FameEX Cryptocurrency Daily Morning News October 24th 2024

CoinDesk Report:


98% of Bitcoin short-term holders have made a profit, indicating a possible market top
On October 24th, a report from Copper Opening Bell showed that based on current prices, 98% of Bitcoin short-term holders are in a profitable position. Historically, such high levels of profit have led to increased selling pressure, suggesting a potential short-term peak in the market. Analysts believe this indicates that the crypto market has already reached its peak before the US election.
Bitcoin whale addresses reach highest level since January 2021
André Dragosch, the Head of Bitwise Europe Research, posted on X platform that the number of Bitcoin whale addresses has reached its highest level since January 2021. A total of 1,678 Bitcoin addresses are classified as whale addresses, with each address holding an average of over 1,000 BTC.
Stablecoin assets hold more US Treasury bonds than some G20 countries
Market analysts point out that the top five stablecoins hold a significant amount of US Treasury bonds, with the total holdings surpassing those of some G20 countries including Germany. Additionally, companies like VISA are adopting stablecoins, and Tether’s profits last year exceeded those of BlackRock, making this industry worth close attention.
Indian regulatory body supports banning Bitcoin and Ethereum, while advocating for CBDC development
According to the Indian Express, Indian regulatory authorities are considering banning cryptocurrencies such as Bitcoin and Ethereum, and strongly support the development of central bank digital currencies (CBDCs). Sources revealed that the Indian government plans to prepare a discussion paper and hold consultations on this issue.
Japanese regulatory authorities remain cautious about cryptocurrency ETFs
On October 23rd, the Financial Times reported that despite the approval of cryptocurrency spot ETFs in the US and Hong Kong, Japanese regulatory authorities remain cautious about this product. Oki Shiozawa from Sumitomo Mitsui Trust Asset Management pointed out that the Japanese Ministry of Finance generally holds a skeptical attitude towards cryptocurrencies, and the Financial Services Agency maintains a conservative stance in approving related financial products.
Uncertainty in UK cryptocurrency regulation may not be a viable alternative to MiCA
Industry experts state that the lack of clarity in UK cryptocurrency regulation may not be a feasible alternative for companies looking to bypass the European Markets in Crypto-Assets Regulation (MiCA).
Disclaimer: The information provided in this section is for reference only and does not constitute any investment advice or the official views of FameEX.