FameEX Morning Crypto News Recap | June 7, 2024

The European Central Bank reduced interest rates by 25 basis points as anticipated, bringing the three key rates down to 4.25%, 3.75%, and 4.50% respectively

The European Central Bank decreased interest rates by 25 basis points as forecasted, setting the marginal lending rate at 4.50%, the deposit facility rate at 3.75%, and the main refinancing rate at 4.25%. These rates were adjusted from previous values of 4.75%, 4.00%, and 4.50% respectively, aligning with market expectations.

ECB Concentrates on Future Projections, Anticipates Inflation Dropping to 2%

Carsten Brzeski of ING Bank reports that the ECB is shifting focus to forward-looking forecasts rather than past data. Following the recent rate cut, President Lagarde emphasized inflation projections at a meeting, with ECB staff predicting a decline to the 2% target by next year's end. This marks a strategic refocus, moving away from the past data-centric approach of recent sessions.

JPMorgan Chase: US Crypto Regulation Tightens, Stablecoin Legislation Could Undermine Tether's Dominance

JPMorgan Chase reports that US cryptocurrency regulations have tightened recently, with a stablecoin bill likely to pass before the presidential election. If approved, this bill could challenge Tether's market dominance. Additionally, the US House of Representatives has passed a bill that prevents the Federal Reserve from issuing central bank digital currencies, making it less probable for such digital currencies to be launched.

Saudi Arabia's Central Bank Participates in Cross-Border Digital Currency Project mBridge

The Central Bank of Saudi Arabia has joined Project mBridge, a cross-border digital currency initiative started by the Swiss Bank for International Settlements (BIS) in 2021. This project, in collaboration with the central banks of China, Hong Kong, Thailand, and the UAE, explores the use of CBDCs for instant cross-border trade and payments.

Tether Acquires 25% Stake in BitDeer, Becomes Second Largest Shareholder

A U.S. Securities and Exchange Commission filing reveals that Tether, the issuer of UST, now holds a 25% stake in the Bitcoin mining company BitDeer. This investment positions Tether as the second-largest shareholder in BTC mining shares, trailing only behind Victory Courage Ltd., reportedly owned by Wu Jihan.

The US Securities and Exchange Commission Faces Lawsuit Over Alleged Lack of Transparency in Enforcement Actions

Fox Business reporter Eleanor Terrett reported that the American Securities Association is suing the U.S. Securities and Exchange Commission (SEC) for its alleged "lack of transparency" in enforcement actions and for not responding to Freedom of Information Act requests.

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