FameEX Morning Crypto News Recap | August 28, 2023

Study Unveils Eastern Challenge to Western Dominance in Gold Pricing
According to a recent report, Eastern nations are making a notable increase in gold acquisitions, thereby challenging the enduring Western control over gold pricing. This shift is not only reshaping the power dynamics on a global scale but also highlighting a significant alteration in the traditional dynamics of the gold market.

NFT Trade Volume Reaches $91 Million Despite 14% Sales Decline, Amidst Rising Buyer Numbers
In the past week, NFT sales have decreased by 14%, totaling $91.86 million, as per recent statistics. Despite this drop, there was a 38% increase in buyers. However, NFT transactions experienced a significant decline of over 30% during this period.

Mere 2% of Russians Willing to Store Entire Savings in Digital Ruble, Poll Finds
Although more than half of Russians are open to investing some funds in the digital ruble, only 2% are willing to entrust all their savings to it. Concerns over inadequate information and potential system failures are major factors deterring people from fully embracing the government-backed digital currency.

SWIFT Data Indicates Further Consolidation of US Dollar Dominance in Global Payments
Global financial messaging service SWIFT's data highlights the US dollar's increased supremacy in global payments. Its representation in SWIFT FX transactions reached an unprecedented 46% in July. Concurrently, the Chinese yuan's involvement in transactions has also grown, underscoring shifting dynamics in the international financial landscape.

Economist Peter Schiff Cautions About 'Full-Blown Financial Crisis' Striking US Economy Prior to Fed's Inflation Target
Economist Peter Schiff cautions of an upcoming "full-blown financial crisis" likely to impact the US economy before the Federal Reserve achieves its inflation target. Schiff also foresees this crisis prompting the Fed to revise its inflation target, reflecting potential significant economic shifts.

Laos Halts Crypto Mining Operations Due to Increasing Power Demand
Electricite du Laos (EDL) halted cryptocurrency mining operations on August 24th, citing elevated electricity demands due to an extreme summer heatwave. The decision aims to address the strain on power supply caused by increased energy consumption during this period.

Cryptocurrency Community Responds to Proposed Crypto Tax Reporting Rules by Biden
The IRS proposed new rules on August 25 to counter tax evasion in the cryptocurrency space. Brokers would adopt these rules to enhance tax compliance and deter fraud. Yet, some in the crypto community argue that these strict regulations could distance the industry from the US.

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