FameEX Morning Crypto News Recap | May 2, 2024

Hong Kong's Bitcoin and Ether ETFs Draw Over $200M on First Day

On April 30, Hong Kong launched spot Bitcoin and Ether ETFs, gathering over $200 million in assets. This figure pales in comparison to the U.S., where spot Bitcoin ETFs secured nearly $4 billion in assets within the first week and recorded $4.5 billion in trading volume on their first day, January 12, on Wall Street.

Tether Records $4.5B in Profits for Q1 2024, Primarily from Bitcoin and Gold

In Q1 2024, Tether achieved a remarkable profit of $4.5 billion, with $3.52 billion derived from market-to-market gains on its investments in Bitcoin and gold. An additional $1 billion in profit came from operational activities, primarily linked to its holdings in U.S. Treasury securities. This performance underscores a strong financial outcome fueled by both strategic investments and effective operational management.

Nigeria Imposes Restrictions on Fintech Onboarding to Prevent KYC Evasion by Crypto Investors

The Central Bank of Nigeria (CBN) has issued a directive to four fintech companies—OPay, Kuda Bank, Moniepoint, and PalmPay—to cease onboarding new customers. This action aligns with Nigeria's initiative to strengthen Know Your Customer (KYC) compliance across both cryptocurrency and traditional investment sectors. The temporary halt in creating new accounts is pending an audit of the companies' KYC practices.

London's Equivalent to Crypto Proponent Brian Rose Enters Mayoral Race

On May 2, Londoners will vote in their mayoral election with Sadiq Khan and Susan Hall as leading candidates. Joining the race again is American businessman and cryptocurrency enthusiast Brian Rose, who previously secured 1.2% of the vote in the 2021 election. Rose is optimistic about improving his vote share in this upcoming election.

Apple Recruits Google AI Talent to Form 'Secretive' Research Lab

Since 2018, Apple has aggressively recruited around 36 AI specialists from Google, aiming to enhance its advanced AI capabilities. This recruitment drive is part of Apple's strategy to compete with leading tech companies in high-level AI model development. The campaign has led to the creation of a secretive research facility dubbed the "Vision Lab."

Fed Chairman Powell: Labor Market Troubles Necessary for Rate Cuts

In a recent speech, Federal Reserve Chairman Powell outlined that interest rate reductions would only be on the table if substantial labor market challenges emerged. He stressed that such issues must be significant to potentially prompt changes in the Fed's policy stance.

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