FameEX Morning Crypto News Recap | January 24, 2024

Senator Elizabeth Warren Notes Digital Assets' Role in Bypassing Economic Sanctions

Senator Elizabeth Warren has raised alarms about the illicit use of cryptocurrencies. Citing a U.S. Government Accountability Office (GAO) report, she stated that "rogue nations are exploiting crypto to bypass sanctions and threaten national security." This underscores her concern about the role of digital assets in undermining the effectiveness of economic sanctions.

Macroeconomic Factors Contribute to Decline in Bitcoin Price

Bitcoin's recent price decline is influenced by multiple elements: rising worries about interest rates, significant withdrawals from the spot Bitcoin ETF, and developments in the Mt. Gox bankruptcy case. Additionally, from a macroeconomic view, 2024 saw notable changes in the DXY index, reflecting the U.S. dollar's performance against major foreign currencies like the euro, British pound, and Japanese Yen.

Bitcoin Investors Set Sights on $30K–$34K Price Range Following Bearish Trends in BTC Charts

The cryptocurrency market saw a notable decline on January 23, as its total capitalization fell from $1.6 trillion to $1.5 trillion, marking a 5.5% decrease within a single day. Consequently, Bitcoin traders shifted their perspectives, now aiming for lower BTC price targets in the $30,000 range.

UAE Leader Signs Law to Form an Artificial Intelligence Council

The UAE President and Abu Dhabi ruler, Sheikh Mohamed bin Zayed Al Nahyan, has initiated a law establishing the Artificial Intelligence and Advanced Technology Council (AIATC). This council's primary role is to formulate and implement strategies concerning artificial intelligence, with a particular emphasis on enhancing research, infrastructure, and investment-related activities in the field.

BIS Reveals 2024 Projects Focused on CBDC and Tokenization Initiatives

On January 23, the BIS announced its annual program, launching six projects focused on cybersecurity, combating financial crime, CBDCs, and green finance. Cecilia Skingsley, head of the BIS Innovation Hub, emphasized tokenization's significance, starting with the Promissa project and laying the groundwork for subsequent developments in this area.

US Congress Members Inquire Meta About Its Plans for Cryptocurrency and Blockchain

The U.S. House Financial Services Committee is demanding Meta to disclose its plans for blockchain and cryptocurrency, highlighting the company's five active trademark filings in these domains from 2022. The committee is keen on understanding Meta's strategic direction in the rapidly developing digital currency and blockchain industries.

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