FameEX Morning Crypto News Recap | November 1, 2024

Significant Drop in Non-Farm Payrolls Needed for Fed to Consider a 50 Basis Point Rate Cut

Olivia Cross of Capital Economics suggests that a "significant decline" in non-farm payrolls is essential for the Federal Reserve to consider a 50 basis point rate cut. Wall Street Journal economists predict a slowdown in September’s payrolls to 100,000, down from 254,000, due to impacts from hurricanes and strikes.

Bitcoin Mining Costs Reach Record Highs, Yet Miners Push Forward with Infrastructure Expansion

CoinShares’ Q3 report reveals Bitcoin mining costs at record highs, with cash expenses at $49,500 per Bitcoin and full costs, including depreciation, reaching $96,100. Lead researcher James Butterfill notes that miners are expanding infrastructure and planning further investments, banking on future price increases despite current high operational expenses.

Tether Reports $2.5 Billion Net Profit in Q3, Bringing Year-to-Date Earnings to $7.7 Billion

Tether reported a $2.5 billion net profit for Q3, totaling $7.7 billion in year-to-date earnings. CEO Paolo Ardoino noted that $1.3 billion of this came from U.S. Treasury bonds and $1.1 billion from unrealized gains in gold, which rose by 15% in Q3. Tether's USDT holds a market value of nearly $120 billion.

South Korean Cryptocurrency Investors Projected to Increase by 21% in H1 2024

South Korea’s Financial Services Commission reports 7.78 million cryptocurrency investors in H1 2024, a 21% increase from H2 2023. Average daily trading volume surged by 67%, reaching 6 trillion won, while total market capitalization rose 27% to 55.3 trillion won. This growth reflects rising interest and activity in South Korea's cryptocurrency market.

New Hong Kong Compliance Association Launched, Emphasizing Fintech and Blockchain

The Hong Kong Compliance Association, introduced at the "New Financial Ecosystem - Web3.0 Navigation" event, aims to drive innovative compliance practices in fintech, blockchain, Web3.0, and AI. The association also promotes environmental, social, and governance (ESG) standards, reflecting a commitment to responsible development in these emerging sectors.

Italy Proposes Raising Crypto Capital Gains Tax to 42%

Italian Minister of Economy and Finance Giancarlo Giorgetti defended a proposal to raise cryptocurrency capital gains tax to 42% at the World Savings Day event, citing the high risks associated with digital assets. The Italian Council of Ministers has approved a budget to increase Bitcoin’s withholding tax from 26% to 42%, pending review by Italian lawmakers.

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