FameEX Morning Crypto News Recap | May 24, 2024

SEC Approves 19B-4 Form for Spot Ethereum ETF, Official Trading Time Pending

The U.S. Securities and Exchange Commission (SEC) has approved the 19B-4 form for the spot Ethereum ETF, according to SEC documents. However, trading cannot commence until the S-1 form is also approved. The timeline for this approval has not yet been determined.

US House Passes Bill Banning Federal Reserve from Creating Central Bank Digital Currency

The U.S. House of Representatives has passed a bill that prohibits the Federal Reserve from creating a central bank digital currency (CBDC).

JPMorgan Chase Predicts Steady U.S. Economic Growth and Further S&P 500 Gains

JPMorgan Chase's trading department predicts the S&P 500 index could rise further, driven by steady growth in Nvidia and the U.S. economy. Andrew Taylor, head of U.S. market intelligence, stated that with the ongoing AI trend and stable macroeconomic conditions, the market may continue to reach new historical highs.

UK Consumer Confidence Rises for Second Consecutive Month, Economic Outlook Positive

British consumer confidence rebounded for the second consecutive month due to a positive economic outlook and increased household budgets following a near three-year low inflation rate. The potential for timely interest rate cuts has contributed to consumers' perception of an improving economic situation, suggesting further growth in confidence in the coming months.

Federal Reserve Might Consider Interest Rate Cuts by End of 2024, Small Business Struggles Could Be a Key Factor

Small businesses significantly impact U.S. employment but face challenges due to the delayed interest rate cut cycle, affecting operations and cooling the job market. Federal Reserve Board member Waller stated on May 22 that if economic data remains weak over the next three to five months, the Fed may consider cutting interest rates by the end of 2024.

Reserve Bank of India Issues Bulletin Highlighting Risks of DeFi and Cryptocurrencies

The Reserve Bank of India's (RBI) May 2024 monthly bulletin detailed the significant impact and inherent risks of decentralized finance (DeFi) and cryptocurrencies on the financial system. The bulletin highlighted that interest in cryptocurrencies is primarily driven by speculative motives rather than their use as a payment method for real economic transactions.

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