FameEX Morning Crypto News Recap | April 8, 2024

Fed Governor Bowman Suggests Persistent High Inflation May Require Additional Rate Increases

Persistent inflation in the U.S., with rises in early 2024, has led Federal Reserve officials to caution against early rate cuts. Fed Governor Michelle Bowman has expressed the potential need to raise interest rates, contrasting with market expectations of rate cuts within the year, highlighting a cautious stance towards the inflationary trend.

NFT Sales Decline for Fourth Consecutive Week Despite Record Crypto Trading Volumes

This past week, the NFT market saw a 13.72% drop in sales volume, continuing a trend of decline for the fourth week in a row. Despite March's record highs in other areas of the cryptocurrency sector, this slump contrasts sharply with the booming trading volumes, indicating that the surge in activity has not benefited the NFT segment.

Analyst Deems Bitcoin's Return to $50K Price Level 'Pretty Unlikely'

Since late February, Bitcoin has maintained a price above $50,000, with crypto analyst Dylan LeClair suggesting a return to that level seems improbable. LeClair, a senior analyst at UTXO Management, noted on April 7 that a Bitcoin rebound to the $70,000–$75,000 range could heavily pressure short positions, indicating a bullish outlook for the cryptocurrency's near future.

South Korea Political Party Leverages Access to US Bitcoin ETF to Garner Votes

The opposition Democratic Party in South Korea has pledged to lift restrictions on both domestic and international exchange-traded funds (ETFs) that directly hold cryptocurrency tokens, notably including U.S.-based spot Bitcoin ETFs. The January approval of Bitcoin ETFs led South Korea's securities regulator to caution that their local distribution might contravene domestic legislation.

Bitcoin's Market Value Surpasses That of the World's Top Four Banks Combined

Bitcoin's market capitalization has soared past $1.3 trillion, overtaking the cumulative value of the globe's four biggest banks: JPMorgan Chase, Bank of America, Industrial and Commercial Bank of China, and Agricultural Bank of China. Remarkably, Bitcoin's valuation is now 2.4 times greater than that of JPMorgan Chase, underscoring the rising significance of decentralized digital currencies in the world's financial system.

CSOP Sponsors Extensive Bitcoin Futures ETF Advertising Campaign in Hong Kong

Southern East Investment, the issuer of the Hong Kong Bitcoin Futures ETF, has embarked on an extensive advertising campaign, featuring ads on numerous Hong Kong buses. These advertisements highlight Bitcoin's 45% increase in value during the first two months of 2024, capturing global interest and indicating a shortage in supply.

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