FameEX Morning Crypto News Recap | September 6, 2024

World Leaders Sign First Legally Binding AI Convention

Global leaders have endorsed the European Commission's AI Convention to standardize AI objectives and values. The U.S., EU, and U.K. will sign on September 5. This pioneering legally binding treaty emphasizes human rights, democratic values, and mandates AI systems to uphold equality and privacy. It also offers legal remedies for AI-related rights infringements.

Forvis Mazars' Chief Economist Advocates for 25 Basis Point Reduction in Federal Reserve Rates

Forvis Mazars' Chief Economist, George Lagarias, expressed to CNBC his support for a 25 basis point cut in the Fed's next meeting rates, deeming it sufficient. He argued that a larger, 50 basis point cut might unnecessarily alarm the markets and the economy, suggesting no rush for such a significant reduction.

Bitcoin's Decline Could Signal Risk to Traditional Assets

Alex Kuptsikevich of FxPro suggests Bitcoin's recent downturn could forewarn traditional risk assets, indicating a broader low risk appetite. As Bitcoin struggles to stay above the 200-day moving average, its consistent decline—falling nine times in 11 days—may hint at a pending market-wide pullback. This was marked by a sharp sell-off as it failed to consolidate gains.

Trump Forms Government Efficiency Panel, Appoints Elon Musk as Chair

Former US President and Republican candidate Trump announced plans to establish a government efficiency committee, with Elon Musk agreeing to lead it. Senior adviser Brian Hughes stated that Trump intends to collaborate with Tesla CEO Elon Musk to fulfill the commission's goals of enhancing government operations.

Hong Kong's Securities Sector Recommends Single Regulatory Body for Better Virtual Asset Oversight

Zeng Yucheng, Secretary-General of the Hong Kong Securities and Futures Association, urged the Chief Executive to create a unified regulatory agency for virtual assets. Highlighting the rapidly growing virtual asset market, he noted that a single regulatory body would standardize regulations, stabilize the market, secure investments, boost investor confidence, and foster healthy market development.

Natixis Forecasts Gold Prices to Reach $2,600 Next Year

Natixis Bank analysts suggest that most of the Federal Reserve's interest rate cuts have been priced in, and gold prices could rise more significantly next year, particularly in the second half of the year. Investors may see faster increases as these factors play out.

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