News

Timely, comprehensive, professional, and accurate information and data to stay updated on the latest news about blockchain, cryptocurrency, and Bitcoin.

FameEX Morning Crypto News Recap | February 4, 2024
AI Cryptocurrency Market Value Surges by $1.07 Billion in 12 Days, Fueled by Bittensor's Growth
The artificial intelligence (AI) cryptocurrency market cap experienced a significant boost, climbing from $6.08 billion to $7.15 billion within a mere 12 days. This remarkable growth is largely credited to bittensor (TAO), which registered a striking 31.6% rise against the U.S. dollar over the last week, showcasing the sector's dynamic expansion.
Approaching Bitcoin's Fourth Halving: Anticipated Changes in the Cryptocurrency Economy
With less than 80 days until Bitcoin's fourth halving, the crypto community is abuzz. This event will reduce the block reward from 6.25 to 3.125 bitcoins, sparking heightened market speculation. Observers are keenly watching to see if the 2024 halving will follow historical trends or chart a new path in Bitcoin's price trajectory.
Grayscale's GBTC Bitcoin Assets: $6 Billion Decline Over 22 Days
Grayscale's Bitcoin Trust (GBTC) experienced a notable reduction in its bitcoin holdings, with a decrease of 4,254.75 bitcoin in a single day. From January 12, 2024, GBTC has sold off 138,742.56 bitcoin, totaling a value of just over $6 billion, reflecting significant movements in its cryptocurrency investments.
NFT Collections Fuel Market Rebound, Achieving a 3.74% Rise in Weekly Sales
In the past week, NFT sales have seen a notable increase of 3.74% compared to the preceding week, with total sales reaching $236,234,800. This recent surge marks a significant departure from the previously observed trend of consecutive declines in NFT sales, suggesting a potential reversal in the market's recent downward trajectory.
'Rich Dad Poor Dad' Writer Robert Kiyosaki Predicts Imminent Crash in Stock and Bond Markets
Robert Kiyosaki, famed for 'Rich Dad Poor Dad,' has reiterated his warning of an impending crash in the stock and bond markets. He critiques the misplaced optimism in the economy, driven by rising stock prices, cautioning investors against being deceived. Kiyosaki recently raised concerns that the forthcoming crash could escalate into a depression, urging vigilance among investors.
Investment Expert Jim Rogers Discusses Cryptocurrency: Doubts on Bitcoin's Future as Money, Government Preference for Central Bank Digital Currencies
In a recent interview, investment veteran Jim Rogers predicted imminent issues for the U.S. economy and stressed that governments will not accept any threats to traditional fiat currencies from cryptocurrencies. He pointed out the government's preference for Central Bank Digital Currencies (CBDCs), highlighting their resistance to alternatives.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
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2024-02-04 04:57:01
The Solana (SOL) Price Is Declining, Yet Network Operation Indicates Strength
Solana's native token, SOL, has encountered volatility in the past two weeks, with a 9.8% decline observed between Jan. 30 and Feb. 1.
Source: www.theblock.co
Despite multiple attempts, SOL has been unable to surpass the $104 resistance, marking the fifth unsuccessful attempt in four weeks. Looking at a broader perspective, SOL has experienced a 10.7% drop over a 30-day period, contrasting with Ether (ETH) and BNB, which exhibited declines of 1.2% and 2.6%, respectively, during the same timeframe. Despite the price challenges, the network's user activity continues to rise, raising questions among investors about the reasons behind SOL's underperformance, particularly considering the robust fundamentals of the Solana network.
On a broader scale, the cryptocurrency market has been facing challenges following the U.S. Federal Reserve's decision on Jan. 31 to maintain unchanged interest rates at 5.25%. The central bank emphasized that this target range would persist until there is greater confidence that inflation is moving sustainably toward 2%. Concerns have arisen among investors about the potential acceleration of the crisis in U.S. regional banks, particularly due to the considerable pressure on these institutions stemming from fixed-income portfolios yielding below the current interest rate.
Shares of New York Community Bancorp (NYCB), which acquired the collapsed crypto-friendly Signature Bank in 2023, have experienced a 42% decline since Jan. 30, following the reporting of a $260 million loss in the fourth quarter of 2023. The collapse of Signature Bank in March 2023 and its subsequent takeover by the New York Department of Financial Services (NYDFS) have heightened contagion risks, drawing attention from traders and investors, including exchange co-founder Arthur Hayes.
