FameEX Morning Crypto News Recap | October 7, 2024

Long-term Bitcoin holders reduce their positions, declining from $19 billion to $12 billion

According to CryptoQuant, long-term Bitcoin holders (holding for over 155 days) have reduced their positions from $19 billion to $12 billion. Meanwhile, short-term holders have increased their positions by $6 billion, signaling a notable shift in market dynamics.

Ethereum Mainnet Fees Drop to Record Low After Dencun Upgrade, ETH Encounters Inflation

On October 6, IntoTheBlock data showed that Ethereum mainnet fees hit a record low after the Dencun upgrade. EIP-4844 reduced Layer 2 costs by 10 times, increasing transaction volumes. However, fewer Ethereum burns have shifted ETH from deflation to inflation, signaling a major shift in its economic dynamics.

Tether Unveils USDT Documentary to Mark Its 10th Anniversary

To mark its tenth anniversary, Tether announced a documentary showcasing USDT's role in fighting inflation. The trailer includes interviews with users from high-inflation countries such as Turkey, Brazil, and Argentina, illustrating USDT’s benefits. One interviewee highlighted that 90% of transactions in Brazil are conducted using USDT, demonstrating its widespread impact.

UAE Revises VAT Rules to Exempt Virtual Asset Transfers and Conversions

The UAE Federal Tax Authority amended VAT regulations on October 2, exempting virtual asset transfers and conversions, effective retroactively from January 1, 2018. PwC recommends that virtual asset companies review their VAT exemptions and input tax recovery. Virtual assets are defined as digitally tradable representations of value, excluding legal tender and financial securities.

Peter Schiff, Gold Advocate: The Collapse of the "Fake Economy" Is Needed to Restore the Real Economy

Economist and gold advocate Peter Schiff cautioned that restoring the real economy requires the collapse of the "false economy," which would lead to significant financial losses for many. He stressed that the alternative—continuing to rely on the false economy—could result in even worse outcomes, such as severe currency devaluation.

Musk Updates X Profile to Back Trump’s Presidential Campaign

On October 6, Musk updated his Twitter profile to say, "Read @America to understand why I'm supporting Trump for President," and modified the profile link to direct users to the "American Political Action Committee" website.

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