FameEX Morning Crypto News Recap | May 3, 2024

Chainalysis to Assist Tether in Monitoring Secondary Market for Illegal Activities

Tether is partnering with blockchain analysis firm Chainalysis to monitor the secondary market for its stablecoin. This collaboration will equip Tether with tools to detect wallets potentially linked to illicit or sanctioned activities and gain valuable market insights. Chainalysis will aid in identifying sanctioned and unlawful activities and furnish Tether with pertinent market data.

US Legislators Call on SEC to Greenlight Bitcoin Options Trading

U.S. lawmakers, Representatives Mike Flood and Wiley Nickel, are urging the Securities and Exchange Commission to allow options trading on Bitcoin exchange-traded products (ETPs). They recently addressed a letter to SEC Chair Gary Gensler, pressing for an end to what they perceive as discrimination against crypto funds.

Hong Kong Bitcoin ETFs Fail to Offset US ETF Selling Pressure

According to James Butterfill, head of research at CoinShares, the recently launched spot Bitcoin ETFs in Hong Kong, which saw $217 million in net inflows this week, are insufficient to counterbalance the outflows from the 11 U.S.-based spot Bitcoin ETFs, as noted in a May 2 post on X.

Microsoft Invests $2.2 Billion in Malaysia for Cloud and AI Expansion

Microsoft has committed to investing $2.2 billion over four years to enhance cloud and artificial intelligence (AI) services in Malaysia. The plan includes collaborating with the Malaysian government to set up a national AI Center of Excellence and strengthen cybersecurity. The investment will also fund cloud and AI infrastructure, create AI-skilling opportunities for 200,000 individuals, and support local developers.

Arkansas Legislation to Restrict Crypto Miners Advances to Governor for Approval

Two bills aimed at regulating crypto mining, focusing on noise, water use, and licensing, have passed Arkansas's House of Representatives and are now with Governor Sarah Huckabee Sanders for approval. This is the final step before they become law, and the governor is expected to sign them.

Wall Street Banks Forecast Future Fed Interest Rate Changes

Several Wall Street banks have projected the Federal Reserve's interest rate moves for the year. Goldman Sachs predicts two rate cuts, Morgan Stanley foresees three, and Citigroup anticipates four cuts. The consensus among these institutions is that rate reductions could begin as early as the Federal Reserve's July meeting.

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