Hayes anticipates an initial negative impact on Bitcoin if the Fed does not swiftly implement a bailout. However, the aftermath for cryptocurrencies could turn positive as investors heighten their inflation expectations. Whether the stimulus takes the form of a renewed Bank Term Funding Program (BTFP) or a cash injection through the NYDFS, the overall effect would entail more money flowing into the monetary system.
The inquiry into the significance of the $104 resistance for Solana prompts an exploration beyond its ecosystem, pointing to a comparable market capitalization with its direct competitor, BNB. At this level, Solana holds a market capitalization of $45 billion, aligning with BNB's valuation. However, when considering the total value locked (TVL), BNB Chain surpasses Solana, with a TVL of $3.54 billion, more than double Solana's $1.6 billion, as reported by DeFiLlama.
Leading blockchains based on 30-day DApp volume. Source: DappRadar
Solana faces a notable discrepancy in decentralized applications (DApps) activity compared to BNB Chain. BNB Chain's total active addresses engaging with DApps (UAW) reached 3.3 million in 30 days, a figure significantly exceeding Solana's 2.65 million. Similarly, the 30-day volume for BNB Chain's DApps amounted to $20.8 billion, in stark contrast to Solana's $2.75 million.
Recent attention on the Solana network has centered around the Jupiter (JUP) airdrop on Jan. 31, currently holding an $800 million market capitalization. The successful launch of the Jupiter decentralized exchange (DEX) aggregator received acclaim from Solana Foundation members, processing millions of transactions seamlessly. Over 438,000 addresses have claimed their JUP airdrop, with 9,391 of them receiving over 5,000 JUP, equivalent to $3,000 at current prices.
Excluding the inflated numbers attributed to Jupiter's airdrop, it's evident that several Solana DApps are witnessing significant user growth. Notable examples include MeanFi, MarginFi, Wormhole, Drift Protocol, Kamino Finance, and Jito. This surge in activity underscores the strength of Solana's network and suggests there are no signs of weakness. As for the possibility of SOL surpassing $104 and eventually rivaling BNB, this remains an unanswered question. Solana must demonstrate its capability to compete among the top three networks in terms of TVL and trading volumes to make such a leap.
Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.
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2024-02-02 11:17:30
FameEX Hot Topics | Economist Peter Schiff Explores Possibility of Fed Interest Rate Reduction in March
Economist Peter Schiff has recently articulated a nuanced view on the Federal Reserve's monetary policies, especially concerning the potential for an interest rate cut in March. Schiff, a noted critic of the Federal Reserve's approach to managing the economy, suggests that the Fed's recent decisions and statements might paradoxically increase the chances of a rate cut in the near future. According to Schiff, by ruling out a rate cut in March, Federal Reserve Chairman Jerome Powell has inadvertently heightened the likelihood of such a move.
During a recent Federal Open Market Committee (FOMC) meeting, it was decided to keep interest rates steady, with Powell expressing skepticism about the committee reaching sufficient confidence to adjust rates by March. Schiff interprets Powell's stance as possibly setting the stage for a rate cut, primarily to support the stock market after the Fed's clear signal against a March cut.
Schiff criticizes the Federal Reserve for its inflation targets, pointing out inconsistencies in its approach. He highlights Powell's remarks on maintaining inflation at a 2% threshold, challenging the Fed's commitment to keeping inflation averages around this figure over time. According to Schiff, this stance reveals a deeper strategy of the Fed to manipulate economic conditions to favor government spending and financial market stability, rather than genuinely addressing inflation concerns.
The economist expands on his critique by arguing that the Federal Reserve's primary function is to generate inflation, a process he accuses the Fed of obfuscating through denial and misdirection. Schiff contends that the Fed's actions are designed to facilitate government deficit spending and to bolster financial markets, rather than to uphold economic stability or combat inflation effectively.
