FameEX Morning Crypto News Recap | August 5, 2024

Whales Withdraw Bitcoin from Exchanges at 9-Year High

Despite ongoing market volatility, Bitcoin withdrawals by whales have reached a nine-year high. In July, whale holders increased their holdings by 84,000 BTC, marking the fastest rate of Bitcoin withdrawal from exchanges since 2015, a period when BTC prices bottomed out around $220.

Bank of America Anticipates Fed to Cut Interest Rates by 25 Basis Points in September

Bank of America anticipates that weaker-than-expected July non-farm payrolls, combined with weak ISM manufacturing data, will prompt the Fed to cut interest rates by 25 basis points in September. They have adjusted their monetary policy outlook, expecting gradual easing, with the Fed likely to further reduce rates at the September meeting.

Musk Visits Texas Cortex Supercomputing Cluster, Powered by 100,000 Nvidia Chips

Musk visited the Cortex supercomputing cluster in Texas, announcing on X that he had completed a walkthrough of the new facilities. Cortex houses about 100,000 Nvidia H100 and H200 chips, utilized for training neural networks in fully autonomous driving (FSD) and the humanoid robot Optimus.

Trump: US Must Embrace Cryptocurrencies to Maintain Global Leadership

Former US President Donald Trump told Fox Business Channel that the US should embrace cryptocurrencies to stay ahead of China and other countries. He highlighted that the market capitalization of cryptocurrencies has surpassed many companies and countries, emphasizing its significance. Trump believes this new form of currency will ultimately benefit the country.

Microsoft Labels OpenAI as Both Competitor and Strategic Partner in SEC Report

On August 4, a report submitted to the US SEC in July revealed that Microsoft hopes the federal government views its relationship with OpenAI as a "friend-and-enemy" relationship rather than a true partnership. In its Form 10-K Periodic Report, Microsoft describes OpenAI as both a competitor and a “strategic partner” multiple times.

'Rich Dad Poor Dad' Author Sees Investment Opportunities in U.S. Stock Market Crash

Robert Kiyosaki, author of Rich Dad Poor Dad, announced that the US stock market crash has occurred with significant losses. He advised investors to seize this opportunity to buy assets at lower prices. Kiyosaki predicted that gold, silver, and Bitcoin will rise sharply in the future, encouraging people to view the recession as a chance to get rich.

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