FameEX Morning Crypto News Recap | September 24, 2024

Kamala Harris Backs Crypto Industry, BTC Rebounds Nearly 12%

Kamala Harris's support for the crypto industry during her campaign, along with backing from crypto advocate Anthony Scaramucci, boosted market optimism. Her pledge to help the industry's development at a fundraising event contributed to Bitcoin's rebound, which surged nearly 12% from its low of $57.5k.

Digital Assets and US Stock Market Correlation Near All-Time High

Correlation research indicates that the relationship between digital assets and the U.S. stock market is nearing an all-time high. Bloomberg data shows a 40-day correlation coefficient of 0.67 between the 100 largest digital assets and the S&P 500 index, just below the record 0.72 seen in the second quarter of 2022.

Only 5.91% of Total Bitcoin Supply Remains to Be Mined

HODL15Capital data reveals that out of the total 21 million bitcoins, 19,757,900 have already been mined, leaving just 5.91% of the supply, or around 1.24 million bitcoins, yet to be mined.

OpenAI CEO Sam Altman Announces the Dawn of the "Age of Intelligence"

OpenAI CEO Sam Altman announced in a September 23 blog post that humanity is entering an "unimaginable era of prosperity" due to deep learning's success. He believes AI systems will gradually tackle significant global challenges, including climate change and space colonization, signaling the start of a transformative period for society.

Wall Street Investors Shift to Financial and Tech Stocks Following Fed Rate Cut

Wall Street investors are adapting to the Fed's recent rate cuts by favoring financial stocks over traditional defensive sectors like consumer goods and healthcare. This shift occurs because lower interest rates reduce financing costs for financial firms and improve net interest margins, making them more attractive compared to the usual high-dividend industries like utilities.

Musk Loses Lawsuit Over Unpaid Severance, Impacting Thousands of Former Employees

On September 24, Bloomberg reported that Musk lost a lawsuit over unpaid severance to a former Twitter employee fired during his 2022 takeover. This legal victory could set a precedent for thousands of other former employees who have filed similar arbitration complaints, potentially impacting many others affected by the layoffs.

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