Schiff's commentary sheds light on a broader skepticism regarding the Federal Reserve's role in shaping economic policy. He questions the long-term implications of the Fed's strategies, speculating on the potential for a severe recession or escalating inflation issues. Through his analysis, Schiff presents a critical examination of the Federal Reserve's policies, suggesting that the institution's actions may not only be counterproductive but also fundamentally misaligned with the principles of economic stability and growth.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
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2024-02-02 09:07:05
FameEX Morning Crypto News Recap | February 2, 2024
Global Survey Shows Optimism for Bitcoin: Participants Expect BTC to Surge to $60K and Higher in 2024
A global survey gathering views from nearly 10,000 people across diverse regions including Western and Eastern Europe, Southeast Asia, East Asia, MENA, and Latin America, reveals a bullish outlook on bitcoin. Over half of the respondents expect bitcoin to range between $30,000 to $60,000 around its halving in April 2024, with 30% predicting prices will soar above $60,000.
Volkswagen Establishes New AI Firm to Develop Prototype Automotive Technology
Volkswagen has announced the launch of "AI Lab," a new artificial intelligence company aimed at advancing vehicle technology through digital prototyping and partnerships within the broader tech industry. This initiative reflects Volkswagen Group's commitment to integrating AI into its vehicle development strategy, fostering innovation and collaboration with tech industry leaders.
Salvadoran President's Commitment to Bitcoin Strategy Remains Firm During Elections
In the run-up to El Salvador's general elections, Vice President Félix Ulloa has assured that their commitment to Bitcoin remains unshaken, contingent on his party's reelection. Amidst $1.3-billion loan negotiations with the International Monetary Fund (IMF), El Salvador has been nudged again by the IMF to reevaluate its Bitcoin stance, highlighting the international scrutiny over its pioneering cryptocurrency policy.
FCC Chair Suggests Banning AI-Driven Robocalls
FCC Chairwoman Jessica Rosenworcel, in a recent announcement, proposed treating AI-generated voice calls as unlawful under the Telephone Consumer Protection Act (TCPA). This move on January 31 aims to regulate and penalize such robocalls, aligning them with existing telecommunications laws and protections against unsolicited communications.
Core Scientific Extracted $812 Million in Bitcoin During 2023
Core Scientific, after filing for Chapter 11 bankruptcy in June 2023, successfully emerged from bankruptcy on January 27, and its stock was relisted on the Nasdaq. In 2023, it became the largest publicly listed cryptocurrency mining company in North America, having mined 19,274 Bitcoin valued at $812 million.
Bitcoin Surge Triggers 'Urgent' Examination of US Crypto Miner Power Consumption
The U.S. Department of Energy is set to monitor crypto miners' energy usage over the next six months, triggered by rising Bitcoin prices and a surge in mining activities. Starting next week, the DOE's initiative aims to gather comprehensive data on the power consumption of U.S. crypto mining operations amid growing concerns over their energy impact.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
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2024-02-02 04:22:50
FameEX Biweekly | FameEX Lifts to 41st Place in the CoinMarketCap Rankings With Its Average Liquidity Breaking the 550 Mark! (Issue 2, January 2024)
Catch up the highlights from January 16 to January 31, 2024. FameEX experienced significant growth in its events. According to data from the third-party market platform CoinMarketCap, FameEX ranked 41st among cryptocurrency exchanges with average liquidity of 550. This achievement can be attributed to the highly anticipated platform events and the listing of popular tokens during this period. For more details, check out this issue of FameEX Biweekly.
IMF chief Kristalina Georgieva recognizes cryptocurrencies as an asset class rather than a currency. She downplays the idea of Bitcoin replacing the U.S. dollar’s global dominance, pointing to the vast size of the U.S. economy and the advanced, deep capital markets as major reasons for the dollar’s enduring supremacy.
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Cathie Wood, Ark Invest’s director of digital assets, highlighted that Bitcoin’s 2024 halving could transform the cryptocurrency landscape in a recent interview. Wood revealed that Bitcoin’s 2024 halving is completely different from the previous three times. The rate of growth in Bitcoin’s supply is poised to be halved to just under 1% per year. This represents a significant shift as, in comparison, the annual growth rate of the gold supply has averaged roughly 1%. The impending reduction in Bitcoin's supply growth is anticipated to fall below that of gold. This nuanced detail could be a game-changer for the cryptocurrency market.
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Data shows that the trade volume for the Bitcoin spot exchange-traded fund (ETF) product has reached an impressive $11.8 billion over the last week, emphasizing the prevailing dominance of the product within the trading trend. Investors perceived the recent downturn in prices as an opportune moment to strategically augment their exposure to short-Bitcoin investment products, CoinShares reported.
