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ALSO: Fast-paced, entrepreneurial Seoul ranked fourth globally in CoinDesk's crypto hub series. Korea's digital asset friendly, regulatory environment and a vibrant retail community have helped enabled the industry's rising prominence in the city.
Bitcoin's market cap composes 52% of the total crypto market, its highest level since April 2021.
Stablecoin supplies on smart contract platforms continue to trend downward, but the smart contract index has maintained a solid performance.
Past data shows bitcoin tends to drop 2% on the day MSTR announces new purchases.
TUSD trades at a discount versus Tether as former FTX auditor Armanino's rebranded outlet The Network Firm's association with TrueUSD raises alarm bells on Crypto Twitter.
ALSO: Singapore ranked second in CoinDesk's Crypto Hubs survey. The city state raised billions through IPOs, weathered the collapse of homegrown darlings Terraform Labs and Three Arrows Capital and is now searching for the right regulatory balance to encourage crypto without getting burned again.
The ETF saw about $500K worth of trades in the first 15 minutes.
Conflux token's dour reaction is consistent with the prevailing investor disinterest in alternative cryptocurrencies.
Investors are betting that recent filings for spot BTC ETF improve the chances for Grayscale to convert its trust into an ETF and close the price gap, one observer said.
The Commitment of Traders Report indicates asset managers’ continued bullishness in bitcoin markets.
- 10:21QCP Capital: Bitcoin shows bearish signals on the eve of the Federal Reserve meeting, suggesting investors to stay calm during pullbacksQCP Capital's latest analysis indicates that the last Federal Reserve meeting in 2024 is about to be held, with an expected interest rate cut of 25 basis points. However, as US inflation remains above the 2% target and the job market continues to be strong, this meeting's statement and dot plot may have a hawkish tendency. QCP Asia predicts there will be three rate cuts in 2025, but the Fed may take a cautious approach to accelerating rate cuts. In terms of markets, QCP notes that liquidity across various markets is gradually decreasing, which could trigger price gaps and large-scale liquidations. Technical analysis shows that Bitcoin's daily chart has formed an Evening Star pattern and displays bearish divergence signals. Despite this, considering Trump might return to the White House in 2025 along with other positive factors, QCP advises investors to stay calm during market pullbacks and not exit their positions hastily.
- 10:16Data: After the BTC price correction, 3 large whales increased their holdings by 1153 BTC, approximately 120 million US dollarsAccording to Lookonchain monitoring, after the BTC price correction, 3 whales collectively bought 1,153 BTC (approximately $120 million). "bc1qkv...t44v" withdrew 501 BTC (about $52.24 million) from Bitfinex 30 minutes ago."bc1pjq...sjpc" withdrew 551.5 BTC ($57.28 million) from Binance within the past two hours."1L7gnf...xeTs" withdrew 100 BTC ($10.42 million) from Binance an hour ago; this whale has withdrawn a total of 1,418 BTC ($148.78 million) from Binance in the past two days.
- 10:15CryptoQuant CEO: South Korea is the country that most needs to establish a Bitcoin strategic reserveCryptoQuant CEO Ki Young Ju stated that the Korean Won to US Dollar exchange rate is about to reach a 15-year high. He recalled the history of South Korea overcoming crisis by collecting gold from its citizens during the IMF bailout in 1998, and suggested that South Korea might need to initiate a "digital gold collection campaign" now. Ki Young Ju emphasized that South Korea is the country most in need of establishing a Bitcoin strategic reserve.
