FameEX Morning Crypto News Recap | March 11, 2024

Federal Reserve's Balance Sheet Contracts to $7.5 Trillion After $1.2 Trillion Yearly Reduction

Over the past year, the Federal Reserve's balance sheet contracted to $7.538 trillion, a drop of $1.2 trillion. This followed the Silicon Valley Bank shutdown on March 10th, triggering a US banking crisis. To support the market, the Fed's balance sheet briefly expanded, reaching a zenith of $8.733 trillion by March 21st, 2023.

Sam Altman Returns to OpenAI Board Membership

OpenAI's board of directors completed an investigation into the temporary dismissal of CEO Sam Altman last November, determining he was not responsible for the incident. As a result, OpenAI has decided to reinstate Altman to the board of directors, effectively marking his return to a key leadership position within the organization.

Revised Upward, Japan's Economic Data Supports Central Bank's Shift From Negative Interest Rates

Japan's updated economic data reveals a shift from contraction to growth, preventing a technical recession and supporting the central bank's strategy to conclude its negative interest rate policy. The GDP's 0.4% rise in the final quarter, reversing an initially reported 0.4% decline, solidifies the argument for altering monetary policy.

BRICS Countries Set to Develop a Payment System Using Blockchain Technology

The coalition of BRICS nations, including Brazil, Russia, India, China, and South Africa, is embarking on a project to develop a payment system powered by blockchain and digital innovations, aiming to revamp trade settlements. This initiative was unveiled by Yury Ushakov, a Kremlin aide, during an interview with the Russian news agency, TASS.

Standard Chartered Bank Expert Foresees Bitcoin's Market Share Climbing to 55-60% in the Current Year

Standard Chartered Bank's Geoff Kendrick predicts Bitcoin's ascension will elevate its market share from 50% to 55-60% by 2024, reflecting its growth's positive ripple across the cryptocurrency sector. Furthermore, FxPro's senior market analyst, Alexander Kuptsikevich, emphasized Bitcoin's surge has bolstered the purchasing strength of cryptocurrency investors.

Billionaire Bill Ackman Shares Insights Behind His Bitcoin Investment Decision

Bill Ackman's Bitcoin comments sparked debate in the crypto community. He suggested that a price surge driven by demand and energy use could raise energy costs, inflation, weaken the dollar, and boost BTC demand. Ackman speculated this might trigger economic collapse, leading him to contemplate investing in Bitcoin.

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