Minseung Kang

Bitcoin (BTC) has temporarily given up $108,000. As of 21:13 on the 23rd, Bitcoin is trading at $108,088 on the Binance USDT market, down 1.05% from the previous day (150.85 million KRW on the Upbit exchange). Bitcoin has historically shown a pattern of adjustment after reaching an all-time high, indicating caution regarding short-term volatility. Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies, including Bitcoin (BTC), is recorded at 1.27%.

Bitcoin (BTC) temporarily dropped below $109,000. As of 20:59 on the 23rd, BTC is trading at $108,944 on the Binance USDT market, down 1.93% from the previous day (151.73 million KRW on Upbit exchange). Bitcoin has historically shown a pattern of corrections after reaching all-time highs, indicating caution against short-term volatility. Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies including Bitcoin (BTC) is at 1.26%.

Bitcoin (BTC) has temporarily dropped below $110,000. As of 8:49 PM on the 23rd, Bitcoin is trading at $109,610 on the Binance USDT market, down 1.28% from the previous day (152.5 million KRW on Upbit exchange). Given Bitcoin's history of undergoing corrections after reaching all-time highs, there is a sense of caution regarding short-term volatility. Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies, including Bitcoin (BTC), is at 1.55%.

Worldcoin (WLD) surged over 31% following news of a major venture investment. According to cryptocurrency media outlet CryptoPotato on the 23rd, World Network recently announced that it has secured a total of $135 million in investment from Andreessen Horowitz (a16z) and Bain Capital Crypto. This funding was raised through a private token sale. The funds will be used to deploy 7,500 iris scanning devices called 'Orb' across the United States and to expand services to up to 180 million people by the end of the year. WLD surged 31.4% in a single day from $1.24 to $1.63. This marks a 164% rebound from the low recorded early last month. The project team stated, "This investment is for Worldcoin's long-term mission and was made with the support of builders who have believed in us from the beginning." Meanwhile, Worldcoin launched full-scale services last month in six cities: Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. Users can receive WLD tokens through iris authentication and access features such as token-based loans, prediction markets, and usable Visa cards.

Bitcoin (BTC) recently surpassed $110,000, reaching an all-time high, with a clear buying pressure trend continuing on exchanges, suggesting the possibility of further increases. According to the cryptocurrency-focused media outlet Cointelegraph on the 23rd, the on-chain analysis platform CryptoQuant stated, "Based on the cumulative volume delta (CVD) over the past 90 days, buy orders have consistently outpaced sell orders in the market." This indicator suggests that the buyer-led trend has resumed. Ibrahim Kosar, a contributor to CryptoQuant, analyzed, "In the recent market, taker buyers are regaining dominance," adding, "This is generally a signal indicating the continuation of an upward trend." Bitcoin has risen approximately 50% over the past two months, reaching $111,063. Kosar added, "Even in the range where the price exceeds $110,000, the buying pressure has not retreated," suggesting, "This could be a movement preparing for another upward trend." Long-term holders are also not selling at the current price range. On-chain analysis firm Glassnode stated on X (formerly Twitter), "In this peak range, there is little movement of long-term held coins, and the profit realization scale is half of what it was when the first $100,000 was surpassed in December 2024." CryptoQuant also diagnosed, "Bitcoin is showing a rebound trend after recovering the average purchase price of short-term holders," adding, "This could be a buy timing signal that repeatedly appears in bull markets."

Privacy infrastructure project Mind Network (FHE) is collaborating with Alibaba Cloud to establish an encrypted artificial intelligence (AI) inference environment. On the 23rd, Mind Network announced via its official X (formerly Twitter) that it will apply its self-developed fully homomorphic encryption (FHE) security technology and consensus system to the Alibaba Cloud-based AI infrastructure. They plan to apply encryption technology to ensure that information does not leak when AI processes data and to verify the results through blockchain. Additionally, they are preparing to deploy a workflow that automatically connects various functions to Alibaba Cloud servers worldwide, allowing anyone to use it safely. Mind Network emphasized, "This collaboration establishes a new paradigm for executing trustworthy AI agents in a cloud environment."

