FameEX Morning Crypto News Recap | February 26, 2024

New European Regulatory Agency in Frankfurt, Germany, to Scrutinize Cryptocurrency for Anti-Money Laundering

The European cryptocurrency sector is set to be regulated by a new body following an agreement reached by European parliamentarians and ministers. A consensus was formed to establish a new agency in Frankfurt, Germany — the nation's financial hub and home to the European Central Bank — tasked with ensuring adherence to anti-money laundering regulations.

Trump Suggests Bitcoin Might Require Regulatory Oversight

In a recent interview, former US President Trump mentioned that while Bitcoin has grown autonomously, it might benefit from regulatory measures. He acknowledged the growing acceptance of Bitcoin, noting an uptick in individuals wanting to use it for payments. Trump also expressed his openness to accepting Bitcoin, highlighting its increasing integration into mainstream financial transactions.

JPMorgan Notes Declining Correlation Between Bitcoin Prices and Spot ETF Fund Flows

JPMorgan has observed a weakening in the correlation between Bitcoin (BTC) prices and the movements of spot ETF funds. Analyst Ken Worthington highlighted in a client report that this correlation has decreased to 0.60, a significant drop from the 0.78 recorded on February 7 and the 0.84 noted on January 31, indicating a less direct relationship between the two metrics.

Stablecoin Market Cap Expands to $140.82 Billion

The stablecoin sector is witnessing notable expansion, reaching a market capitalization of $140.82 billion, up $2.56 billion from $138.26 billion on February 24. Specifically, USDT's market value has grown to $97.98 billion from around $96.52 billion, marking a 2.5% increase since January 24, 2024, highlighting the significant growth within this cryptocurrency segment.

"Rich Dad Poor Dad" Author Plans to Purchase More Bitcoin Post-Crash

Robert Kiyosaki, famed for his book "Rich Dad Poor Dad," shared on X platform his view on potential Bitcoin crashes. He stated that like with gold and silver, he sees any market downturn as an opportunity. Kiyosaki emphasized that he eagerly awaits the end of any crash to buy more, treating market crashes as assets on sale, highlighting "sale" as his favorite term.

U.S. Energy Department Halts Required Probe into Energy Consumption by Bitcoin Miners

The Daily Planet reports that following a lawsuit, the U.S. Department of Energy and the Energy Information Administration (EIA) have decided to suspend mandatory probes into Bitcoin miners' energy consumption. The lawsuit was initiated by the Texas Blockchain Council and several U.S. mining firms, including Riot Platforms, which accused the agencies of unlawfully targeting 82 Bitcoin mining companies for data collection.

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