FameEX Morning Crypto News Recap | August 23, 2024

Bitcoin Volatility Surpasses March ATH, Potentially Catalyzing Breakout from Consolidation Phase

Bitcoin's volatility has surpassed its March peak, stirring trader speculation that it could catalyze a breakout from the current consolidation phase. For a rally to occur, Bitcoin must maintain a price above $61,000 and retest the $62,000 mark, a threshold not reached since August 9.

Franklin Templeton CEO Criticizes Traditional Finance for Underestimating Bitcoin's Scale

At the Wyoming Blockchain Symposium, Franklin Templeton CEO Jenny Johnson criticized traditional finance for significantly underestimating Bitcoin's scale. She highlighted that Bitcoin processed over $36.6 trillion in transactions in 2023, doubling the combined total of Mastercard and Visa, suggesting that traditional financial sectors are largely ignorant of Bitcoin's vast transaction volume.

Asian Stocks Decline as Fed Rate Cut Expectations Ease

Asian stocks dropped early Friday as investor expectations for U.S. interest rate cuts were adjusted. Markets reacted to Japanese inflation, Taiwanese industrial output, and Singapore inflation data. Comments from the Kansas City Fed President suggested a cautious approach to rate cuts, with cooling U.S. labor market data and declining manufacturing activity and home sales reinforcing the need for a moderate policy response.

California Senator Addresses OpenAI's Opposition to SB 1047

California Senator Scott Wiener addressed OpenAI's opposition to SB 1047, noting that the company did not criticize the bill's specific provisions but acknowledged its core content's rationale. Wiener emphasized that while AI regulation should ideally be managed by Congress, California must take legislative action first since Congress has not yet acted.

Mercado Pago Introduces Meli Dollar Stablecoin in Brazil

Mercado Pago, the digital bank of Latin American e-commerce giant Mercado Libre, has launched the US dollar-pegged stablecoin "Meli Dollar" in Brazil. Users can buy and sell the stablecoin using Brazilian real balances without incurring fees. This initiative aims to offer users a practical and stable financial management tool.

U.S. Existing Home Sales Increase for First Time in Five Months; Freddie Mac Interest Rate Drops to 6.46%

Freddie Mac reported that the average rate on a 30-year fixed mortgage decreased to 6.46% from 6.49% last week, enhancing homebuyers' purchasing power. Concurrently, U.S. existing home sales grew for the first time in five months, with a 1.3% increase from the previous month, marking the slowest July growth since 2010.

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