FameEX Morning Crypto News Recap | December 27, 2024

U.S. Congress Likely to Revive Cryptocurrency Legislation Efforts in 2025

The U.S. Congress is anticipated to revive cryptocurrency legislation in 2025, prioritizing key bills like FIT21 and stablecoin regulations. FIT21 aims to expand the Commodity Futures Trading Commission’s (CFTC) authority while defining the Securities and Exchange Commission’s (SEC) regulatory scope.

BTC Volatility Triggered by TradingView Data Errors

On December 26, Bitcoin experienced volatility due to a TradingView chart data error, briefly dropping around 4%. The chart mistakenly showed BTC's market share at 0%, sparking panic selling. CoinGlass reported approximately $33 million in BTC long positions were liquidated within four hours following the incident.

OpenAI Eyes Transition to For-Profit Model, Faces Hurdles with Microsoft

OpenAI CEO Sam Altman aims to transition the company into a for-profit entity but faces challenges from Microsoft, which has invested over $13 billion. Negotiations since October focus on Microsoft's equity, its role as a cloud provider, intellectual property rights, and revenue-sharing agreements.

Japanese Prime Minister States Insufficient Data to Evaluate Bitcoin as Strategic Reserve

On December 26, Japanese Prime Minister Shigeru Ishiba stated that the government does not have enough information at present to evaluate Bitcoin as a strategic reserve.

Brazil's Central Bank Proposes Stablecoin Transaction Ban Set for 2025 Implementation

Brazil's central bank proposed banning stablecoin transactions, including those involving self-custody wallets like USDT, on November 29. Public consultations on the proposal are expected to conclude by February 2025.

Bitcoin Mining Contributes 18% to Ethiopian Power Company’s Revenue

Ethiopia leverages the Grand Renaissance Dam to boost Bitcoin mining, generating 18% of the Ethiopian Electric Power Company's revenue. Over the past year, $1 billion was invested in mining, surpassing electricity export profits. The government partnered with 25 mining firms, attracting global miners with low electricity rates of approximately 3.2 cents per kilowatt-hour.

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