FameEX Morning Crypto News Recap | August 8, 2024

Roubini Claims Market Concerns of a Hard Landing for the US Economy Are Excessive

Economist Nouriel Roubini believes market fears of a hard landing for the US economy and a sharp Federal Reserve rate cut are overly pessimistic. He argues that although the economy has slowed, the data does not support a hard landing scenario, highlighting strong factors indicating economic resilience.

Commerzbank: Fed Unlikely to Signal Aggressive Rate Cuts at Jackson Hole Symposium

Commerzbank expects the Federal Reserve to avoid endorsing aggressive rate cuts at the Jackson Hole Symposium, potentially strengthening the US dollar. Currency analyst Antje Praefcke believes Fed officials will likely remain calm unless August 14 CPI data exceeds expectations or market panic resurfaces, preferring to wait for the September labor market report.

India’s Finance Minister Asserts Cryptocurrency Adoption Not Being Investigated

Indian Finance Minister Pankaj Chaudhary stated that India has not conducted research or surveys on cryptocurrency adoption among its citizens. He noted that crypto assets or virtual digital assets (VDAs) are not regulated in India, and the government does not collect data on these assets.

Japan’s New Forex Chief Jun Mimura: Intervention Stance Unchanged

Japan's new top foreign exchange official, Jun Mimura, reassured that there is no need for panic about the market situation, maintaining an unchanged stance on forex intervention. He highlighted Japan's ongoing mild economic recovery, stressing that forex should reflect fundamentals, maintain stability, and focus on fluctuations rather than exchange rate levels.

Elon Musk's X Platform Set to Introduce XPayments Service

On August 7, developer Nima Owji tweeted that Elon Musk's X platform will launch XPayments, offering transactions, balances, and transfers. Musk has previously outlined plans to incorporate financial services into the X platform, including value storage, money transfers, and access to high-yield money markets.

Ripple Forms Strategic Partnership with Dubai International Financial Centre Innovation Hub

Ripple announced a strategic partnership with the Dubai Financial City Innovation Center (DIFC Innovation Hub) to advance blockchain and digital asset innovation in the UAE, aiming to bolster Ripple's presence in the Middle East market.

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