FameEX Morning Crypto News Recap | May 4, 2023

Federal Reserve Raises Interest Rate by 25bps, Reaffirms Strength and Resilience of US Banking System
The Federal Reserve of the United States has increased the federal funds rate by 25 basis points, continuing a streak of ten consecutive hikes since March 2022. The market had anticipated the move, which reflects the Fed's strategy to gradually bring interest rates back to normal levels in light of the improving economy.

Proposed DAME Tax Plan by White House Aims to Address Alleged Environmental Impact of Crypto Mining
As part of the President's proposed budget for fiscal year 2024, the Biden administration has introduced the Digital Asset Mining Energy (DAME) tax. The tax seeks to make cryptocurrency miners responsible for the environmental expenses related to their operations. In a blog post on May 2, 2023, the administration explained the rationale behind the tax, emphasizing the importance of ensuring that miners bear the costs of their actions.

BRC20 Token Standard's Market Cap Surpasses $95 Million, Causing Excitement in Bitcoin Community
The Bitcoin blockchain has surpassed 3.35 million Ordinal inscriptions, and the experimental BRC20 token standard has attracted considerable attention with a market capitalization exceeding $95 million and 10,487 tokens created. This development has generated excitement within the crypto industry, highlighting a growing interest in the creation and implementation of token standards on the Bitcoin network.

Russian Banks Expected to Achieve Record-Breaking Profits This Year, According to Central Bank and Rating Agency
The Bank of Russia has increased its projection for the profits of Russian banks in 2023, with an expectation that they could surpass the previous record set in 2021. This comes after a difficult year for the Russian banking industry due to sanctions, resulting in the worst financial outcome in seven years in 2022. The anticipated high figures for 2023 indicate a positive trend for the Russian banking sector.

Standard Chartered Analyst Predicts $20,000 BTC Surge if US Defaults on Debt Obligations
Geoff Kendrick, head of forex research at Standard Chartered, anticipates a potential $20,000 price surge for Bitcoin in the event of a US default on its obligations. Kendrick explains that while Bitcoin may see an increase in value, Ethereum and other cryptocurrencies may experience a decrease in price. This forecast underscores the market's tendency to react to economic and political uncertainties, resulting in substantial price fluctuations.

Analysts Warn of Potential Bank Failures, Global Repercussions, and Recession Following First Republic Bank Collapse
With the recent takeover of First Republic Bank, the fourth US bank to fail this year, concerns have been raised about its potential impact on the US and global economies. Despite President Biden's assurance that the banking system is stable, experts warn that this may not be the last bank failure during the current tumultuous period. The incident has triggered fears of possible global repercussions and an impending recession.

Regulators Take Action Against Fraudulent Cryptocurrencies Promoted as 'Elon Musk AI Token' and 'TruthGPT Coin'
The Texas State Securities Board and other state regulators have ordered Horatiu Charlie Caragaceanu and his companies, The Shark of Wall Street and Hedge4.ai, to cease promoting two cryptocurrencies, TruthGPT Coin and Elon Musk AI Token. The orders aim to prevent fraudulent securities schemes from taking advantage of the AI hype and protect consumers from being misled.

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