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Global cryptocurrency exchange Binance announced the launch of six new spot trading pairs, including ACX/USDC. On the 10th, Binance stated on its official website, "Binance will list 8 trading pairs including ACX/USDC, Orca/USDC, ACX/FDUSD, Orca/FDUSD, ACX/TRY, Orca/TRY, Kusama/TRY, Celo/TRY on the 11th at 17:00."
Global cryptocurrency exchange Binance announced that it will list Raydium (RAY), Komainu (KOMA), Virtual Protocol (VIRTUAL), and SPX6900 (SPX) futures today at 21:00. On the 10th (local time), Binance stated in a notice, "Binance will list RAY futures at 21:00 (KST) today," and "KOMA will be listed at 21:15, VIRTUAL at 21:30, and SPX futures at 21:45." These futures contracts support leverage of up to 75x.
The on-chain derivatives exchange DeriV, based on the Synthetix (SNX) blockchain, has surpassed $100 million in TVL (Total Value Locked). According to CoinDesk, a cryptocurrency-focused media outlet, DeriV's TVL has exceeded $100 million, with both trading volume and the number of active traders reaching all-time highs. The increase in trading volume is closely linked to the rising demand in cryptocurrencies and spot ETFs. Meanwhile, the price of SNX is trading at $2.893, down 8.91% from the previous day, based on the Binance USDT market at 18:12.
Global cryptocurrency exchange Crypto.com announced on the 10th that it is strengthening its corporate financial service capabilities through a partnership with Deutsche Bank. On this day, Crypto.com stated that Deutsche Bank will provide corporate financial services to Crypto.com in Singapore, Australia, and Hong Kong. The two companies plan to gradually expand the scope and region of Crypto.com's banking services through this collaboration. With this partnership, Crypto.com will significantly enhance its corporate financial capabilities, improve operational efficiency, and establish a solid banking service foundation in the Asia-Pacific region. Karl Mohan, General Manager of Crypto.com for Asia-Pacific, Middle East, and Africa, and Global Head of Banking Partnerships, said, “The collaboration with Deutsche Bank demonstrates Crypto.com's firm commitment to security and compliance, while also providing an opportunity to solidify our position through collaboration with a global financial institution,” adding, “Crypto.com will further develop with the support of Deutsche Bank.” Kriti Jain, Head of Corporate Finance for New Economy at Deutsche Bank Asia-Pacific and Head of Cash Sales for APAC, Middle East, and Africa, said, “We are pleased to support Crypto.com's strategic business in the Asia-Pacific region,” adding, “Deutsche Bank has a track record of serving several global clients in the new economy sector and is equipped with a willingness to innovate and an extensive global network to contribute to Crypto.com's long-term growth vision.” Meanwhile, prior to this announcement, Crypto.com has marked several significant milestones recently, including the launch of the 'Roadmap 2025 (link)' and the 'Level Up' program offering unprecedented user benefits and rewards.
Bitcoin (BTC) has failed to break the $100,000 barrier, leading to increased declines in altcoins like Ripple (XRP). On the 10th, cryptocurrency media outlet CoinDesk reported, "Ripple, Dogecoin (DOGE), and Cardano (ADA) have fallen up to 15% in the past 24 hours," adding, "Selling pressure increased further in the latter part of U.S. trading hours." The media stated, "There was no immediate reason for the selling pressure on this day," but analyzed, "Google announced the test results of its quantum computing chip 'Willow,' and concerns about the privacy and wallet security of cryptocurrencies have increased, leading to more selling pressure on altcoins." It explained that the announcement of Google's quantum computer chip Willow raised concerns that the security of cryptocurrencies like Bitcoin could be vulnerable to quantum computing. There is also analysis that excessive leverage has fueled the correction. The media added, "Due to this decline, long positions worth $1.5 billion have been liquidated," and "selling pressure first increased on Coinbase. Previously, there were criticisms that altcoins like Ripple had excessive leverage ratios."
Elon Musk, the CEO of Tesla, emphasized that using Groq, the 'image generation AI' on X (formerly Twitter), allows for quick meme creation. On the 10th, Musk stated on X (formerly Twitter), "You can create great memes very quickly using Groq. Just slash and tap." Meanwhile, Musk attached a user's post with an image of the frog meme coin 'Pepe'. Earlier that day, Musk quoted several posts with Pepe images.
Global cryptocurrency exchange Binance announced that it will list Magic Eden (ME) at midnight on the 11th. On the 10th (local time), Binance stated in a notice, "Binance will list ME at 11 PM on the 10th (local time, midnight on the 11th Korea time)," adding that "trading pairs such as ME/BTC, ME/USDT, ME/FDUSD, and ME/TRY will be supported." However, the token will be listed with a 'seed tag' indicating higher volatility risk compared to other tokens.
