Bitcoin (BTC) temporarily gave up the $90,000 level
Bitcoin (BTC) temporarily gave up the $90,000 level. BTC is trading at $89,963.25 on the Binance Tether (USDT) market at 00:24 on the 9th, up 1.38% from the previous day.


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Bitcoin (BTC) temporarily gave up the $90,000 level. BTC is trading at $89,963.25 on the Binance Tether (USDT) market at 00:24 on the 9th, up 1.38% from the previous day.

The three major U.S. stock indexes are showing mixed trading. The Nasdaq Composite index is trading at 23,606.34 points, up 0.12% from the previous close as of 00:03 on the 9th. The Dow Jones index is down 0.15% at 47,884.62 points, and the S&P 500 index is down 0.11% at 6,862.91 points.

The three major U.S. stock indices closed higher. The Nasdaq Composite Index rose 0.30% from the previous day on the 6th to 23,575.81 points. The Dow Jones Index was up 0.19% at 47,940.31 points, and the S&P 500 Index was up 0.30% at 6,867.28 points at the close of trading.

CoinShares, a virtual asset (cryptocurrency) asset manager, diagnosed that the digital asset treasury company (DAT) bubble has already burst. On the 5th (local time), according to virtual-asset specialist media CoinDesk, CoinShares said the ratio of held asset value to net asset value (mNAV) for some DAT listings fell from 3–10 times this summer to 1 or less. CoinShares said that during the rapid expansion of the DAT sector, valuations overheated solely on the basis of digital asset holding strategies, regardless of corporate performance. It explained that, especially as market environment changes dampened investor sentiment, premiums quickly disappeared and cases emerged where mNAV normalized or moved into discount territory in a short period. The outlet also emphasized that a "next-generation DAT" will need fundamentals and a credible business model to survive. It also stated that strict governance and realistic expectations must accompany this, and that digital assets should be used as a tool to achieve business objectives rather than being the entirety of a company. Market observers say that the larger the share price volatility of DAT companies, the more financing conditions and the sustainability of hoarding strategies may be tested. If mNAV falls below 1x, new investment inflows may slow, and changes in the value of held assets may have a greater impact on corporate value. CoinShares' diagnosis suggests that the DAT sector needs to be restructured away from a simple holding strategy toward a form that has a business foundation and risk management systems. At the same time, it is interpreted as a warning that if the phenomenon of digital asset holdings being overvalued as a key driver of corporate value repeats, market instability could expand.

SpaceX, led by Elon Musk, is reported to be discussing the possibility of a secondary share sale (secondary). There were also observations in the blockchain industry that SpaceX recently transferred bitcoin (BTC) it held to a new wallet. On the 5th (local time), the Wall Street Journal (WSJ) reported that SpaceX is considering a secondary share sale targeting existing shareholders' stakes. Previously, SpaceX had been gradually raising its company valuation through internal share sales and share repurchase transactions. Markets say there have been cases in which the valuation mentioned in SpaceX's recent transactions expanded to the level of USD 350 billion to USD 400 billion. The Financial Times (FT) reported circumstances indicating that SpaceX was pursuing a $1 billion share transaction and valuing the company at USD 400 billion. U.S. media also introduced cases showing that SpaceX discussed a valuation of around USD 350 billion through insider equity transactions. Meanwhile, in the virtual asset (cryptocurrency) market, there were observations that SpaceX transferred bitcoin to a new wallet, but the purpose of the transfer was not confirmed. The market has suggested various possibilities such as enhanced security or changes in wallet management systems, but no official company-level explanation has been released. If this secondary share sale discussion materializes, the market's reference points for SpaceX's circulating share price and company valuation could be reset. However, because a secondary's transaction structure means the amount for sale and the composition of participating investors act as key variables, some observers note that volatility may continue until the actual transaction terms and scale are disclosed.

