FameEX Morning Crypto News Recap | January 22, 2024
JPMorgan Signals Upcoming Bitcoin Sell-Off, Predicting $3 Billion Outflow from Grayscale
JPMorgan, a leading global investment bank, has cautioned about potential increased outflows from Grayscale's bitcoin fund, which they believe could exert additional downward pressure on bitcoin prices in the coming weeks. The bank's analysts noted that the $3 billion inflow into new spot bitcoin ETFs likely represents a shift from existing bitcoin investment vehicles, or retail investors moving from digital wallets on exchanges/retail brokers to more cost-effective spot bitcoin ETFs.
Ex-SEC Official Claims: Cryptocurrency Will Be Crucial in 2024 US Presidential Race
The former head of internet enforcement at the U.S. Securities and Exchange Commission has stated that cryptocurrency will be a decisive factor in the 2024 U.S. presidential election. He highlighted the importance of each presidential candidate appointing a dedicated Crypto Czar, underscoring that historically, voters have primarily been influenced by financial considerations, a trend he expects to continue in the next election.
'Mad Money' Host Jim Cramer Observes Troublesome Start to Bitcoin Sell-off
Jim Cramer, host of CNBC's 'Mad Money,' has alerted investors to a potential bitcoin selloff. While expressing caution about investing in bitcoin and the recent spot bitcoin ETFs, he stated he isn’t as opposed to these new investment vehicles as SEC Chair Gary Gensler. Acknowledging Bitcoin's 15-year presence and establishment, Cramer doesn't intend to deter speculation in cryptocurrency, provided investors conduct thorough research.
Defi's Value Locked Exceeds $57 Billion, Gaining Over $20 Billion in Just 3 Months
Defillama.com's data shows a significant increase in decentralized finance (defi) protocols' total value locked (TVL), rising from $37.46 billion on October 20, 2023, to $57.74 billion in just 93 days. A substantial 57.3% of defi's total value is based on the Ethereum blockchain, with Lido's liquid staking protocol contributing 40.21% to this overall amount.
Virginia Proposes Legislation to Safeguard Rights for Mining Digital Assets
The Virginia State Senate has put forward a bill outlining regulations for digital asset mining and transactions, including their tax law considerations. This legislation aims to define and protect the rights of digital asset miners and validators, while also offering tax incentives for using cryptocurrencies to purchase goods and services.
Elon Musk Refutes $500 Million Investment in xAI During Valuation Discussions
Elon Musk and investors are expected to finalize terms in the upcoming weeks, focusing on acquiring computing power in addition to or as an alternative to xAI equity shares. Musk has refuted a report alleging that his AI company, xAI, attained $500 million out of a targeted $1 billion from investors, calling into question the report's accuracy.
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