At 13:00 Beijing time today, the price of Bitcoin broke $97,852, setting a new historical record! This breakthrough not only reflects the strong bullish pattern in the market but also signifies that the cryptocurrency market is entering a new phase.
USA: The White House plans to establish a cryptocurrency policy position
The Trump team is considering establishing a new position responsible for cryptocurrency policy, marking the first time the US government has opened a dedicated channel for digital assets at the policy level. Former Coinbase executive Brian Brooks is also seen as a potential candidate for the chair of the SEC. Once this position is established, the cryptocurrency industry is expected to make significant progress in regulations and compliance.
Japan: Promoting a unified cryptocurrency tax rate
Japan plans to reduce the cryptocurrency tax rate to a unified rate of 20% by the end of 2024, far below the current maximum of 55% 'miscellaneous tax'. This tax reform is expected to attract more international investment and make Japan a center for cryptocurrency innovation in the Asia-Pacific region.
South Korea: Clarifying the tax timetable
South Korea plans to tax cryptocurrency gains at 20% starting in 2025. Although this policy may cause short-term market fluctuations, clear tax rules will provide stable expectations for market development in the long run.
MicroStrategy's strong buying plan
MicroStrategy announced plans to purchase Bitcoin by issuing $2.6 billion in notes. At current prices, this funding could buy over 260,000 BTC, further consolidating the dominance of institutional investors in the Bitcoin market.
Grayscale applies for Bitcoin miner ETF
The Bitcoin miner ETF application submitted by Grayscale is expected to take effect in 2025. This innovative product is expected to provide new funding sources for miners while attracting more institutional investors to the market.
Short-term market fluctuations: The impact of options expiration is limited
According to Deribit data, Bitcoin options contracts with a nominal value of $2.639 billion will expire tomorrow, with the maximum pain point at $85,000. Although this may cause short-term fluctuations, considering the strong bullish sentiment in the market, this impact may be minimal.
The US spot Ethereum ETF saw a net outflow of 9,745 units yesterday, valued at $30.3 million.
The US spot Bitcoin ETF saw a net inflow of 8,389 units yesterday, valued at $775 million.
BTC: From the chart, Bitcoin has continuously closed with small bullish candles for several days and has again set a historical new high. The price has broken through the previous high area and is approaching the psychological barrier of 100,000. The overall trend remains strong. However, it is important to note that the momentum of this rise has weakened. From technical indicators: RSI is close to the overbought area (around 86), indicating that the market may show signs of short-term overheating; the bullish trend of MACD remains unchanged, but the histogram is starting to shorten, indicating that momentum is weakening.
In summary, considering historical trends, the monthly chart may close with a long upper shadow candle. This indicates that even if Bitcoin surges in the short term, its height may be limited, with potential pullback risks around the $100,000 position.
ETH: Ethereum's weak correlation with Bitcoin's trend.
Altcoins: Due to Bitcoin's exceptionally strong performance, market funds have been almost 'sucked' into it, causing the overall altcoin market to appear sluggish. This situation is not uncommon in previous bull markets and is considered normal. Generally, after Bitcoin finishes its unilateral rise, some funds will gradually flow back to the altcoin market, thus initiating the 'altcoin season'.
Today's Fear and Greed Index: 82 (Extreme Greed)
