FameEX Morning Crypto News Recap | August 6, 2024

Buffett Sells $90 Billion in Stocks in H1, Amassing $277 Billion in Cash

On August 5, a Twitter post by @MorningBrew revealed that Berkshire Hathaway's CEO, Warren Buffett, sold $90 billion in stocks and accumulated $277 billion in cash in the first half of the year. He also held more Treasury bonds than the Federal Reserve itself. Elon Musk commented on the situation, humorously noting, "He's basically the Federal Reserve."

Analysts Predict Fed May Cut Interest Rates Early to Avert Recession

Analyst Simon White explained that the Fed's real mission is to prevent a feedback loop between the market and the real economy, which could cause a recession. Despite the unchanged appearance of the U.S. economy, a recession is more likely due to market positioning and heightened recession expectations.

Xapo Bank Launches First Interest-Bearing Bitcoin and Fiat Accounts in the UK

Xapo Bank, licensed by the British government, is the first UK bank to offer interest-bearing Bitcoin and fiat accounts. It provides 1% interest on Bitcoin without requiring pledging, borrowing, or asset lock-up. However, the source of the interest income remains undisclosed.

BMI Analysts: Market Volatility Rises, But Too Early to Confirm Deterioration

On August 5, BMI analysts, part of Fitch, stated that despite recent financial market turmoil, it's premature to conclude significant deterioration in macro or market conditions. They attribute the surge in volatility to macro and market shocks affecting overbought risk assets. The stock market, having previously rebounded sharply, was susceptible to selling during the correction.

Elon Musk Reopens Lawsuit Against OpenAI and CEO Sam Altman

The New York Times reported that Elon Musk has reopened his lawsuit against OpenAI and its CEO, Sam Altman. Musk alleges that OpenAI prioritizes profits and commercial interests over the public interest.

Goldman Sachs: Market Adjustments Healthy, No Concern Over Weak U.S. Economic Data

Christian Mueller-Glissmann, head of asset allocation research at Goldman Sachs, stated on Bloomberg TV that the current market situation reflects a "somewhat healthy adjustment." He added that despite the unexpected weak U.S. economic data, Goldman Sachs economists are "not that worried."

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