FameEX Morning Crypto News Recap | October 30, 2024

Bitcoin Completes Inverted Triangle Breakthrough, Signaling Start of Post-Halving Rally

On October 29, renowned trader Peter Brandt analyzed that Bitcoin (BTC) has broken out of an inverted triangle pattern after five months. This key development may significantly influence future price movements. Brandt believes this indicates the start of a post-halving rally, potentially ending the ongoing trend of "lower highs and lower lows" seen since March.

Ethereum's Staking Yield Decreases to 3%, Lagging Behind Other Top Layer 1 Protocols

Ethereum's staking yield has dropped to 3%, down from 3.5% in July. Analysts highlight that this yield is now lower than yields of other major Layer 1 protocols, which range from 7% to 21%, making Ethereum less competitive in the staking market.

World Financial Leaders Meet in Saudi Arabia to Debate Anticipated Fed Rate Cuts

During the Future Investment Initiative conference in Saudi Arabia, global financial leaders, including BlackRock's CEO Larry Fink, debated potential Federal Reserve rate cuts. While most anticipate a rate cut by the end of 2024, some expressed concerns about overly optimistic market expectations. Fink forecasted a minimum 25 basis point reduction within the year.

Majority of Indonesian Crypto Investors Are Between 18 and 30 Years Old

Data from Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) reveals that over 60% of the country's cryptocurrency investors are aged 18 to 30. With 26.9% between 18 and 24 and 35.1% between 25 and 30, the statistics underscore the strong appeal of cryptocurrencies among young Indonesian investors.

Tether Dismisses Rumors of Federal Probe, Confirms Reserves Are Secure

The Wall Street Journal reported a U.S. government investigation into Tether for potential anti-money laundering breaches and other illicit activities. Tether has denied these allegations, noting that no authorities have confirmed the rumors and no sources have been named.

Florida Suggests Adding Bitcoin as a Pension Fund Investment Option

On October 30, Florida's CFO, Jimmy Patronis, recommended including Bitcoin and other digital assets as investment options for the state pension fund. He emphasized Bitcoin's value as "digital gold" for diversifying portfolios and mitigating volatility, pointing to Florida's robust economy and history of innovation as supportive factors for this initiative.

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