FameEX Morning Crypto News Recap | February 28, 2024

Apple Terminates Decade-Long Electric Car Project "Titan," Redirects Efforts to Generative AI Sector

Apple has abruptly halted its ten-year pursuit of electric car development, discontinuing a major project. The decision, shared internally on Tuesday, caught nearly 2,000 project-involved employees off guard. Given the recent sluggish growth in the electric car market, Apple opted to terminate the endeavor.

MicroStrategy Surpasses United Airlines, Ranks as 471st Largest US Company

MicroStrategy has surpassed United Airlines in market value, ascending to the 471st spot among U.S. companies with a $14.96 billion capitalization. This surpasses United's $14.67 billion, marking a significant milestone that underscores MicroStrategy's rising prominence against an established airline heavyweight.

The White House Raises Alarm About Bitcoin Mining's Impact on Power Grid, Considers Tighter Regulations

Fox's senior reporter Charles Gasparino tweeted that the White House is worried about the stress Bitcoin mining places on the power grid, a situation worsened by the cryptocurrency's rising prices and demand outstripping supply. This issue could lead to increased regulatory scrutiny of the Bitcoin mining sector by the White House to mitigate the strain.

Riot Secures 31,500 M60S Miners to Enhance Internal Mining Capabilities

Riot is expanding its mining capabilities with a $97.4 million investment in 31,500 MicroBT M60S mining rigs, adding 5.9 EH/s in total hashing power at roughly $16.50/TH. Set for delivery in mid-2024, these state-of-the-art air-cooled units feature an efficiency of 18.5 J/TH, with each machine delivering 186 TH/s, marking a significant upgrade to Riot's mining operations.

ECB Mulls Reducing Interest Rates in June Amid Stabilizing Credit Figures

Analyst David Powell pointed out that the ECB's latest credit data shows the dampening effect of credit supply on expenditure is becoming stable, yet significant. The improvement in the euro zone's economic indicators could prompt the ECB to postpone any decisions on reducing interest rates until the middle of the year, providing an opportunity to evaluate ongoing economic trends.

Russia Proposes Establishing a BRICS Payment Mechanism Leveraging CBDC Platforms

Russia proposes the creation of a payment mechanism exclusive to BRICS nations, leveraging CBDCs for smoother trade transactions. In a conversation with Sputnik, Finance Minister Anton Siluanov highlighted Russia's commitment to leading this initiative, aimed at overcoming the current fragmentation in global financial and payment systems.

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