Bitcoin (BTC) recently surpassed $110,000, rising about 18% over the past month, with on-chain data confirming continuous accumulation across all wallet groups. In the options market, call options with strike prices of $200,000 and $300,000 expiring in June are being actively traded, reflecting bullish expectations. On the 23rd, cryptocurrency media outlet CoinDesk cited data from on-chain analytics firm Glassnode, stating, "Bitcoin's Accumulation Trend Score recently recorded 1.0," indicating that all investor groups, from whales (holding over 10,000 BTC) to small holders, have been actively buying Bitcoin over the past 15 days. This indicator excludes exchange and miner wallets. This buying trend is analyzed to have started at the beginning of this month. This contrasts with the period from January to April, when most wallet groups reduced their holdings along with the decline in Bitcoin prices. Additionally, bullish bets continue in the options market. According to the media, open interest (OI) worth $620 million is concentrated in call options with a strike price of $300,000 expiring in June, and $420 million in the $200,000 range, indicating clear short-term bullish sentiment. The media added, "It is noteworthy whether Bitcoin, which frequently adjusted after reaching all-time highs in the past, can continue its rally like traditional assets such as stocks and gold this time." Meanwhile, open interest refers to contracts in derivatives like futures and options that have not yet been settled. An increase in open interest means that funds are flowing into the market.

The decentralized derivatives exchange Hyperliquid announced that it has submitted a regulatory opinion letter at the request of the US Commodity Futures Trading Commission (CFTC). As Hyperliquid's preparations to enter the US institutional market gain attention, its native token HYPE has surpassed $35, reaching an all-time high. According to the cryptocurrency-focused media outlet Cryptopolitan on the 23rd, Hyperliquid recently received an official request from the CFTC for information on on-chain derivatives operations and submitted written materials twice. Through this submission, both parties exchanged views on the regulatory requirements and structural stability of on-chain derivatives, and Hyperliquid stated that it intends to use this as an opportunity to enter the US institutional market. The media reported, "Hyperliquid explained the core structure of the platform, including 24-hour trading structure, collateral management, and automatic liquidation system to the CFTC, emphasizing that it meets the technical and institutional requirements needed to enter the US market." At the same time, the native token HYPE has continued its upward trend over the past few days, surpassing $35.10 and setting a new all-time high. On this day, based on CoinMarketCap, the price of HYPE is trading at $34.94, up 11.73% from the previous day.

The Chicago Mercantile Exchange (CME) in the United States has listed XRP futures products, expanding altcoin derivatives. In the first three days of trading, approximately $33 million (about 45 billion KRW) in trading volume was recorded, capturing the initial response of institutional demand. According to Crypto Valley Journal, a cryptocurrency specialist media outlet, CME launched XRP futures on the 20th (local time). The trading volume of XRP futures recorded $19 million on the first day, and the cumulative trading volume exceeded $33 million over the next two days. This is similar to the initial response of the Solana (SOL) futures product listed last March. CME is the largest derivatives exchange in the United States, and XRP futures are the third major cryptocurrency-based product following Bitcoin and Ethereum. The product is traded based on the CME certified price index and consists of two types: standard and micro contracts. Institutional investor Hidden Road executed the first block trade. The media added, "There is speculation in the market that the listing of XRP futures could be a pre-stage to spot ETF approval." Previously, Bitcoin and Ethereum also had spot ETFs approved after futures products were listed. The approval decision for Solana and XRP-based ETFs is expected in October, and some management companies are also anticipating early approval.

As Bitcoin recently surpassed $110,000, reaching an all-time high, prominent bull Michael Saylor, founder of Saylor Strategy (formerly MicroStrategy), has stepped forward to encourage buying. According to AMBCrypto, a cryptocurrency-focused media outlet, Saylor stated on the 22nd (local time) via X (formerly Twitter), "If you don't buy Bitcoin at its all-time high, you're leaving money on the table for others." The media added, "With this surge, Bitcoin has risen to the 6th largest asset by market capitalization, and it appears that 100% of current holders are in profit," while also noting, "However, there are concerns about a potential short-term correction as the Relative Strength Index (RSI) has entered the overbought zone."