The amendment to the Income Tax Law, which includes the abolition of the financial investment income tax and a two-year delay in cryptocurrency taxation, passed the plenary session of the National Assembly on the 10th. In the plenary session held at the National Assembly in Yeouido, Seoul, the amendment to the Income Tax Law was passed with 204 votes in favor, 33 against, and 38 abstentions out of 275 members present. The amendment includes the abolition of the financial investment income tax on financial investment income exceeding 50 million won from stocks, bonds, funds, and derivatives, and a two-year delay in the implementation of cryptocurrency income taxation from January 1, 2025, to January 1, 2027. The financial investment income tax, introduced in June 2020, was a system that taxed investors who earned income exceeding a certain amount (50 million won for stocks, 2.5 million won for others) from financial investments, and was set to be implemented on January 1 next year. However, it was ultimately scrapped after Lee Jae-myung, leader of the Democratic Party of Korea, agreed to the government's and ruling party's 'abolition of the financial investment income tax' last month. With the handling of the amendment to the Income Tax Law, the taxation on cryptocurrency investment income has been postponed for another two years. Cryptocurrency taxation applies a 22% tax rate to the amount exceeding the basic deduction of 2.5 million won from investment income. This provision under the Income Tax Law was originally scheduled to be implemented from 2022 but has been postponed twice.
Capybara, a decentralized exchange (DEX) based on the integrated chain KAIA of Klaytn and Pincia, is set to conduct an airdrop targeting the community. On the 9th, Capybara announced on X(formerly Twitter), "We are announcing an unprecedented community airdrop. 32% of the total supply will be given as an airdrop." Capybara added, "We are developing a DeFi (decentralized finance) protocol where the community comes first. And you are at the center of it."
Bitcoin (BTC) temporarily recovered $100,000. As of 11:50 PM on the 9th, BTC is trading at $100,212 on the Binance USDT market, up 0.19% from the previous day (₩140,870,000 on Upbit exchange). Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies, including Bitcoin (BTC), is recorded at -1.75%.
The total market capitalization of stablecoins like Tether (USDT) has surpassed $200 billion. The surge in stablecoin market cap is attributed to the sharp increase in expected returns from deposits and loans based on stablecoins. On the 9th, the cryptocurrency-focused media outlet The Block reported, "As the expected returns from DeFi (Decentralized Finance) increase, the stablecoin market cap has surpassed $200 billion, reaching an all-time high." The media added that the market cap of stablecoins has been on the rise since Donald Trump won the U.S. presidential election. The recent significant increase in expected returns from DeFi services is also cited as a reason for the growth in stablecoin market cap. The media stated, "Major DeFi platforms like Aave and Compound are expected to pay 10-20% annual interest to users who deposit stablecoins." It explained that as investors purchase stablecoins or move funds to DeFi platforms, the market cap of stablecoins has also increased. Meanwhile, the increase in the circulation of stablecoins typically indicates that more funds are flowing into the cryptocurrency market.
Bitcoin (BTC) briefly recovered to $99,000. As of 11:08 PM on the 9th, BTC is trading at $99,144 on the Binance USDT market, down 1.05% from the previous day (₩139,480,000 on the Upbit exchange). Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies, including Bitcoin (BTC), is recorded at -1.79%.
Changpeng Zhao (CZ), former CEO of Binance, predicted that the price of Bitcoin (BTC) will skyrocket to the moon. On the 9th, cryptocurrency-focused media Bitcoin Magazine reported, "Changpeng Zhao said at a conference that the price of Bitcoin is headed to the moon." Meanwhile, overseas, the term 'TO THE MOON' is often used to wish for a surge, likening a skyrocketing chart to a rocket heading to the moon.
MicroStrategy announced that it has purchased an additional 21,550 Bitcoins (BTC). On the 9th, Michael Saylor, CEO of MicroStrategy, stated on X (formerly Twitter), "MicroStrategy has purchased an additional 21,550 Bitcoins between the 2nd and 8th," adding, "This amounts to $2.1 billion (approximately 3 trillion won) with an average purchase price of $98,783." Meanwhile, as of today, MicroStrategy holds a total of 423,650 BTC at an average price of $60,324.
Global cryptocurrency exchange Binance announced that it will list Movement (MOVE) futures at 23:00 today. On the 9th (local time), Binance stated in a notice, "Binance will list MOVE futures at 23:00 (KST) today." MOVE futures contracts support up to 75x leverage. Earlier that day, Binance listed MOVE spot. On this day, the price of MOVE is trading at $0.6605, up 3197% from the listing price. MOVE hit an intraday high of $0.8776. Meanwhile, Movement is a layer 2 solution operating based on MoveVM. Movement features a modular blockchain framework that enhances the security, performance, and interoperability of blockchain networks.
