FameEX Morning Crypto News Recap | August 4, 2023

Study Exposes: Social Media Bots Significantly Boosted Value of FTX-Listed Crypto Assets
According to the Network Contagion Research Institute (NCRI), bots on the social media platform X (previously Twitter) played a significant role in artificially increasing the value of cryptocurrencies associated with the now-defunct FTX exchange and its sister firm, Alameda Research.

Survey Findings: Most Americans Notice a Downturn in the US Economy
A majority (51%) of 1,279 surveyed adults think the U.S. economy is deteriorating, ignoring positive indicators such as job growth, GDP, and inflation stabilization. This sentiment aligns with President Joe Biden's nearing 2024 reelection campaign against Republican rivals.

Extension of Saudi Arabia's Oil Production Cuts Fuels Tensions with US Officials
Saudi Arabia will continue reducing oil production by 1 million barrels per day, and Russia by 300,000 barrels per day, to bolster oil prices amid economic growth fears. This move sparked tensions with the US, which has been urging increased output to reduce fuel expenses.

CBDP Retail Remittance Pilot with Western Union Successfully Concludes
The Digital Dollar Project (DDP) completed a successful pilot study using simulated retail central bank digital currency (rCBDC) for remittance payments to the Philippines. With Western Union and BDO Unibank as partners, the project demonstrated enhanced settlement time, cost efficiency, and transparency for BDO Unibank customers.

Alibaba Launches Two Open-Source AI Models to Challenge Meta's Llama 2
On August 3, Alibaba Group announced the release of Qwen-7B and Qwen-7B-Chat, two open-source AI models, from its cloud computing division. These models were introduced by the Chinese tech and e-commerce giant to directly rival Meta's recently-launched Llama 2.

Warren and Sanders Advocate Closing the '$50 Billion Crypto Tax Gap
Elizabeth Warren and Bernie Sanders, along with other US Senators, highlight a "$50 billion crypto tax gap" due to crypto tax evasion. They caution that delaying tax policy updates could result in a loss of approximately $1.5 billion in tax revenue for the 2024 fiscal year for the IRS and Treasury.

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