FameEX Morning Crypto News Recap | March 11, 2024

Federal Reserve's Balance Sheet Shrinks to $7.5 Trillion, Reflecting a $1.2 Trillion Decrease Over Last Year

The Federal Reserve's balance sheet decreased to $7.538 trillion, marking a $1.2 trillion reduction over the past year. Following the closure of Silicon Valley Bank on March 10th, which spurred a crisis in the US banking industry, the Fed expanded its balance sheet for three weeks to stabilize the market, peaking at $8.733 trillion on March 21st, 2023.

Sam Altman Rejoins OpenAI's Board

OpenAI's board of directors concluded their investigation into CEO Sam Altman's brief dismissal last November, finding him not at fault for the incident. Consequently, OpenAI has announced that Altman will be reinstated to the board of directors, marking his return to the organization's leadership.

Japan's Economic Figures Adjusted Higher, Backing Central Bank's Move Away from Negative Interest Rates

Japan's economic revision from contraction to growth avoids a technical recession, backing the central bank's plan to end negative interest rates. With a GDP increase of 0.4% in the last quarter, overturning a previously stated 0.4% drop, Japan strengthens the case for a shift in monetary policy.

BRICS Nations Aim to Create a Blockchain-Powered Payment Platform

The BRICS nations (Brazil, Russia, India, China, and South Africa) are joining forces to create a blockchain and digital innovation-driven payment system to overhaul trade settlements. This development was disclosed by Kremlin aide Yury Ushakov in an interview with TASS, a Russian news agency.

Analyst at Standard Chartered Bank Predicts Bitcoin's Market Share Will Increase to 55-60% This Year

Geoff Kendrick, an analyst at Standard Chartered Bank, observed that Bitcoin's growth has positively impacted the broader crypto industry, forecasting its market share to increase from 50% to 55-60% in 2024. Additionally, Alexander Kuptsikevich, a senior market analyst at FxPro, highlighted that Bitcoin's expansion has enhanced the "buying power" of crypto investors.

Billionaire Bill Ackman Explains His Decision to Invest in Bitcoin

Bill Ackman's recent remarks on Bitcoin stirred the crypto community. He theorized that a surge in Bitcoin's price due to increased demand and energy usage might cause higher energy costs, inflation, a weaker dollar, and increased BTC demand. Ackman pondered that this could lead to economic collapse, prompting his consideration of investing in Bitcoin.

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