FameEX Morning Crypto News Recap | April 22, 2024

Yield Curve Inversion Hits Historic 656 Days, Mirroring Patterns Before Stock Market Crashes

The U.S. Treasury yield curve, comparing yields of two-year and ten-year bonds, has been inverted for 656 days, paralleling situations before major stock market crashes in 1929, 1974, and 2008. This extended period of inversion has led to active discussions among market observers, who are speculating about the potential future effects on the U.S. economy.

NFT Sales Decline More Than 25% While Bitcoin Leads in a Slowing Market

Recent data reveals that over a seven-day period ending April 21, 2024, NFT sales dropped by 25.48%, amounting to about $236.96 million. During this week, Bitcoin dominated the NFT market, contributing $111.8 million to the total sales since April 14.

Meme Coins Surpass General Crypto Market in Performance with Significant Gains

Over the past 24 hours, the meme coin sector of the crypto economy increased by 9.6% against the U.S. dollar. The Solana-based meme token BONK was the standout, surging 41.8%, while FLOKI also saw significant growth, rising 18.7%.

USA and Nigeria to Collaborate on AI Partnership for Economic Expansion

The USA and Nigeria are set to explore partnerships in the digital economy, emerging technologies, and artificial intelligence advancement. This collaboration was highlighted by Mr. Arthur Brown, Deputy Chief of Mission at the U.S. Embassy, during the closing of a four-day National Artificial Intelligence Strategy workshop in Abuja. This initiative aims to leverage AI for economic growth in both nations.

US Inflation Persistence Sparks Volatility in Emerging Market Currencies

The current volatility in emerging market currencies is primarily due to persistent US inflation and the resultant high US benchmark interest rates. This situation has led to shifting optimism among international investment institutions regarding global financial markets. Concerns are growing over the risks of "secondary inflation" in the US and potential declines in expectations for Federal Reserve rate cuts.

Proposed Stablecoin Regulation Bill by US Senator Faces Criticism

A bill co-sponsored by U.S. Senators Cynthia Lummis and Kirsten Gillibrand aiming to regulate stablecoins has faced criticism for possibly stifling innovation and infringing on First Amendment rights. The legislation specifically targets and bans "algorithmic payment stablecoins," which could significantly affect software developers and the wider tech community.

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