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Grayscale’s Bitcoin Trust (GBTC) has seen a notable reduction in its Bitcoin holdings, according to recent statistics. From Tuesday to Wednesday, GBTC’s total bitcoin count dropped from 552,681.22 to 536,694.93, marking an outflow of 15,986.29 bitcoin in just one day.
Read More
On January 24, a statement from the U.S. Securities and Exchange Commission (SEC) showed that the SEC has extended its timeline for a decision on BlackRock’s spot Ether (ETH) exchange-traded fund (ETF). This delay indicates the SEC’s need for more time to consider the rule change proposed by BlackRock.
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1. Winning Announcement for FameEX’s 1st Crypto Carnival. On January 24, 2024, FameEX released the winning announcement of the “Kickstart 2024 with FameEX’s 1st Crypto Carnival: Win from 30,000 USDT Prize Pool” event. A total of 11,931 users signed up to participate in the event, and all rewards will be distributed within 7 working days. Please view the announcement for more details.
View Winning Announcement
A total of 7 tokens were listed in the FameEX spot trading zone during the period.
◆ Fusionist (ACE): ACE/USDT was listed in the spot trading zone on January 17, 2024.
◆ Streamr (DATA): DATA/USD was listed in the spot trading zone on January 17, 2024.
◆ IoTeX (IOTX): IOTX/USDT was listed in the spot trading zone on January 17, 2024.
◆ BLACK PHOENIX (BPX): BPX/USDT was listed in the spot trading zone on January 23, 2024.
◆ Port3 Network (PORT3): PORT3/USDT was listed in the spot trading zone on January 24, 2024.
◆ Troll (TROLL): TROLL/USDT was listed in the spot trading zone on January 26, 2024.
◆ PUTinCoin (PUT)：PUT/USDT was listed in the spot trading zone on January 31, 2024.
◆ The FameEX platform ranked 41 on CoinMarketCap on January 31. The 24-hour trading volume was $173,644,267, with an average liquidity of 550 and an average of 542,491 weekly visits. (Data source: CoinMarketCap)
◆ As of January 31, the total assets in the risk reserve wallet are 4,929,443.95 USDT, which is updated daily and can be viewed HERE in real-time.
1. Affiliate Risk Control Factors Added. On January 16, FameEX completed the enhancement of the platform’s warning system and successfully deployed it. A new affiliate risk control factor was added to further improve the platform’s warning system and ensure the smooth operation of the platform.
Project Research
FameEX Research has released the latest reports: ORDI (Ordinals), BONK (Bonk), TURT (TurtSat), LIMO (Limoverse), TRAC (Trac), ORT (Okratech Token), and MICE (Mice).
1. X (formerly Twitter):130.3K Followers. Link: https://twitter.com/FameexGlobal
2. Chinese X:9,101 Followers. Link: https://twitter.com/FameEXzh
3. YouTube:1,700 Subscribers. Link: https://www.youtube.com/c/FAMEEX
4. Telegram (Global):137,426 Members. Link: https://t.me/fameexgroup
5. Discord:7,142 Members. Link: https://discord.gg/V8yvKPxVCk
Thanks for reading this report of FameEX Biweekly. Stay engaged with our official social media; your voice matters to us!
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2024-02-01 11:27:05
FameEX Weekly Market Trend | February 1, 2024
From Jan. 29 to Jan. 31, the BTC price swung from $41,620.00 to $43,882.36, with a volatility of 5.43%. The prior analysis noted $43,000 as a robust resistance. Despite hitting $42,800 recently and experiencing a pullback, the volume and extent are not significant (quick recovery after dropping down $42,000). The imminent $43,000 breakthrough is confirmed by recent attempts, reaching around $43,800 but falling short of $44,000 before the decline. Further efforts to breach $43,000 did not lead to stabilization. However, maintaining above $41,500 in retracement sufficiently reflects turnover during the upward process, contributing to stability in the later upward trend. Despite large outflows during Grayscale’s capital reduction, BTC’s upward trend persists, supported by funding and continuous inflows into Bitcoin spot ETF funds. The current bottom range for BTC is $41,200-$41,800, making it opportune for buying at a lower price, anticipating stability at $43,000 for a new upward trend.
