FameEX Morning Crypto News Recap | February 28, 2024

Apple Ends Ten-Year Electric Car Project "Titan," Shifts Focus to Generative AI Sector

Apple has abruptly ended its decade-long electric car development, surprising nearly 2,000 involved employees. The decision, announced internally on Tuesday, stems from slow growth in the electric car market. Apple chooses to terminate the project due to market conditions after ten years of pursuit.

MicroStrategy Overtakes United Airlines, Becomes 471st Largest Company in the US

MicroStrategy has overtaken United Airlines in market capitalization, ranking as the 471st largest company in the U.S. with a value of $14.96 billion, compared to United's $14.67 billion. This shift highlights MicroStrategy's growing financial stature relative to the established airline giant.

The White House Expresses Concerns Over Bitcoin Mining Straining the Power Grid, May Increase Regulatory Measures

Charles Gasparino, a senior reporter at Fox, highlighted on Twitter that the U.S. White House is alarmed by the potential strain on the power grid due to Bitcoin mining, exacerbated by soaring Bitcoin prices and demand surpassing supply. This concern may prompt the White House to intensify regulatory oversight of the cryptocurrency mining industry.

Riot Acquires 31,500 M60S Mining Machines to Boost Its In-House Mining Operations

Riot has invested in 31,500 M60S mining rigs from MicroBT, enhancing its self-mining operations with a total hashing power of 5.9 EH/s, costing US$97.4 million or about US$16.50/TH. Scheduled for delivery in May and June 2024, these latest generation air-cooled M60S miners boast an efficiency of 18.5 J/TH and a production rate of 186 TH/s each.

ECB Considers June Interest Rate Cut as Credit Data Shows Stability

David Powell, an analyst, highlighted that the European Central Bank's monthly credit data indicates a stabilization in the negative impact of credit supply on spending, although it remains substantial. This steadying of euro area economic indicators suggests that the ECB could defer interest rate cuts until mid-year, allowing time to assess further economic developments.

Russia Suggests Creation of BRICS Payments System Using CBDC Technology

Russia is advocating for a BRICS-specific payment system utilizing central bank digital currencies (CBDCs) to facilitate trade settlements. Russian Finance Minister Anton Siluanov, in a discussion with Sputnik, expressed the country's intention to spearhead the adoption of such a system. This initiative aims to counter the fragmentation present in the existing financial and payment infrastructure.

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