Donald Trump, the U.S. president, said on the 5th (local time) that he plans to unveil a new AI platform, 'Truth AI (TRUTH AI)'. Economic breaking news channel Walter Bloomberg quoted the president's remarks and reported the plan to unveil Truth AI. This remark came amid a flow in which President Trump has repeatedly mentioned AI-related issues. However, detailed aspects of Truth AI (its concrete form such as search, chatbot, productivity tools, etc.), launch schedule, scope of offering, and monetization method have not yet been disclosed. AI experiments on platforms connected to Trump's camp have previously drawn attention. Within Truth Social, there was also a case where an AI feature known as 'Truth Search AI' was mentioned and sparked controversy. The market is focused on whether Truth AI will be released as a private service, whether it will be linked to specific policy directions, and what differentiation it will claim from existing big-tech AI services. The actual functions of Truth AI and the existence of any partnerships are expected to be confirmed at a future public unveiling event.

The Italian financial regulator has emphasized that virtual asset (cryptocurrency) operators must comply with the European Union (EU) MiCA law by December 30 this year. On the 5th (local time), according to virtual asset specialist media Crypto Basic, it is expected that whether many operators will be able to continue providing services in Italy will be decided by that date. This move is interpreted as highlighting that it could be a turning point determining the viability of operators that fail to meet the virtual asset service provision requirements under the MiCA framework. Crypto Basic reported that regulators reiterated the deadline and urged market participants to prepare. In particular, virtual asset companies that wish to maintain operations in Italy from next year must register as virtual asset service providers (CASPs). If they fail to complete the registration process, it may become uncertain whether they can continue to provide virtual asset-related services in Italy. The Italian financial regulator’s guidance shows that MiCA compliance and CASP registration have emerged as essential tasks for virtual asset operators. The market has raised the possibility that the structure of virtual asset service supply in Italy could change around December 30.

Bitcoin (BTC) temporarily gave up the $89,000 level. BTC is trading at $88,772.46, down 4.34% from the previous day on the Binance Tether (USDT) market as of 00:38 on the 6th.

Bitcoin (BTC) temporarily gave up the 90,000-dollar level. BTC is trading at 89,166 dollars as of 00:24 on the 6th on the Binance Tether (USDT) market, down 4.12% from the previous day.

Fidelity Investments' asset management CEO Abigail Johnson said she personally holds Bitcoin (BTC). On the 5th (local time), according to crypto asset (cryptocurrency) outlet CryptoBasic, Johnson said at the Founders Summit 2025 that Bitcoin is the asset she feels most comfortable holding over the long term. Johnson mentioned that Bitcoin has strengths in "persistence" and "system design." She said many people regard Bitcoin as a core savings vehicle, suggesting that perceptions of Bitcoin have moved beyond a mere investment target to a long-term holding asset. The remarks are an example of a senior figure in traditional finance directly revealing possession of Bitcoin, and they align with institutions' approaches to crypto assets. Johnson said Bitcoin will remain an essential element of Fidelity's future plans. This indicates that the trend of expanding crypto-related services may continue. In the crypto asset market, participation by major institutions has been cited as a background factor for increased liquidity and product diversification. Johnson's remarks have been interpreted as revealing that demand for long-term holdings of Bitcoin exists not only among individual investors but also within traditional finance.

There are observations that Ethereum's (ETH) burn volume could increase significantly due to changes in the blob fee structure following the Fusaka upgrade. On the 5th (local time), LD Capital founder JackYi said on official X (formerly Twitter) that the blob base fee surged 15 million-fold after the Fusaka upgrade. JackYi explained that this change was due to the addition of a minimum limit for blob fees following the introduction of EIP-7918. He said that in the past nodes bore costs such as KZG verification but did not obtain reasonable returns, which resulted in Layer 2 (L2)s effectively occupying network resources for free. He claimed that the Ethereum Fusaka upgrade served as a catalyst for changing that structure. He added that it can now prevent L2s from occupying network resources for free by reflecting actual resource consumption. At the same time, he said that blob traffic can be regulated through price fluctuations to prevent congestion, and that blob storage capacity can be increased through PeerDAS technology. JackYi emphasized that the Fusaka upgrade strengthens the role of blob fees. As a market impact, changes to Ethereum's burn mechanism were mentioned. JackYi said that as blob fees are integrated into the ETH burn mechanism, up to 8 times more ETH could be burned in the future. He added that by 2026, blob-fee-based burns could account for 30% to 50% of total burns. This explains that the Fusaka upgrade could change Ethereum's burn volume and supply structure.

