FameEX Morning Crypto News Recap | September 6, 2024

World Leaders Sign Historic First Legally Binding AI Agreement

Global leaders backed the European Commission's AI Convention, set for signing by the U.S., EU, and U.K. on September 5. This landmark treaty mandates AI systems to promote human rights, equality, and privacy, aligning with democratic values. It also establishes legal avenues for addressing AI rights violations.

Forvis Mazars' Lead Economist Urges 25 Basis Point Cut in Federal Reserve Rates

Forvis Mazars' Chief Economist, George Lagarias, told CNBC he supports a 25 basis point cut at the Fed's next meeting, viewing it as adequate. He cautioned that a 50 basis point reduction could unduly unsettle markets and the economy, indicating there is no urgency for such a drastic cut.

Bitcoin Slump May Indicate Threats to Conventional Risk Assets

Alex Kuptsikevich from FxPro warns that Bitcoin's downturn may signal trouble for traditional risk assets due to a widespread low risk appetite. Bitcoin's failure to maintain above the 200-day moving average, falling nine out of the last 11 days, suggests a potential broader market pullback, underscored by a sharp sell-off.

Trump Establishes Commission on Government Efficiency, Names Elon Musk as Leader

Former President and Republican candidate Trump plans to create a government efficiency committee, with Elon Musk at the helm. Senior adviser Brian Hughes mentioned that Trump will collaborate with Tesla CEO Musk to achieve the commission’s objectives of improving government functionality.

Hong Kong Securities Industry Proposes Centralized Agency for Enhanced Virtual Asset Regulation

Zeng Yucheng, Secretary-General of the Hong Kong Securities and Futures Association, recommended that the Chief Executive establish a single regulatory agency for virtual assets. Emphasizing the market's rapid growth, he argued that unified regulation would standardize procedures, enhance market stability, protect investments, increase investor confidence, and promote the market's healthy evolution.

Natixis Projects Gold Prices to Hit $2,600 in the Coming Year

Analysts at Natixis Bank indicate that most of the Federal Reserve’s interest rate cuts have already been accounted for in prices. They expect gold prices to increase more sharply next year, especially in the second half, as these factors unfold, potentially offering investors a quicker rise in value.

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