Son Min

David Sacks, co-founder of Craft Ventures, who was nominated as the AI and Virtual Asset Czar by President-elect Donald Trump, has been found to have made supportive remarks about Ripple (XRP) in the past. According to CryptoBasic on the 5th (local time), David Sacks commented on the Ripple ruling through a podcast on July 14, 2023. Sacks stated, "Ripple won," and "the judge determined that Ripple's sale of XRP was not an investment contract." He further mentioned, "(Through the ruling) Ripple escaped the U.S. Securities and Exchange Commission (SEC)'s claim that it was a security," and "it has been proven that Ripple is not a security and is not subject to SEC investigation." Furthermore, he quoted a tweet about Ripple's victory on X, evaluating it as "a big win for virtual assets."

There is a claim that Bitcoin (BTC) could rise to $105,000 if it surpasses the $98,500 resistance line. On the 5th (local time), Negentropic, the co-founder of Glassnode, stated on X, "Bitcoin is currently attempting to break through the $98,500 resistance line," and predicted, "If it breaks through, it will rise to $104,000~$105,000 in the short term." He added, "Over the past 24 hours, more than $1 billion has been liquidated, removing leverage," and noted, "The recovery in Bitcoin's price is driven by spot buying."

There is a claim that Bitcoin will continue its uptrend if it is supported at the $96,000 level. On the 5th (local time), Ali Martinez, a virtual asset analyst, stated on X, "The critical support level for Bitcoin is $96,870," adding, "At this price range, 1.45 million addresses purchased Bitcoin worth $1.42 million." He further predicted, "As long as this price level is supported, Bitcoin will continue its uptrend."

Michael Saylor, founder of MicroStrategy, assessed that the possibility of an 80% crash in Bitcoin (BTC) is low. On the 5th (local time), Michael Saylor stated in an interview with Yahoo Finance, "The possibility of Bitcoin crashing by 80% like in previous cycles is low," adding, "Theoretically, it is possible, but for that to happen, there would need to be undercapitalized, insolvent companies like FTX, Genesis, and Celsius in the market." He further explained, "Since there are no such companies in the market now, the likelihood of a Bitcoin crash scenario repeating is low." Furthermore, he added, "MicroStrategy's investment strategy is to regularly purchase Bitcoin regardless of price volatility," and "Personally, I purchased a significant amount of Bitcoin last month and plan to continue purchasing in the future."

It appears that whales are accumulating Cardano (ADA). According to Crypto Basic on the 5th (local time), virtual asset analyst Ali Martinez stated, "In the past 24 hours, whales have accumulated over 100 million ADA." Whales invested $110 million when Cardano's price exceeded $1 and currently hold 3.26 billion ADA. The media reported, "Recently, whales have shown a pattern of buying ADA when it drops and selling when the price surges," adding, "Between October 18 and November 18, the ADA holdings of whales increased by 145%, reaching $12.11 billion." Furthermore, it was diagnosed that "the scale of whale purchases is gradually increasing, holding more than before Cardano surged, suggesting that a bullish rally for Cardano could continue for several days." Meanwhile, as of 7:47 PM, Cardano is trading at $1.1616 on the Binance USDT market, down 4.36% from 24 hours ago.

An analysis suggests that $91,000 and $96,000 will act as key support levels for Bitcoin in case of a decline. On the 5th (local time), Burak Kesmece, an analyst at CryptoQuant, stated, "The average purchase price for those holding Bitcoin for 1-7 days is $96,000," and "The average purchase price for those holding for 1-4 weeks is set at $91,745." He further mentioned, "If a Bitcoin correction occurs, these price ranges are likely to become key support levels," and "In fact, Bitcoin showed a decline to $91,500 and then rebounded."

There is a claim that every season is an alt season in the Korean market. On the 5th (local time), Joo Ki-Young, CEO of CryptoQuant, cited CryptoQuant data stating, "Korea is the second largest virtual asset (cryptocurrency) market in the world," and "93% of the trading volume is altcoins, with Bitcoin accounting for only 4%." He added, "Every season is an alt season in the Korean market."

