FameEX Morning Crypto News Recap | November 4, 2024
2024-11-04 13:25:25
Fed Decision and U.S. Election Could Signal Turning Point for Crypto Market
The upcoming U.S. election and Fed's potential 25 basis point rate cut could significantly impact markets, especially with the worst non-farm payrolls in four years. Dollar bulls are positioned strongly amid this economic uncertainty. Key events next week include the U.S. election, Fed's rate decision, and Bank of England's rate decision, with polls showing a close race between Trump and Harris.
Bitcoin Miners' October Revenue Hits $1.02 Billion, Highest Since April
In October, Bitcoin miners generated $1.02 billion in revenue, the highest since April 2024, reflecting a 25% increase from September. This total includes $975.22 million from block rewards and $44.78 million from transaction fees, highlighting strong growth in mining profitability.
Rising Stablecoin Supply Fails to Substantially Boost Bitcoin Liquidity
CryptoQuant CEO Ki Young Ju notes that despite growing stablecoin supply, it’s insufficient to boost Bitcoin liquidity or prices significantly. Currently, exchanges hold six times more Bitcoin than stablecoins, with only 21% of stablecoins on exchanges—down from over 50% in 2021. This shift limits the stablecoin influence on Bitcoin's market liquidity and demand.
VanEck’s Digital Asset Research Director Criticizes U.S. Treasury's Stance on Stablecoins
Matthew Sigel, head of digital asset research at VanEck, criticized the U.S. Treasury's stance on stablecoins, calling it outdated. He argues that stablecoins can operate securely within a global regulatory framework and notes that modern stablecoins offer real-time data and transaction transparency, making previous concerns irrelevant under current technological advancements.
Russia Establishes Regulatory Framework to Govern Cryptocurrency Mining Operations
The Russian government has introduced a regulatory framework for cryptocurrency mining, following a law signed by President Putin in August. This law legally recognizes cryptocurrency mining, sets safety and operational standards for miners, and establishes guidelines for trading digital financial assets on authorized platforms, marking a structured approach to the crypto sector.
Unprecedented Number of Wealthy Americans Plan to Leave the Country Post-Presidential Election
The US Consumer News and Business Channel reports that a record number of wealthy Americans plan to leave the country indefinitely, driven by fears of post-election political and social unrest. Immigration experts and lawyers note increased interest among affluent Americans concerned about potential riots and instability, regardless of the Nov. 5 election outcome.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.