FameEX Morning Crypto News Recap | February 19, 2024

Bitcoin Network Sees Decline in Transactions and Fees Ahead of Upcoming Halving

Since January 28, 2024, the Bitcoin network has experienced a notable drop in daily transaction volume, decreasing from over 600,000 to under 300,000 transactions per day. This decline coincides with a reduced daily output of Ordinal inscriptions, leading to less congestion and lower onchain fees.

Major Technology Companies Commit to Limiting AI's Role in Election Meddling

Twenty AI technology companies committed on February 16 to prevent their software from influencing elections, with the United States included. This initiative reflects growing awareness of the potential dangers AI poses to the integrity of elections, in a year when an estimated four billion people worldwide are expected to vote.

Funding for Crypto and Blockchain Increased Dramatically in the Fourth Quarter of 2023

A PitchBook report reveals that investments in crypto-related firms reached $1.9 billion, marking a 2.5% rise from the prior quarter. This growth in venture capital investments is the first since March 2022, reflecting a resurgence of investor interest and confidence in the cryptocurrency sector.

Texas Becomes a Prime Location for Cryptocurrency Miners

Texas has become a hotspot for cryptocurrency mining companies, attracted by its supportive regulatory landscape and rich energy resources. The state offers competitive electricity rates and a substantial amount of renewable energy, making it an ideal location for Bitcoin mining operations looking to capitalize on these advantages.

Honduras Authority Prohibits Institutions from Engaging in Crypto Transactions

The National Banking and Securities Commission (CNBS) of Honduras has issued an immediate ban preventing institutions from engaging in cryptocurrency trading. This decision, effective at once, is driven by concerns over the use of virtual assets in fraudulent activities and money laundering, highlighting the Central American nation's stance on mitigating these financial risks.

Ex-Fed Hawk Brad Believes March Interest Rate Cut Was Prudent

On February 19th, Ex-St. Louis Fed President Brad now endorses a reduction in interest rates at the upcoming March meeting. This shift in stance aims to avert potential over-restriction of economic activities by year-end. Previously, Brad was known for advocating swift rate increases and had even last summer suggested the need for further hikes.

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