FameEX Morning Crypto News Recap | April 8, 2024

Bowman, Fed Governor, Indicates That Continued High Inflation Might Lead to Further Rate Hikes

In early 2024, the U.S. has seen sustained inflation, prompting Federal Reserve members to advise against quick rate reductions. Fed Governor Michelle Bowman pointed out the possibility of increasing interest rates, setting her views apart from the market's prediction of reductions in the same period, underscoring a prudent approach to the ongoing inflation situation.

Fourth Straight Week of NFT Sales Downturn Despite Surging Crypto Transaction Volumes

In the last week, NFT sales volume fell by 13.72%, marking the fourth consecutive week of declines. This downturn comes amidst record-breaking performances in other cryptocurrency sectors during March, highlighting a stark contrast. The vibrant trading volumes seen elsewhere have evidently not translated into success for the NFT marketplace.

Analyst Considers Bitcoin Reaching $50K Again 'Quite Unlikely'

Crypto analyst Dylan LeClair, from UTXO Management, believes Bitcoin's dip below $50,000 since late February is unlikely to recur. In his April 7 analysis, he mentioned that Bitcoin's potential rise to the $70,000–$75,000 bracket could strain short sellers, signaling optimism for the cryptocurrency's forthcoming trajectory.

South Korea Party Uses Promise of US Bitcoin ETF Access as Vote Magnet

South Korea's Democratic Party has promised to eliminate restrictions on exchange-traded funds (ETFs) holding cryptocurrency tokens directly, especially U.S.-based spot Bitcoin ETFs, after which the nation's securities regulator alerted that distributing these ETFs locally could breach South Korea laws.

Bitcoin's Market Capitalization Outstrips the Combined Value of the Four Largest Global Banks

Bitcoin's valuation has eclipsed $1.3 trillion, surpassing the total market value of the four largest banks worldwide, including JPMorgan Chase, Bank of America, and both the Industrial and Agricultural Banks of China. Bitcoin's market cap being 2.4 times that of JPMorgan Chase signals the escalating relevance of decentralized digital currencies within the global financial ecosystem.

CSOP Launches Major Bitcoin Futures ETF Advertisement Drive in Hong Kong

The Hong Kong Bitcoin Futures ETF, issued by Southern East Investment, has launched a widespread advertising initiative, placing ads across a fleet of Hong Kong buses. The advertisements emphasize Bitcoin's notable 45% value increase in early 2024, drawing worldwide attention and suggesting a limited supply.

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