Bitcoin returns 110,000 dollars
October 20Breaking
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Tom Lee "Ethereum shows signs of entering a supercycle… buying opportunity"
Ethereum (ETH) has been claimed to be entering a supercycle. On the 21st (Korean time), according to crypto media Cointelegraph, Tom Lee, chairman of Bitmine, said, "Ethereum's open interest has returned to the level it was on June 30," and "at that time Ethereum's price was $2,500, and considering a supercycle, the current price gap presents an attractive risk-reward structure for buyers." Earlier, Lee predicted on a podcast that "Ethereum will reach $10,000 within this year." Along with Lee's prediction, Bitmine began large-scale accumulation of Ethereum. According to Arkham, Bitmine additionally bought $250 million worth of Ethereum on BitGo and Kraken exchanges that day. With this purchase, Bitmine's Ethereum holdings increased to a total of 3.3 million (about $13 billion), accounting for 2.74% of the total supply. The company has set a goal of acquiring 5% of the total supply in the future. Meanwhile, on the 20th (local time) Bitmine closed at $53.80 on the Amex exchange, up 7.92% from the previous day.
October 20GeneralBloomberg "Korean retail investors undertake high-risk asset investments like altcoins to buy a home"
South Korea's individual investors are pouring large sums into high-risk investment products that can yield high returns in order to purchase homes. On the 21st (local time), Bloomberg reported that domestic individual investors' margin loan balances have tripled in five years. The problem is that Korean investors are using credit to invest in high-risk products. According to Bloomberg, more than 80% of trading volume on South Korean crypto exchanges is in altcoins, which is twice the global average. Also, for U.S.-listed leveraged exchange-traded funds (ETFs), Korean individual investors account for as much as 40% of assets under management. Previously, Korean investors poured into crypto assets when U.S. President Donald Trump won last year's presidential election. At that time, crypto trading volume reached about 80% of KOSPI trading volume. Bloomberg cited the South Korean government's real estate policy as the background for this phenomenon. It analyzed that, as buying a home became more difficult due to President Lee Jae-myung's recent limits on mortgage loan amounts and rental market reforms, individual investors' tendency to maximize returns through stocks or crypto assets has intensified.
October 20PiCKCrypto industry IPOs continue… Blockchain.com considers listing via SPAC
The virtual asset (cryptocurrency) exchange Blockchain.com is pursuing a listing on the stock market through a merger with a special purpose acquisition company (SPAC). On the 21st (local time), Cryptopolitan reported that Blockchain.com has appointed advisors and is discussing the possibility of a SPAC merger. Timing, valuation and other specifics have not been finalized yet. Blockchain.com is a global virtual asset exchange and wallet services company founded in 2011. Blockchain.com's valuation rose from $5.2 billion in 2021 to $14 billion in 2022, then fell to around $7 billion in 2023 due to the virtual asset market downturn. However, in 2025 the industry has shown signs of recovery due to wider institutional adoption and clearer regulation. In August this year Bullish and in September Gemini, among other major exchanges, successfully listed, and Kraken is reportedly preparing a traditional IPO for the first quarter of 2026.
October 20GeneralU.S. Trade Representative criticizes "China induces a reduction in U.S. investment"
The U.S. Trade Representative (USTR) criticized that China is pressuring foreign companies and inducing them to avoid investing in major U.S. industries. On the 21st (Korea time), according to Walter Bloomberg, USTR Representative Jamieson Greer said that China is targeting core industries such as shipbuilding to disrupt supply chains and trying to delay the U.S. economic recovery. He said, "China's threats will not break our will to rebuild," and emphasized, "We will protect U.S. companies and expand investment."