Coinbase·MicroStrategy ETFs Including Related Stocks on the Rise 'RISE American AI Tech' Jumps 7.8% Bitcoin's price has surpassed $100,000 for the first time, and the yield of exchange-traded funds (ETFs) containing related companies is also soaring. On the 6th, the 'RISE American AI Tech Active' ETF closed at 10,745 won, up 0.89%. Since its listing on the 26th of last month, it has achieved a yield of 7.82% in just nine trading days. This ETF includes the U.S. cryptocurrency exchange Coinbase with a weight of 6.36%. The 'TIMEFOLIO NASDAQ 100 Active' ETF also recorded a yield of 25.49% over the past month. This product includes MicroStrategy, the company with the largest Bitcoin holdings, at 10.43% and Coinbase at 6.75%. As Bitcoin's strength leads to a rise in the stock prices of cryptocurrency-holding companies and exchanges, investor interest is focusing on ETFs containing related companies. After the U.S. presidential election, Bitcoin's price surged by 28.71%, and the stock prices of MicroStrategy and Coinbase rose by 49.87% and 26.05%, respectively. MicroStrategy is the world's largest coin-related company, holding over 400,000 Bitcoins. Coinbase is the largest cryptocurrency exchange in the U.S. and is a representative company that directly benefits from the increase in cryptocurrency prices and trading volumes. Domestic investors are prohibited from trading Bitcoin spot ETFs listed in the U.S., which is why they often invest in ETFs containing coin-related companies. The securities industry expects the upward trend of cryptocurrencies to continue and positively evaluates the yield outlook for related ETFs. Hong Sung-wook, a researcher at NH Investment & Securities, said, "We believe the effects of President-elect Donald Trump's election victory have not yet been fully reflected in the market," adding, "If regulations are eased after the new government is inaugurated, the industry will begin to blossom in earnest from the second half of next year." Lim Min-ho, a researcher at Shinyoung Securities, said, "Following MicroStrategy's success, more companies like Samra Scientific, Samara, and Horse Therapeutics are deciding to invest in Bitcoin for strategic purposes," adding, "From next year, the valuation gains of cryptocurrencies in the U.S. will be reflected as non-operating income, expanding the benefits for related companies." Yang Hyun-joo, reporter hjyang@hankyung.com

Global cryptocurrency exchange Binance has announced the listing of two new spot trading pairs. On the 5th (local time), Binance announced on its official website that it will start spot trading pairs for Across Protocol (ACX) and Orca (ORCA). These tokens will have a Seed Tag, indicating they may have higher volatility compared to other listed tokens. The spot trading is scheduled to begin at 10 PM Korean time.

An analysis has emerged warning of a potential liquidation cascade for Ripple (XRP) long positions. On the 5th (local time), Pav Hundal, Chief Analyst at Swyftx, stated in an interview with Cointelegraph that "the risk facing Ripple bulls is the rising Bitcoin dominance," adding that "an increase in Bitcoin dominance could lead to a liquidation cascade of Ripple long positions." He noted, "Ripple's open interest is twice the size of 2021," and reported that "despite the decline in Ripple's price, long positions continue to increase." He further explained, "In recent weeks, there has been a significant buying movement from individual investors," warning that "the market may be approaching an overheated zone." Meanwhile, on the 5th, Ripple's open interest (OI) recorded $3.44 billion.

A significant long position liquidation in Bitcoin (BTC) has occurred, marking the largest in a year and a half. On the 5th (local time), Matyun, a CryptoQuant virtual asset analyst, stated on X, "The largest long position in a year and a half has been liquidated," adding, "Over $150 million in long positions were liquidated, resulting in a 10% plunge." He noted, "Binance's Bitcoin Net Taker Volume suggested a price slowdown, and the 30-day moving average of retail investor demand reached 30%, the highest level in four years," adding, "Bitcoin open interest also increased by 15%." He further assessed, "Rises based on leverage are quite risky," attributing it to "the market being in a state of extreme greed."

Concerns have been raised about a temporary correction in Bitcoin (BTC). On the 5th (local time), CoinDesk reported, "Bitcoin fell to $91,000 after hitting an all-time high the previous day," stating that "this is a warning sign that the market has lost its strong bullish momentum." It continued, "Bitcoin call options are currently trading at a volatility premium three times higher than put options," indicating that "optimism about Bitcoin has weakened." CMT Digital stated, "The upper wick formed above $100,000 on the daily chart indicates buying pressure," but also noted, "The occurrence of selling pressure during the same period, resulting in a lower wick, signifies market confusion." It further explained, "Candles with wicks on both ends, along with RSI bearish divergence, suggest a temporary market correction," adding that "there are concerns about excessive long positions."

The average stablecoin transfer volume on the TRON (TRX) network has surpassed $20 billion. On the 5th (local time), Tronscan announced via X that "the average daily stablecoin transfer volume on the TRON network has exceeded $22 billion over the past week."