FameEX Morning Crypto News Recap | May 3, 2024

Chainalysis Partners with Tether to Oversee Secondary Market for Unlawful Activities

Tether is collaborating with Chainalysis to oversee its stablecoin's secondary market. This partnership will provide Tether with analytical tools to identify wallets associated with illicit or sanctioned activities and offer valuable market insights. Chainalysis will assist in detecting illegal activities and supply essential market information to Tether.

US Lawmakers Push SEC to Approve Bitcoin Options Trading

U.S. Representatives Mike Flood and Wiley Nickel have petitioned SEC Chair Gary Gensler, advocating for the approval of options trading on Bitcoin exchange-traded products (ETPs). They addressed a letter urging an end to perceived discriminatory practices against crypto funds.

Hong Kong Bitcoin ETFs Insufficient to Counteract US ETF Selling Pressure

James Butterfill, the head of research at CoinShares, indicated that the recently launched spot Bitcoin ETFs in Hong Kong, which garnered $217 million in net inflows this week, are not adequate to offset the outflows from 11 U.S.-based spot Bitcoin ETFs. This observation was shared in a May 2 post on X.

Microsoft Allocates $2.2 Billion for Cloud and AI Expansion in Malaysia

Microsoft plans to invest $2.2 billion over four years to expand cloud and AI services in Malaysia. This includes forming a partnership with the Malaysian government to establish a national AI Center of Excellence and boost cybersecurity. The investment will also develop cloud and AI infrastructure, offer AI training for 200,000 people, and support local developers.

Arkansas Bills Limiting Crypto Mining Move Toward Governor's Approval

Two bills regulating crypto mining, addressing noise, water use, and licensing, have passed Arkansas's House of Representatives and are now awaiting Governor Sarah Huckabee Sanders' approval. This final step is anticipated to lead to their enactment into law, with the governor expected to sign them.

Wall Street Banks' Projections for Upcoming Fed Interest Rate Adjustments

Wall Street banks have outlined their predictions for the Federal Reserve's interest rate decisions this year. Goldman Sachs expects two cuts, Morgan Stanley predicts three, and Citigroup forecasts four. The general consensus suggests that rate reductions may commence as early as the Federal Reserve's meeting in July.

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