FameEX Morning Crypto News Recap | October 7, 2024

Long-term Bitcoin holders cut their positions, dropping from $19 billion to $12 billion

CryptoQuant analysis reveals that long-term Bitcoin holders, those holding for over 155 days, have reduced their positions from $19 billion to $12 billion. In contrast, short-term holders have seen a significant increase, with their positions rising by $6 billion recently, indicating a shift in market dynamics.

Ethereum Mainnet Fees Reach Record Low After Dencun Upgrade, ETH Faces Inflation

On October 6, IntoTheBlock data revealed that Ethereum mainnet fees reached a record low following the Dencun upgrade. EIP-4844 reduced Layer 2 costs by 10 times, boosting transaction volumes. However, the decrease in Ethereum burns has caused ETH to shift from deflation to inflation, marking a significant change in its economic model.

Tether Launches USDT Documentary in Celebration of Its 10th Anniversary

On its tenth anniversary, Tether announced the release of a documentary highlighting USDT's role in combating inflation. The trailer features interviews with users from high-inflation countries like Turkey, Brazil, and Argentina, showcasing how USDT has benefited them. One interviewee mentioned that 90% of transactions in Brazil are conducted using USDT, emphasizing its significant impact.

UAE Updates VAT Regulations to Exempt Virtual Asset Transfers and Conversions

On October 2, the UAE Federal Tax Authority amended VAT regulations to exempt virtual asset transfers and conversions, retroactive to January 1, 2018. PwC advises virtual asset companies to review their VAT exemptions and input tax recovery. Virtual assets are defined as digitally tradable representations of value, excluding legal tender and financial securities.

Gold Advocate Peter Schiff: The "Fake Economy" Must Collapse to Restore the Real Economy

Economist and gold advocate Peter Schiff warned that restoring the real economy necessitates the collapse of the "false economy," which would result in significant financial losses for many. However, he emphasized that the alternative—continued reliance on the false economy—could lead to worse consequences, such as severe currency devaluation.

Musk Updates X Profile to Endorse Trump’s Presidential Campaign

On October 6, Musk updated his Twitter profile to read "Read @America to understand why I'm supporting Trump for President" and changed the profile link to the "American Political Action Committee" website.

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