FameEX Morning Crypto News Recap | April 17, 2024

Peter Schiff elaborates on gold's price surge while cautioning against Bitcoin as a 'Gigantic Bubble'

Economist Peter Schiff claims gold prices are climbing due to the depreciation of major fiat currencies like the dollar, euro, and yen amidst genuine inflation. He warns that bitcoin is a "gigantic bubble" and remains bearish on its future, asserting that the cryptocurrency's price will fall significantly lower than current levels.

Norway to Regulate Cryptocurrency Mining via Data Center Rules

Norway plans to introduce legislation targeting data centers to increase oversight on their operations. This move aims to specifically curb data centers that facilitate cryptocurrency mining, as the country views this type of business as undesirable. The proposed law focuses on exerting more control over activities within these facilities.

Core Scientific to Expand Texas Mining Facility by 72 MW Before Bitcoin Halving

Just over three days before the Bitcoin halving, Core Scientific announced a plan to expand its Texas mining facility by 72 megawatts. Set for completion by Q2 2024, the expansion is designed to significantly increase the company's hashpower capacity, enhancing its mining efficiency.

Israeli Central Bank Official Claims CBDC Competition with Banks Benefits the Economy

In a speech published on the Bank of Israel's website, Deputy Governor Andrew Abir presented a contrary perspective on the impact of central bank digital currencies (CBDCs) on commercial banks. He advocated for CBDCs, suggesting that competition from them would beneficially force commercial banks to improve and innovate.

Korean Won Surpasses All Other Fiat Currencies as Most Traded by Crypto Traders

In the first quarter of 2024, the South Korean won emerged as the world's most-traded fiat currency against cryptocurrencies, recording over $456 billion in trading volume on centralized exchanges. This surpassed the U.S. dollar's $455 billion. The won's increasing dominance is attributed to intense competition over fees among Korean crypto exchanges, as noted by research firm Kaiko.

Microsoft Invests $1.5 Billion in UAE AI Firm, Aiming for Global Expansion

Microsoft is deepening its global AI footprint with a $1.5 billion investment and strategic partnership with G42, an AI company based in Abu Dhabi. This initiative also focuses on enhancing skills among UAE workers to develop a diverse AI workforce and talent pool.

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