FameEX Morning Crypto News Recap | August 22, 2024

Fed Minutes: 'Overwhelming Majority' Favor September Rate Cut

The Federal Reserve's August 22 meeting minutes showed that "the vast majority of members" supported a September rate cut, citing reduced upside risks to inflation and expectations of continued inflation decline. However, members also expressed concerns about increased downside risks to employment.

CryptoQuant CEO Predicts Bitcoin Bull Run in Q4

CryptoQuant CEO Ki Young Ju highlighted that the last Bitcoin halving cycle saw a Q4 bull market surge, and he expects whales to keep this year's fourth quarter lively as well.

Gold Prices Hit Record High Amid Significant Redemptions in Gold ETFs

Gold prices have surged to a record high, leading some investors to take profits and exit the market, resulting in significant gold ETF redemptions. However, fund companies maintain that with expectations of a Federal Reserve rate cut and ongoing geopolitical conflicts, gold still has strong upward momentum as a safe-haven asset.

Harris Commits to Fostering Growth in Emerging Technology and Cryptocurrency Sectors

At a Bloomberg News roundtable during the Democratic National Convention, Harris's senior policy adviser, Brian Nelson, stated that Harris is committed to supporting the growth of emerging technologies and the cryptocurrency industry. Nelson emphasized that Harris's policy goal is to ensure the continued development of these sectors.

Wyoming Plans to Introduce Dollar-Pegged Stablecoin in 2025

Wyoming Governor Mark Gordon announced at the Wyoming Blockchain Symposium that the state plans to issue a US dollar-pegged stablecoin in 2025. The stablecoin will be backed by U.S. Treasury bonds and repurchase agreements, with plans to partner with trading platforms for a Q1 2025 listing.

Abu Dhabi Global Market Proposes Regulatory Framework for Fiat-Referenced Tokens

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has proposed a draft regulatory framework for fiat-referenced tokens (FRT) and is inviting public feedback until October 3, 2024. The framework requires FRT issuers to comply with strict operational rules, including ensuring reserve assets' market value meets or exceeds the FRT's face value in circulation.

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