FameEX Cryptocurrency Daily Morning News October 24th 2024

News from Coin World:


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 98% of Bitcoin short-term holders are in a profitable position based on current prices. Historically, such a high level of profitability leads to increased selling pressure, suggesting that the market may reach 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 Head of Bitwise Europe Research, posted on the X platform that the number of Bitcoin whale addresses has reached the highest level since January 2021, with 1,678 Bitcoin addresses classified as whale addresses, each holding an average of over 1,000 BTC.
The total amount of US Treasury bonds held by stablecoin assets exceeds that of some G20 countries
Market analysts point out that the top five stablecoins have accumulated a substantial amount of US Treasury bonds, with the total amount exceeding that held by some G20 countries, including Germany. In addition, companies such as VISA are adopting stablecoins, and Tether’s profits last year exceeded those of BlackRock, making this industry worth close attention.
Indian regulatory agency supports banning Bitcoin and Ethereum while promoting the development of CBDC
According to the Indian newspaper “Hindustan Times,” Indian regulatory agencies are considering banning cryptocurrencies such as Bitcoin and Ethereum while strongly supporting the development of central bank digital currencies (CBDC). Insiders revealed that the Indian government plans to prepare a discussion paper and engage in consultations on this issue.
Japanese regulatory agencies remain cautious about cryptocurrency ETFs
On October 23rd, the Financial Times reported that while the United States and Hong Kong have approved the listing of cryptocurrency spot ETFs, Japanese regulatory agencies remain cautious about this product. Oki Shiozawa from Sumitomo Mitsui Trust Asset Management pointed out that the Japanese Ministry of Finance generally has a skeptical attitude towards cryptocurrencies, and the Financial Services Agency adopts a conservative stance in approving related financial products.
The uncertainty of cryptocurrency regulation in the UK may make it difficult to become 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 viable alternative for companies that want to bypass the European Markets in Crypto-Assets (MiCA) regulation.
Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official opinion of FameEX.