FameEX Morning Crypto News Recap | January 24, 2024

Senator Elizabeth Warren Remarks on Digital Assets Being Utilized to Circumvent Economic Sanctions

U.S. Senator Elizabeth Warren has expressed concerns over the misuse of cryptocurrencies by malicious entities. Referring to a report from the U.S. Government Accountability Office (GAO), she highlighted that "rogue nations are utilizing crypto to evade sanctions and compromise national security," emphasizing the negative implications of digital assets in circumventing economic sanctions.

Bitcoin Price Downturn Linked to Broader Macroeconomic Issues

The current downturn in Bitcoin's price is attributed to various factors, including concerns over interest rates, net outflows from the spot Bitcoin ETF, and the ongoing Mt. Gox bankruptcy estate proceedings. From a macroeconomic standpoint, 2024 witnessed a shift in the DXY index, which tracks the U.S. dollar's strength against a group of foreign currencies such as the euro, British pound, and Japanese Yen.

Bitcoin Traders Eye $30K–$34K Range Owing to Bearish Patterns in BTC Charts

On January 23, the total cryptocurrency market capitalization experienced a downturn, with the global market value decreasing from $1.6 trillion to $1.5 trillion, a significant 5.5% drop in just one day. This decline led Bitcoin traders to adjust their outlook, setting new lower price targets for BTC around the low $30,000 range.

UAE President Enacts Legislation to Create Artificial Intelligence Council

Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and ruler of Abu Dhabi, has enacted a law to create the Artificial Intelligence and Advanced Technology Council (AIATC). This new council is tasked with developing and executing policies related to artificial intelligence, focusing on areas such as research, infrastructure, and investments.

BIS Unveils Plans for CBDC and Tokenization Initiatives in 2024

The Bank for International Settlements (BIS) revealed its annual work program on January 23, introducing six new projects. These initiatives aim to tackle cybersecurity, financial crime prevention, Central Bank Digital Currencies (CBDCs), and green finance. Cecilia Skingsley, head of the BIS Innovation Hub, highlighted the importance of tokenization, with the Promissa project being the precursor to further ventures in this field.

US Legislators Question Meta on Its Cryptocurrency and Blockchain Strategies

The U.S. House Financial Services Committee is pressing Meta for details on its blockchain and cryptocurrency projects, spotlighting Meta's five active trademark applications in these areas from 2022. The committee seeks clarity on Meta's intentions and strategies in the evolving digital currency and blockchain sectors.

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