The interchain project Cosmos (ATOM) hinted at a new announcement coming tomorrow. On the 9th, Cosmos stated on its official X (formerly Twitter), "The next chapter of Cosmos begins tomorrow." The price of ATOM is trading at $9.273, down 8.89% from the previous day, based on the Binance USDT market at 21:12.
Bitcoin (BTC) temporarily dropped below $98,000. As of 9:05 PM on the 9th, BTC is trading at $98,450 on the Binance USDT market, down 1.26% from the previous day (137,710,000 KRW on Upbit exchange). On this day, Bitcoin expanded its short-term decline, temporarily falling to $97,948 during the session. Meanwhile, according to Cryprice, the Kimchi Premium for major cryptocurrencies, including Bitcoin (BTC), is recorded at -2.13%.
It is reported that the Bhutan government has deposited 406 Bitcoin (BTC) to QCP Capital, a cryptocurrency trading firm and market maker based in Singapore. On the 9th, on-chain analyst Onchain Lens reported via X (formerly Twitter) that "the Bhutan government deposited 406.074 BTC to QCP Capital today," stating "this amounts to 40 million dollars (approximately 57.2 billion KRW)." As Bitcoin has surged recently, there is speculation that Bhutan, one of the world's poorest countries, has also benefited from the bull market. Previously, in May last year, Bhutan emphasized its commitment to the cryptocurrency sector by allocating 5% of its Gross Domestic Product (GDP) to Bitcoin mining. According to the on-chain analysis platform Arkham Intelligence, the Bhutan government currently holds a total of 11,791 Bitcoins.
75.69 million Ripple (XRP) has been withdrawn from Binance to an external wallet address. This amounts to 180.14 million USD (approximately 257.9 billion KRW). According to the cryptocurrency transaction tracking site Whale Alert, at around 20:12 on the 9th, 75.69 million XRP was withdrawn from the Binance exchange to an external wallet address. It is generally known that the more a specific coin is withdrawn from a cryptocurrency exchange, the higher the possibility of the coin's price rising.
Last week, digital asset investment products saw an inflow of $3.85 billion. On the 9th, the cryptocurrency management firm CoinShares reported in its 'Weekly Digital Asset Investment Product Fund Flows' report that "$3.85 billion was invested in digital investment products last week." The amount of funds inflowed last week set a new record high. So far this year, $41 billion has been invested in digital asset investment products. The report stated, "Bitcoin (BTC) saw an inflow of $2.5 billion last week. Despite the recent price surge, more funds have flowed in," explaining that "this suggests that investors are cautiously betting even after the recent surge." Ethereum (ETH) also saw a significant increase in fund inflows. The report added, "Ethereum recorded a historic inflow of $1.2 billion last week," noting that "more funds have flowed into Ethereum investment products than when the spot ETF was launched last July."
14,1871 Ethereum (ETH) has been deposited to the Coinbase exchange. According to the cryptocurrency transaction tracking site Whale Alert, at around 18:17 on the 9th, 14,1871 ETH was deposited to the Coinbase exchange. This amounts to approximately 551.07 million dollars (about 789.3 billion KRW). Typically, large-scale coin deposits to exchanges can lead to an increase in selling pressure, which may cause short-term volatility.
Global cryptocurrency exchange Binance announced that it will list Movement (MOVE) today at 22:00. On the 9th (local time), Binance stated in a notice, "Binance will list MOVE at 22:00 (KST) today," and added, "Trading pairs such as MOVE/BTC, MOVE/USDT, MOVE/BNB, MOVE/FDUSD, and MOVE/TRY will be supported." However, these tokens will be listed with a 'Seed Tag', indicating a higher volatility risk compared to other tokens.
As the Middle East's largest Bitcoin (BTC) conference, 'Bitcoin MENA 2024,' is set to take place on the 9th (local time), Eric Trump, the second son of U.S. President-elect Donald Trump, and White House envoy Steve Witkoff are expected to participate. According to Reuters on the 9th, Eric Trump is scheduled to deliver a keynote speech at the MENA conference on the 10th. Eric Trump plans to hold meetings with whale investors afterward. Witkoff will also address major players who can influence the (cryptocurrency) market. Witkoff is the newly appointed White House envoy in charge of the Middle East and is also a co-founder of World Liberty Financial (WLF). According to the media, Changpeng Zhao, former CEO of Binance, is also expected to participate in the speeches at this conference.
