FameEX Morning Crypto News Recap | October 24, 2024

Bitcoin Short-Term Holders Achieve 98% Profit, Indicating Potential Market Peak

The October 24 Copper Opening Bell report showed that 98% of Bitcoin short-term holders are in profit, according to on-chain data. Historically, such high profit levels often trigger selling pressure, suggesting a potential market peak. Analysts believe this could indicate a temporary top ahead of the U.S. election.

Number of Bitcoin Whale Addresses Hits Highest Point Since January 2021

André Dragosch, head of European research at Bitwise, reported on X that Glassnode data indicates Bitcoin whale addresses have reached their highest count since January 2021, with 1,678 addresses holding over 1,000 BTC each.

Stablecoin Market Gains Attention as US Treasury Holdings Exceed Those of Some G20 Nations

Bitwise emphasized the importance of the stablecoin market, noting that the top five projects hold more U.S. Treasury bonds than some G20 countries, including Germany. With companies like Visa adopting stablecoins and Tether’s profits last year surpassing BlackRock’s, the sector has become increasingly significant.

Indian Regulator Advocates Banning Cryptocurrencies Like Bitcoin and Ethereum, Endorses CBDC

Indian regulators are considering banning cryptocurrencies like Bitcoin and Ethereum, preferring the benefits of central bank digital currencies (CBDCs) for financial inclusion and security, according to Hindustan Times via Foresight News. Consultations took place before the government planned to draft a discussion paper on the matter, sources revealed.

Japanese Regulators Exercise Caution Toward Cryptocurrency ETFs

The Financial Times reported on October 23 that, unlike the US and Hong Kong, Japanese regulators remain cautious about spot cryptocurrency ETFs. Oki Shiozawa from Sumitomo Trust Asset Management noted that Japan's Ministry of Finance is skeptical of cryptocurrencies, and the Financial Services Agency is conservative in approving such financial products.

Uncertainty in UK Crypto Regulation May Complicate MiCA Replacement

Industry experts indicate that the UK's ambiguous cryptocurrency regulatory framework may not provide a feasible alternative for companies seeking to avoid compliance with Europe's Markets in Crypto Assets Regulation (MiCA).

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