FameEX Morning Crypto News Recap | July 4, 2024

Bitcoin's Correlation with S&P 500 Plummets, Signaling Potential Bottom

The correlation between Bitcoin (BTC) and the S&P 500 (SPX) dropped to 0.05, indicating market divergence. Historically, the two were highly correlated during the pandemic and between late 2021 and 2022. In early 2024, both rose significantly. While SPX hits new highs, BTC hovers around $60,000. BTC and SPX have been negatively correlated four times since 2019, each marking local lows for Bitcoin.

ECB's Stournaras: Two More Rate Cuts This Year Appear Reasonable

ECB board member Stournaras recently stated that cutting interest rates twice more this year seems reasonable, given recent data supporting further rate cuts. He emphasized that even with these cuts, the central bank's interest rate would remain restrictive. Stournaras also cautioned against over-interpreting service inflation.

U.S. Judge Declines to Dismiss Class Action Lawsuit from DraftKings NFT Buyers

A Massachusetts judge rejected DraftKings' request to dismiss a class action lawsuit by NFT buyers, who argue that the tokens are investment contracts. The court noted that the value of NFTs depends on the success of the DraftKings market and changes in sync with specific market interests, suggesting that NFTs might be considered securities in future legal battles.

South Africa’s Financial Regulatory Authority Establishes Team to Investigate Unlicensed Crypto Financial Services

The Financial Sector Conduct Authority (FSCA) of South Africa has established a team to investigate unlicensed crypto financial services. Currently, 30 cases are under review. The FSCA aims to protect the public and ensure industry fairness by targeting illegal crypto operations. It will publish findings and issue warnings about unregistered crypto businesses.

2024 U.S. Election Concept Tokens Expected to Gain Momentum

As the 2024 U.S. election approaches, the popularity of election concept tokens is expected to rise. Tokens and NFTs related to Trump and Biden will also attract further attention.

Paraguay Raises Electricity Rates for Crypto Mining

Paraguay’s National Electricity Administration (ANDE) has implemented a 14% increase in electricity rates for cryptocurrency mining operators.

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