FameEX Morning Crypto News Recap | October 24, 2024

Bitcoin Short-Term Holders See 98% Profit, Suggesting Possible Market Peak

The October 24 Copper Opening Bell report revealed that 98% of Bitcoin short-term holders are currently in profit, based on on-chain data. Historically, such high profit levels lead to increased selling pressure, suggesting a potential temporary market peak. Analysts believe this may indicate the market is approaching a top ahead of the U.S. election.

Bitcoin Whale Addresses Reach Highest Level Since January 2021

André Dragosch, Bitwise's head of European research, shared on X that Glassnode data shows the total number of Bitcoin whale addresses has reached its highest level since January 2021, with 1,678 addresses now classified as whales, each holding over 1,000 BTC.

Stablecoin Market Draws Attention as US Treasury Holdings Surpass Some G20 Nations

Bitwise highlighted the stablecoin market's significance, noting that the top five stablecoin projects hold more U.S. Treasury bonds than some G20 nations, including Germany. Additionally, companies like Visa are adopting stablecoins, and Tether's profits last year surpassed those of BlackRock, making the sector worth watching closely.

Indian Regulator Favors Ban on Cryptocurrencies Like Bitcoin and Ethereum, Supports CBDC

Indian regulators are considering a ban on cryptocurrencies like Bitcoin and Ethereum, favoring the benefits of central bank digital currencies (CBDCs) for financial inclusion and security, as reported by Hindustan Times via Foresight News. Consultations were held ahead of the government's plan to prepare a discussion paper on the issue, according to sources familiar with the matter.

Japanese Regulators Remain Cautious About Cryptocurrency ETFs

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

Uncertainty in UK Crypto Regulation Could Hinder Replacement of MiCA

Industry experts suggest that the UK's unclear cryptocurrency regulatory framework may not be a viable alternative for companies looking to bypass 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.