FameEX Morning Crypto News Recap | May 2, 2024

Hong Kong Bitcoin and Ether ETFs Garner Over $200M on Launch Day

On their debut day of April 30, Hong Kong's spot Bitcoin and Ether ETFs amassed over $200 million in total assets. However, this sum is significantly less than their U.S. counterparts, which saw spot Bitcoin ETFs attract nearly $4 billion in assets in their first week and record $4.5 billion in trading volume on their first trading day, January 12, on Wall Street.

Tether Achieves Record $4.5B Profit in Q1 2024, Largely from Bitcoin and Gold Investments

Tether reported a substantial profit of $4.5 billion in Q1 2024, with the majority, $3.52 billion, arising from market-to-market gains on its Bitcoin and gold investments. The remaining $1 billion was sourced from operating profits, primarily derived from its holdings in United States Treasury securities, showcasing a robust financial performance driven by both investment gains and operational activities.

Nigeria Limits Fintech Onboarding to Curb Crypto Investors Bypassing KYC

The Central Bank of Nigeria (CBN) has ordered four fintech companies—OPay, Kuda Bank, Moniepoint, and PalmPay—to halt new customer onboarding. This directive is part of Nigeria’s efforts to enhance Know Your Customer (KYC) compliance within both crypto and traditional investment sectors. The pause in account creation comes as these companies undergo an audit of their KYC procedures.

London's Crypto Supporter Brian Rose Announces Mayoral Candidacy

On May 2, London will hold its mayoral election with incumbent Sadiq Khan and Susan Hall as the main contenders. American businessman and crypto enthusiast Brian Rose is also making another bid for mayor. Having previously run in 2021 and received 1.2% of the votes, Rose is hopeful of gaining a higher percentage in this election.

Apple Hires Google AI Experts to Establish 'Secretive' Lab

Apple has been on a hiring spree, poaching approximately 36 AI specialists from Google since 2018 to bolster its capabilities in advanced AI technology. This initiative is part of Apple's broader strategy to keep pace with major tech companies in developing high-level AI models. These efforts culminated in the establishment of a secretive research facility known as the "Vision Lab."

Fed Chair Powell: Rate Cuts Contingent on Significant Labor Market Issues

Federal Reserve Chairman Powell stated in a speech that the Fed would only consider reducing interest rates if there were significant issues in the labor market. He emphasized that these problems must be substantial enough to potentially alter the Fed's policy outlook.

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