FameEX Morning Crypto News Recap | April 25, 2024

Meta's Stock Plummets 15% Due to Dim Outlook and Elevated Spending on AI and Metaverse

Meta's stock dropped 15% in after-hours trading due to plans for aggressive AI spending and ongoing losses in its metaverse division, against a backdrop of weak revenue projections. The company intends to invest nearly $100 billion this year to enhance its AI capabilities, emphasizing its commitment to developing future technologies despite current financial strains.

Australia Enters the 1,000+ Bitcoin ATM Club with the US and Canada

As of April 24, Australia has joined the United States and Canada by hosting 1,002 Bitcoin ATMs, becoming the third country to surpass the 1,000 mark. The U.S. reached this milestone in November 2017 and Canada in January 2021. Australia now accounts for 2.7% of the global Bitcoin ATM network.

UK Regulator Examines Big Tech's Influence in AI Sector

Regulatory scrutiny in the UK is increasing as concerns grow over Big Tech's role in the AI sector, particularly regarding competition and market dominance. On April 24, the UK's Competition and Markets Authority (CMA) began gathering information to assess whether the collaboration between Amazon.com and AI developer Anthropic could potentially threaten local competition.

Coca-Cola Invests $1.1 Billion in Generative AI Collaboration with Microsoft

Microsoft has partnered with Coca-Cola in a five-year deal to foster AI innovation across Coca-Cola's global operations and network of independent bottlers using Azure OpenAI Service and Copilot for Microsoft 365. This collaboration aims to integrate AI across various business functions to enhance operational efficiency and innovation.

European Parliament Enacts Law Mandating Enhanced Due Diligence and Identity Verification for Crypto Asset Managers

On Wednesday, the European Parliament passed new laws requiring crypto asset managers to enhance due diligence measures and customer identity checks. These laws also mandate that crypto asset service providers (CASPs) report any suspicious activities to the authorities, significantly impacting how these entities operate within the regulatory framework.

S&P Global Suggests: New US Stablecoin Legislation Could Prompt Bank Market Entry, Tether's Position Could Weaken

Standard & Poor's Global Ratings has suggested that the recent stablecoin bill proposed by the US Senate could motivate banks to enter the stablecoin market. This move might lead to a decrease in Tether's dominance. The proposed legislation aims to restrict issuance by non-banking entities to a maximum of $10 billion, thus providing banks with a competitive edge in the market.

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