FameEX Morning Crypto News Recap | July 11, 2024

Trump Scheduled to Address 2024 Bitcoin Conference

President Donald Trump is confirmed to speak at Bitcoin 2024, the largest Bitcoin conference globally, occurring in Nashville, Tennessee from July 25-27. This marks a significant milestone for an event known for historic news and major industry announcements.

Fed Chairman Powell States Monetary Policy Decisions Are Based Solely on Economic Data

Federal Reserve Chairman Powell emphasized that the Fed's monetary policy decisions are strictly based on economic data. He stressed that the Fed acts as necessary, and any actions, including interest rate cuts, are fully justified.

US Senator Suggests Granting Complete Authority to CFTC for Digital Asset Regulation

Senator Dr. Roger Marshall addressed the regulatory power struggle between the SEC and the CFTC over digital assets. He proposed handing over the supervision of all digital assets to the CFTC for simplification. CFTC Chairman Rostin Behnam expressed personal support for the idea, asserting that the CFTC has the necessary expertise and capabilities for the task.

US Department of Energy Attempts to Reinvestigate Cryptocurrency Mining Energy Consumption

After a failed initial attempt due to litigation, the U.S. Department of Energy (DOE) is preparing to survey cryptocurrency mining energy usage again. This time, it seeks input from industry players first. The Energy Information Administration (EIA) held a public webinar on Wednesday to gather feedback on developing the survey.

BTC Long-Term Holder Growth Hits Record High in 2024, Reaching Monthly Rate of 6.3%

CryptoQuant analysts noted the fastest rise in BTC long-term holders since April 2023. BTC whales' monthly holding growth rate hit 6.3%, reflecting increased demand. Despite BTC confiscations by German and US governments and Mt. Gox fund allocations boosting supply, long-term holder demand has bolstered BTC prices.

UK Bitcoin Policy Group Proposes Bitcoin Mining to Address Government Electricity Demand Issues

Bitcoin Policy UK suggested to the new Labour government that Bitcoin mining could address local electricity demand issues. The proposal highlights that Bitcoin mining can utilize idle renewable energy to offer flexible demand, strengthening renewable power grids. This approach can use wasted energy without requiring government subsidies or payments, making the power supply more robust and feasible.

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