October 20GeneralBritish Columbia, Canada, advances bill to limit AI power use and permanently ban virtual asset mining
British Columbia (BC), Canada, is advancing a bill to limit power use by artificial intelligence (AI) data centers and to permanently ban new virtual asset (cryptocurrency) mining operations. According to Bloomberg on the 21st (local time), the BC government said it will prioritize grid connections for industries that generate significant employment and tax revenue, such as mining and natural gas facilities. The Ministry of Energy explained, "In some U.S. states, AI industry power demand has surged, increasing pressure to raise rates," and "BC is also seeing a rapid rise in similar power requests." The provincially owned utility BC Hydro plans to allocate 300 megawatts to the AI sector and 100 megawatts to general data centers over the next two years through a competitive bidding process in early 2026. In contrast, no supply limits will be placed on the mining, oil, gas, manufacturing, and hydrogen industries. BC suspended new connections for virtual asset mining in 2022, and the government intends to make the measure, which had been deferred until 2024, permanent through this bill. The government pointed out that virtual asset mining "consumes excessive power but yields limited economic benefits."
October 20GeneralNHN Cloud signs business agreement with Avalanche and Blocko
NHN Cloud announced on the 21st that it has signed a 'business agreement for blockchain technology cooperation and ecosystem expansion' with Ava Labs and Blocko. Ava Labs is the company that developed the blockchain platform 'Avalanche'. Based on fast processing speeds and high scalability, it provides innovative digital asset solutions and customized blockchain services. Blocko is an MSP company that safely and efficiently supports the entire process from blockchain platform selection to implementation, operation, accounting, monitoring, and risk management. Through this agreement, the three companies will strengthen cooperation in various ways, such as △technical expertise and personnel exchange △data and infrastructure resource sharing △joint research and marketing. They will build an integrated environment that links cloud and blockchain so that blockchain functions can be used in existing systems, supporting stable operations. To this end, NHN Cloud will provide cloud infrastructure and software tools that support integration and deployment of blockchain solutions. Ava Labs will provide technical support such as blockchain integration and joint marketing, and Blocko will be responsible for technical coordination and improvement of blockchain implementation. Heo Hee-do, head of NHN Cloud's Cloud Business Division, said, 'The combination of NHN Cloud's proven infrastructure and the excellent technologies of Ava Labs and Blocko will serve as a stepping stone to create a safe and innovative blockchain ecosystem,' and added, 'We will actively cooperate to provide customers with optimal solutions based on proven infrastructure operation capabilities verified across various industries.'
October 20GeneralThree addresses presumed to belong to Bitmain accumulate 63,539 Ethereum
Evidence has been found that Bitmain, a Nasdaq-listed company that set Ethereum(ETH) as a reserve asset, has accumulated Ethereum. On the 21st (Korean time), according to Onchain Lens, 63,539 Ethereum were accumulated in three newly created exchange addresses. Onchain Lens said, "These addresses are presumed to be owned by Bitmain."
October 20GeneralVirtual asset Fear & Greed Index records 34 points… remains in fear stage
On the 21st, according to virtual assets (cryptocurrencies) data provider Alternative.me, the virtual asset Fear & Greed Index recorded 34 points, up 5 points from the previous day. As of 9 a.m. that day, Bitcoin (BTC) on CoinMarketCap was trading at 110,522 dollars, up 1.77% from the previous day. Altcoins were mixed. At the same time, Ethereum (ETH) fell 0.02% while XRP(XRP) rose 4.28%. In addition, Binance Coin (-0.90%), Solana (+0.88%), Tron (+0.63%), Dogecoin (+2.75%), Cardano (+1.67%) also showed mixed results. The Fear & Greed Index is an indicator that expresses market sentiment; values closer to 0 indicate extreme fear, and values closer to 100 indicate extreme greed. The index is calculated based on volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market cap dominance (10%), and Google search volume (10%).
