FameEX Morning Crypto News Recap | January 14, 2025
2025-01-14 09:42:05Trump Weighs Executive Order to Revoke Cryptocurrency Accounting Rules
Trump is expected to issue an executive order on his first day in office to address debanking and repeal cryptocurrency accounting rules labeling digital assets as liabilities. His team emphasizes protecting crypto investors and eliminating bureaucratic hurdles, demonstrating strong support for advancing the cryptocurrency sector.
Bitcoin Trading Volume Soars to $213 Billion After U.S. Election Surge
Bitcoin’s post-election rally drove weekly trading volume to $213 billion, a peak not seen since May 2021. Renewed institutional interest has restored U.S. exchange activity to levels observed earlier in the year’s first quarter.
Hedge Funds Capitalize on Dip as Bitcoin Exchange Reserves Plunge to 7-Year Low
By January 13, Bitcoin exchange reserves fell to 2.35 million BTC, the lowest since June 2018 when Bitcoin was $7,000. Analysts suggest this drop results from crypto hedge funds buying Bitcoin during recent price dips.
Stock Market Downturn Identified as Major Risk to Bitcoin, Analysts Say
Bloomberg senior ETF analyst Eric Balchunas highlighted the stock market's decline as Bitcoin's primary risk, noting both positives and negatives. He expressed optimism, suggesting Trump’s expected actions to support stock market growth could mitigate worries about short-term pullbacks, providing a more stable outlook for Bitcoin’s future performance.
Opinion: Trump Faces Economic Hurdles with Constrained Policy Flexibility in Second Term
As Trump enters his second term, the U.S. faces a starkly different economic landscape compared to 2017. Harvard professor Karen Dynan emphasizes that inflation, federal deficits, and higher government borrowing costs will significantly constrain the administration’s policy options amid persistent economic challenges.
Russia’s Crypto Mining Machine Demand Triples Following Legalization
In Q4 2024, Russian demand for crypto mining machines and services surged threefold year-on-year. According to the Industrial Mining Association’s chairman, this significant increase was driven by new regulations legalizing cryptocurrency mining, sparking heightened interest and activity in the industry.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.