FameEX Morning Crypto News Recap | February 19, 2024

Transaction and Fee Reduction in Bitcoin Network Observed as Halving Nears

From January 28, 2024, there's been a significant reduction in the Bitcoin network's daily transactions, falling from highs of over 600,000 to less than 300,000. Accompanying this drop is a decrease in the production of daily Ordinal inscriptions, resulting in diminished congestion and decreased onchain transaction fees.

Leading Tech Firms Vow to Reduce Artificial Intelligence Interference in Elections

On February 16, twenty technology companies focused on artificial intelligence (AI) pledged to deter their software from impacting elections, including those in the United States. This commitment comes amid concerns over AI's potential risks, particularly in a year projected to see about four billion people globally participating in electoral processes.

Crypto and Blockchain Investments Saw Significant Growth in Q4 2023

According to a report by PitchBook, the cryptocurrency sector saw investments climb to $1.9 billion, experiencing a 2.5% increase from the previous quarter. This upturn in venture capital funding marks the sector's first growth since March 2022, indicating a revival in investor interest and confidence in the crypto industry.

Texas Emerges as a Leading Destination for Crypto Mining Operations

The state of Texas has emerged as a preferred destination for cryptocurrency mining firms, thanks to its welcoming regulations and plentiful energy supplies. With its low-cost electricity and significant renewable energy resources, Texas is an appealing choice for Bitcoin mining companies aiming to leverage these benefits for their operations.

Honduran Regulator Forbids Institutions from Cryptocurrency Trading

Honduras' CNBS has enacted an instant prohibition on institutions participating in cryptocurrency transactions. This measure, effective immediately, is motivated by the potential misuse of digital currencies in fraud and money laundering operations. This move underscores the country's dedication to curbing financial threats associated with virtual assets.

Former Federal Reserve Hawk Brad Supports Wisdom of March Rate Reduction

On February 19th that the former St. Louis Fed President Brad supports a decrease in interest rates at the March meeting. This change in position is intended to prevent overly restrictive policy effects on economic activities towards the end of the year. Brad, once a proponent of quick interest rate rises, had advocated for continued hikes as recently as last summer.

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