Daily market report (December 28, 2024, 20:42).
ChainDD's market report on December 28 shows that the comprehensive DD index and CoinMarketCap quotes:
BTC is priced at $98,044.54, up about 4.28% in 24 hours.
ETH is priced at $3,474.27, up about 2.53% in 24 hours.
BNB is priced at $706.3, up about 3.12% in 24 hours.
DOGE is priced at $0.3314, up about 3.23% in 24 hours.
DOT is priced at $7.45, up about 2.8% in 24 hours.
Cryptocurrency market updates
Analyst: Trump is expected to issue at least 25 executive orders including cryptocurrency policies on his first day in office.
Michael Rosen, Chief Investment Officer of Angeles Investments, stated: 'People hope that next year's taxes and regulations can be reduced or minimized, which will help support corporate profits, and corporate profits are a major driver of the market.' Additionally, Trump's inauguration on January 20 next year may also bring some surprises to the market, as he is expected to issue at least 25 executive orders on his first day in office, covering a range of issues from immigration to energy and cryptocurrency policies.
Analysis: The correlation between the South Korean stock index and BTC price has been broken, with funds shifting from the stock market to the cryptocurrency market.
Asian stock markets have shown mixed results this year under the backdrop of a strong dollar, with some achieving a bull market in their local currencies at the expense of currency depreciation, while others sacrificed some stock market gains for relatively stable exchange rates, with South Korea being a particular exception.
In terms of Korean won, the South Korean composite index KSOPI has fallen 10.0% this year. Considering the depreciation of the won, the KSOPI priced in dollars has dropped 18.9%, making it the weakest in Asia. From a capital flow perspective, since the second half of this year, only institutions in South Korea have maintained a net buying scale in the stock market, while the household sector has been continuously reducing purchases.
Analysis suggests that the money South Korean residents are taking out of the stock market has largely gone into 'speculating on cryptocurrencies.' According to data from the Bank of Korea (BOK), as of November, the number of cryptocurrency investors in South Korea has reached 15.59 million, an increase of 610,000 from the previous month. Currently, 30% of the 51 million South Koreans are speculating on cryptocurrencies. The average daily trading volume of the five major South Korean cryptocurrency exchanges—UPbit, Bithumb, Coinone, Korbit, and GOPAX—has surged from 34 trillion won in October to 149 trillion won in November, more than quadrupling. South Koreans have always been keen on investing in cryptocurrencies. During the first wave of the cryptocurrency bull market in 2017, about 5% of the population participated; during the second round in 2021, 10% participated; and now this proportion has expanded to 30%. However, historically, the South Korean stock index and Bitcoin prices have shown a positive correlation until October of this year, when this positive correlation was completely broken.
Industry insiders: Trump may push for Bitcoin as a national reserve within months after taking office.
According to Forbes, Tim Kravchunovsky, founder and CEO of the decentralized telecom network Chirp, stated: 'As we enter 2025, it will be a historic year for digital assets, as the United States will adopt Bitcoin as a national reserve currency. Although there is ongoing uncertainty in this regard, I believe it will happen soon—likely within months after President Donald Trump's inauguration.'
Additionally, Ed Hindi, Chief Investment Officer of Swiss cryptocurrency hedge fund Tyr Capital, pointed out that previous expectations for Trump in the cryptocurrency market have led to a price surge; however, investors will closely monitor Trump's actions within the first 100 days of his presidency. If Trump's actions do not align with his statements, it may lead to volatility.
China Fund News: Huge options expiration triggers Bitcoin volatility.
On December 28, Bitcoin suddenly accelerated its decline, dropping to nearly $93,000 at one point, but quickly recovered, currently back above $94,000. Coinglass data shows that in the last 24 hours, 92,500 people globally were liquidated, with a total liquidation amount of $241 million. According to media reports, on December 27, Bitcoin experienced an options expiration worth $14.27 billion, with the largest open interest at a strike price of $90,000. Data from the derivatives exchange Deribit, which holds 72% of the Bitcoin options market, shows that the open interest for call options is $8.45 billion, while the open interest for put options is $5.82 billion. Data indicates that the cryptocurrency derivatives exchange Deribit faced a record $43 billion in open interest expiration on Friday, including $13.95 billion in Bitcoin options and $3.77 billion in Ethereum options.
Industry insiders say that market makers may close their hedge positions and short positions on Bitcoin, making Friday's market unusually volatile. Meanwhile, Zaheer Ebtikar, founder of the cryptocurrency fund Split Capital, previously stated that the market is hovering around $100,000, suggesting that large funds are satisfied with this level and are ready to conclude trading for the year.
OpenSea Foundation spokesperson responds to token rumors: More information will be announced soon.
Recent speculation about the OpenSea token airdrop comes from the recent application for the 'OpenSea Foundation' submitted in the Cayman Islands. Cryptocurrency organizations often create a foundation as an independent entity for their more mature consumer-facing brands, and historically, these foundations have subsequently become the organizations communicating and facilitating token airdrops. While registering a foundation does not guarantee that tokens will follow, other organizations that have recently provided airdrop tokens to users have done so through their respective foundations.
A spokesperson for OpenSea confirmed that the foundation is indeed a registered entity but did not comment further on any associations with OpenSea. Previously, an X account using the name OpenSea Foundation posted about 'ocean entering chat,' possibly hinting that the OCEAN token is about to debut. This association became clearer as the account was created in May 2024 and focused solely on one account—OpenSea, with OpenSea and its CEO Devin Finzer interacting with the post through their respective accounts. Although details remain scarce, a spokesperson for the OpenSea Foundation responded, stating: 'More information will be announced soon.'