October 20GeneralTravelwallet to pursue collaboration with Crypto.com on a Korean won-based stablecoin
Travelwallet announced on the 21st that it had entered into a business agreement with global virtual asset (cryptocurrency) platform Crypto.com. Through this agreement, the two companies will pursue strategic collaboration in three core areas: co-branded cards, integration of virtual asset trading services, and a Korean won-based stablecoin (a virtual asset whose value is linked to fiat currency). Under this agreement, Travelwallet will be designated as Crypto.com's priority issuing partner in South Korea, and the two companies will launch a co-branded prepaid card. Through this, users will be able to enjoy a hybrid payment experience that allows them to use fiat currency and cryptocurrencies anywhere. Travelwallet plans to provide a function in its application (app) that will allow users to trade virtual assets directly without separate exchange registration in the future. The Korean won-based stablecoin that Travelwallet is developing will be linked to the Crypto.com ecosystem and will support mutual circulation and payments across the two companies' platforms. It is expected to provide faster and cheaper overseas payment and remittance infrastructure, laying the groundwork for the Korean won stablecoin to be used in the global digital economy. Kim Hyung-woo, CEO of Travelwallet, said, "This cooperation is the starting point of a new payment paradigm where fintech finance and blockchain finance meet," and "Travelwallet will build an integrated payment ecosystem encompassing foreign currency, virtual assets, and stablecoins to raise the global competitiveness of Korean fintech to the next level."
October 20GeneralPump.fun maintains $1 million daily revenue…dominance amid market downturn
Meme-coin launchpad Pump.fun is strengthening its market dominance by recording $1 million in daily revenue despite the recent slowdown in the cryptocurrency market. On the 21st (Korean time), according to The Block, Pump.fun holds a 95% share of token graduation, effectively regaining a monopoly-like position. Earlier last summer, Pump.fun lost most of its share in competition with platforms such as Letsbonk, Billib, and Moonshot, but has since recovered it. Token graduation refers to the stage at which newly issued tokens meet a liquidity threshold and are listed on a decentralized exchange (DEX). It is used as an indicator of the number of projects that have secured actual market demand. In particular, it is encouraging that Pump.fun's revenue remains steady even though demand for meme-coin investment has weakened recently. Total launchpad trading volume has decreased over the past few months and remains at about $100 million. The daily average number of graduated tokens has also fallen to around 100. The Block evaluated, "That user activity is maintained even in a bear market shows the strength of Pump.fun's UX and network effects."
October 20General[Today's Major Economic & Cryptocurrency Schedule] U.S. Fed Governor Waller Speech, etc.
<Today's major economic schedule> ▶︎21 (Tue) : △European Union (EU) European Central Bank President speech (Korean time 20:00, U.S. time 07:00) △Canada September Consumer Price Index (Korean time 21:30, U.S. time 08:30) △U.S. Federal Reserve Governor Waller speech (Korean time 22:00, U.S. time 09:00) <Next week's major cryptocurrency schedule> ▶︎21 (Tue): △Mantra (OM) roadmap announcement △Solayer (LAYER) AMA
October 20PiCK"Ethereum still needs venture capital's 'capital-raising ability'"
Recently, amid criticism in the virtual asset (cryptocurrency) industry over the excessive influence of venture capital (VC), a claim has emerged that Ethereum (ETH) still needs the investment capital-raising ability that venture capital possesses. On the 21st (KST), according to crypto-focused media Cointelegraph, Ethereum co-founder and ConsenSys CEO Joseph Lubin wrote on his X (formerly Twitter) that "the primary aim of VCs like Paradigm is to absorb as much value as possible from Ethereum and its ecosystem, but they also play a role in driving progress toward decentralization," and argued that "there is no reason to be concerned." Lubin's remarks came shortly after two key Ethereum researchers left the Ethereum Foundation to join Tempo, a payment-focused Layer 1 project led by Paradigm. Former Ethereum Foundation researcher Dankrad Feist joined Tempo, which is being developed by Stripe and Paradigm, and former ConsenSys researcher Malesh Pai also joined Tempo after advising Paradigm. Some criticized Paradigm's influence as excessive, but Lubin said, "This rather suggests that traditional finance is indicating an entry into the crypto industry." He added, "Currently we still need VCs as a comfortable bridge for global capital to enter the blockchain ecosystem," and predicted, "Sooner or later, as fairer and more accessible on-chain investment platforms mature, VCs will have to operate within them."
