FameEX Morning Crypto News Recap | July 4, 2023

Disparate Federal Reserve Projections: Zero Rate Hikes or 6% in 2023
The U.S. Federal Reserve projects two rate hikes in 2023, potentially increasing the federal funds rate. Year-end estimates for the benchmark bank rate range from 5.5% to 5.75%. However, opinions differ, with some foreseeing a potential rise to 6%. Uncertainty surrounds the central bank's decision on interest rate increases before year-end.

Bank of America Analysts Suggest Nigeria's Currency Is Currently Undervalued
Bank of America analysts assert that Nigeria's currency is undervalued and anticipate it to reach around NGN680 per dollar by year-end. They expect current account surpluses in the medium term, driven by higher oil revenues and a more liberalized import regime in Nigeria.

ETH Closes in on $2,000 Mark Prior to US Independence Day
As U.S. markets prepared for a busy week of economic data, Ethereum made strides towards the $2,000 milestone. Some markets closed temporarily for Fourth of July Independence Day celebrations, but the reopening is anticipated to bring important releases like the FOMC minutes and non-farm payrolls report. Meanwhile, Bitcoin went through a consolidation phase.

Litecoin's Value Skyrockets with EDX Listing and Upcoming Reward Halving, Secures Spot in Top Ten Rankings
Litecoin (LTC) has witnessed an impressive 40% surge against the U.S. dollar within the past two weeks. This surge coincides with the recent listing of LTC on the EDX crypto exchange, alongside three other prominent cryptocurrencies. Additionally, Litecoin is gearing up for an upcoming reward halving, with just 30 days remaining until its block reward subsidy decreases from 12.5 LTC to 6.25 LTC.

UK Law Commission Recommends Establishing a Separate Legal Category for Cryptocurrencies
The UK's Law Commission has put forward four recommendations for restructuring cryptocurrency regulations. They propose the creation of a dedicated legal category for cryptocurrencies and digital assets to ensure their distinctive attributes receive appropriate recognition and protection within personal property laws.

Singapore Implements Year-End Deadline for Crypto Firms to Secure User Assets in Trusts
The Monetary Authority of Singapore (MAS) has implemented regulations requiring crypto service providers to securely hold customer assets in a statutory trust by year-end. This initiative aims to minimize the chances of asset loss or misuse, as well as facilitate the recovery of customer assets in the event of insolvency among digital payment token (DPT) service providers, as stated by the regulator.

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