 2007. Berezin advises investors to adjust their strategies accordingly.

SpaceX Successfully Launches Spacecraft with Four Astronauts for First Private Spacewalk Mission

Arkham, an on-chain data analysis platform, announced on X (formerly Twitter) that SpaceX successfully launched a spacecraft with four astronauts for the world's first private spacewalk mission. Additionally, Bitcoin held by SpaceX's marked addresses is valued at nearly $500 million.

USDT Holdings on Exchanges Have Risen Sharply Since August

CryptoQuant analyst Yonsei_dent reported a rapid increase in USDT stablecoin holdings on exchanges since August. This inflow of stablecoins is typically viewed as funds ready for purchasing assets, which could positively impact cryptocurrency prices.

Standard Chartered Bank Launches BTC and ETH Custody Services in the UAE

Standard Chartered Bank announced it will offer cryptocurrency custody services in the UAE, initially supporting BTC and ETH. The service, launched in partnership with Brevan Howard Digital, the crypto arm of hedge fund Brevan Howard, has been licensed by the Dubai Financial Services Authority (DFSA).

Putin Claims Russia is a Leading Nation in Bitcoin Mining

At the Eastern Economic Forum, Russian President Vladimir Putin announced that Russia is now a global leader in Bitcoin mining. He highlighted that surplus energy from regions like Siberia can be utilized for mining but emphasized that these activities should not impede regional development.

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