October 20GeneralFormer Ripple CTO joins XRP reserve firm 'Evernos'
Evernos, an XRP reserve company, has hired former Ripple chief technology officer (CTO) David Schwartz. On the 21st (Korean time), David Schwartz announced via his X (formerly Twitter), "I have joined Evernos, led by Ashish B. Birla, as a strategic advisor," and stated, "Evernos is an organization established to expand the XRP ecosystem in decentralized finance (DeFi) and capital markets." In addition to David Schwartz, Brad Garlinghouse, Ripple's chief executive officer (CEO), and Stuart Alderoty, Ripple's head of legal, are expected to join Evernos as advisors.
October 20GeneralRipple, SBI Holdings, Pantera mobilize $1 billion funding for XRP reserve company 'Evernorth'
Ripple, the issuer of XRP (XRP), Japanese financial giant SBI Holdings, and crypto venture capital firm Pantera Capital are teaming up to establish an XRP reserve company. According to FXStreet on the 21st (Korean time), the XRP reserve company 'Evernorth' plans to pursue a public listing through a merger with the NASDAQ-listed SPAC (special purpose acquisition company) Amada Acquisition Corp. About $1 billion will be raised for this listing. Most of the raised funds will be used to purchase XRP on the market and create the world's largest XRP reserve company. Major investors include SBI Holdings, Ripple and co-founder Chris Larsen, Pantera Capital, Kraken, and GSR. After the merger is completed, the company name will remain 'Evernorth' and it will be listed on NASDAQ under the ticker 'XRPN'. The boards of both companies unanimously approved the deal, and the merger is expected to be completed in the first quarter of 2026 following regulatory and shareholder approvals. Asheesh Birla, Evernorth's chief executive officer (CEO), said, "This strategy is intended to generate shareholder returns while expanding the utility and adoption of XRP," adding that it is "a symbiotic model where the growth and benefits of the XRP ecosystem are intertwined." On this news, as of 7:22 AM that morning, XRP was trading at $2.49, up 3.87% from the previous day.
October 20PiCKAddress Believed to Be Coinbase Buys 'UpOnly' NFT for $25 Million
An address believed to be Coinbase has been reported to have purchased an ultra-high-priced non-fungible token (NFT). According to Arkham on the 21st (Korean time), the Ethereum (ETH) address coinbase.eth was confirmed to have purchased the 'UpOnly' NFT from famous trader Cobie for 25 million USDC. Cobie runs the UpOnly podcast and media brand, and the NFT is known as one of his main collections.
October 20GeneralEthena to expand development staff by 50% ahead of launch of two new products
Ethena Labs, the issuer of the stablecoin (a virtual asset whose value is linked to fiat currency) USDe, is ramping up hiring. This is recruitment for new business. On the 21st (Korean time), The Block reported that Ethena co-founder Guy Young said via X (formerly Twitter), "We plan to launch two new business lines and products in the coming months," and "to that end, we will hire about 10 new employees." The Ethena team, currently about 20–25 people, is expected to expand by 40~50% with this hiring. Young said, "We have maintained team size for the past two years, but now we are making a meaningful expansion," adding, "Both new products have the potential to rival USDe." Ethena is recruiting, through job postings, for roles such as head of security, senior backend engineer, DeFi/trading/security engineer, business development personnel, and product designer.
October 20GeneralAWS outage fallout… Some account balances shown as '0' in Base app
On Coinbase's Base, the U.S. virtual asset (cryptocurrency) exchange, some users' coin balances are being displayed as '0'. On the 20th (local time), The Block reported that after an Amazon Web Services (AWS) outage, some users' balances in the Coinbase Base application have been shown as $0. Not only Coinbase but MetaMask has also experienced access errors. Base said on X (formerly Twitter), "This is a display change, not an asset loss," adding, "Previously value was shown even without transactions, but now coins with no actual transactions are displayed as 0 so portfolios reflect market value."
