FameEX Morning Crypto News Recap | May 16, 2024

El Salvador Extracts 474 Bitcoin with Geothermal Energy from Volcanoes

Since 2021, El Salvador has mined 474 Bitcoin, valued at $29 million, using geothermal energy from the Tecapa volcano. The mining operation utilizes 300 processors and is allocated 1.5 megawatts (MW) of power from the 102 MW generated by a state-owned power plant. This initiative highlights the country's innovative use of renewable energy for cryptocurrency mining.

Oklahoma's Latest Cryptocurrency Law Safeguards Miners and Establishes Blockchain Regulations

On May 13, Oklahoma Governor Kevin Stitt signed a new law establishing a legal framework for blockchain and protecting cryptocurrency miners. The legislation prevents the state government from restricting the use of digital assets for legal purchases or self-custody. It also ensures that digital assets used for payments are not subject to additional taxes or charges compared to other payment methods.

The U.S. Bureau of Labor Statistics Prematurely Releases CPI Data

The U.S. Bureau of Labor Statistics reported that the CPI data, which was supposed to be released on Wednesday, was accidentally made public 30 minutes early due to premature file uploads on their website. The bureau is currently conducting a thorough investigation into the incident to understand and address the cause of the early release.

Fed Governor Michelle Bowman Urges State and Federal Cooperation in Regulating Stablecoins

On May 16, Federal Reserve Board Governor Michelle Bowman called for states and the federal government to collaborate on regulating stablecoins. Speaking at the Chamber of Digital Commerce’s DC Blockchain Summit, Bowman emphasized the need for a unified approach while lawmakers draft related legislation, discussing the roles of state and federal levels in tackling stablecoin regulation.

Fed Rate Cut Sparks Dollar Sell-Off, Gold Prices Poised to Reach Record Highs

Institutional analyst Adam Button noted that the recent US CPI report has paved the way for another Federal Reserve rate cut, triggering widespread dollar selling and a surge in demand for gold. Consequently, gold prices spiked by over $30, reaching an intraday high of $2,390—the highest record since the end of April.

Slowing U.S. Retail Sales Could Trigger Market Rebound

Analyst Joseph Richter suggested that the market's quick rebound might be more influenced by the noticeable slowdown in U.S. retail sales than by a CPI close to expectations. He noted that for several months, retail sales data have been a leading indicator ahead of the commodity CPI, suggesting a significant impact on market trends.

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