The three major U.S. stock indices are trading higher. The Nasdaq Composite was trading at 23,663.87 points at 00:31 on the 6th, up 0.68% from the previous day. The Dow Jones was up 0.44% at 48,059.75 points, and the S&P 500 was up 0.49% at 6,890.58 points.

Bitcoin (BTC) could hover below 95,000 dollars through year-end, according to a forecast. On the 4th (local time), virtual asset (cryptocurrency) specialist media CoinDesk reported that Paul Howard of Wincent diagnosed that as market liquidity decreases in December, the potential for a short-term rebound may be limited. Howard expects Bitcoin to move within a trading range of 85,000 to 95,000 dollars through year-end. He said that in the absence of clear macro variables or catalysts, Bitcoin's price could stagnate. Howard also said that a Bitcoin stagnation phase could create a relatively favorable environment for altcoins. He explained that if Bitcoin's directional strength weakens, some market risk appetite could shift to altcoins. He singled out the Bank of Japan (BoJ)'s interest rate decision as a key macro event. Howard added that if the BoJ holds rates steady, it could support a recovery in demand for risk assets and provide a favorable trend for Bitcoin, gold, and equity markets.

Executives from Signature Bank have launched the blockchain-based full-reserve bank N3XT Bank. On the 4th (local time), according to crypto-focused media CoinDesk, N3XT Bank will operate under a Wyoming SPDI (Special Purpose Depository Institution) charter and has adopted a narrow bank model that does not use deposits for lending. N3XT Bank plans to hold customer deposits 1:1 in cash and short-term U.S. Treasury securities and to disclose this daily. Instead of generating revenue through lending, it emphasizes a reserve-centric operating structure and transparent disclosures. In terms of services, it said it will offer 24-hour programmable dollar payments and smart contract-based automatic remittance functions. Through this, it plans to support institutional and corporate clients in handling payments, settlements, and fund movements at all times. Investors mentioned include Paradigm and the Winklevoss twins, founders of the crypto exchange Gemini. CoinDesk said the launch is an example of a new banking model in which traditional banking executives and crypto industry capital combine to 'hold deposits as safe assets and automate payments with software.'

European virtual asset (cryptocurrency) exchange WhiteBIT(WhiteBIT) is entering the U.S. market. WhiteBIT said it has established an independent legal entity, 'WhiteBIT US(WhiteBIT US)', in line with the U.S. regulatory environment, and has secured initial operating licenses while preparing to launch services across 50 states. On the 4th (local time), according to crypto asset specialist media CryptoBasic, WhiteBIT US will operate separately from the head office organization and has been carrying out procedures to meet U.S. compliance requirements. WhiteBIT is reportedly undergoing additional approval procedures aimed at nationwide expansion in the U.S. This move aligns with the trend of global exchanges re-targeting the North American market. In particular, the U.S. is cited as having large differences in exchange licensing requirements and state-level regulations, variables that determine the speed of service expansion. WhiteBIT US's statement that "it has secured the necessary operating permits" and its preparation to provide services in 50 states is interpreted as a strategy to gradually expand its business base within the U.S. WhiteBIT is said to have positioned regulatory compliance and security infrastructure as core competitive strengths in the course of this U.S. entry. However, specific details such as the launch schedule, supported assets, and fee structure require further disclosure.

