FameEX Morning Crypto News Recap | January 22, 2024

JPMorgan Forecasts Imminent Bitcoin Decline, Anticipating $3 Billion Withdrawal from Grayscale

JPMorgan has issued a warning about likely further outflows from Grayscale's bitcoin fund, suggesting these could further depress bitcoin prices shortly. Their analysts observed that the significant $3 billion inflow into newly launched spot bitcoin ETFs probably indicates a transition from traditional bitcoin investment methods or a shift by retail investors from digital wallets on exchanges/retail brokers to the more economical spot bitcoin ETFs.

Former SEC Authority Asserts: Cryptocurrency to Play a Vital Role in the 2024 US Presidential Election

The ex-leader of internet enforcement for the U.S. Securities and Exchange Commission has emphasized the pivotal role of cryptocurrency in the 2024 U.S. presidential election. He advocates for each candidate to designate a Crypto Czar, pointing out that voters' decisions have traditionally been driven by economic factors, a pattern he anticipates will persist in the upcoming election.

'Mad Money' Presenter Jim Cramer Notes Difficult Onset of Bitcoin Selling Wave

CNBC's 'Mad Money' host Jim Cramer has issued a warning about a possible bitcoin selloff, advising caution with investments in bitcoin and newly launched spot bitcoin ETFs. Though not as resistant as SEC Chair Gary Gensler to these investment options, Cramer recognizes Bitcoin's established 15-year history and advises investors to engage in cryptocurrency speculation only after careful research.

Defi's Total Locked Value Tops $57 Billion, Adding More Than $20 Billion Within Three Months

Data from Defillama.com indicates that the total value locked in decentralized finance (defi) protocols surged from $37.46 billion to $57.74 billion within 93 days, as of October 20, 2023. Ethereum blockchain hosts 57.3% of this total value, while Lido's liquid staking protocol makes up 40.21% of the combined value in the defi sector.

Virginia Introduces Bill to Secure Rights in Digital Asset Mining

The Virginia State Senate has introduced a bill that sets forth rules for mining and transacting digital assets, along with related tax implications. This legislative effort is geared towards establishing and safeguarding the rights of those involved in digital asset mining and validation, and it proposes tax benefits for transactions made using cryptocurrencies to acquire goods and services.

Elon Musk Dismisses Claims of $500 Million Investment in xAI Amidst Valuation Negotiations

In the coming weeks, Elon Musk and associated investors aim to conclude negotiations, potentially acquiring computing power along with or instead of equity shares in xAI. Musk has disputed claims from a report suggesting that his AI firm, xAI, raised $500 million towards a $1 billion investment goal, casting doubt on the report's validity.

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