October 20GeneralInternational remittance service firm 'Wise' hires digital asset expert... "Suggests use of stablecoins"
Global remittance company Wise is drawing attention over whether it will expand stablecoins (virtual assets whose value is linked to fiat currencies). On the 21st (Korean time), according to crypto-focused outlet Cointelegraph, Matthew Salisbury, Wise's product director, recently posted a job listing on LinkedIn to hire a 'Digital Asset Product Lead.' The position will be responsible for researching ways for customers to hold digital assets within their Wise accounts. Some speculate that Wise may expand its remittance services using stablecoins. Cointelegraph reported, "This move comes as hiring announcements appear amid increasing adoption of stablecoin payments in the global remittance market," adding, "Major financial institutions are adopting stablecoins as payment infrastructure, with Visa already starting an international payment pilot using USDC and EURC."
October 20GeneralSui "Korea Will Be a Vanguard in the Blockchain Era" [EastPoint Seoul 2025]
Adeyini Abiodun, co-founder of Mysten Labs Christian Thompson, director of the Sui Foundation — interview "Korea Has High Blockchain Competitiveness" Positive assessment of domestic crypto asset policy "Sui ETF Shows Market Trust" Also pledged ecosystem expansion "There is tremendous potential in Korea's blockchain ecosystem. Sui aims to help Korea become a country that can lead the global blockchain industry." Adeyini Abiodun, co-founder and chief product officer (CPO) of Mysten Labs, and Christian Thompson, director of the Sui Foundation, said this in an interview with Bloomingbit on the 20th. They visited Korea last month to attend 'EastPoint Seoul 2025.' We asked in detail about the possibilities Sui sees in Korea and its future approach to the domestic market. "Korea Accelerates Blockchain Adoption" Sui evaluated that Korean blockchain developers have high potential. CPO Abiodun said, "After communicating with many developers in Korea, they were implementing practical services in areas closely related to daily life, such as payment systems," and added, "We will apply Sui's blockchain technology to Korean projects." Last month, Sui also formed a partnership with domestic table-order company TiOrder. Sui plans to provide TiOrder with blockchain-based stablecoins, QR code payments, and FacePay (facial recognition payment) services in the future. They plan to prove blockchain's potential by collaborating with applications already widely used domestically. CPO Abiodun said, "Combining TiOrder's infrastructure with Sui's high-throughput, low-latency architecture can create a Korea-style blockchain payment model," and explained, "We expect it to become a representative case that demonstrates blockchain's utility in daily life by offering low fees and fast payment speeds to small merchants." The Korean gaming market was also cited as suitable for integrating blockchain technology. Director Thompson said, "Korean developers have already built high-quality, mobile-focused games and payment experiences," and added, "Many people are already naturally using blockchain technology with devices like 'SuiPlay(SuiPlay)0X1'. This will be an important opportunity for blockchain to spread to the public." They commented on domestic digital asset policy as well. CPO Abiodun said, "Through EastPoint we had many conversations with political figures and were able to glimpse the possibility of policy and technology coexisting." Director Thompson said, "A clear legal framework being pursued by Korea can bring both innovation and trust," and added, "Sui has aimed to be a regulation-friendly blockchain from its launch, so we will cooperate with Korean authorities to help innovation and regulation progress together." "Familiar User Experience Is Key" The core of Korea strategy is a 'familiar user experience.' CPO Abiodun said, "User experience should not be a barrier to participating in blockchain," and explained, "Sui offers 'zkLogin (zkLogin),' which allows wallets to be created with Google or Facebook accounts, and 'Sponsored Transaction,' which enables transactions without paying gas fees." CPO Abiodun emphasized that Sui has strengths regarding Korea's social issues of low birthrate and aging population. He said, "People of various generations, including the elderly, should be able to use blockchain without complicated procedures," and added, "Sui's strategy prioritizes convenience and familiar experiences over technology." Director Thompson said, "Korea adopts new technologies quickly and has high trust in digital services," and predicted, "Sui-based