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FameEX Morning Crypto News Recap | October 11, 2023

2023-10-11 12:14:40

Bitcoin Distinguishes Itself in the Cryptocurrency Landscape, According to Fidelity Digital Assets Report

According to a recent Fidelity Digital Assets report, Bitcoin stands out as a distinct digital asset in the cryptocurrency market. The report suggests that Bitcoin should be analyzed separately when building cryptocurrency investment portfolios, highlighting its unique characteristics compared to other digital assets.

China Unveils Digital Yuan Integration with Hong Kong Payment System at 19th Asian Games

The Chinese digital yuan, a central bank digital currency (CBDC), has established connectivity with the Hong Kong payment system, enabling tourists visiting mainland China to access and fund a digital yuan wallet. Developed by the Digital Currency Research Institute of the People's Bank of China (PBOC), this system underwent successful testing during the 19th Asian Games, facilitating digital yuan usage for visitors.

Bank of Canada Research Finds Central Bank Digital Currency (CBDC) Can Address Inclusion Challenges

A Bank of Canada study explored the potential of a central bank digital currency (CBDC) to enhance financial and digital inclusion. Although Canada's financial system is already inclusive, the study suggests that a CBDC could address additional challenges unrelated to the existing system, highlighting its potential to further improve accessibility and inclusivity.

Tracing the Role of Fiat Currency in Global Conflicts: The Economic Impact of War

Bitcoin, created by Satoshi Nakamoto, was seen as an answer to fiat currency flaws. Over 800 fiat currencies have existed but often failed. Some suggest fiat was designed by governments for corruption and funding wars, benefiting financial elites. In essence, fiat often backs military or elite interests.

UK Regulatory Authority Sends Out 146 Crypto Alerts in a Single Day

The UK's Financial Conduct Authority (FCA) issued 146 crypto promotion alerts within 24 hours of implementing its new regulations. The FCA called on various entities, such as social media platforms, app stores, search engines, domain registrars, and payment firms, to help protect UK consumers from unauthorized crypto promotions.

Global Ripples from Israel's Tensions: U.S. Stocks and Cryptocurrencies Decline Amid Middle East Conflict, While Oil and Metals See Gains

Monday witnessed market turmoil as all major U.S. indices saw declines, driven by the Israel-Hamas conflict escalating into full-blown warfare over the weekend. The crypto market also suffered a 1.8% drop against the U.S. dollar. In contrast, the Middle East crisis led to a significant surge in the prices of precious metals and crude oil.

Bitcoin Achieves All-Time High Hashrate Amidst Upcoming Reward Halving and Market Turbulence

Despite a recent 0.35% increase in mining difficulty, Bitcoin's hashrate reached a new record on October 8, hitting 440 exahash per second (EH/s) based on a seven-day simple moving average (SMA). This milestone comes with less than 200 days left until the next block reward halving, approximately 28,468 blocks away.

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