Source: BTCUSDT | Binance Spot
Between Jan. 29 and Jan. 31, the price of ETH/BTC fluctuated within a range of 0.05309-0.05490, showing a 3.40% fluctuation. The previous analysis mentioned that ETH/BTC has not yet exited its previous downtrend and hit a new low recently. Therefore, the preferred approach to this cryptocurrency is to stay cautious until a reversal in the trend appears. Around 11:00 PM (UTC+8）on Jan. 30, ETH/BTC experienced a significant upward breakthrough. It broke through MA7 and MA25, but the subsequent decline was rapid, indicating persistent uncertainty between bulls and bears. The 1-hour chart has not broken out of the downtrend channel, and although the 4-hour chart shows a turning point in the moving averages, entering the market carries high risks until it breaks and stabilizes above 0.05450. Currently, it is advisable to patiently await a breakthrough of 0.05450 before considering a bullish pursuit.
Source: ETHBTC | Binance Spot
Based on overall analysis, the current market is in a situation where the short-term bullish and bearish trends are not very clear. The $43,000 mark has been a battleground for bulls and bears recently. With continuous net inflows of funds, a stabilization at $43,000 seems imminent, and initiating the next phase of a new uptrend is only a matter of time. Therefore, at this stage, numerous chances exist for strategic placement, allowing individuals to invest in well-established currencies or trending altcoins (such as those in the NFT sector, SOL series, etc.) at the appropriate times.
The Bitcoin Ahr999 index of 0.82 is between the buy-the-dip level ($31,700) and the DCA level ($51,760). Therefore, it is advised to purchase popular coins via DCA.
Source: OKLink
In general, the 7-day cumulative funding rates for the popular coins across major exchanges are positive, indicating that long leverages are relatively high.
Source: coinsoto
The BTC and ETH contract open interest both surged significantly from major exchanges.
Exchange BTC Contract Open Interest:
Source: coinsoto
Exchange ETH Contract Open Interest:
Source: coinsoto
1) On January 29, the number of new addresses on the Solana network surpassed 10 million.
2) On January 29, the founder of RSS3 announced that the RSS3 mainnet is set to launch soon.
3) On January 29, seven departments, including the Ministry of Industry and Information Technology, emphasized breaking through the entrance to the metaverse and other super terminals with explosive potential.
4) On January 30, official Grayscale data revealed that as of January 29, the GBTC Bitcoin holdings fell below 500,000 coins.
5) On January 29, the National Blockchain Innovation Application Pilot Summary and Exchange Conference was held in Chongqing.
6) On January 30, the Australian Securities Exchange (ASX) announced it would approve a spot Bitcoin ETF in the first half of this year.
7) On January 31, the President of 21Shares stated that a spot Bitcoin ETF is one of the best ETFs ever launched.
8) On January 31, Huatai Securities predicted that the price of Bitcoin would reach a historical high in 2024.
9) On January 31, the U.S. Bitcoin spot ETF saw a net inflow of $247 million on its 13th trading day.
10) On January 31, Tether’s net profit for the fourth quarter reached a historical high of $2.85 billion.
Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.
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2024-02-01 10:43:30
FameEX Hot Topics | Billionaire Tim Draper Reaffirms His Stance on Bitcoin — Envisions a Future Where Dollars Are No Longer Preferred
Tim Draper, a renowned billionaire and venture capitalist, has reinforced his commitment to Bitcoin and his bold price projection for the cryptocurrency. In a thought-provoking statement, Draper foresees a pivotal moment in the financial world, similar to historical runs on banks and currencies, where bitcoin will emerge as a dominant mode of transaction. He envisages a future where everyday necessities like food, clothing, and shelter could be purchased using bitcoin, leading to a diminished reliance on traditional currencies like the U.S. dollar.
During an interview with Bloomberg, Draper revisited his well-known prediction that bitcoin would reach a value of $250,000. This forecast, made when bitcoin was valued at around $400, was based on a four-year outlook. Draper candidly acknowledged that his prediction did not come to fruition as anticipated, primarily due to his underestimation of the U.S. government's cautious stance towards bitcoin. He had expected the government to develop a framework for taxing bitcoin and facilitate its use as a primary currency in business transactions, similar to developments in other countries.
