FameEX Morning Crypto News Recap | September 24, 2024

Kamala Harris Voices Support for Crypto Industry, Bitcoin Rebounds by Nearly 12%

Kamala Harris's campaign support for the crypto industry, combined with backing from advocate Anthony Scaramucci, uplifted market sentiment. Her commitment to fostering industry growth at a fundraising event helped Bitcoin rebound, rising nearly 12% from its $57.5k low.

Digital Assets and U.S. Stock Market Correlation Reaches Historical Peak

Research shows that the correlation between digital assets and the U.S. stock market is approaching a historic high. Bloomberg data reveals a 40-day correlation coefficient of 0.67 between the 100 largest digital assets and the S&P 500 index, just shy of the 0.72 record set in the second quarter of 2022.

Just 5.91% of Bitcoin's Total Supply Left to Be Mined

HODL15Capital data shows that 19,757,900 out of 21 million bitcoins have been mined, leaving only 5.91% of the supply, or approximately 1.24 million bitcoins, still available for mining.

OpenAI CEO Sam Altman Declares the Beginning of the "Age of Intelligence"

OpenAI CEO Sam Altman stated in a September 23 blog post that humanity is approaching an "unimaginable era of prosperity" driven by deep learning's success. He anticipates AI systems will address major challenges like climate change and space colonization, marking the beginning of a transformative era for society.

Wall Street Investors Pivot to Financial and Tech Stocks After Fed Rate Cut

Wall Street investors are responding to the Fed's rate cuts by shifting towards financial stocks instead of traditional defensive sectors like consumer goods and healthcare. The preference change is driven by lower interest rates, which reduce financing costs and boost net interest margins for financial firms, making them more appealing than high-dividend industries like utilities.

Musk Defeated in Unpaid Severance Lawsuit, Affecting Thousands of Ex-Employees

Bloomberg reported on September 24 that Musk lost a lawsuit over unpaid severance to a former Twitter employee dismissed during his 2022 takeover. This outcome could establish a precedent for thousands of other ex-employees who have filed similar arbitration complaints, potentially affecting numerous individuals impacted by the layoffs.

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