FameEX Morning Crypto News Recap | March 25, 2024

Grayscale's GBTC to Exhaust Its Bitcoin Supply in 96 Days

Grayscale's Bitcoin Trust (GBTC), a leading investment product, is under scrutiny as it faces a significant decrease in its Bitcoin reserves, projected to be depleted in 96 days because of steady outflows. This situation raises questions about the future direction of GBTC amidst ongoing withdrawals.

Turkish Residents Turn to Gold and Stablecoins as Inflation Soars to 67%

Turkey is grappling with an inflation rate surpassing 67%, driven by continuous currency depreciation and the lira's fall against the U.S. dollar. In response, Turkish citizens are increasingly investing in gold and showing heightened interest in stablecoins pegged to the U.S. dollar as strategies to safeguard their wealth amidst the economic turbulence.

EU Regulations Prohibit Services for Unidentified Cryptocurrency Accounts Under Anti-Money Laundering Measures

The EU has enacted a new anti-money laundering legislation that prohibits crypto asset service providers from offering services or custody to anonymous cryptocurrency accounts. This measure, part of a proposal aimed at preventing the financial system's use for money laundering or terrorist financing, asserts that such assets carry a risk of being exploited for criminal activities.

Spain Temporarily Halts Telegram Use Due to Copyright Issues

Spain's High Court has ordered a temporary stop to Telegram's operations starting March 25, 2024, due to copyright complaints. The suspension impacts millions of Spanish users and entities relying on Telegram for legitimate content sharing. Spanish mobile providers are instructed to block Telegram, significantly affecting its large user community.

Nigeria's Increase in Crypto Fees Expected to Spur Innovation

Nigeria's Securities and Exchange Commission (SEC) has issued a report suggesting a rule revision for crypto service platforms, advocating for a fivefold increase in the registration fees for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000). Market analysts believe this steep rise in registration costs will engender healthy competition among crypto firms within the country.

The Eighth North American Blockchain Expo

Scheduled for June 5 and 6, 2024, the eighth Blockchain Expo North America will take place at the Santa Clara Convention Center in California, USA. This event and conference aim to cater to eager blockchain enthusiasts seeking to explore the newest developments, innovations, and advancements in blockchain technology, cryptocurrencies, NFTs, Web3, and other associated fields.

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