FameEX Afternoon Crypto News Recap | March 14, 2023

All Inflows to Crypto Wiped Out as Record Outflows Occur Last Week
https://www.fameex.com/en-AU/news/crypto-trending-news-2023031403
Last week, CoinShares reported that the largest outflow on record occurred in cryptocurrency investment products due to investors withdrawing money from bitcoin and Ethereum funds. This development is noteworthy as it sheds light on the potential influence of factors such as regulatory concerns and uncertainty about the long-term future of cryptocurrencies. It is currently unclear if this trend will persist or if investor sentiment towards cryptocurrencies will change in the coming weeks and months.

The Absence of Core Principles May Jeopardize the US' Position as a Leading
During a Senate Agriculture Committee hearing, CFTC Chair Rostin Behnam affirmed that Ethereum is a commodity and has already been classified as such for a while. He pointed out that the CFTC would not have approved the listing of Ether futures on its exchange if they didn't perceive it as a commodity asset. This diverged from the stance of SEC Chair Gary Gensler, who stated in a recent interview that the SEC has yet to determine whether Ethereum falls under the classification of a security or a commodity.

The Average Kenyan Investment in Cryptocurrencies is Sh2,000
In 2022, Kenyan retail investors held an average of Sh2,076 ($16.08) worth of cryptocurrencies each, based on a report from Meltwater. The report, which evaluated 40 countries' allocation to alternative assets, ranked Kenya at the bottom of the list, with Nigeria being slightly ahead. In terms of the average annual cryptocurrency spending per user, Kenya ranked 39th out of the 40 countries analyzed.

Six Months After Merge, Ethereum Achieves Record Deflationary Levels
Six months post-merge, Ethereum experiences a new all-time low in deflation as the total supply drops to about 120.45 million ETH, a decrease of almost 63,000. Projections suggest that the supply may drop further to 118.1 million by 2025. Stakers can expect to receive issuance rewards of approximately 4% per year, outpacing the 1.8% per year burn rate for non-stakers. Furthermore, the supply is predicted to increase to 120.6 million ETH within the next two years at current levels.

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