FameEX Morning Crypto News Recap | October 4, 2024

Standard Chartered Bank Advises Investors to Buy Bitcoin During Price Dips

On October 4, Geoff Kendrick, head of digital asset research at Standard Chartered Bank, noted that while gold serves as a geopolitical hedge, Bitcoin (BTC) doesn't effectively counter geopolitical risks. However, BTC can hedge against traditional financial issues like bank failures and de-dollarization. Consequently, Kendrick recommends buying Bitcoin during price dips.

Crypto Analyst: Bitcoin Records Its Poorest October Performance in Almost 10 Years

On October 4, Timothy Peterson, founder of Cane Island Alternative Advisors, shared data showing Bitcoin's October 2024 performance, down 4.27%, making it the worst October in nearly 10 years. However, historical trends indicate that most of October's gains usually occur after the 19th, suggesting potential for recovery later in the month.

JPMorgan Analyst: Geopolitical Tensions and U.S. Election Drive Investors to Gold and Bitcoin

JPMorgan analysts note that rising geopolitical tensions and the upcoming presidential election are driving investors toward gold and Bitcoin as safe-haven assets. This "debasement trade" is influenced by factors like geopolitical uncertainty, inflation worries, large government deficits, and decreasing confidence in fiat currencies, especially in emerging markets, positioning gold and Bitcoin as appealing alternatives.

OpenAI Establishes $4 Billion Revolving Credit Line with Several Banks

OpenAI has established a $4 billion revolving credit line with major banks, including JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, Sumitomo Mitsui Banking Corporation, UBS, and HSBC, according to market sources.

Taiwan's Financial Supervisory Commission Set to Complete VASP Registration Regulations by Year-End

Taiwan's Financial Supervisory Commission has drafted Anti-Money Laundering Registration Regulations for Virtual Asset Service Providers (VASP) and revised the Anti-Money Laundering and Combating Terrorism Financing Regulations for Virtual Currency Platforms. These updates enhance the regulatory framework for virtual assets and strengthen anti-money laundering efforts within the cryptocurrency sector.

Visa Launches Tokenized Asset Platform to Support Stablecoins and CBDCs

Visa has introduced the Visa Tokenized Asset Platform (VTAP) to facilitate the issuance and management of fiat-backed tokens. VTAP securely handles the minting, transfer, and settlement of tokenized assets, including stablecoins and central bank digital currencies (CBDCs), offering institutional investors and central banks a robust infrastructure for managing digital assets.

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