FameEX Morning Crypto News Recap | November 21, 2024

Trump Team Explores Creating First Cryptocurrency Role in the White House

On November 21, reports revealed that the Trump team is evaluating the establishment of a dedicated cryptocurrency role in the White House.

DeFi Enters New Growth Phase Driven by Regulatory Clarity

DeFi and stablecoins are poised for growth amid clearer regulations and potential pro-crypto leadership. DeFi total value locked (TVL) surged 31%, while the stablecoin market rose 4%. Institutional interest in cryptocurrencies is at record levels, with Bitcoin ETF inflows expected to surpass gold ETFs, signaling a strong shift toward digital assets.

Grayscale Executes Reverse Stock Split to Enhance Cost-Effectiveness of Crypto ETFs

On November 19, Grayscale Investments completed a reverse stock split for its two cryptocurrency ETFs: the Grayscale Bitcoin Mini Trust ETF and the Grayscale Ethereum Mini Trust ETF. The initiative aims to make securities trading more cost-effective for investors. Grayscale stressed that shareholders need not take any action; the stock split will occur automatically, and their holdings will remain unchanged.

Fed's Bowman Voices Concerns Over Rate Cuts Amid Persisting High Inflation

On November 21, Federal Reserve Governor Bowman voiced concerns about cutting interest rates with inflation still above the 2% target. She highlighted stalled progress toward this goal and advocated cautious rate reductions to monitor their impact, particularly on the labor market.

Japan Aims to Approve Economic Stimulus Package with Tax Reforms by End of 2024

Japanese Prime Minister Shigeru Ishiba has pledged cross-party discussions to promote tax reforms, aiming to approve an economic stimulus package by the end of 2024. The proposed tax changes include adjustments to income tax, corporate tax, and cryptocurrency tax. This initiative marks a policy shift for the ruling party, which had previously called for higher taxes.

Phantom Overtakes Google to Lead US App Store Tools Category

On November 21, Phantom crypto wallet surpassed Google to top the US App Store's tools category, according to appfigures data.

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