FameEX Morning Crypto News Recap | February 1, 2024

Federal Reserve Keeps Interest Rates Unchanged, Striving for 'Enhanced Certainty' in Meeting Inflation Objective

The U.S. Federal Reserve, on January 31, 2023, maintained the federal funds rate, citing strong economic growth. Job growth has seen a deceleration since the beginning of the previous year, yet employment rates are still high with low unemployment figures. The Fed acknowledged that, although there has been a decline in inflation from the prior year, it still exceeds target levels.

Grayscale Bitcoin Trust's Diminishing Holdings Decelerate as Rising ETFs Amass Over 160,000 BTC

Recently, Grayscale's Bitcoin Trust (GBTC) reported a decrease of 4,461.36 bitcoin, approximately valued at $190.53 million. From January 12, 2024, the total decline in GBTC's holdings amounts to about 124,967.54 bitcoin, translating to an estimated $5.33 billion. Meanwhile, nine new spot bitcoin ETFs have collectively acquired a substantial 160,661.38 bitcoin, marking a notable shift in the cryptocurrency market.

Microsoft Reports 18% Revenue Growth Post AI Integration in Tech Offerings

In their latest quarterly earnings report on January 30, Microsoft and Alphabet highlighted major strides in artificial intelligence (AI) and cloud computing. Microsoft, in particular, saw a substantial increase in sales at the year's end, largely attributed to its AI innovations. The company reported a notable 18% rise in year-on-year revenue from September to December, surpassing $60 billion.

Swiss Municipality Lugano Adopts Future Vision with Variety of Digital Currencies

Paolo Bortolin, Lugano's Deputy Chief Financial Officer, is optimistic about incorporating a range of digital currencies in the future. He envisions Bitcoin, CBDCs, and stablecoins each fulfilling distinct roles to meet user requirements. His perspective underscores the potential of a varied digital currency landscape for pragmatic uses, embracing the diversity of the digital financial ecosystem.

Russian Banking Association Forms 'Digital Assets Council'

The National Association of Stock Market Participants (NAUFOR) in Russia has inaugurated a council for self-regulating digital assets. Confirmed by RBC and NAUFOR, this council was established by the Board of Directors on January 30. NAUFOR operates as a self-regulatory organization and encompasses 647 banks and securities providers with official licenses, marking a significant step in digital asset management.

Saudi Arabia Newest Addition to BRICS Membership

Saudi Arabia's recent induction into the BRICS alliance, along with four other countries, marks a pivotal change in global economic relations. This development disrupts the existing world order, showcasing Saudi Arabia's shift away from its usual Western-centric orientation, particularly with the U.S. This move highlights a strategic shift towards a more varied and multipolar international framework.

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