FameEX Morning Crypto News Recap | April 10, 2023

Allianz Issues Warning of Impending Crash Landing for US Economy
https://www.fameex.com/en-AU/news/crypto-trending-news-2023041001
The US economy is in danger of a crash landing, according to Allianz, one of the world's largest insurance companies. The company's analysts have warned that tightening credit conditions and the banking crisis will likely cause the economic momentum to deteriorate in the second half of the year. Allianz has issued a stark warning about the potential downturn that could impact the US economy in the coming months.

Russian Authorities Seek Permission to Confiscate Crypto Assets and Set Up Wallets, Says Law Enforcement
https://www.fameex.com/en-AU/news/crypto-trending-news-2023041002
Russian investigators are seeking permission from the government to establish their own cryptocurrency wallets, which would enable law enforcement agencies to seize digital assets during criminal investigations and later sell them for the benefit of the state. This move is similar to the procedures already in place by authorities in the US and Europe.

US Bank Lending Drops Significantly as Trillions Move to Money Market Accounts, with Elon Musk Predicting Further Acceleration of the Trend
The United States has witnessed a significant decline in bank lending, with a record drop of nearly $105 billion in the final two weeks of March, following the collapse of three major banks. Reports suggest that trillions of dollars are being moved from banks to money market funds. In light of this, Elon Musk of Tesla has predicted that the trend will continue to accelerate.

ECB Board Member Highlights Inadequate Cryptocurrency Regulations in the EU
The crypto rules outlined in the EU's Markets in Crypto-Assets (MiCA) bill will not be enough to prevent incidents like the FTX case, according to a European Central Bank Supervisory Board member. Although the MiCA bill will establish critical safeguards, certain areas require additional strengthening.

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