FameEX Morning Crypto News Recap | October 30, 2024

Bitcoin Achieves Inverted Triangle Breakthrough; Post-Halving Rally Potentially Underway

On October 29, renowned trader Peter Brandt shared a technical analysis indicating that Bitcoin (BTC) has broken through a five-month-long inverted triangle pattern. This development could be pivotal for future price trends. Brandt suggests that the post-halving rally may have commenced, marking an end to the persistent downtrend characterized by "lower highs and lower lows" observed since March this year.

Ethereum Staking Yield Falls to 3%, Underperforming Other Major Layer 1 Protocols

Ethereum's staking yield has decreased to 3%, a slight drop from July's 3.5%. Analysts note that this yield is now lower than other major Layer 1 protocols, which generally offer yields ranging from 7% to 21%. This positions Ethereum less competitively in the staking landscape.

Global Financial Leaders Convene in Saudi Arabia to Discuss Expectations for Fed Rate Cuts

At the Future Investment Initiative conference in Saudi Arabia, global financial leaders, including BlackRock CEO Larry Fink, discussed the Federal Reserve's potential interest rate cuts. While consensus suggests another rate cut by the end of 2024, some attendees warned that market expectations might be overly optimistic. Fink predicted at least a 25 basis point cut this year.

Over 60% of Indonesian Cryptocurrency Investors Are Aged 18 to 30

Recent data from Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) shows that over 60% of the nation's cryptocurrency investors are aged 18 to 30. Specifically, 26.9% are between 18 and 24, while 35.1% are between 25 and 30 years old, highlighting the significant appeal of cryptocurrencies among younger Indonesian investors.

Tether Refutes Federal Investigation Rumors, Assures Reserves Are Secure

The Wall Street Journal reported that the US government is investigating Tether for possible anti-money laundering violations and illicit activities. Tether refuted these claims, stating that no authorities have verified the rumors and no sources were cited.

Florida Proposes Bitcoin as an Investment Option for Pension Funds

On October 30, Florida CFO Jimmy Patronis proposed adding Bitcoin and other digital assets to the state's pension fund investments. Citing Florida's strong economic record and innovative spirit, he highlighted Bitcoin's role as "digital gold," useful for diversifying portfolios and hedging against volatility in other assets.

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