Mini Program: Daily Cryptocurrency Dynamics Summary
1. The total market value of stablecoins exceeds 171 billion US dollars, with a 7-day increase of 0.87%
According to DefiLlama data, the total market value of stablecoins exceeds 171 billion US dollars, and is currently 171.084 billion US dollars, with a 7-day increase of 0.87%. In addition, the total market value of USDT is now 118.812 billion US dollars, with a market share of 69.45%.
2. The current IV implied volatility of BTC is 53.43, and the volatility risk premium has returned to a positive value again
Lin Chen, head of Asia Pacific business at Deribit, said in a post on X that the current IV implied volatility of BTC is 53.43, and the current historical volatility is 45.8. The risk premium of volatility (implied volatility - historical volatility) is 7.95, which has returned to a positive value. Corresponding to the subsequent interest rate cuts, the US election and other major events, BTC's IV is not high.
3. The Cryptocurrency Fear and Greed Index is now at 39, and the market is in a panic again
According to Alternative data, the cryptocurrency panic and greed index is 39 today, and 51 yesterday, indicating that the market is in a panic again. Note: The panic index threshold is 0-100, including indicators: volatility (25%) + market trading volume (25%) + social media heat (15%) + market research (15%) + Bitcoin's proportion in the entire market (10%) + Google hot word analysis (10%).
4. 51.41% of top traders are short Bitcoin on Binance
According to on-chain analyst Ali, 51.41% of top traders are shorting Bitcoin on Binance.
5. Vitalik Buterin: The crypto industry is entering the early stages of L2 cost reduction, ZK-SNARKs, and account abstraction
Vitalik Buterin replied to netizens on X: "The key thing that we are really in the early stage of is that L2 will eventually be affordable. Since 2020 (if not earlier), I have been saying that the entire 'not just high-value DeFi' part of the crypto field can only work if transaction fees are cheap. It was not until March of this year that they really became a reality. If I were to choose the second and third early areas, they would be: 2. ZK-SNARKs and use cases (zupass, railway, 0xbow, rarimo, etc.) are finally close to maturity. 3. Account abstraction ZK-email (and zk-wrapper similar to centralized ID) is particularly important, which connects the two."
6. Indian court prohibits police from freezing entire bank accounts in cryptocurrency fraud investigation
The Madras High Court in India has ruled that police cannot freeze entire bank accounts in fraud investigations, only the amount in a bank account that is related to the fraud. The ruling came after a case in which an account was frozen due to a cryptocurrency investigation. Justice G. Jayachandran stressed that freezing entire accounts deprives individuals of their livelihood and financial stability. He pointed out that account holders often do not know why their accounts have been frozen, and by the time they find out, they have already suffered significant losses in their daily financial and business transactions.
7. Galaxy Digital Research Director: Trump's victory is more beneficial to altcoins than Bitcoin
Alex Thorn, head of research at crypto asset management company Galaxy Digital, wrote on the X platform, “I do think that a Trump victory would be more beneficial to altcoins than to Bitcoin, mainly because regulatory relaxation would be more helpful to altcoins than to Bitcoin.”
8. Bitcoin Investor Faces Jail for Underreporting Crypto Gains
An early Bitcoin investor has pleaded guilty to "filing tax returns that falsely reported his cryptocurrency gains," the U.S. Department of Justice (DOJ) announced Thursday. Texas resident Frank Richard Ahlgren III pleaded guilty to underreporting capital gains he made from the sale of $3.7 million worth of BTC. According to court documents, Ahlgren purchased 1,366 Bitcoins in 2015, each worth no more than $500. In October 2017, he sold 640 Bitcoins for approximately $3.7 million and used the proceeds to purchase a house in Park City, Utah. However, Ahlgren's 2017 tax return falsely reported the cost basis of his Bitcoin, which caused him to underreport capital gains. In addition, he failed to report $650,000 in Bitcoin sales in 2018 and 2019. The DOJ stressed that all taxpayers must report any sales proceeds and gains or losses from cryptocurrency sales.
9. Analysis: The number of new Bitcoin addresses is approaching a critical level at 330,000, and the bull market outlook has attracted market attention
Bitcoin (BTC) has been stable in September, with prices rising nearly 13% over the past week, according to CoinMarketCap. Crypto analyst Burak Kesmeci noted that the increase in new Bitcoin addresses is an important indicator of price action. The number of new addresses has recently reached 330,000, approaching the critical 350,000 threshold. Kesmeci explained that when the number of new addresses exceeds 350,000, it indicates that the market bulls are strengthening and prices have the potential to rise; if it falls below this threshold, it may enter a correction or bear market. Kesmeci also pointed out that if the number of new addresses reaches or exceeds 350,000 in the future, especially after the Federal Reserve meeting next week, Bitcoin investors may usher in "good times." However, the rise of BTC spot ETFs may affect network growth, as ETFs may concentrate Bitcoin holdings and reduce the generation of new addresses. Bitcoin is currently trading at $60,395, up 4.31% over the past 24 hours, but trading volume has fallen 9.35%.
10. Hyblock Capital: Bitcoin market is deeply exhausted, which may indicate a bullish trend in Bitcoin prices
Market depth, or the collection of buy and sell orders, either close to or away from the market price, dried up over the weekend, according to data tracked by Hyblock Capital. The pattern, which typically occurs at market turning points, suggests that bitcoin’s decline from late August highs above $65,000 has ended. Liquidity, represented by market depth, measures the market’s ability to absorb large trade orders without affecting prices. It tends to depend on several factors, including the time of day, market events at the time and specific price levels. Market bottoms are characterized by traders struggling to make decisive moves, resulting in fewer buy and sell orders and lower liquidity. “By analyzing the aggregate spot order book, especially the order books with a spot order book depth of 0%-1% and 1%-5%, we found that low order book liquidity often coincides with market bottoms,” Shubh Verma, co-founder and CEO of Hyblock Capital, told CoinDesk. “These low order book levels can be early indicators of price reversals, often preceding bullish trends.”
11. Crypto lawyer: The US SEC's excessive intervention in the cryptocurrency industry has caused retail investors to lose more than $15 billion
Attorney and Republican U.S. Senate candidate John Deaton said that the SEC's excessive intervention in the cryptocurrency industry has caused retail investors to lose more than $15 billion. It is reported that Deaton made the above statement two weeks ago, and the lawyer who supports XRP won the U.S. Senate nomination in the Massachusetts primary and will face Democratic Senator Elizabeth Warren in November.
12. Ark Invest: US spot Bitcoin ETF investors may be in a loss by the end of August
Ark Invest's August Bitcoin Monthly Report shows that as of the end of August, the basic cost of U.S. spot Bitcoin ETF investors was higher than the spot price of Bitcoin, which means that ordinary ETF investors may be at a loss.
13. First Digital CEO: Hong Kong should try to speed up cryptocurrency regulation
Vincent Chok, CEO of First Digital, a Hong Kong-based cryptocurrency custody service, said: "Hong Kong's current approach to trading regulation is more conservative and slow than some other jurisdictions, which is understandable as it prioritizes investor protection." However, he noted: "We would like to see the pace of regulation accelerate to ensure that it does not lag behind the rapid development of the industry." Hong Kong is committed to positioning itself as a global hub for cryptocurrency, and currently has only two fully licensed virtual asset trading platforms: Hash Blockchain and OSL Digital Securities. Many other cryptocurrency exchanges are still waiting for full operating licenses in Hong Kong.
Article forwarded from: Jinshi Data
