FameEX Morning Crypto News Recap | November 27, 2024

Trump Administration Seeks to Expand CFTC's Authority Over $3 Trillion Digital Asset Market

The Trump administration plans to expand the CFTC's authority over the $3 trillion digital asset market, reducing SEC oversight. The initiative targets regulating commodities like BTC and ETH, along with their spot markets, under the CFTC. This aims to establish clearer regulations, promote innovation, and support the crypto industry's growth.

Analysts Assert Bitcoin Bull Market Continues, Highlight Dollar Trend as Key Factor

Macroeconomic analyst Noelle Acheson believes Bitcoin's bull market, up 111% this year, is ongoing, with expectations of surpassing $100,000. Key factors include rising on-chain activity and the U.S. dollar trend. Despite ETF-driven data distortions, total on-chain transaction volume continues to grow, remaining below overheated levels, signaling further market potential.

Bitcoin's Daily Active Addresses Near 1 Million Amid Surge in On-Chain Activity

On November 26, IntoTheBlock data revealed a significant rise in Bitcoin's on-chain activity, marking a notable shift in its long-term trend. Daily active addresses are nearing 1 million, the largest and most sustained increase since 2021, highlighting renewed network engagement and activity.

South Korea's Retail Cryptocurrency Trading Volume Surpasses Local Stock Market

Matrixport data reveals that cryptocurrency trading by South Korean retail investors has surpassed local stock market activity, highlighting a shift from traditional stocks to digital assets. This trend signals the rise of a new generation of investors focused on cryptocurrencies and suggests the potential for similar patterns to emerge globally.

UK Financial Regulator Aims to Finalize Crypto Regulations by 2026

The UK Financial Conduct Authority (FCA) announced plans to release discussion papers and consultations starting this quarter, addressing topics like market abuse, trading platforms, lending, and stablecoins. These efforts aim to shape comprehensive crypto regulations, advancing the development of a robust regulatory framework for the digital asset sector.

Brazilian Lawmaker Suggests Allocating 5% of International Reserves to Bitcoin

Brazilian congressman Eros Biondini proposed creating a "Bitcoin Strategic Sovereign Reserve" (RESBit) to allocate up to 5% of international reserves to Bitcoin. This initiative seeks to diversify national assets, address exchange rate fluctuations, and mitigate geopolitical risks, with reserve management adhering to strict transparency principles.

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