FameEX Morning Crypto News Recap | April 25, 2024

Meta's Shares Tumble 15% Amid Pessimistic Forecasts and Increased Investment in AI and Metaverse

Meta's stock fell 15% after hours due to its aggressive AI spending plans and continuous losses in its metaverse division, amid weak revenue forecasts. The company plans to invest nearly $100 billion this year to bolster its AI capabilities, underscoring its dedication to advancing future technologies despite financial challenges.

Australia Joins US and Canada in Surpassing 1,000 Bitcoin ATMs

As of April 24, Australia has become the third country to host over 1,000 Bitcoin ATMs, reaching a total of 1,002. This follows the United States, which achieved this milestone in November 2017, and Canada in January 2021. Australia now makes up 2.7% of the worldwide Bitcoin ATM network.

UK Authority Investigates Big Tech's Impact on AI Industry

In the UK, there's growing regulatory scrutiny concerning Big Tech's expanding role in the AI sector, especially around issues of competition and market dominance. On April 24, the Competition and Markets Authority (CMA) started collecting data to evaluate if the collaboration between Amazon.com and AI developer Anthropic poses a risk to local competition.

Coca-Cola Commits $1.1 Billion to Generative AI Project with Microsoft

Microsoft and Coca-Cola have entered a five-year partnership to advance AI innovation using Azure OpenAI Service and Copilot for Microsoft 365. This collaboration will span Coca-Cola’s global operations and its network of independent bottlers, aiming to integrate AI across various business sectors to boost efficiency and foster innovation.

European Parliament Approves New Legislation Requiring Stricter Due Diligence and Identity Checks for Crypto Asset Managers

On Wednesday, the European Parliament approved legislation compelling crypto asset managers to implement stricter due diligence and customer identity verification. Additionally, the law requires crypto asset service providers (CASPs) to report any suspicious activities to authorities, altering how these entities function within the regulatory environment.

S&P Global Reports: New US Stablecoin Law Could Attract Banks to the Market, Potentially Diminishing Tether's Dominance

Standard & Poor's Global Ratings notes that the recent US Senate stablecoin bill could encourage banks to enter the stablecoin market, potentially reducing Tether's dominance. The proposed legislation would limit non-banking entities' issuance to a maximum of $10 billion, thereby offering banks a competitive advantage in the marketplace, which could significantly alter the current dynamics of the stablecoin industry.

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