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FameEX Morning Crypto News Recap | July 24, 2023

2023-07-24 12:14:35

Attorney Predicts 2-Year Timeline for Ripple-XRP Ruling SEC Appeal
A lawyer offers insights on the potential outcomes of the U.S. SEC appealing the Ripple-XRP ruling. The lawyer highlights that an immediate right to appeal doesn't exist, and if appealed, it would take around two years for an appellate court to make a decision.

Economists and Bernanke: Federal Reserve Concludes Tightening Cycle, Anticipates Terminal Rate Hike
The U.S. Federal Reserve is expected to raise the federal funds rate by 25 basis points at the upcoming Federal Open Market Committee (FOMC) meeting. Market confidence suggests this increase is inevitable and 106 economists polled by Reuters believe it will mark the end of the current tightening cycle.

Study Reveals US with Highest Public Debt per Capita
Based on U.N. data, Singapore, the United States, and Japan have the highest sovereign debt per capita worldwide. The research reveals that the government debt burden for each American is ten times greater than that of a Chinese citizen.

China's Central Bank Reports Digital Yuan Transactions Surpassing $250 Billion
China's central bank governor disclosed that transactions with the central bank digital currency (CBDC) surpassed 1.8 trillion yuan ($250 billion) by the end of June. Furthermore, the People's Bank of China (PBOC) official confirmed that the circulation of digital yuan reached 16.5 billion yuan.

BRICS Currency Excluded from Leaders' Summit Agenda; Focus Shifts to De-Dollarization
The BRICS currency won't be discussed at the forthcoming leaders' summit, as confirmed by South Africa's diplomat overseeing BRICS relations. Instead, the focus will be on de-dollarization and promoting the utilization of national currencies in international trade, moving away from reliance on the U.S. dollar.

Mintlayer CEO Enrico Rubboli: 
Bitcoin ETFs Offer a Gateway to Cryptocurrency for Many Investors
Mintlayer CEO Enrico Rubboli suggests that Bitcoin ETFs can serve as a pathway to cryptocurrency for users, leading them to develop a deeper interest in the underlying asset. While some Bitcoin maximalists may view traditional financial institutions' ETFs as contrary to decentralization, Rubboli believes they could accelerate cryptocurrency adoption effectively.

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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