FameEX Morning Crypto News Recap | August 28, 2023

Research Exposes Eastern Bid to Rival Western Supremacy in Gold Pricing
A recent report reveals that Eastern nations are significantly boosting their gold acquisitions, posing a challenge to the long-standing Western dominance in gold pricing. This trend is not only reshaping global power dynamics but also bringing about a noteworthy change in the traditional gold market dynamics.

Despite a 14% drop in sales, the trade volume of NFTs has reached $91 million, indicating a growing number of buyers participating in the market, according to recent data.
Recent statistics indicate a 14% decline in NFT sales, amounting to $91.86 million, within the past week. Surprisingly, buyer numbers surged by 38% despite this drop. Nonetheless, NFT transactions encountered a notable decrease of over 30% during the same period, revealing a mixed trend in the market.

Poll Discovers Only 2% of Russians Open to Storing All Savings in Digital Ruble
While over 50% of Russians are open to investing in the digital ruble, a mere 2% are comfortable putting all their savings into it. Lack of information and fears of system failures are key reasons for their reluctance to fully adopt the government-backed digital currency.

Continued Strengthening of US Dollar Dominance in Global Payments Evident from SWIFT Data
SWIFT's data underscores the US dollar's heightened global payment dominance, hitting a record 46% representation in SWIFT FX transactions in July. This aligns with the rising involvement of the Chinese yuan, reflecting evolving dynamics within the international financial arena.

Peter Schiff, Economist, Warns of 'Full-Blown Financial Crisis' Before US Economy Reaches Fed's Inflation Target
Economist Peter Schiff warns of an impending "full-blown financial crisis" that could hit the US economy before the Federal Reserve reaches its inflation target. He predicts this crisis may compel the Fed to adjust its inflation target, indicating potential major economic changes.

Amid Growing Power Demand, Laos Suspends Crypto Mining Operations
Amid a severe summer heatwave that heightened electricity demands, Electricite du Laos (EDL) suspended cryptocurrency mining operations on August 24th. The move aims to alleviate strain on the power supply resulting from heightened energy consumption during this period.

Response of Cryptocurrency Community to Biden's Proposed Rules on Crypto Tax Reporting
In a move to combat cryptocurrency tax evasion, the IRS introduced fresh regulations on August 25. Brokers would implement these rules to improve tax adherence and discourage fraudulent activities. However, some within the crypto community contend that these stringent measures might lead to the industry drifting away from the US.

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