A negative correlation between Bitcoin (BTC) and the Nasdaq 100 has continued, raising the possibility of a short-term bottom forming in the virtual assets (cryptocurrencies) market. On the 4th (local time), crypto-focused media CoinDesk reported that the correlation coefficient between the two assets was -0.43. The outlet said that a correlation coefficient of -0.43 has been observed in past trough periods. According to the outlet, there were cases in 2021, September 2023, and August 2024 when the indicator pointed to a similar level and Bitcoin formed a bottom and then rebounded shortly thereafter. This time, the price gap has also widened. The outlet explained that Bitcoin is currently down -27% from its all-time high, while the Nasdaq remains around -2%, widening the gap in declines between the two assets. This is interpreted as a continuation of decoupling in which Bitcoin does not move entirely in the same direction as risk-asset flows. However, the outlet added that it is difficult to conclude that this decoupling immediately indicates bottom formation. While there are precedents where similar correlation coefficient ranges in the past led to rebounds, it reported that there remains temporal uncertainty as to whether this decline will act as the same signal. In the market, changes in the correlation between Bitcoin and the Nasdaq 100 have been used as an indicator to gauge risk appetite and capital flows. In particular, it was pointed out that if decoupling persists, Bitcoin's independent price movement could strengthen, or conversely, if macro shocks expand again, volatility could increase, so there is a need to watch the correlation coefficient trend for the time being.

According to CNBC on the 4th (local time), prediction market Kalshi (Kalshi) has entered into a partnership with the U.S. cable news channel CNBC. Going forward, Kalshi's prediction-market data will be used in CNBC program production. Earlier, Kalshi also entered into a partnership with CNN.

Changpeng Zhao, founder of Binance, rebuked Peter Schiff's criticism of Bitcoin (BTC), reigniting the debate. Changpeng Zhao noted on the 4th (local time) on X (formerly Twitter) that Schiff "views Bitcoin only from the perspective of a speculative asset." Changpeng Zhao said, "Peter Schiff correctly points out problems in the monetary system, yet he looks at Bitcoin only from the perspective of a speculative asset. This is because he has never actually used Bitcoin." The remark was interpreted as emphasizing that Bitcoin is not merely subject to price volatility, but an asset whose value is revealed through real-world use. Earlier, Schiff directly criticized Bitcoin's 'digital gold' narrative. He claimed, "The assertion that Bitcoin is digital gold is close to delusional. Bitcoin holders will end up selling all their holdings." Schiff, who has championed gold as a core investment asset, has long regarded Bitcoin as a risky asset with unclear intrinsic value. The exchange revived the age-old debate over whether 'Bitcoin can replace gold.' While Changpeng Zhao agreed with Schiff's pointing out structural problems in the monetary system, he drew a line by saying that defining Bitcoin solely as a speculative asset is limiting. Meanwhile, Schiff denied Bitcoin's legitimacy as a store of value and maintained that the term 'digital gold' is exaggerated. With clear differences in perspectives surrounding Bitcoin, further comments from the two figures could continue the debate. The market responded that it confirmed once again that evaluations can differ depending on whether the criterion for judging Bitcoin's value gives weight to 'narrative' or 'real-world use.'

Meta is reportedly considering a plan to cut the budget for Reality Labs, which oversees its metaverse business, by as much as 30% in 2026. On the 4th (local time), according to crypto-focused media The Block, the review suggests the largest reduction in metaverse-related spending since the 2021 rebranding. The report said the internal review includes a plan to cut Reality Labs' budget by up to 30%. The outlet noted that CEO Mark Zuckerberg has emphasized sticking to the metaverse vision, but recently Meta's focus appears to be shifting toward generative artificial intelligence (AI) technologies and quickly commercializable hardware such as AI-based Ray-Ban smart glasses. Market observers say that a large-scale cost restructuring could lead to a reordering of Reality Labs' investment priorities. Reality Labs has been cited as a core pillar of Meta's long-term growth strategy but has been viewed as a costly business unit in the short term. The Block also reported that the virtual asset market related to the metaverse remains sluggish. Render (RENDER), which touts 3D rendering and AI workload capabilities, saw its market capitalization fall below $1 billion and drop out of the top 100, while Sandbox (SAND) and Decentraland (MANA) also plunged to all-time lows. It added that the total market cap of the metaverse sector has fallen from over $500 billion at the start of the year to about $3.4 billion now. If the budget cut review is actually implemented, even if Meta maintains its long-term metaverse investment stance, its short-term strategy is likely to shift toward focusing more on areas where efficiency improvements and monetization are possible.

