FameEX Morning Crypto News Recap | July 4, 2023

Differing Fed Predictions: No Rate Hikes or 6% in 2023
According to projections from the U.S. Federal Reserve, two rate hikes are expected in 2023, potentially raising the federal funds rate. The estimated range for the benchmark bank rate by year-end is 5.5% to 5.75%. However, there are differing opinions, with some predicting a potential increase to 6%. Uncertainty remains about the central bank's decision to raise interest rates before the year ends.

Bank of America Analysts: Nigeria's Currency Currently Undervalued
Bank of America analysts believe that the Nigerian currency is presently undervalued and predict it will reach approximately NGN680 per dollar by the end of the year. They anticipate current account surpluses in the medium term due to increased oil revenues and a more liberalized import regime in Nigeria.

ETH Approaches $2,000 Ahead of US Independence Day
Ethereum edged closer to the $2,000 mark as markets geared up for a brief yet eventful week of U.S. economic data. With the Fourth of July Independence Day celebrations leading to the closure of some U.S. markets, key releases such as the FOMC minutes and non-farm payrolls report are anticipated once they reopen. Bitcoin, on the other hand, experienced a period of consolidation during this time.

Litecoin Soars in Value with EDX Listing and Upcoming Reward Halving, Enters Top Ten Rankings
Litecoin (LTC) has experienced a remarkable 40% surge against the U.S. dollar in the last two weeks. This surge follows the listing of LTC on the EDX crypto exchange, along with three other major cryptocurrencies. Furthermore, Litecoin is preparing for an imminent reward halving, with only 30 days left until its block reward subsidy is reduced from 12.5 LTC to 6.25 LTC.

UK Law Commission Proposes Creation of a "Distinct" Legal Category for Cryptocurrencies
The Law Commission in the UK has proposed four key recommendations to reform cryptocurrency laws. They advocate for the establishment of a specialized legal category for cryptocurrencies and digital assets to ensure their unique characteristics are acknowledged and safeguarded under personal property laws.

Singapore Mandates Crypto Firms to Secure User Assets in Trusts by Year-End
The Monetary Authority of Singapore (MAS) has introduced new regulations mandating that crypto service providers must hold customer assets in a statutory trust by the end of the year. This measure aims to reduce the risk of asset loss or misuse and facilitate the recovery of customer assets in case of insolvency by digital payment token (DPT) service providers, according to the regulator.

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