FameEX Morning Crypto News Recap | September 27, 2024

Market Anticipates 50 Basis Point Rate Cut from Fed in November, Amid Concerns Over Speed of Reduction

The Federal Reserve and Wall Street are at odds regarding the speed of interest rate cuts. The recent 50 basis point reduction is seen as a beginning, but Fed officials favor a slow, steady approach. Meanwhile, the market expects worsening economic conditions will force the Fed to quicken the pace of cuts, leading to tensions between their views.

Analysts Indicate Significant Breakthrough in Altcoin Market, Possibly Entering a Dominant Stage

Several analysts suggest that altcoins are undergoing significant breakouts, hinting at a possible transition to a market led by these assets. Technical and on-chain analyst Ali Martinez remarked that although a full altcoin boom may not be certain, the recent developments indicate a promising start for the market's evolution.

Fed Governor Cook: AI May Negatively Impact Employment

In his opening remarks at an artificial intelligence conference, Federal Reserve Board Governor Cook raised concerns about AI's potential negative impact on employment. Although he avoided topics related to monetary policy or economic forecasts, he conveyed optimism regarding AI's ability to boost productivity, presenting a balanced view of the technology's effects on both the workforce and economic growth.

Dubai Updates Crypto Investment Marketing Rules, Requiring Clear Disclaimers

Dubai's Virtual Asset Regulatory Authority (VARA) has updated its crypto investment marketing guidelines, which will take effect on October 1. Companies are now required to include clear disclaimers stating that "virtual assets may lose their value in whole or in part and are subject to extreme volatility." VARA CEO Matthew White highlighted that these updates are intended to foster market trust and transparency.

Hong Kong Rises to Become the World's Third Largest Financial Center, Dominating Investment Management

The latest "Global Financial Centers Index" ranks Hong Kong third worldwide, behind New York and London, making it Asia's leading financial center. It excels in investment management, highlighting the growth of its asset and wealth management industry. Furthermore, Hong Kong has improved its status in financial technology, now placing among the top ten financial technology hubs globally.

Spot Gold Soars Above $2,680/ounce, Achieving Record High

On September 26, spot gold exceeded $2,680 per ounce, setting a new all-time high and rising 0.85% for the day.

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