A fierce legal battle unfolded over the legitimacy of the delisting decision between the Wemix Foundation and the Digital Asset Exchange Joint Consultative Body (DAXA) member exchanges. The core issues are whether the hacking incident and disclosure delays constitute grounds for terminating the trading support contract, and who bears the burden of proof. According to industry sources on the 23rd, the Seoul Central District Court's Civil Agreement Division 50 (Chief Judge Kim Sang-hoon) concluded the first hearing of the injunction case filed by Wemade against Bithumb, Coinone, Korbit, and Gopax to suspend the effect of the trading support. The court announced that it would reach a decision by the 30th. On this day, Wemade, represented by Kim & Chang, argued that a trading support contract worth 19.8 billion KRW had been signed, and that clear reasons and proof were necessary for unilateral termination. They claimed that the hacking itself is unlikely to be a reason for delisting and that criticism for not disclosing in a timely manner was due to changes in post-guidelines. On the other hand, the exchanges countered that the disclosure delay and inadequate response to the hacking posed a significant threat to investor protection. They particularly pointed out that unlike the past Gala (GALA) hacking case, Wemix lacked immediate response and information disclosure. They also emphasized that the termination of trading support was a legitimate procedure following internal reviews by each company. The court's decision is expected before the scheduled implementation of Wemix's delisting on June 2. If the injunction is granted, the delisting decision will be suspended during the main lawsuit, and trading will continue. Conversely, if dismissed, Wemix trading will be halted on the four exchanges from June 2, and withdrawals will be blocked from July 2. Meanwhile, in February, approximately 8.65 million Wemix coins were stolen through hacking from Wemix's own service 'Play Bridge'. This amounted to about 8.8 billion KRW at the time. Wemix announced the hacking to the community on March 4, leading to controversy over 'delayed disclosure'. Subsequently, DAXA extended the designation of Wemix as a trading caution item twice in March and April and discussed whether to support trading, but decided to delist after considering the severity of the situation.

In the United States, expectations and concerns are growing simultaneously over the potential launch of an XRP spot Exchange-Traded Fund (ETF). Some argue that the product could be designed to favor Wall Street over individual investors. According to cryptocurrency-focused media outlet Coinpedia on the 23rd (local time), Van Del, co-founder of Black Swan Capitalist, claimed, "If BlackRock launches an XRP spot ETF, it will only allow price exposure without providing actual ownership or network participation." He stated, "An ETF that only tracks the price without wallet, transfer, or payment functions removes the essence of XRP," and evaluated that "such an ETF is a way to package XRP in a manner that Wall Street can understand and control." Del said, "The ETF structure is designed to favor institutions with regulatory friendliness, management fee revenue, and price control through supply regulation," adding, "Ultimately, the profits and control will be concentrated on Wall Street, and the cost of convenience may be the weakening of the true meaning of holding virtual assets and decentralization."

An analysis has emerged that Ethereum (ETH) is building a base for a medium-term rise. On-chain analyst Ali stated on the 23rd via X (formerly Twitter), "Ethereum (ETH) has formed a solid support line around $2370, and there is no clear resistance line above this area." The ETH price is trading at $2664, up 2.2% from the previous day, based on the Binance USDT market at 15:34 on this day.

The International Federation of Association Football (FIFA) is collaborating with Avalanche (AVAX) to build its own Layer 1 (L1) blockchain, the 'FIFA Blockchain'. FIFA has announced plans to transfer existing NFT collectibles and create a new customized ecosystem where fans can directly participate. According to The Defiant, a cryptocurrency-focused media outlet, Avalanche announced on its official blog on the 22nd that the FIFA Blockchain will be built on the scalability-focused technology of the Avalanche network, and that the FIFA Collect NFT series, previously operated on Algorand and Polygon, will also be transferred to this blockchain. Additionally, it was explained that this blockchain is designed to handle traffic from large-scale events like the World Cup. Previously, in April, FIFA had announced that it was developing a blockchain compatible with the Ethereum Virtual Machine (EVM). With this announcement, Avalanche has been confirmed as the technology partner. The FIFA Blockchain is being pursued as part of a strategy to integrate decentralized infrastructure into a purpose-built system that integrates digital collectibles and fan engagement models. Along with this, plans for issuing FIFA Coin were also mentioned. Gianni Infantino, President of FIFA, stated at a crypto roundtable held at the White House in March that "FIFA aims to create FIFA Coin in the United States and expand to 5 billion soccer fans."

Justin Sun, founder of TRON (TRX), stated that meme coins are a legitimate part of the market and that President Trump's support for cryptocurrencies could be a turning point for industry recovery. According to crypto media outlet CoinDesk on the 23rd (local time), Sun attended a dinner hosted by President Trump in Washington D.C. and said, "Some criticize the TRUMP token as a bribe, but this is merely a superficial misunderstanding," emphasizing, "Now is the turning point for the US to reclaim its status as a global crypto hub." Sun explained that the opportunity is being created for crypto companies that left the US during the Biden administration to return. He noted, "Companies that once considered relocating to Hong Kong or Singapore have changed their stance." He added, "Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have contributed to onboarding the masses, and success and failure are just parts of the business," stating, "TRON will support all pieces of the crypto ecosystem to grow into the mainstream."

Global cryptocurrency exchange Binance announced the listing of SOON perpetual futures. On the 23rd, Binance announced on its official website, "Binance will list SOON perpetual futures at 17:30 (KST) today." Binance added, "The perpetual futures contract will have up to 50x leverage."

