FameEX Morning Crypto News Recap | August 8, 2024

Roubini Argues Market Fears of a Hard Landing for the US Economy Are Overblown

Economist Nouriel Roubini believes market expectations of a hard landing for the US economy and a sharp Federal Reserve rate cut are overly pessimistic. He argues that while the economy has slowed, data does not support a hard landing scenario. Instead, there are strong factors indicating economic resilience.

Commerzbank: Fed Unlikely to Announce Aggressive Rate Cuts at Jackson Hole Symposium

Commerzbank predicts the Federal Reserve will not endorse aggressive interest rate cuts at the upcoming Jackson Hole Symposium, potentially boosting the US dollar. Currency analyst Antje Praefcke suggests Fed officials will likely stay calm unless the August 14 CPI inflation data exceeds expectations or market panic resurfaces, opting to wait for the September labor market report.

India’s Finance Minister States Cryptocurrency Adoption Not Under Research

Indian Finance Minister Pankaj Chaudhary stated that India has not conducted any research or surveys on cryptocurrency adoption among its citizens. He noted that crypto assets or virtual digital assets (VDA) are not regulated in India, and the government does not collect data on these assets.

Japan's New Foreign Exchange Official Jun Mimura: No Change in Intervention Stance

Japan's new top foreign exchange official, Jun Mimura, stated that there is no need for panic regarding the market situation and that the stance on foreign exchange intervention remains unchanged. He emphasized that Japan's mild economic recovery is ongoing, forex should reflect fundamentals, maintain stability, and focus on fluctuations rather than exchange rate levels.

Elon Musk's X Platform to Launch XPayments Service

On August 7, developer Nima Owji tweeted that Elon Musk's X platform will launch XPayments, featuring transactions, balances, and transfers. Musk has previously announced plans to integrate financial services into the X platform, including value storage, money transfers, and access to high-yield money markets.

Ripple Announces Strategic Partnership with Dubai International Financial Centre Innovation Hub

Ripple announced a strategic partnership with the Dubai Financial City Innovation Center (DIFC Innovation Hub) to promote blockchain and digital asset innovation in the UAE. The collaboration aims to strengthen Ripple's presence in the Middle East market.

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