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FameEX Morning Crypto News Recap | November 1, 2024

2024-11-01 16:13:45

Fed May Require Steep Decline in Non-Farm Payrolls for a 50 Basis Point Rate Cut Consideration

Capital Economics' Olivia Cross states that a sharp drop in non-farm payrolls is necessary for the Federal Reserve to consider a 50 basis point rate cut. Wall Street Journal economists anticipate payrolls will slow to 100,000 in September, down from 254,000, as hurricanes and strikes take a toll on employment numbers.


Record-High Bitcoin Mining Costs Aren't Stopping Miners from Expanding Infrastructure

CoinShares' Q3 report shows Bitcoin mining costs at record levels, with cash expenses per Bitcoin at $49,500 and total costs, including depreciation, at $96,100. Lead researcher James Butterfill highlights that miners are still expanding infrastructure and planning further investments, anticipating future price increases to offset current high operational costs.


Tether Achieves $2.5 Billion Net Profit in Q3, Reaching $7.7 Billion in 2023 Earnings So Far

Tether announced a Q3 net profit of $2.5 billion, bringing its year-to-date earnings to $7.7 billion. CEO Paolo Ardoino highlighted $1.3 billion in income from U.S. Treasury bonds and $1.1 billion from unrealized gold gains, following a 15% rise in gold prices. Tether’s USDT stablecoin now holds a market value close to $120 billion.


South Korean Cryptocurrency Investor Base Expected to Grow by 21% in Early 2024

The Financial Services Commission of South Korea reports 7.78 million cryptocurrency investors in H1 2024, marking a 21% rise since H2 2023. Average daily trading volume increased 67% to 6 trillion won, and market capitalization grew 27% to 55.3 trillion won, highlighting the expanding interest and activity within South Korea's cryptocurrency sector.


Hong Kong Launches Compliance Association with Focus on Fintech and Blockchain

Launched at the "New Financial Ecosystem - Web3.0 Navigation" event, the Hong Kong Compliance Association seeks to advance compliance innovation across fintech, blockchain, Web3.0, and AI. It also emphasizes environmental, social, and governance (ESG) standards, underscoring a commitment to responsible growth in these fast-evolving fields.


Italy Moves to Raise Crypto Capital Gains Tax to 42%

At the World Savings Day event, Italy’s Economy Minister Giancarlo Giorgetti supported raising the cryptocurrency capital gains tax to 42%, citing digital assets' high risk. The Italian Council of Ministers approved a budget to increase Bitcoin’s withholding tax from 26% to 42%, though it still requires legislative review and approval.


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

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