FameEX Cryptocurrency Daily Morning News October 24th 2024

Coin World News Report:


98% of Bitcoin short-term holders have already made a profit, indicating that the market may have peaked
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 profit levels have led to increased selling pressure, and the market may experience a short-term peak. Analysts believe that this indicates that the cryptocurrency market has already peaked before the US election.
Bitcoin whale addresses reach the highest level since January 2021
André Dragosch, the European director of Bitwise Research, posted on the X platform that the number of Bitcoin whale addresses has reached the highest level since January 2021. There are 1,678 Bitcoin addresses classified as whale addresses, with each address holding an average of over 1,000 BTC.
Total amount of US government bonds held by stablecoin assets exceeds that of some G20 countries
Market analysts pointed out that the top five stablecoins have held a huge amount of US government bonds, with the total amount exceeding that of some G20 countries including Germany. In addition, companies such as Visa are adopting stablecoins, and Tether’s profits last year exceeded BlackRock, making this industry worthy of close attention.
Indian regulatory agency: in favor of banning Bitcoin and supporting the development of CBDC
According to the Hindustan Times, the Indian regulatory agency is considering banning cryptocurrencies such as Bitcoin and Ethereum, and strongly supports the development of central bank digital currencies (CBDC). Insiders revealed that the Indian government plans to prepare a discussion document and hold consultations on this issue.
Japanese regulatory agency remains cautious about cryptocurrency ETFs
On October 23rd, the Financial Times reported that despite the approval of cryptocurrency spot ETFs in the United States and Hong Kong, the Japanese regulatory agency remains cautious about this product. Oki Shiozawa of 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 has a conservative stance on approving related financial products.
The uncertainty of cryptocurrency regulation in the UK may be difficult to serve as an alternative to MiCA
Industry experts believe that the regulatory status of cryptocurrencies in the UK is not clear enough, which may not be a feasible alternative for companies that want to bypass the European Market Infrastructure Regulation on Crypto Assets (MiCA).
Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.