FameEX Morning Crypto News Recap | April 17, 2024

Peter Schiff Expounds on Gold's Price Surge, Issues Caution Against Bitcoin as 'Gigantic Bubble'

Economist Peter Schiff argues that gold prices are rising because major fiat currencies such as the dollar, euro, and yen are losing value due to real inflation. He also warns that bitcoin is a "gigantic bubble," predicting that the cryptocurrency is in a bear market and its price will significantly decline from its current levels.

Norway to Implement Cryptocurrency Mining Regulations Through Data Center Guidelines

Norway intends to enact legislation aimed at data centers to tighten control over their activities. This initiative specifically targets data centers involved in cryptocurrency mining, which Norway considers an undesirable business. The proposed law seeks to enhance regulatory oversight of operations within these facilities.

Core Scientific Plans 72 MW Expansion of Texas Mining Facility Prior to Bitcoin Halving

With the Bitcoin halving just three days away, Core Scientific revealed plans to expand its Texas mining facility by 72 megawatts. Scheduled for completion in the second quarter of 2024, this expansion aims to substantially boost the company's hashpower capacity, thereby improving its mining efficiency.

Israeli Central Bank Representative Asserts CBDC Competition with Banks Is Economically Beneficial

Deputy Governor Andrew Abir of the Bank of Israel shared an unconventional view on the Bank’s website regarding the impact of CBDCs on commercial banks. He supported CBDCs, arguing that their competition would positively compel commercial banks to enhance their services and innovate.

Korean Won Tops Global Fiat Currencies in Trading Volume Among Crypto Traders

In the first quarter of 2024, the South Korean won took the lead as the world’s most-traded fiat currency in the cryptocurrency market, achieving over $456 billion in trading volume on centralized exchanges. This volume edged out the U.S. dollar's $455 billion. The won’s ascendancy is largely due to aggressive fee competition among Korean crypto exchanges, as highlighted by Kaiko.

Microsoft Channels $1.5 Billion into UAE AI Company to Drive Global Expansion

Microsoft is expanding its global AI reach through a $1.5 billion investment and partnership with G42, an AI firm in Abu Dhabi. This endeavor prioritizes upskilling UAE workers to cultivate a diverse AI workforce and talent reservoir, aligning with the evolving demands of the technology sector.

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