FameEX Morning Crypto News Recap | August 1, 2024

Fed Chairman Powell: Interest Rate Cut Possible in September if Inflation Hits Target

Fed Chairman Powell stated that if inflation tests meet the target, interest rate cuts could occur as early as September. He emphasized that data trends, changing outlooks, and risk balances are crucial factors. Powell assured that the decision to cut rates will not be influenced by the upcoming presidential election and that the Fed will remain completely neutral.

Miners’ Daily Revenue Jumps 50% as Bitcoin Selling Declines

On August 1, CryptoQuant reported a decrease in Bitcoin sold by miners, while their daily revenue has surged nearly 50% since early July. By July 29, the hash rate reached 604 EH/s, a 6% increase since July 9. Miners’ daily revenue now stands at around $32 million, up from $22 million in early July, boosting the network’s hash rate recovery.

NVIDIA Unveils New Robotics Development Tool, Shares Climb 11%

On August 1, NVIDIA's stock price surged by 11% following the release of new robot development tools at the SIGGRAPH conference. CEO Huang Renxun stated that we are entering the "third wave" of artificial intelligence, with robots playing a key role. NVIDIA introduced "NIM Microservices," a visual training environment enabling generative AI models to perceive and understand 3D environments like ChatGPT.

Trump Launches Limited Edition Sneakers Accepting Bitcoin Payments

On July 31, Trump announced on social media the launch of a limited edition sneaker supporting Bitcoin and other cryptocurrency payments. The sneakers, labeled "Trump, Crypto President," are individually numbered. Trump mentioned that he had recently spoken at a Bitcoin conference in Nashville, Tennessee, highlighting his support for cryptocurrencies.

El Salvador Proposes Cryptocurrency for Trade Settlements with Russia

Alexander Ilyukhin, First Secretary of the Russian Embassy in Nicaragua, stated that El Salvador proposed using cryptocurrency to settle trade with Russia. El Salvador, with a dollarized economy, aims to address challenges posed by the traditional financial system through this initiative.

Texas Data Center Demand Soars, Straining Power Grid

Texas has attracted numerous data centers and crypto miners due to its vast land and cheap energy, leading to increased grid pressure. According to the Electric Reliability Council of Texas (Ercot), the Texas grid will need to support 152 gigawatts of demand on peak days by 2030, nearly double the current level, with data centers and crypto miners contributing significantly to this demand.

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