services can naturally blend into everyday life." Ecosystem Growth Also Encouraging They also promised to steadily expand the Sui ecosystem for investors and maintain technical reliability. Director Thompson said, "There has been growing attention to decentralized exchanges (DEXs) recently," and stated, "Projects like Momentum and Bluefin in the Sui ecosystem are showing competitiveness in the market." He added, "In particular, Bluefin has already established itself as the protocol generating the most revenue on Sui," and explained, "Such projects play an important role in increasing ecosystem trust and expanding the actual user base." Regarding a crypto spot exchange-traded fund (ETF) with Sui as the underlying asset, he said, "An ETF is not just an investment product but a signal that shows the market's trust in blockchain infrastructure." He added, "That institutions have begun considering a Sui-based ETF means they recognize Sui's scalability, security, and sustainability in the mainstream market." The growth of the Sui ecosystem is also encouraging. CPO Abiodun said, "Sui provides developers with full freedom and an experimental environment, and based on this has become one of the fastest-growing layer-1 networks," and emphasized, "This technical foundation is the core of maintaining trust in the global market and will underpin the token's long-term value." Jinwook, Bloomingbit reporter wook9629@bloomingbit.io
October 20PiCK[Analysis] "Bitcoin Enters a 'Disbelief' Phase... Could Instead Become an Upside Driver"
Recently, Bitcoin (BTC) has been undergoing a correction, raising concerns among investors about further declines. However, some analysis suggests that this situation could instead trigger a larger rally. On the 20th (Korean time), CryptoQuant contributor DarkPost wrote in a report that "the entire market remains in the 'disbelief' phase." He said, "The shock from the previous downtrend lingers, so investors do not believe in a bullish reversal," adding that "this sentiment is particularly evident in the derivatives market." DarkPost focused on funding rates in the futures market. He noted, "Binance's funding rate — which currently accounts for the majority of Bitcoin futures trading — remains negative at around -0.004%," and said, "The fact that the funding rate was negative on six of the past seven days suggests that short sellers still dominate the market." He added, "Traders' confidence was severely shaken after the large-scale liquidation on October 10, and has not yet recovered." The contributor's view is that under these circumstances a larger rally could occur. He said, "Most investors are betting on further drops out of fear of another crash, but the longer this 'disbelief' period lasts, the greater the possibility of a strong bullish reversal," and "If an uptrend takes hold, a short squeeze from the liquidation of short positions could push Bitcoin up to key liquidity zones around $113,000, and even toward $126,000 in a short period."
October 20General[Today's Global Coins of Interest] Bitcoin·Momentum·Zcash etc.
According to Token Mindshare of AI-based web3 search platform Kaito (Token Mindshare, an index that quantifies the influence of a specific token within the virtual asset (cryptocurrency) market), as of the 20th the top five crypto-related keywords people are most interested in are Bitcoin (BTC), Momentum (MMT), Zcash (ZEC), THEO (THEO), and Polymarket. Ranked first was Bitcoin, the leading crypto asset. That day Bitcoin's price surpassed $110,000 again, attracting investors' attention. Notably, around 9 a.m. a whale identified as an insider in the liquidation incident heavily shorted Bitcoin, yet the price rose, which drew significant attention. As of 1 p.m. that day, Bitcoin was trading at $110,138 on CoinMarketCap, up 2.88% from the previous day. Second was Momentum, a Sui-based decentralized exchange (DEX). Recently Momentum has been conducting an allocation event through BideulPad. As a result, many investors sought information to participate in the Momentum campaign, which is analyzed as the reason it ranked high in interest. Zcash drew investor attention by rising 8% that day. At the same time, Zcash was trading at $244.71, up 7.7% from the previous day. THEO recently attracted investor interest after being newly listed on Kaito. Recently THEO was added to the leaderboard and allocated 0.05% of its token supply to a Kaito campaign. Polymarket is attracting users' attention due to the release of the Pro version and expectations of a POLY token airdrop. Recently, amid this interest Polymarket surpassed 58,000 daily users and $18.1 billion in trading volume.
