FameEX Morning Crypto News Recap | September 12, 2024

Glassnode Report: Bitcoin's Market Conditions Fall Short of a Super Bull Market

Glassnode's latest report indicates that the market from October 2023 to March 2024 was shaped by seasonal trends and new asset issuance, not a super bull market. The lack of a super bull market in 2024 is due to a one-year delay in the Federal Reserve's monetary cycle, with a super bull market expected in 2025-2026.

EU Stablecoin Operating Standards Anticipated by Year-End

A European Banking Authority spokesperson revealed that stablecoin operating standards for issuers like Tether and Circle in the EU are expected by year-end. These standards are part of 15 technical regulations submitted by the EBA to the European Commission, developed in collaboration with the European Securities and Markets Authority.

CryptoQuant Research Highlights Decline in Short-Term Bitcoin Holders, Growth in Long-Term Holder Accumulation

CryptoQuant's recent research reveals a steady decline in short-term Bitcoin holders (holding for 155 days or less) since late May, indicating weak demand. Meanwhile, long-term holders are accumulating. If demand rises, this trend may reverse, with short-term holders purchasing from long-term holders.

UK Government Introduces Bill to Classify Digital Assets as Personal Property

The UK government has proposed a bill to clarify that digital assets, including cryptocurrencies, NFTs, and tokenized real-world assets, are considered personal property under UK law. The bill aims to guide legal ownership disputes, such as in divorce cases, and strengthen protection for crypto asset holders against scams and fraud.

UAE Securities Regulator Signs Collaboration Agreement with Dubai Crypto Regulator

The UAE Securities and Commodities Authority (SCA) and Dubai Virtual Asset Regulatory Authority (VARA) have signed an agreement to streamline licensing and ensure regulatory consistency. Virtual asset service providers (VASPs) in Dubai can now automatically register with the SCA to operate across the UAE, while those outside Dubai still need a separate SCA license.

Magic Eden Continues to Lead NFT Trading Volume

In August, Magic Eden dominated NFT trading for the sixth consecutive month with $122.47 million, capturing 36.7% of the market share. Blur followed with $84 million (25.4%), while OpenSea ranked third with $66.5 million, holding nearly 20% of the market.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​