Draper's miscalculation stemmed from not foreseeing the extent of apprehension within the U.S. government regarding bitcoin. However, he now believes there is a growing realization of bitcoin's potential benefits for the wider economy.
Elaborating further, Draper drew historical parallels, likening the future scenario he anticipates for bitcoin to past financial shifts, such as the post-Civil War devaluation of Confederate currency, the transition from the Greek drachma and the French franc to the euro. He predicts that a similar transformational phase could occur with bitcoin, leading to a significant change in how people approach and use currency.
Draper concluded with a visionary statement, expressing his belief in a future where bitcoin's utility extends beyond investment and speculation to become a mainstream medium for purchasing basic necessities. In this envisioned future, the preference for bitcoin over traditional currencies like the U.S. dollar could signify a monumental shift in the global financial landscape.
Draper's insights reflect a deep conviction in the transformative potential of bitcoin, suggesting a future where it could fundamentally alter conventional monetary systems and consumer behavior. This scenario depicts a world where digital currencies, led by bitcoin, play a central role in everyday transactions, challenging and potentially reshaping the established economic order.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
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2024-02-01 08:40:45
Bitcoin Traders Were Taken Aback By The 11% Price Increase In Just 8 Days
BTC options and futures metrics revealed that both whales and market makers were bracing for a potential price crash preceding the rally to $43,000.
Source: finance.yahoo.com
Despite the cautious sentiment in the market, Bitcoin's price surged by 11% within eight days after finding support at $38,500. This upward movement caught several investors off guard, including Arthur Hayes, co-founder of the exchange. Hayes had anticipated that heightened risks of inflation in the U.S. and geopolitical instability would lead to a downturn in risk assets, including Bitcoin. Contrary to these expectations, the price of Bitcoin experienced a significant rally to $43,000 on Jan. 30.
The unexpected surge in Bitcoin's price defied the predictions of many traders who were anticipating increased volatility leading to a downward price movement. The market sentiment, influenced by factors such as inflation concerns and geopolitical tensions, had initially pointed toward a potential decline. However, the subsequent price action demonstrated the resilience of Bitcoin, as it not only resisted a significant downturn but also experienced a notable rally.
On January 31, Bitcoin failed to maintain support at $43,000; however, the current price has exhibited a 30-day period of stability, suggesting that the factors triggering the initial negative impact may have been neutralized. Analysts propose that fear, uncertainty, and doubt (FUD) arose from the outflow of funds in the Grayscale spot Bitcoin Trust exchange-traded fund (ETF) and potential sales from clients receiving their coins from the defunct exchange. Notably, other spot Bitcoin ETF issuers like Fidelity, BlackRock, and BitWise have been counteracting much of the selling pressure from Grayscale’s GBTC. Despite this, Arthur Hayes highlights macroeconomic concerns, as recent U.S. inflation and growth data have led investors to revise expectations for interest rate cuts from the U.S. Federal Reserve in March.
Additional concerns were introduced on January 26 with the U.S. government's announcement of the sale of 2,934 BTC seized from the Silk Road hack, valued at nearly $120 million. However, analysts note that this quantity is relatively insignificant compared to the daily inflows attracted by recently launched spot Bitcoin ETFs, which surpass four times this amount. It is crucial to assess whether professional traders benefitted from the price surge. While there is a common belief that whales and market makers have an advantage in predicting significant price changes, utilizing advanced quantitative trading software and strategically positioned servers, they are not immune to substantial financial losses when the market experiences volatility.
Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.
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2024-02-01 07:27:10
FameEX Morning Crypto News Recap | February 1, 2024
Fed Holds Interest Rates Steady, Aiming for 'More Assurance' in Achieving Inflation Target
On January 31, 2023, the U.S. Federal Reserve decided to keep the federal funds rate steady, noting robust economic growth. Despite a slowdown in job growth from early last year, the employment rate remains robust with low unemployment. The Fed recognized that while inflation has reduced compared to the previous year, it remains above the desired level.
Grayscale's Bitcoin Trust Experiences Slower Reduction While New ETFs Advance, Accumulating Over 160,000 BTC
Grayscale's Bitcoin Trust (GBTC) saw a reduction of 4,461.36 bitcoin, worth roughly $190.53 million, in a recent update. Since January 12, 2024, GBTC's total decrease has been about 124,967.54 bitcoin, valued at approximately $5.33 billion. In contrast, the nine newly launched spot bitcoin exchange-traded funds (ETFs) have collectively accumulated a significant 160,661.38 bitcoin.
