FameEX Morning Crypto News Recap | September 3, 2024

JPMorgan Chase: August Jobs Report Could Influence the Fed's September Rate Cut Decision

Phil Camporeale, portfolio manager at JPMorgan Asset Management, stated that Friday's employment report could influence the Federal Reserve's decision on whether to cut interest rates by 25 or 50 basis points at its September policy meeting.

Analysts: European Stocks' Chances of Outperforming U.S. Markets Are Rapidly Diminishing

Analyst Sagarika Jaisinghani noted that European stocks' chances of outperforming U.S. markets are quickly diminishing due to concerns about economic slowdown and political stability. Despite nearing all-time highs, the European Stoxx 600 underperformed the U.S. in August. Investors are shifting focus to undervalued U.S. sectors, driven by signs of economic recovery and potential Federal Reserve rate cuts.

Noelle Acheson: Bitcoin Benefits from Rate Cuts and a Weaker Dollar

Noelle Acheson, author of "Crypto Is Macro Now," highlighted that interest rate cuts benefit Bitcoin due to its sensitivity to monetary liquidity conditions. As a risky asset with no cash flow, Bitcoin is less affected by economic slowdowns. A weaker dollar is also bullish for Bitcoin, as it typically increases monetary liquidity by lowering capital costs.

Japan's Financial Services Agency Unveils 2025 Tax Reform Proposals, Includes Virtual Currency Transaction Guidelines for the First Time

Japan's Financial Services Agency has introduced tax reform requirements for fiscal year 2025, including regulations on crypto assets. For the first time, the reform plan's "Asset Income Doubling Plan and the Realization of the Asset Management State" section addresses the tax treatment of virtual currency transactions, discussing whether they should be classified as financial assets.

Qatar Financial Centre Unveils Digital Asset Regulatory Framework

The Qatar Financial Centre (QFC) has launched a comprehensive regulatory framework for digital assets. Developed by the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA), the framework aims to establish a solid foundation for digital assets within the QFC, ensuring clear guidelines and oversight.

NFT Monthly Sales Hit Lowest Point Since 2024 as Speculative Capital Shifts to Meme Coins

August NFT sales totaled $374 million, marking the lowest monthly sales in 2024 and the first time this year they fell below $400 million. This represents a 76% drop from March's $1.6 billion. Quarterly sales also declined from $4.1 billion in early 2024 to $2.24 billion in Q2, a 45% decrease. Despite a late-August surge, the overall decline continued.

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