President Trump hosted a dinner in Washington D.C. for holders of the official meme coin 'OfficialTrump (TRUMP)', where remarks reaffirming a pro-cryptocurrency stance were made, but no specific policy announcements were reported. According to global economic news channel db on the 23rd (local time), President Trump reiterated his previous statements at the event, saying, "I will make America the capital of cryptocurrency," and "Biden is not good for cryptocurrency." It is reported that there were no mentions of major policy changes. The dinner attracted attention as it was held amid Trump's increasing pro-cryptocurrency actions. However, it is evaluated as more of a conciliatory gesture towards supporters rather than conveying a substantial message.

Global cryptocurrency exchange Binance announced the listing of BuildOn (B) perpetual futures. On the 22nd, Binance announced on its official website, "Binance will list B perpetual futures at 16:30 (local time, 01:30 KST on the 23rd)." Binance added, "The perpetual futures contract will apply up to 50x leverage."

Nasdaq-listed Jiuzi Holdings, headquartered in Hangzhou, China, announced plans to sequentially purchase 1,000 Bitcoins over the next year. According to PR Newswire on the 22nd (local time), the board of Jiuzi Holdings approved the purchase strategy and decided to actively incorporate digital assets into their asset portfolio. The funds for the purchase will be raised through a combination of rights issue and cash procurement. Jiuzi Holdings stated, "Bitcoin holds high liquidity and recognition in the market, and considering the value appreciation trend over recent years, it is advantageous for investment diversification and securing mid-to-long-term profitability."

Global bank Standard Chartered has forecasted that Bitcoin (BTC) will reach $200,000 by the end of this year. The driving forces behind this rise include institutional buying, ETF inflows, and demand for hedging against U.S. Treasury risks. On the 22nd (local time), according to cryptocurrency-focused media The Block, Geoffrey Kendrick, head of digital asset research at Standard Chartered, stated, "Bitcoin is experiencing all anticipated upward factors simultaneously," adding, "We see a target of $120,000 by the end of Q2, $200,000 by year-end, and $500,000 by 2028." According to the report, many countries and institutional investors are expanding their exposure to Bitcoin through indirect means such as Strategy (formerly MicroStrategy) via 13F filings submitted to the U.S. Securities and Exchange Commission (SEC). This trend continues into the second quarter of this year. Kendrick also noted, "While over $3.6 billion has exited gold ETFs since the price peak on the 22nd of last month, more than $7.5 billion has flowed into Bitcoin ETFs during the same period," analyzing that "the center of capital flow is shifting towards Bitcoin." Furthermore, he added, "Bitcoin maintains a high correlation with the U.S. Treasury premium, and as domestic and international bond market risks increase, Bitcoin's attractiveness grows." Meanwhile, the U.S. Treasury premium reflects the risk premium element of how much higher long-term Treasury yields are compared to short-term yields. As market interest rate instability or declining trust in U.S. finances grows, Bitcoin tends to be highlighted as an alternative asset.

Bitcoin (BTC) surpassed $110,000 on the 22nd, setting a new all-time high, while open interest (OI) in the futures market surged, indicating strong leverage demand. On the 22nd (local time), cryptocurrency media outlet CryptoSlate, citing CoinGlass data, reported that "the total open interest in Bitcoin futures reached an all-time high of $80.91 billion (approximately 110 trillion won) on this day." This figure increased by $6.66 billion in just one day, with a cumulative increase of $15 billion over the past five days. In particular, Binance's OI soared to $13.6 billion, marking the highest level since December 16 of last year. It is analyzed that speculative positions, which had somewhat stalled during March and April, are re-entering the market in earnest. During the same period, Bitcoin's price rose by nearly 8% from about $103,500 to $111,000, and open interest expanded by more than 23%. The increase in OI, surpassing the rate of price increase, suggests that leverage demand based on the derivatives market is leading rather than spot buying. The media added, "As both price and OI surge simultaneously, the market has entered a new phase with intensified speculation," and "If the $110,000 support level is not maintained, a short-term correction may occur."

