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FameEX Morning Crypto News Recap | May 10, 2023

2023-05-10 11:26:10

Bank of America Excludes BRICS and Other Currencies as Threats to USD Dominance, Focuses on Domestic Factors
Bank of America analysts have warned that domestic factors, particularly the government's fiscal brinkmanship during debt ceiling discussions, pose a greater threat to the US dollar's dominance than competition from other currencies such as the BRICS currency. The analysts highlighted the potential consequences of such brinkmanship, including a government shutdown or default.

Anticipated Role of ChatGPT and Other AIs in Encouraging User Adoption of Cryptocurrencies
The use of AI, such as ChatGPT, may increase the number of users adopting blockchain and cryptocurrencies by assisting in responding to user inquiries about their digital wallets. This assistance has the potential to introduce millions of people to the world of blockchain technology.

PayPal's Q1 2023 Crypto Holdings Nearing $1 Billion Mark, Gaining 56% Growth
PayPal's cryptocurrency holdings have risen by over 56% since Q4 2022, approaching $1 billion, with Bitcoin (
BTC) and Ethereum (ETH) representing the largest share of holdings. BTC comprises $499 million of the assets, while ETH accounts for $362 million. The marked increase in the fintech's cryptocurrency holdings reflects its growing interest in the digital asset market, while it maintains a focus on safeguarding user protection and implementing stringent security measures.

Microsoft, Goldman Sachs, and Other Companies Collaborate to Establish a New Blockchain Network
BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte, and other major financial institutions are partnering to launch the Canton blockchain network. The network, designed to meet the scale and performance requirements of large financial institutions, will be tested in July and will incorporate robust privacy controls.

Digital Assets Attract Investments from 32% of Home Offices, Reports Goldman Sachs
According to a report by Goldman Sachs, 32% of home offices have invested in digital assets, but there has been a significant decrease in investor confidence in the market in 2023 due to regulatory pressures, security concerns, and market volatility. The report highlights the necessity of evaluating investments in digital assets carefully and assessing potential risks involved.

Is Warren Buffett's $13.3B Stock Sell-Off a Sign of Risk for Bitcoin and Other Assets?
Warren Buffett's Berkshire Hathaway has raised its cash holdings by $2 billion in Q1, a sign of reduced confidence in risk assets. At an event, Buffett stated that most of the company's businesses would report lower earnings in 2023 compared to 2022, and the US economy's "incredible period" has been ending over the past six months. These comments suggest potential risks for assets such as Bitcoin.

New Letters Criticize Proposed SEC Custody Rules as a 'War on Crypto'
At least two proponents of the crypto industry have opposed the proposed stricter rules around crypto custody by the US Securities regulator. On the deadline for comments on the proposal, the Blockchain Association, a crypto industry advocacy group, submitted a letter to the Securities and Exchange Commission (SEC), criticizing its proposal to amend the custody rule.

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

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