October 20PiCKBitcoin surpasses $110,000
October 19BreakingHumidiFi overtakes Meteora and Raydium to become Solana's No.1 DEX
HumidiFi, a Solana (SOL)-based dark pool (an exchange where trade records are not disclosed) decentralized exchange (DEX), has risen to become the network's No. 1 DEX. On the 20th (Korean time), UBlockchain, citing DeFiLlama data, reported that HumidiFi recorded a 24-hour trading volume of US$1.1 billion, a 7-day trading volume of US$9.698 billion, and a 30-day trading volume of US$34 billion. Accordingly, HumidiFi surpassed Meteora (MET), Raydium (RAY), and PumpFun (PUMP) to become the largest Solana-based DEX. Unlike regular DEXs, HumidiFi adopts a 'private quoting' structure in which order information is not disclosed externally, preventing slippage and front-running even in large trades. This structure is rapidly spreading among institutional investors and large traders.
October 19General"10·11 crash blamed on excessive leverage and complex market factors"
An analysis found that the cause of the '10·11 crash,' which led to a correction in the global virtual asset (cryptocurrency) market, lies in excessive leverage within the market and various derivatives structures. On the 20th (Korean time), The Block reported that Evgeny Gaevoy (Evgeny Gaevoy), founder of Wintermute (Wintermute), said on a podcast, "The 10·11 crash was the result of multiple overlapping factors," adding, "leverage in the system is much larger than before, and the number of tradable tokens, perpetual futures (Perpetual Futures) products, and large platforms handling them has greatly increased." Gaevoy pointed out, "Three to four years ago there were no perpetual futures products with such large open interest as now," and "while market structure has matured and become more sophisticated, new risks have also emerged accordingly." He continued, "It's not clear which institutions were liquidated, but it is likely that many losing institutions were operating long-short (Long-Short) hedge strategies," explaining, "institutions that shorted Bitcoin (BTC) while buying altcoins tried to hedge risk, but ultimately appear to have suffered large losses due to the auto-deleveraging (ADL) mechanism."
October 19GeneralFIU: "Further inspection needed on sharing order books with overseas exchanges"
Park Gwang, head of the Financial Intelligence Unit, stated that additional inspection is needed regarding the sharing of overseas order books by virtual asset (cryptocurrency) exchanges, which has recently become a hot topic in the industry. On the 20th, during a National Assembly hearing of the standing committee on state affairs, Lee Heon-seung of the People Power Party asked Park, "Bithumb is sharing order books with overseas exchanges, and financial authorities are conducting on-site inspections. With 3.8 million domestic users and annual trading volume reaching 605 trillion won, is it realistically possible to check and record overseas customer information daily?" Park replied, "Regulations require that, but in reality it is difficult." When Lee also asked, "Binance acquired Gopax — has the order book sharing been approved?", Park said, "There has been no discussion on that to date," adding, "Customer verification has also not been discussed, so we will review it closely in the future."
October 19GeneralU.S. Democratic senators to hold roundtable with crypto industry CEOs this Wednesday
U.S. Democrats are seeking to hold a private meeting with major crypto (cryptocurrency) company CEOs to discuss market-structure legislation. On the 19th (local time), according to Eleanor Terrett of Crypto in America, this Wednesday Democratic senators who support crypto will hold a roundtable with key figures in the crypto industry. The meeting is said to be led by Senator Kirsten Gillibrand. The meeting is expected to be attended by ▲Brian Armstrong, Coinbase CEO, ▲Sergey Nazarov, Chainlink CEO, ▲Mike Novogratz, Galaxy Digital CEO, ▲David Ripley, Kraken CEO, and Hayden Adams, Uniswap CEO.
