FameEX Morning Crypto News Recap | July 17, 2024

Fed's Kugler Suggests Rate Cuts Could Be Imminent If Unemployment Increases

On July 17, Fed Governor Kugler stated that a rebalanced job market would help inflation return to 2%. He mentioned that rising unemployment might necessitate earlier rate cuts by the Fed. Kugler also referred to non-government data as offering additional insights into the economy, expressing cautious optimism about progressing towards a 2% inflation rate without overly cooling the labor market.

BlackRock's Spot Bitcoin ETF Reaches $20 Billion in Market Value

BlackRock has updated the data for its spot Bitcoin ETF, IBIT. As of July 15, the ETF's market value has climbed back over US$20 billion, reaching US$20,224,466,745.68. Additionally, IBIT's holdings have increased to 318,120.3577 bitcoins.

Argentina Sets Regulations for Normalizing Previously Undisclosed Assets, Including Cryptocurrency

Argentina has issued regulations for a legislative package that incorporates cryptocurrency and other undeclared assets into the national tax system. Tax benefits will apply only to taxpayers with assets in registered VASPs (Virtual Asset Service Providers), exempting them from taxes on up to $100,000 held in crypto.

Gold Reaches Record High

Gold prices reached a new record high, peaking at $2,451.44 per ounce amid rising expectations of a Federal Reserve rate cut and increased bets on Trump's potential re-election as U.S. president. The new high surpasses the previous record set in late May, fueled by indications of slowing U.S. inflation and speculation about forthcoming interest rate reductions by the Federal Reserve.

Trump Announces Fourth NFT Series Launch and Asserts Cryptocurrency is Here to Stay

Trump announced plans to launch a fourth NFT series, noting in a Bloomberg Businessweek interview that his previous collection sold out 45,000 cards in a single day and was "very successful." He first mentioned the plan at a Mar-a-Lago party but was initially non-committal. Trump cited the strong performance of the first three series, attributing their success to supply and demand principles.

TRC20-USDT Supply Surpasses 60 Billion

TRONSCAN data reveals that TRC20-USDT issuance has reached 60.849 billion, surpassing the 60 billion mark for the first time. Currently, there are 47.3 million TRC20-USDT holding accounts, and the total number of transfers has exceeded 1.85 billion.

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