FameEX Morning Crypto News Recap | February 1, 2024

Fed Holds Interest Rates Steady, Aiming for 'More Assurance' in Achieving Inflation Target

On January 31, 2023, the U.S. Federal Reserve decided to keep the federal funds rate steady, noting robust economic growth. Despite a slowdown in job growth from early last year, the employment rate remains robust with low unemployment. The Fed recognized that while inflation has reduced compared to the previous year, it remains above the desired level.

Grayscale's Bitcoin Trust Experiences Slower Reduction While New ETFs Advance, Accumulating Over 160,000 BTC

Grayscale's Bitcoin Trust (GBTC) saw a reduction of 4,461.36 bitcoin, worth roughly $190.53 million, in a recent update. Since January 12, 2024, GBTC's total decrease has been about 124,967.54 bitcoin, valued at approximately $5.33 billion. In contrast, the nine newly launched spot bitcoin exchange-traded funds (ETFs) have collectively accumulated a significant 160,661.38 bitcoin.

Microsoft's Revenue Increases by 18% Following Integration of AI Across Technology Platforms

During their earnings release on January 30 for the last quarter, tech giants Microsoft and Alphabet (Google's parent company) showcased significant advancements in artificial intelligence (AI) and cloud computing. Microsoft experienced a boost in sales towards the year's end, primarily driven by its AI tools. The report indicated an impressive 18% year-on-year revenue increase from September to December, exceeding $60 billion.

Lugano, Swiss City, Embraces Future with Multiple Digital Currencies

Paolo Bortolin, the Deputy Chief Financial Officer of Lugano, Switzerland, holds a positive view on the future integration of various digital currencies. He believes that Bitcoin, central bank digital currencies (CBDCs), and stablecoins each have unique roles to play in serving user needs effectively. This vision embraces a diverse digital currency ecosystem for practical applications.

Russian Banking Association Establishes 'Digital Assets Council'

Russia's leading securities and banking association, the National Association of Stock Market Participants (NAUFOR), announced the formation of a council dedicated to the self-regulation of digital assets. As reported by RBC and confirmed in a NAUFOR statement, the Board of Directors established this council on January 30. NAUFOR, a self-regulatory body, includes 647 member banks and licensed securities providers.

Saudi Arabia Joins BRICS as Latest Member

Saudi Arabia's entry into the BRICS alliance, accompanied by four other nations, signifies a major shift in global economic alignments. This move challenges the conventional world order, representing a notable change from Saudi Arabia's traditional alignment with Western interests, especially the United States. This development underscores a strategic transition towards a more diverse and multipolar global landscape.

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