Microsoft's Revenue Increases by 18% Following Integration of AI Across Technology Platforms
During their earnings release on January 30 for the last quarter, tech giants Microsoft and Alphabet (Google's parent company) showcased significant advancements in artificial intelligence (AI) and cloud computing. Microsoft experienced a boost in sales towards the year's end, primarily driven by its AI tools. The report indicated an impressive 18% year-on-year revenue increase from September to December, exceeding $60 billion.
Lugano, Swiss City, Embraces Future with Multiple Digital Currencies
Paolo Bortolin, the Deputy Chief Financial Officer of Lugano, Switzerland, holds a positive view on the future integration of various digital currencies. He believes that Bitcoin, central bank digital currencies (CBDCs), and stablecoins each have unique roles to play in serving user needs effectively. This vision embraces a diverse digital currency ecosystem for practical applications.
Russian Banking Association Establishes 'Digital Assets Council'
Russia's leading securities and banking association, the National Association of Stock Market Participants (NAUFOR), announced the formation of a council dedicated to the self-regulation of digital assets. As reported by RBC and confirmed in a NAUFOR statement, the Board of Directors established this council on January 30. NAUFOR, a self-regulatory body, includes 647 member banks and licensed securities providers.
Saudi Arabia Joins BRICS as Latest Member
Saudi Arabia's entry into the BRICS alliance, accompanied by four other nations, signifies a major shift in global economic alignments. This move challenges the conventional world order, representing a notable change from Saudi Arabia's traditional alignment with Western interests, especially the United States. This development underscores a strategic transition towards a more diverse and multipolar global landscape.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
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2024-02-01 04:25:50
FameEX Hot Topics | Standard Chartered Anticipates SEC's Approval of Spot Ethereum ETFs in May, Predicts Surge in ETH Value to $4,000
Standard Chartered, a major banking institution, has forecasted that the U.S. Securities and Exchange Commission (SEC) is likely to approve spot Ethereum exchange-traded funds (ETFs) by May. This anticipation, as reported by Bloomberg, stems from a recent note published by the bank's crypto research head, Geoff Kendrick. Kendrick, who also oversees Western emerging markets FX, expects the SEC's decision-making process for ethereum ETFs to align with its handling of spot Bitcoin ETF approvals.
Kendrick points to May 23 as a critical deadline for the SEC to either approve or reject spot ethereum ETF applications from Vaneck and Ark 21shares. He predicts the decision will come on this final date, drawing a parallel to the SEC's Jan. 10 approval of 11 spot bitcoin ETFs. His projection is based on the legal and financial similarities between ethereum and bitcoin, suggesting that ethereum ETFs might follow a similar approval trajectory.
Despite SEC Chairman Gary Gensler's reluctance to classify ethereum as a security (while stating that most crypto tokens, barring bitcoin, are securities), the SEC recently delayed decisions on two spot ethereum ETF applications, one from Blackrock and another from Grayscale Investments.
Kendrick believes that ethereum's price could soar to $4,000 by the May 23 approval deadline, mirroring bitcoin's price movement during its ETF approval phase. As of the report, ether is trading at $2,370. This price target is contingent on several assumptions: low general market expectations for approval, incorrect implied volatility projections, and the possibility of the SEC approving multiple spot ethereum ETFs simultaneously, as it did with bitcoin ETFs.
The post-approval market behavior for ethereum is also a focus. While bitcoin experienced a selloff post its ETF approvals, with notable exits from the Grayscale Bitcoin Trust (GBTC) by investors like FTX, Standard Chartered posits that ethereum might be less susceptible to a similar downturn. This expectation is due to the comparatively smaller market capitalization share of Grayscale's existing Ethereum Trust in relation to the total ether market, versus bitcoin's share in GBTC.
Kendrick emphasizes that these factors should render ETH less vulnerable to a post-approval selloff than BTC. This optimistic outlook on ethereum coincides with Standard Chartered's early-month prediction that bitcoin could reach a staggering $200K by 2025, showcasing the bank's bullish stance on the future of major cryptocurrencies.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
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2024-01-31 09:10:11