FameEX Morning Crypto News Recap | November 8, 2024

Federal Reserve Cuts Interest Rates by 25 Basis Points as Bitcoin Gains from Trump’s Victory

The Federal Reserve announced a 25 basis point rate cut, potentially boosting assets like Bitcoin, which recently reached record highs following Trump’s election victory. The rate cut decision was unanimously supported by all 12 Fed voters, signaling a unified approach to economic support.

Ethereum Gains 11,431 ETH Over the Last 7 Days as Revenue and Burn Rates Decline Significantly

Current Ethereum data reveals that supply is outpacing burn, with 11,431 ETH added in the last week. Both Ethereum’s revenue and ETH burn have dropped sharply, with revenue 69% below the 150-day pre-upgrade average and burn down by over 80%. Many industry experts remain skeptical about the effectiveness of Ethereum’s upgrades.

U.S. SEC and Senate Banking Committee Likely to Adopt Crypto-Friendly Stance After Trump Takes Office

Bernstein predicts that under Trump's administration, the U.S. SEC and Senate Banking Committee will adopt a more crypto-friendly stance, potentially leading to a re-evaluation of crypto assets, especially given the uncertainty around their classification as securities. Additionally, stablecoin and market structure bills may see accelerated progress.

10% of Canadians Own Cryptocurrencies, with BTC and ETH Making Up Over 60% of Holdings

A CCN report on November 7 reveals that Canada’s cryptocurrency market has grown significantly, with 10% of Canadians now holding crypto assets. Bitcoin and Ethereum dominate the market, making up over 60% of total holdings. New regulatory guidelines introduced in 2024 by the Canadian government are encouraging exchanges and individuals to participate more actively.

Cryptocurrency Fear and Greed Index Climbs to 77, Indicating Extreme Greed in the Market

Data from Alternative.me reveals that today’s cryptocurrency Fear and Greed Index rose to 77, up from 70 yesterday. This increase reflects a shift from a greedy to an extremely greedy market state, indicating heightened investor enthusiasm in the crypto market.

UK House of Lords Endorses Digital Assets Bill, Advancing Legal Framework for Cryptocurrency

The UK House of Lords supported the Digital Assets Bill in its second reading, aiming to clarify legal disputes involving cryptocurrencies. Drafted by the Law Commission, the bill revives a 2022 proposal to regulate crypto as a formal activity, which was postponed due to government changes. This legislation marks progress toward a clear cryptocurrency legal framework in the UK.

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