The education technology company Genius Group, listed on the NYSE American, announced that it has recently increased its Bitcoin (BTC) holdings by approximately 40%. According to Globe Newswire on the 22nd (local time), Genius Group stated in a press release, "With the resumption of Bitcoin purchases following the U.S. Court of Appeals decision, we have acquired an additional 24.5 BTC, bringing our total to 85.5 BTC (approximately $8.5 million)." The average purchase price is $99,700. Genius Group aims to hold a total of 1,000 Bitcoins and plans to launch the 'Bitcoin Academy' at the end of this month as part of this initiative. This plan was first announced in November last year. Genius Group had held 440 BTC by February this year but sold most of it due to a temporary court injunction. Roger Hamilton, CEO, stated, "We will recover from the damages caused by legal disputes and prepare for the digital economy era by making AI, Bitcoin, and community the core pillars of education."

As the stablecoin bill progresses in the US Senate, there is a forecast that it could trigger a long-term bull market in the cryptocurrency sector. According to CoinDesk on the 22nd (local time), asset management firm Bitwise reported that "the US is at a turning point where it could pass the first-ever cryptocurrency-related legislation," and evaluated that "if the stablecoin regulatory bill is approved, a multi-year bull market could open." Bitwise stated, "So far, there have been individual regulations, but there has been no consistent federal regulatory framework," and analyzed that "(the passage of the stablecoin bill) is the most significant regulatory event since the approval of the Bitcoin spot ETF in January 2024, and it could be even bigger." Currently, the US Senate has moved the stablecoin regulatory bill, the 'GENIUS Act,' to the stage of a full Senate vote. If the bill is finally passed in the Senate, federal regulations will be implemented for stablecoin issuers with a market capitalization of over $10 billion. Bitwise predicted that "if the bill passes, major DeFi assets such as Ethereum (ETH), Solana (SOL), Uniswap (UNI), and Aave (AAVE) will benefit the most." There is also speculation that the stablecoin market, currently around $245 billion, could grow to $2.5 trillion in a short period.

In the United States, the state of Michigan has proposed four bills related to virtual assets, including allowing public pensions to invest in virtual asset (cryptocurrency) exchange-traded funds (ETFs), providing tax benefits for Bitcoin (BTC) mining, and protecting digital asset rights. According to CoinJournal, a cryptocurrency-focused media outlet, on the 22nd (local time), the Michigan House of Representatives is promoting a bill (HB 4510) that allows public pensions to invest in virtual asset ETFs that meet certain criteria. The ETFs eligible for investment are limited to products that meet specific market capitalization requirements and are supervised by financial authorities. Mining-related bills have also been proposed. HB 4512 and HB 4513 introduce an 'energy recycling program' that utilizes abandoned oil well sites as mining bases and provides income tax reduction benefits to miners using these sites. There is also a bill that explicitly opposes central bank digital currency (CBDC). HB 4511 prohibits state and local governments from imposing specific taxes or regulations on digital assets and includes provisions that restrict the introduction or promotion of CBDCs.

Sui (SUI) blockchain's leading decentralized exchange (DEX) Cetus (CETUS) has reportedly been hacked, resulting in the theft of approximately $260 million worth of cryptocurrency. This incident has caused a sharp decline in major Sui-based tokens, including CETUS, leading to widespread market turmoil. According to CoinDesk, a cryptocurrency-focused media outlet, on the 22nd, on-chain analyst Lookonchain stated, "The wallet known as the Cetus hacker address, 0xe28b50, holds 12.9 million SUI (approximately $54 million), and the total net asset value of the wallet amounts to 32.9 million SUI (approximately $137 million)." It was also observed that the hacker bridged or swapped funds through multiple routes. Initial analysis suggests that the hacker used fake tokens like 'BULLA' to disrupt the price calculation method and repeatedly withdrew real assets such as SUI and USDC. Cetus has suspended all transactions and temporarily paused the smart contract immediately after the incident. Cetus announced on its official X (formerly Twitter) that "for security reasons, the (smart) contract has been temporarily paused, and a detailed explanation will be provided in the future." Following the hacking news, the price of CETUS plummeted over 40% within hours, and Sui-based meme coins BULLA and MOJO also dropped by more than 90%. As the scale of the damage grows, concerns about the Sui ecosystem are spreading. Meanwhile, Binance founder Changpeng Zhao (CZ) also announced on X that Binance has offered support to the Sui side. Cetus plans to announce detailed information soon after taking security measures.

Strategy (formerly MicroStrategy) is reportedly planning to issue preferred stock to fund additional Bitcoin (BTC) purchases. On the 22nd (local time), cryptocurrency media outlet CoinPedia reported, "Michael Saylor, CEO of Strategy, plans to issue preferred stock equivalent to about 10% of the total shares to raise up to $2.1 billion, which will be used for Bitcoin purchases." Currently, Strategy holds a total of 576,230 BTC, valued at approximately $40.18 billion. The average purchase price is calculated to be $69,726.