FameEX Morning Crypto News Recap | February 26, 2024

European Agency in Frankfurt to Examine Cryptocurrencies Under Anti-Money Laundering Regulations

Following agreement by European lawmakers and ministers, the cryptocurrency industry in Europe will be overseen by a newly established agency. Located in Frankfurt, Germany's financial center and the site of the European Central Bank, this new entity is charged with monitoring compliance with anti-money laundering directives.

Trump Indicates Bitcoin Could Benefit from Some Regulation

Former US President Trump, in an interview, stated Bitcoin's autonomous growth might necessitate some regulations. He recognized Bitcoin's rising acceptance and the surge in people interested in using it for transactions. Additionally, Trump revealed his willingness to accept Bitcoin, underscoring its growing prominence in conventional financial dealings.

JPMorgan Notes Declining Correlation Between Bitcoin Prices and Spot ETF Fund Flows

JPMorgan reports a diminishing link between Bitcoin (BTC) price fluctuations and spot ETF fund flows. In a report to clients, analyst Ken Worthington noted the correlation has fallen to 0.60, marking a notable decline from 0.78 on February 7 and 0.84 on January 31, suggesting a decreasing direct connection between these two financial indicators.

Stablecoin Market Capitalization Hits $140.82 Billion

The stablecoin market is experiencing substantial growth, achieving a total market cap of $140.82 billion, an increase from $138.26 billion as of February 24. In particular, the market value of USDT has escalated to $97.98 billion from approximately $96.52 billion, a 2.5% rise since January 24, 2024, underscoring the vibrant expansion in this area of cryptocurrency.

Author of "Rich Dad Poor Dad" Intends to Buy Additional Bitcoin Following a Crash

Robert Kiyosaki, renowned author of "Rich Dad Poor Dad," expressed on the X platform his perspective on Bitcoin crashes, equating them to opportunities just like with gold and silver. He eagerly anticipates the cessation of any downturn to increase his investments, viewing market crashes as chances to purchase assets at a "sale," which he considers his favorite word.

Mandatory Inquiry into Bitcoin Miners' Energy Usage Suspended by U.S. Department of Energy

Following legal action, the Daily Planet states that the U.S. Department of Energy alongside the Energy Information Administration (EIA) has put a hold on compulsory investigations regarding the energy consumption by Bitcoin mining operations. This lawsuit was brought forth by the Texas Blockchain Council and various American mining entities, such as Riot Platforms, alleging illegal data gathering practices on 82 Bitcoin mining corporations by the agencies.

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