Bitcoin (BTC) temporarily gave up the $92,000 level. BTC is trading at $91,948.48, down 0.92% from the previous day on the Binance Tether (USDT) market as of 02:39 on the 5th.

The U.S. Commodity Futures Trading Commission (CFTC) has announced a policy to allow spot virtual asset (cryptocurrency) trading at exchanges registered with the commission. The move is interpreted as an effort to reduce regulatory uncertainty and bring market functions into the regulatory system. On the 4th (local time), according to SolidIntel, the CFTC said it would allow registered exchanges to handle spot virtual assets. The announcement drew attention as it coincided with a trend of virtual asset regulatory policy being reorganized since the start of the Trump administration. The CFTC has exercised supervisory authority centered on derivatives, but there has been a continued move to clarify the supervisory framework in the spot market area as well. Reuters said the step could reduce regulatory gaps and broaden the scope of supervision over existing trading infrastructure. Market observers say the expansion of regulated trading channels could affect trading accessibility and product diversity. However, which exchanges will handle spot virtual assets and in what form may vary depending on regulatory revisions and licensing procedures. The move could also be connected to discussions on virtual asset market-structure legislation. The U.S. Congress and regulators are continuing discussions over the division of roles on whether virtual assets should be overseen by the Securities and Exchange Commission (SEC) or the CFTC.

Bitcoin (BTC) temporarily relinquished the $93,000 level. BTC is trading at $92,903.84, up 2.46% from the previous day on the Binance Tether (USDT) market as of 00:56 on the 5th.

The three major U.S. stock indices are showing a decline. The Nasdaq Composite Index was trading at 23,412.77 points at 00:29 on the 5th, down 0.18% from the previous day. The Dow Jones Index was at 47,878.32 points, down 0.01%, and the S&P 500 was at 6,841.84 points, down 0.12%.

The three major U.S. stock indices closed higher. The Nasdaq Composite rose 0.17% from the previous day on the 4th to record 23,454.09 points. The Dow Jones was up 0.86% to 47,883.14 points, and the S&P 500 was up 0.38% to 6,855.46 points.

Fin, a cross-border stablecoin remittance company, has raised $17 million (about 25 billion won). On the 3rd (local time), Fortune reported that the investment round was led by Pantera Capital, with Sequoia and Samsung Next participating. Fin is known to provide services that use stablecoins to handle cross-border remittances and settlements faster and more cheaply. The company plans to use the funds it secured this time to enhance its products, expand its workforce, and broaden its service regions.

As U.S. President Donald Trump publicly mentioned potential candidates for the next Federal Reserve (Fed) chair, some bond investors reportedly raised concerns about the possibility of Kevin Hassett (Kevin Hassett), chair of the White House National Economic Council (NEC), being nominated. On the 3rd (local time), according to economic news channel Walter Bloomberg (Walter Bloomberg), some bond market participants conveyed to the U.S. Treasury worries that "Hassett could aggressively cut interest rates in line with President Trump's intentions." The report has drawn attention amid an atmosphere of the selection process speeding up, with President Trump recently saying he is "interviewing new Fed chair candidates." Markets have been reacting sensitively because the next chair's stance could affect the path of interest rates, the dollar's value, and long-term Treasury yields. In the bond market, there is growing speculation that if Hassett becomes the Fed's leader, the monetary policy stance could tilt more toward easing. Earlier, Reuters reported that "there are concerns in parts of the bond market that Hassett's inclination to cut rates could weigh on the dollar." Hassett is regarded as an economic adviser close to the Trump administration. Foreign media explain he is considered a 'leading candidate' because he served as chair of the White House Council of Economic Advisers (CEA) in Trump's first term and currently serves as NEC chair coordinating economic policy. However, there are views that it is uncertain whether the selection will actually lead to a nomination and Senate confirmation. The bond market is checking complex variables together, including not only the next Fed chair's policy stance but also controversies over the Fed's independence, future balance sheet policy, and the risk of inflation reacceleration.