October 19GeneralLee Eok-won "To submit measures for the institutionalization of stablecoins to the National Assembly within the year"
Lee Eok-won, Chairman of the Financial Services Commission, said he would submit measures to institutionalize stablecoins (virtual assets whose value is linked to legal tender) to the National Assembly within this year. On the 20th, during the National Assembly's Legislation and Judiciary Committee's audit, Lee responded to Democratic Party of Korea lawmaker Yoo Dong-soo's question, 'Do you plan to submit a bill related to stablecoins this year?' by saying, 'We are in the final coordination stage with the relevant ministries and aim to submit it within the year.' In response to Rep. Yoo's remark that 'specific measures from the Financial Services Commission are needed to secure the competitiveness of won-denominated stablecoins,' he said, 'We are discussing with experts so that stablecoins can be used not only in virtual asset trading but also in payments and K-content, etc.,' and added, 'We will proceed with a sense of urgency.' To the question, 'Do you agree that a consortium in which banks participate would be desirable?' Financial Services Commission Vice Chairman Kwon Dae-young replied, 'I agree.'
October 19GeneralLee Eok-yeom, Chairman of the Financial Services Commission: "Pursuing Phase 2 Digital Asset Law…Establishing a regulatory framework for stablecoins, etc."
The Financial Services Commission said it is pursuing Phase 2 digital asset legislation that includes regulation of stablecoins (virtual assets pegged to fiat currency) and the transition of exchanges to public regulation. On the 20th, at an audit by the National Assembly's Political Affairs Committee, Lee Eok-yeom, Chairman of the Financial Services Commission, said, "We are preparing Phase 2 legislation that includes regulation of stablecoins," and added, "We will actively participate in parliamentary discussions." The FSC plans to include in the 'Digital Asset Basic Act' ▲terminology revisions, ▲strengthened regulation of operators, ▲improvements to listing and disclosure systems, and ▲the introduction of a stablecoin management framework. First, it will change 'virtual assets' to 'digital assets' and add the concept of distributed ledgers to clarify the legal definition. Also, through Phase 2 legislation, the FSC plans to include exchanges' listing and disclosure obligations in the law, strengthening listing·delisting criteria, trading suspension procedures, and disclosure items to the level of the stock market. For stablecoins, it plans to introduce an issuer authorization system, guarantee of redemption rights, and an obligation to hold reserve assets of at least 100%. Chairman Lee said, "We will enhance market soundness and secure investor trust," and, "We will support legislation in cooperation with relevant agencies."
October 19PiCKJapan's Financial Services Agency seeks to allow banks to invest in virtual assets
Japan's Financial Services Agency is seeking to revise regulations so that banks can hold virtual assets (cryptocurrencies) such as Bitcoin (BTC) for investment purposes. On the 20th (Korean time), the Yomiuri Shimbun reported that Japan's Financial Services Agency is discussing measures to allow banks to acquire and hold virtual assets like stocks or government bonds. The intent is to institutionally support banks' participation as trading in virtual assets as financial products expands domestically and internationally. However, financial authorities plan to introduce certain holding limits and risk management regulations to prevent deterioration of banks' financial soundness. The Financial Services Agency will soon convene a working subcommittee of the Financial System Council to discuss specific risk management systems and the level of regulation. Currently, the Financial Services Agency's supervisory guidelines effectively prohibit banks from acquiring virtual assets for investment purposes, because virtual assets have high price volatility and large holdings could lead to losses from sharp declines and deterioration of financial structure. The Financial Services Agency is also considering allowing banking groups to register as virtual asset exchange operators. The goal is to create an environment where individual investors can trade more safely through market entry by trusted banks. According to the Financial Services Agency, the number of virtual asset trading accounts in Japan exceeded 12 million as of the end of February this year, about 3.5 times higher than five years ago. As the virtual asset market expands, the entry of banks is expected to accelerate asset diversification within the regulated financial sector.
October 19General