FameEX Cryptocurrency Daily Morning News October 07 2024

Bitcoin
Long-term holders continue to reduce their positions, with the total value of holdings dropping from $19 billion to $12 billion
CryptoQuant analysis shows that the value of Bitcoin long-term holders’ (holding period over 155 days) positions has decreased from $19 billion to $12 billion. In contrast, the holdings of short-term holders have increased significantly, with an increase of $6 billion in the recent period, indicating a significant shift in market dynamics.
Ethereum
After the Dencun upgrade, mainnet transaction fees hit an all-time low
On October 6th, after the Dencun upgrade, Ethereum’s mainnet fees hit a historic low, mainly due to the implementation of the EIP-4844 proposal, which reduced transaction costs on the L2 network by 10 times. However, this also led to a decrease in the destruction of Ethereum, prompting ETH to transition from a deflationary state to an inflationary one.
Tether releases USDT documentary to celebrate 10th anniversary
On the occasion of its tenth anniversary, Tether released a documentary focusing on the role of USDT in combating inflation. The trailer features interviews with users from high inflation countries such as Turkey, Brazil, and Argentina, detailing how USDT has benefited them. One interviewee mentioned that 90% of transactions in Brazil are conducted using USDT, emphasizing its significant impact in the trading field.
UAE revises VAT regulations, exempts transfer and conversion of crypto assets from VAT
On October 2nd, the UAE Federal Tax Authority issued a revised VAT regulation, which, in accordance with Cabinet Decision No. (100) of 2024, will be retroactive to January 1, 2018, and implement a VAT exemption policy for the transfer and conversion of virtual assets (including cryptocurrencies).
Gold advocate Peter Schiff: “Fake economy” collapse is necessary for the real economy to recover
Economist and gold advocate Peter Schiff warns that the collapse of the “fake economy” is necessary to restore the real economy, which will result in significant financial losses for many. He also emphasizes that the alternative is worse, as it would lead to currency devaluation.
Musk updates personal X profile to support Trump’s presidential campaign
On October 6th, Musk updated the personal profile of his X account to “Read @America to understand why I’m supporting Trump for President,” and updated the profile link to the “American Political Action Committee” website.
Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.