FameEX Morning Crypto News Recap | August 6, 2024

Buffett Unloads $90 Billion in Stocks, Holds $277 Billion in Cash by Mid-Year

On August 5, @MorningBrew tweeted that Berkshire Hathaway CEO Warren Buffett sold $90 billion in stocks and amassed $277 billion in cash in H1, also holding more Treasury bonds than the Federal Reserve. Elon Musk humorously remarked, "He's basically the Federal Reserve."

Analysts Foresee Early Fed Rate Cuts to Avoid Recession

Analyst Simon White noted the Fed's true goal is to prevent a feedback loop between the market and real economy, avoiding a recession. Despite the U.S. economy appearing stable, recession chances have increased due to market positioning and rising expectations.

Xapo Bank Introduces UK's First Interest-Bearing Bitcoin and Fiat Accounts

Licensed by the British government, Xapo Bank is the first UK bank to offer interest-bearing Bitcoin and fiat accounts. It offers 1% interest on Bitcoin without needing to pledge, borrow, or lock up assets. However, the source of this interest income is not disclosed.

BMI Analysts: Increased Market Volatility, But Too Soon to Confirm Worsening

On August 5, BMI analysts from Fitch noted that despite recent market turmoil, it's too early to conclude significant macro or market deterioration. They attribute the increased volatility to macro and market shocks affecting overbought risk assets. The stock market, having sharply rebounded earlier, was vulnerable to selling during the correction.

Elon Musk Refiles Lawsuit Against OpenAI and CEO Sam Altman

The New York Times reported that Elon Musk has refilled his lawsuit against OpenAI and CEO Sam Altman. Musk claims that OpenAI is prioritizing profits and commercial interests at the expense of the public good.

Goldman Sachs: Market Adjustments Are Healthy, Weak U.S. Economic Data Not Worrisome

Christian Mueller-Glissmann, head of asset allocation research at Goldman Sachs, told Bloomberg TV that the current market situation represents a "somewhat healthy adjustment." He noted that while the weak U.S. economic data was unexpected, Goldman Sachs economists are "not that worried."

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