FameEX Morning Crypto News Recap | August 1, 2024

Fed Chairman Powell: Rate Cut Possible in September if Inflation Meets Target

Fed Chairman Powell stated that if inflation targets are met, interest rate cuts could happen as early as September. He highlighted the importance of data trends, changing outlooks, and risk balances. Powell also assured that the decision to cut rates will remain unaffected by the upcoming presidential election, emphasizing the Fed's complete neutrality.

Miners’ Daily Revenue Soars 50% Amid Decrease in Bitcoin Selling

On August 1, CryptoQuant reported a decrease in Bitcoin sold by miners, with daily revenue surging nearly 50% since early July. By July 29, the hash rate reached 604 EH/s, a 6% increase since July 9. Miners’ daily revenue rose to $32 million from $22 million, supporting the network’s hash rate recovery.

NVIDIA Launches New Robotics Development Tool, Shares Jump 11%

On August 1, NVIDIA's stock price surged by 11% after unveiling new robot development tools at the SIGGRAPH conference. CEO Huang Renxun highlighted the "third wave" of artificial intelligence, emphasizing robots' key role. NVIDIA introduced "NIM Microservices," a visual training environment allowing generative AI models to perceive and understand 3D environments like ChatGPT.

Trump Introduces Limited Edition Sneakers with Bitcoin Payment Option

On July 31, Trump announced on social media the launch of limited edition sneakers supporting Bitcoin and other cryptocurrency payments. The sneakers, labeled "Trump, Crypto President," are individually numbered. Trump also noted his recent speech at a Bitcoin conference in Nashville, Tennessee, emphasizing his support for cryptocurrencies.

El Salvador Suggests Using Cryptocurrency for Trade Settlements with Russia

Alexander Ilyukhin, First Secretary of the Russian Embassy in Nicaragua, announced that El Salvador proposed using cryptocurrency for trade settlements with Russia. With its dollarized economy, El Salvador aims to overcome challenges posed by the traditional financial system through this initiative.

Texas Data Center Demand Surges, Straining Power Grid

Texas has drawn numerous data centers and crypto miners due to its vast land and cheap energy, increasing grid pressure. The Electric Reliability Council of Texas (Ercot) projects that by 2030, the grid will need to support 152 gigawatts of demand on peak days, nearly double the current level, with significant contributions from data centers and crypto miners.

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