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FameEX Morning Crypto News Recap | May 10, 2023

2023-05-10 11:26:10

Bank of America Identifies Domestic Threats to USD Dominance, Excludes BRICS and Other Currencies
Bank of America's analysts have cautioned that the threats to the US dollar's dominance primarily stem from domestic factors such as the government's fiscal brinkmanship during debt ceiling discussions, rather than from competition with other currencies like the BRICS currency. The analysts emphasized the risk of a government shutdown or default as potential consequences of such brinkmanship.

ChatGPT and Other AIs Expected to Drive Increased Crypto Adoption Among Users
AI, including ChatGPT, could aid in driving more users to adopt blockchain and cryptocurrencies by providing assistance in answering user questions regarding their wallets. This could potentially introduce millions of new people to the world of blockchain technology.

PayPal's Crypto Holdings Surge by 56% in Q1 2023, Approaching $1 Billion
PayPal's cryptocurrency holdings have increased by over 56% since Q4 2022, approaching $1 billion. The majority of the holdings are in Bitcoin (
BTC) and Ethereum (ETH), with BTC at $499 million and ETH at $362 million. The fintech's growing cryptocurrency holdings indicate its increasing interest in the digital asset market, as it continues to prioritize security measures and user protection.

New Blockchain Network Formed with Partnership of Microsoft, Goldman Sachs, and Others
Major financial institutions, including BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, and Deloitte, are collaborating to establish the Canton blockchain network. The network will undergo testing in July and aims to offer extensive privacy controls while achieving the necessary scale and performance for financial institutions.

Goldman Sachs Reports 32% of Home Offices Investing in Digital Assets
Goldman Sachs has released a report stating that 32% of home offices invested in digital assets, but 2023 has seen a significant decline in investor certainty about the market due to regulatory pressures, security concerns, and market volatility. The report emphasizes the importance of careful investment evaluation and risk assessment for digital assets.

Warren Buffett's $13.3B Stock Sell-Off: An Indicator of Risk for Bitcoin and Other Assets?
Warren Buffett has increased Berkshire Hathaway's cash holdings by $2 billion in Q1, indicating declining confidence in risk assets. At an event, he mentioned that the majority of the company's businesses would report lower earnings in 2023 than in 2022, and the "incredible period" for the US economy has been coming to an end over the past six months. Buffett's statements suggest potential risks for Bitcoin and other assets.

Proposed SEC Custody Rules Criticized in Newly Filed Letters as a 'War on Crypto'
The proposed tightening of rules around crypto custody by the United States Securities regulator has received opposition from at least two supporters of the industry. On the deadline for comments on the proposal, the Blockchain Association, a crypto industry advocacy group, filed its 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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