FameEX Afternoon Crypto News Recap | March 14, 2023
Last week saw a record outflow of funds from crypto, erasing all inflows
According to CoinShares, investors withdrew money from bitcoin and Ethereum funds, causing cryptocurrency investment products to experience their largest outflow on record last week. This news is significant as it highlights the potential impact of various factors, including regulatory concerns and questions about the long-term future of cryptocurrencies. It remains unclear whether this trend will continue or if investor sentiment will shift towards cryptocurrencies again in the near future.
Without Foundational Principles, the US Risks Losing Its
Competitiveness as a CFTC Chair Rostin Behnam has stated that Ethereum is a commodity and has been listed as such for some time. He emphasized that the Ether futures product would not have been listed on a CFTC exchange if it wasn't considered a commodity asset. Behnam's comments contrasted with SEC Chair Gary Gensler's recent interview, in which he claimed that the SEC had yet to make a definitive ruling on whether Ethereum was a security or a commodity.
Kenyan Crypto Investors Hold an Average of Sh2,000 in Cryptocurrencies
According to a report by Meltwater, Kenyan retail investors held an average of Sh2,076 ($16.08) worth of cryptocurrencies each in 2022, ranking at the bottom of the list of 40 sampled countries in terms of allocation to alternative assets, with Nigeria being just ahead. The report indicates that Kenya was 39th out of the 40 countries in terms of the average annual spending on cryptocurrency per user last year.
Ethereum's Deflation Sets New Record Six Months After Merge
The Ethereum network's deflation has reached a new record low six months after the merge, with the supply dropping by nearly 63,000 to about 120.45 million ETH. The current trend is expected to reduce the supply to 118.1 million by 2025, while stakers' issuance rewards will remain at around 4% per year, compared to the 1.8% per year burn rate for non-stakers. The supply is also projected to reach 120.6 million ETH in the next two years.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.