Following President Yoon Suk-yeol's declaration of martial law on the 3rd, the National Assembly's legislative review has effectively been halted, putting various economic and livelihood bills, such as the postponement of cryptocurrency taxation and the abolition of the financial investment tax, at risk of drifting. According to industry sources on the 9th, a National Assembly Political Affairs Committee official stated that discussions on anything other than impeachment are virtually impossible. It is reported that the financial investment income tax abolition bill and the cryptocurrency tax postponement bill, which were pending in the Planning and Finance Committee's Tax Subcommittee, have also been pushed aside. If the National Assembly remains stalled until the end of the year and the related bills are not amended, the financial investment tax and cryptocurrency taxation are scheduled to be implemented as originally planned from next year. Meanwhile, Lee Bok-hyun, the head of the Financial Supervisory Service, has stepped in to address concerns in the financial investment industry about the increased likelihood of capital market policies and bills drifting. On this day, Director Lee held a financial situation review meeting at the Financial Supervisory Service in Yeouido, Seoul, stating, "The regulatory advancement that the supervisory authorities have focused on must be consistently pursued without any wavering." A Democratic Party official also stated, "The Democratic Party plans to abolish the financial investment tax as scheduled on the 10th. We will not reverse our stance on confirmed matters."
Recently, there is an analysis suggesting that the possibility of a short-term adjustment is increasing as stablecoin inflows show a slowdown. On the 9th, the virtual asset (cryptocurrency) service provider Matrixport stated through X (formerly Twitter) that "the inflow of funds into the stablecoin market has decreased from $8 billion to $4 billion weekly," and "the continuous slowdown suggests the potential for consolidation (forming a box range)." It is explained that as the market liquidity decreases, asset prices are also slowing in their upward trend, increasing the likelihood of a short-term adjustment. A decrease in the circulation of stablecoins typically means that the inflow of funds into the virtual asset market is decreasing. Matrixport added, "Despite the potential slowdown in stablecoin inflows, we expect Bitcoin prices to rise in the long term, next year."
There are observations that retail investors are massively accumulating meme coins like Pepe (PEPE). On the 9th, cryptocurrency analyst Andrew Kang stated on X (formerly Twitter), "Retail investors are rapidly depleting the supply of meme coins by accumulating them in large quantities in the market." He added, "Robinhood holds 2.5% of the total PEPE supply just 20 days after listing it," and "This is equivalent to a $50 billion buying spree in Bitcoin over three weeks."
Decentralized exchange (DEX) SushiSwap (SUSHI) has announced plans to launch five new products next year. On the 8th (local time), Jared Grey, CEO of SushiSwap, stated on X (formerly Twitter), "We passed a comprehensive governance overhaul last April," and added, "We plan to launch five products, and SushiSwap's influence will expand beyond the Ethereum Virtual Machine (EVM)." The products SushiSwap plans to launch next year include Wara based on the Solana blockchain, the futures exchange Susa, the automated market maker (AMM) solution Kubo, the MEV-eliminating solution Blade, and the SushiSwap Aggregator. Meanwhile, MEV (Miner Extractable Value) refers to the profit miners can gain from manipulating the order of transactions before they are recorded on the blockchain ledger. EVM refers to the virtual machine that processes Ethereum transactions. The price of SUSHI is trading at $2.53, up 25% from the previous day, based on the Binance USDT market at 15:25 on this day.
The U.S. Department of the Treasury has likened Bitcoin (BTC) to digital gold, stating that it is being used as a store of value. On the 7th, cryptocurrency-focused media Watcher Guru reported on X (formerly Twitter), citing a report from the U.S. Department of the Treasury, "The U.S. Department of the Treasury is comparing Bitcoin to digital gold," and added, "The main use of Bitcoin is as a store of value, similar to digital gold, in areas like DeFi." The report added, "Speculative interest in Bitcoin has played a significant role in the growth of digital assets (especially Bitcoin) so far."
David Sacks, nominated as the cryptocurrency czar for the upcoming Trump administration, stated that the regulations on the cryptocurrency industry's access to banking in the United States have been excessive and that he will look into it. On the 7th, David Sacks, former COO of PayPal, mentioned on his X (formerly Twitter), "Many have suffered due to 'Operation Choke Point 2.0' (regulations restricting the cryptocurrency industry's access to banking). This needs to be closely examined." Previously, President-elect Donald Trump of the United States nominated David Sacks, former COO of PayPal, as the 'AI and Cryptocurrency Czar'.
The Democratic Party of Korea announced on the 7th that it would "re-push the impeachment bill against President Yoon Suk-yeol every week" after the vote was nullified due to a lack of quorum. It is reported that they are considering proposing the impeachment bill on the 11th and voting on the 14th. Oh Jeong-min Hankyung.com Reporter blooming@hankyung.com