FameEX Morning Crypto News Recap | August 4, 2023

Report Reveals: Social Media Bots Played Vital Role in Inflating Value of FTX-Listed Crypto Assets
A recent analysis by the Network Contagion Research Institute (NCRI) suggests that bots on the social media platform X (formerly Twitter) significantly contributed to inflating the value of cryptocurrencies linked to the now-defunct FTX exchange and its sister company Alameda Research.

Survey Results: Majority of Americans Perceive Decline in US Economy
A survey of 1,279 adults reveals that 51% believe the U.S. economy is still in a worsening downturn, despite positive indicators like job growth, GDP, and inflation stabilization. This pessimism coincides with U.S. President Joe Biden's upcoming 2024 reelection campaign against Republican opponents.

Saudi Arabia's Oil Production Cuts Extended, Adding to Tensions with US Officials
Saudi Arabia will extend its oil production cuts by nearly one million barrels per day for another month, along with Russia's 300,000 barrel per day cut. The aim is to support oil prices amidst economic growth concerns. However, this decision has caused tensions with US officials, who have been urging producers to increase output to lower fuel costs.

Successful CBDC Retail Remittance Pilot Concludes between Digital Dollar Project and Western Union
The Digital Dollar Project (DDP) successfully concluded a pilot study on remittance payments to the Philippines using a simulated retail central bank digital currency (rCBDC). The project, in collaboration with Western Union and BDO Unibank, showcased improved settlement time, cost, and transparency in transfers to BDO Unibank customers.

Alibaba Unveils Two Open-Source AI Models as Competitors to Meta's Llama 2
Alibaba Group unveiled Qwen-7B and Qwen-7B-Chat, two open-source AI models, from its cloud computing division, on Aug. 3. The Chinese tech and e-commerce giant introduced these models to compete with Meta's recently-launched Llama 2.

Elizabeth Warren and Bernie Sanders Call for Closing the '$50 Billion Crypto Tax Gap
US Senators, led by Elizabeth Warren and Bernie Sanders, assert that crypto tax evasion is causing a significant "$50 billion crypto tax gap." They warn that the IRS and Treasury could lose around $1.5 billion in tax revenue for the 2024 fiscal year if they delay updating tax policies to address the issue.

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