FameEX Morning Crypto News Recap | November 27, 2024

Trump Administration Aims to Broaden CFTC's Oversight of $3 Trillion Digital Asset Market

The Trump administration seeks to expand the CFTC's authority over the $3 trillion digital asset market, reducing SEC oversight. By regulating commodities like Bitcoin and Ethereum and their spot markets, the plan aims to provide clearer regulations, foster innovation, and support the growth of the cryptocurrency industry.

Analysts Maintain Bitcoin Bull Market Momentum, Emphasize Dollar Trend's Impact

Macroeconomic analyst Noelle Acheson asserts that Bitcoin's bull market, up 111% this year, remains intact, with $100,000 in sight. Key drivers include rising on-chain activity and the U.S. dollar trend. While ETFs skew some data, total on-chain transaction volume is growing and remains below overheated levels, indicating continued potential.

Bitcoin’s Daily Active Addresses Close to 1 Million as On-Chain Activity Soars

IntoTheBlock data on November 26 highlighted a sharp increase in Bitcoin's on-chain activity, signaling a significant shift in its long-term trend. Daily active addresses are approaching 1 million, marking the largest and most sustained growth since 2021 and reflecting heightened network engagement and activity.

Retail Cryptocurrency Trading in South Korea Outpaces Local Stock Market Volume

Matrixport data shows South Korean retail cryptocurrency trading has outpaced local stock market activity, marking a shift from traditional stocks to digital assets. This reflects the emergence of a new generation of crypto-focused investors and hints at the potential for this trend to expand on a global scale.

UK Regulator Targets 2026 for Completion of Crypto Regulation Framework

The UK Financial Conduct Authority (FCA) will begin releasing discussion papers and consultations this quarter, focusing on market abuse, trading platforms, lending, and stablecoins. These initiatives aim to establish comprehensive regulations and develop a strong regulatory framework for the growing digital asset sector.

Brazilian Lawmaker Proposes Investing 5% of International Reserves in Bitcoin

Brazilian congressman Eros Biondini proposed the creation of a "Bitcoin Strategic Sovereign Reserve" (RESBit), allocating up to 5% of international reserves to Bitcoin. The initiative aims to diversify national assets, counter exchange rate fluctuations, and reduce geopolitical risks, ensuring reserve management follows strict transparency standards.

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