FameEX Morning Crypto News Recap | November 4, 2024
2024-11-04 16:20:10
U.S. Election and Fed Decision Poised to Shape the Future of the Crypto Market
The U.S. election and a likely 25 basis point Fed rate cut could heavily influence markets, especially amid the worst non-farm payrolls in four years. Dollar bulls are well-positioned in this uncertain climate. Key events next week include the U.S. election, Fed’s rate decision, and Bank of England’s decision, with polls indicating a tight race between Trump and Harris.
October Bitcoin Mining Revenue Reaches $1.02 Billion, Highest Level Since April
Bitcoin miners earned $1.02 billion in October, marking the highest revenue since April 2024 and a 25% increase from September. This includes $975.22 million from block rewards and $44.78 million from transaction fees, underscoring significant growth in mining profitability.
Growing Stablecoin Supply Has Minimal Impact on Bitcoin Liquidity
CryptoQuant CEO Ki Young Ju highlights that rising stablecoin supply hasn’t significantly improved Bitcoin liquidity or prices. Exchanges now hold six times more Bitcoin than stablecoins, with only 21% of stablecoins on exchanges—down from over 50% in 2021. This shift reduces stablecoins' impact on Bitcoin's market liquidity and demand.
VanEck’s Digital Asset Research Head Challenges U.S. Treasury’s Position on Stablecoins
Matthew Sigel, VanEck’s head of digital asset research, criticized the U.S. Treasury’s outdated stance on stablecoins. He argues that stablecoins can function safely within a global regulatory framework, highlighting that modern stablecoins provide real-time data and transparent transactions, rendering past concerns less relevant with today’s technology.
Russia Implements New Regulatory Framework for Cryptocurrency Mining Operations
The Russian government has implemented a regulatory framework for cryptocurrency mining under a law signed by President Putin in August. This framework officially recognizes mining as a legal activity, establishes safety and operational standards for miners, and provides guidelines for trading digital financial assets on approved platforms, signaling a more structured approach to the cryptocurrency sector.
Record High of Wealthy Americans Intend to Relocate Abroad After Presidential Election
The US Consumer News and Business Channel reports that a record number of wealthy Americans are planning indefinite relocation due to fears of post-election political and social unrest. Immigration experts observe rising interest among affluent individuals worried about potential riots and instability, regardless of the Nov. 5 election results.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.