FameEX Morning Crypto News Recap | December 19, 2024

Powell: Federal Reserve Declines Bitcoin Holdings and Government Reserve Participation Plans

Federal Reserve Chairman Jerome Powell stated after a monetary policy meeting that the Fed has no plans to join government Bitcoin reserve initiatives. He clarified the Fed cannot hold Bitcoin, and any related changes would require Congressional approval, which the Fed is not currently seeking.

Federal Reserve Dot Plot Projects Median Federal Funds Rate at 3.9% by 2025's End

On December 19, the Federal Reserve's dot plot forecasted a 2025 median federal funds rate of 3.9%, an increase from September’s 3.4% projection.

Cryptocurrency Market Cap Falls Below $3.7 Trillion, Losing 7.5% in 24 Hours

On December 19, CoinGecko reported the cryptocurrency market cap dropped to $3.646 trillion, falling below $3.7 trillion, with a 7.5% decline in the last 24 hours.

Bitwise CIO Suggests US Bitcoin Strategic Reserve Plan Could Propel BTC to $500,000

Bitwise CIO Matt Hougan suggested the U.S. Bitcoin Strategic Reserve Plan could push BTC to $500,000. He highlighted that similar global measures could drive substantial price increases, making Bitcoin's 2024 performance seem relatively modest in hindsight.

Total Liquidations Reach $682 Million, Impacting 241,030 Traders Within 24 Hours

On December 19, Coinglass data reported $682 million in total network liquidations over 24 hours, affecting 241,030 traders. Of this, $586 million came from long positions, while $96.87 million was attributed to short positions.

UK Government Launches Consultation on AI’s Use of Copyrighted Content

The UK government has launched a consultation with AI and creative industries to clarify legal frameworks for AI’s use of copyrighted materials. Science Secretary Peter Kyle highlighted that copyright law uncertainty limits progress, calling for clearer regulations to support innovation and creativity in both sectors.

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