FameEX Morning Crypto News Recap | December 19, 2024

Powell: Federal Reserve Won’t Hold Bitcoin or Join Government Reserve Plans

Federal Reserve Chairman Jerome Powell announced after a monetary policy meeting that the Fed has no plans to participate in government Bitcoin reserve initiatives. He emphasized the Fed cannot hold Bitcoin, and any related changes would require Congressional consideration, which the Fed is not currently pursuing.

Fed Dot Plot Indicates Median Federal Funds Rate of 3.9% by End of 2025

On December 19, the Federal Reserve's dot plot projected a median federal funds rate of 3.9% for 2025, up from September's 3.4% estimate.

Cryptocurrency Market Value Drops Below $3.7 Trillion, Declining 7.5% in 24 Hours

On December 19, CoinGecko data showed the cryptocurrency market value dropped below $3.7 trillion, standing at $3.646 trillion, reflecting a 7.5% decline within the past 24 hours.

Bitwise CIO Predicts US Bitcoin Strategic Reserve Plan Could Drive BTC to $500,000

Bitwise CIO Matt Hougan stated that the U.S. Bitcoin Strategic Reserve Plan could drive BTC to $500,000. He emphasized that such measures, if adopted globally, would cause significant price increases, making Bitcoin's 2024 performance appear modest in comparison.

Network-Wide Liquidations Hit $682 Million, Affecting 241,030 Traders in 24 Hours

On December 19, Coinglass data revealed total network liquidations of $682 million in 24 hours, impacting 241,030 traders. Long positions accounted for $586 million, while short positions made up $96.87 million of the liquidations.

UK Government Opens Consultation on AI Use of Copyrighted Material

The UK government has initiated a consultation with AI and creative industries to address legal frameworks for AI's use of copyrighted materials. Science Secretary Peter Kyle emphasized that copyright law uncertainty hinders progress in both sectors, necessitating clearer regulations to foster innovation and creativity.

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