FameEX Morning Crypto News Recap | July 11, 2024

Trump Set to Speak at 2024 Bitcoin Conference

President Donald Trump is set to speak at Bitcoin 2024, the world's largest Bitcoin conference, taking place in Nashville, Tennessee, from July 25-27. This engagement is a major milestone for the event, renowned for its significant announcements and historic news.

Fed Chairman Powell: Monetary Policy Decisions Strictly Based on Economic Data

Federal Reserve Chairman Powell stressed that the Fed's monetary policy decisions are strictly data-driven. He emphasized that the Fed takes necessary actions, including interest rate cuts, based on economic indicators, ensuring all measures are fully justified.

US Senator Proposes Full CFTC Authority Over Digital Asset Regulation

Senator Dr. Roger Marshall proposed resolving the regulatory power struggle over digital assets by transferring all supervision to the CFTC. CFTC Chairman Rostin Behnam supported the idea, affirming that the CFTC has the expertise and capabilities needed for effective oversight.

US Department of Energy to Reinvestigate Cryptocurrency Mining Energy Consumption

After a failed initial attempt due to litigation, the U.S. Department of Energy (DOE) is preparing to survey cryptocurrency mining energy usage again. This time, it seeks input from industry players first. The Energy Information Administration (EIA) held a public webinar Wednesday to gather feedback on developing the survey.

BTC Long-Term Holder Growth Reaches Record 6.3% Monthly Rate in 2024

CryptoQuant analysts observed the fastest increase in BTC long-term holders since April 2023. The monthly growth rate of BTC whale holdings reached 6.3%, indicating rising demand. Despite increased market supply from BTC confiscations by German and US governments and Mt. Gox fund allocations, strong demand from long-term holders has supported BTC prices.

UK Bitcoin Policy Group Recommends Bitcoin Mining to Tackle Government Electricity Demand Challenges

Bitcoin Policy UK advised the new Labour government that Bitcoin mining could address local electricity demand. The proposal highlights that Bitcoin mining can use idle renewable energy for flexible demand, enhancing the robustness of renewable power grids. This method utilizes wasted energy without needing government subsidies or payments, making the power supply more feasible.

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