FameEX Morning Crypto News Recap | June 11, 2024

Ethereum Spot ETF Issuers Await Feedback from SEC

Two sources disclosed that Ethereum spot ETF issuers are awaiting comments from the SEC after submitting initial S-1 form drafts on May 31. They expect a response this week. SEC Chairman Gary Gensler mentioned that approving the S-1 forms will "take some time" and anticipates at least two more rounds of drafts before finalization.

Paraguay Leverages Excess Hydropower to Attract Bitcoin Miners in New Economic Strategy

Paraguay intends to sell its excess hydropower to Bitcoin miners as part of a new economic development strategy. The Itaipu Hydroelectric Power Station, one of the world's largest, currently utilizes only 20% of its power generation capacity. This initiative aims to maximize the station's output and attract cryptocurrency mining operations.

Bank of Japan May Raise Rates in July; This Week's Meeting Could Offer Clues

Ataru Okumura, senior interest rate strategist at SMBC Nikko Securities, suggests that if the Bank of Japan plans to raise rates in July, hints may be given at this week's meeting. The Bank aims to avoid market chaos during a rate hike. Previously, in January, the Bank indicated increasing prospects for rate hikes, hinting at an early hike possibility.

South Korean Financial Institutions Release New Guidelines to Include NFTs in Virtual Asset User Protection Law

The Financial Services Commission and the Financial Supervisory Service of South Korea announced new guidelines for including NFTs in the upcoming Virtual Asset User Protection Act. Previously, NFTs were not classified as virtual assets. However, recognizing their characteristics, the guidelines suggest that NFTs may be considered virtual assets under the new law.

Nearly Half of New Zealanders Own or Consider Investing in Cryptocurrency

A study by Protocol Theory reveals that nearly 50% of New Zealanders either own or are considering investing in cryptocurrencies. While 16% of respondents might invest a small amount in real estate, almost 60% are inclined towards cryptocurrencies. Additionally, 26% believe that cryptocurrencies promote equality.

ECB Governing Council Member Nagel: Comprehensive Rate Cuts Are Not Yet Timely

ECB Governing Council member Nagel emphasized the need for caution in future interest rate changes. He stated that current rates are at a critical juncture, not at their peak, indicating that the time for a comprehensive interest rate cut has not yet arrived.

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