FameEX Morning Crypto News Recap | July 25, 2023

AI Crypto Economy Faces Significant $1.42B Loss Since February High; Leading Tokens Experience Weekly Declines
In February 2023, the AI-powered cryptocurrency market surged to $4 billion but suffered a significant $1.42 billion downturn. Recently, eight out of the top 10 AI-based crypto tokens witnessed declines against the U.S. dollar in the past week.

Revolutionary Heat Utilization: Bitcoin Miners Convert Warmth into Satoshis
Bitcoin miners have found innovative ways to reuse the heat generated by ASIC mining rigs. A Twitter user, "Rev.Hodl," showcased using a bitcoin miner to dry laundry while also earning satoshis as compensation. This demonstrates the potential for dual-purpose utilization of mining equipment.

Algeria Prepares $1.5B BRICS Bid: Aiming for Membership in the Cards?
Algerian President Abdelmadjid Tebboune expressed the country's interest in joining the BRICS coalition, aiming to become a shareholder member in the bank. The application includes a $1.5 billion contribution. Tebboune believes this alignment with the major emerging economies could lead to promising economic opportunities for all nations involved.

Ripple's Commitment to Markets in Asia and Europe Strengthened After US Court Victory
After securing a partial court victory in the US, Ripple aims to concentrate on markets with well-defined crypto regulations, particularly in Asia (Singapore and Hong Kong) and plans expansion in the UK and Europe. Ripple executives disclosed these intentions in media reports.

Digital Ruble Introduced in Russia as Putin Signs New Law
Russia advances its central bank digital currency (CBDC) as President Vladimir Putin signs the digital ruble bill into law on July 24. The new legislation is set to be effective from August 1, 2023, with all regulations ready for implementation, except one.

UK Carpet Retailer Embraces Bitcoin Standard: From Rugs to Riches
In response to soaring inflation and low bank interest rates, a UK-based online carpet and flooring retailer has added Bitcoin to its balance sheet. Following the lead of companies like Tesla, MicroStrategy, and Real Bedford, small businesses seek innovative ways to safeguard their finances and potentially benefit from the cryptocurrency's value.

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