Larry Fink, BlackRock Chief Executive Officer (CEO), has withdrawn his previously skeptical stance on Bitcoin (BTC) and said his initial view was wrong. He mentioned Bitcoin from the perspective of portfolio diversification at a DealBook Summit press conference and compared it to gold. This remark is noteworthy because the head of BlackRock, one of the world's largest asset managers, publicly revised his perception of Bitcoin. On the 3rd (local time), virtual asset (cryptocurrency) specialist media CryptoBriefing reported that Fink had shown a negative view of Bitcoin in the past, but directly cited reasons for his change of stance in recent remarks. According to the outlet, Fink said at the DealBook Summit press conference, "My initial view on Bitcoin was wrong." He explained that Bitcoin could serve as a means of portfolio diversification and presented gold as a point of comparison. The remarks by the BlackRock CEO align with a trend of changing perceptions of Bitcoin among institutional investors. In particular, the fact that statements were made redefining Bitcoin's role from being merely a speculative virtual asset to a role viewed from a portfolio perspective creates room for market interpretation.

As the Ethereum (ETH) Pusaka upgrade takes place on the 3rd (local time), an assessment has emerged that this upgrade will strengthen Ethereum's on-chain financial payment layer role. Bitwise forecast an increase in transaction throughput and a reduction in fee burden based on mainnet capacity expansion and validator efficiency improvements. On the 3rd (local time), according to crypto-specialized media CoinDesk, Bitwise said in a report that the Pusaka upgrade will raise the Ethereum mainnet's processing capacity and strengthen its function as on-chain payment infrastructure. Bitwise explained that this change could increase network operational efficiency and, as a result, act to lower users' on-chain activity costs. Bitwise expected mainnet capacity to increase with the Pusaka upgrade. Specifically, with the layer-1 gas limit per block raised to 60 million, transaction throughput would expand and fee burden could decrease. They said such structural change could form the basis for strengthening Ethereum's payment layer role. They also said validator efficiency is expected to improve. Bitwise added that if network processing efficiency improves through the Pusaka upgrade, performance could be optimized to handle more transactions on the same infrastructure. This was cited as a factor that strengthens Ethereum's role as an on-chain financial payment layer. Bitwise also presented the projected increase in transaction throughput. The report forecast that, as an effect of raising the layer-1 gas limit per block, transaction throughput could increase about twofold over the next year. It explained that if the throughput increase materializes, network congestion would ease and fee burden could also decrease. Bitwise's assessment of the Pusaka upgrade is noteworthy in that it aligns with the trend of Ethereum expanding as payment and settlement infrastructure. Bitwise pointed to mainnet capacity expansion, validator efficiency improvement, and raising the layer-1 gas limit as key changes, and assessed that Ethereum's on-chain financial payment layer role could be strengthened.

U.S. brokerage Charles Schwab said it could begin supporting Bitcoin (BTC) and Ethereum (ETH) trading in the first half of 2026. Amid a trend of traditional brokerages expanding virtual asset (cryptocurrency) trading infrastructure, Charles Schwab may also move to offer services for retail investors. On the 3rd (local time), according to economic news channel Walter Bloomberg, Charles Schwab CEO Rick Wurster expressed confidence that the firm could support Bitcoin and Ethereum trading in the first half of 2026. Wurster did not mention a specific launch schedule or method, but presented the possible timing for trading support as 'the first half of 2026'. If this remark materializes, Schwab users could see expanded direct trading access to Bitcoin and Ethereum within traditional brokerage account environments. However, details such as whether Schwab will offer direct spot trading or provide access through intermediary arrangements via separate partnerships have not been disclosed. As the expansion of virtual asset services in traditional finance is influenced by changes in market infrastructure and the regulatory environment, attention will focus on whether Schwab's specific plans and service scope will be further disclosed.

Bitcoin (BTC) briefly recovered to the $93,000 level. BTC is trading at $93,101.47 on the Binance Tether (USDT) market as of 04:04 on the 4th, up 1.56% from the previous day.
