Mini Program: Daily summary of digital currency dynamics.
1. Standard Chartered analysts: BTC may consolidate in the range of $85,000 to $88,700 before moving up.
Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, stated that the recent BTC pullback is mainly influenced by changes in the U.S. Treasury market. He explained that the decrease in the premium for U.S. Treasury durations has boosted market confidence, potentially temporarily weakening Bitcoin's appeal as a hedge. Nevertheless, Kendrick maintains his forecast that Bitcoin will reach $125,000 by the end of the year and expects it to reach $200,000 by the end of 2025. Notably, the upcoming options expiration this Friday is also putting short-term pressure on Bitcoin prices. Data shows that since the U.S. election, the spot Bitcoin ETF has accumulated about 77,000 BTC, while MicroStrategy has added 134,000 BTC, with an average purchase price of $88,700. Kendrick expects this price level could become a short-term support level, with Bitcoin consolidating in the range of $85,000 to $88,700 before continuing to rise.
2. Research: The BTC options market has seen massive block trades, with total block call option trades exceeding $120 million throughout the day.
According to Adam, a macro researcher at Greeks.live, the Bitcoin options market has seen massive block trades, with over 6000 BTC worth of large transactions accumulated since 9:00 PM, with total block call option trades exceeding $120 million throughout the day. Nearly 5000 BTC of transactions were actively buying call options for December 27 at prices ranging from $92,000 to $100,000, and this purchasing activity is still ongoing. In addition to the high number of purchase orders, the premiums for this wave of purchases are significantly higher than usual, with costs exceeding double the usual premium. Analysts believe that whales are on the move.
3. Report: Telegram's cryptocurrency holdings increased to $1.3 billion in the first half of 2024.
The value of digital assets held by the messaging platform Telegram has risen from $400 million at the end of 2023 to $1.3 billion in the first half of 2024. Telegram previously disclosed that it holds about $400 million in digital assets. However, new information indicates that the company's cryptocurrency holdings have surpassed $1 billion. According to the report, the instant messaging platform generated $525 million in revenue from January to June, a 190% increase compared to the same period in 2023. The report emphasizes that the company earned $353 million in the first half of 2024 by selling cryptocurrencies. The report indicates that about $225 million came from transactions with an undisclosed entity. It is reported that Telegram was compensated for allowing TON tokens to become the exclusive means for businesses to purchase ads on the messaging platform.
4. Analyst: $100,000 may have become a high threshold for BTC investors to profit further, even an obstacle.
David Morrison, senior market analyst at Trade Nation, states that while '$100,000' is a nice round number, it feels like this figure has become a high threshold for Bitcoin investors to profit further, even an obstacle. If Bitcoin starts to decline from now, that could reflect everything the market is showing, especially if long-term holders decide to cash out early. However, David Morrison also points out that Bitcoin's upward momentum is likely to gather enough energy to push the price past the $100,000 mark, and once that resistance level is breached, it could trigger another surge for Bitcoin.
5. The Trump administration plans to give the CFTC more power to reshape the regulatory landscape for digital assets.
According to Fox Business News, the incoming Trump administration wishes to expand the powers of the Commodity Futures Trading Commission (CFTC), granting it significant regulatory authority over the digital asset market. This move is part of President-elect Donald Trump's and the Republican congressional majority's broader efforts to weaken the U.S. Securities and Exchange Commission's regulatory power over the digital asset industry under President Biden and outgoing SEC Chairman Gary Gensler. According to sources familiar with Trump's team's thoughts, as Trump takes office and the crypto industry's influence in Republican politics grows, the CFTC's responsibilities may soon expand to regulate the spot market for digital assets viewed as commodities (like Bitcoin and Ethereum) and the exchanges facilitating their trading. Key figures in the incoming Trump administration believe that regulatory relaxation is needed to stimulate innovation in the crypto business, including potentially transformative blockchain technology. Former CFTC chairman Chris Giancarlo stated, 'With ample funding and the right leadership, I believe the CFTC can start regulating digital commodities on Day One of Trump's presidency.'
6. CryptoQuant: Long-term Bitcoin holders have sold over 728,000 BTC in the past 30 days.
According to The Block, based on data from CryptoQuant, long-term Bitcoin holders have sold over 728,000 BTC in the past 30 days. CryptoQuant wrote in an X post, 'This is the largest sell-off since April.' This also reverses the trend in October when large buyers aggressively accumulated Bitcoin, with net inflows close to 250,000 coins. According to TradingView data, Bitcoin's market share (measuring its proportion of the total cryptocurrency market capitalization) is currently about 58.78%, down from a recent high of over 60%.
7. Foreign media: The missing OneCoin 'crypto queen' Ruja Ignatova may be hiding in Russia.
According to Decrypt, a BBC investigative journalist focusing on Kremlin affairs reported that the missing 'crypto queen' Ruja Ignatova may be hiding in Russia to evade criminal charges. Yoran Tsalov, also working for Bellingcat, revealed to the media that Ignatova 'has connections to several individuals and interest groups within the Kremlin.' Tsalov claims that these connections were confirmed during an interview with Ignatova's former security advisor Frank Schneider for the BBC's investigation and podcast series 'The Missing Crypto Queen.' Schneider was a spy in Switzerland before founding a private investigation company and was hired by OneCoin. He has been under house arrest in France due to his association with the operation and began fleeing in 2023. Additionally, Tsalov claims that an ongoing BBC investigation confirms that some companies laundering money through OneCoin have links to former pro-Russian Ukrainian President Viktor Yanukovich, who is currently living in exile in Russia. OneCoin was launched in 2014, and Ignatova defrauded investors worldwide through a $4 billion Ponzi scheme until she went missing in 2017. Her last public appearance was in 2017 when she was on a plane fleeing Bulgaria for Athens, Greece, and was placed on the FBI's Ten Most Wanted Fugitives list.
8. DBS Hong Kong announces that two types of customer accounts can trade cryptocurrency ETFs.
According to Hong Kong Wenwei Po, DBS Hong Kong announced that all DBS Treasures and DBS Private Banking customers can start trading cryptocurrency ETFs on the DBS Digibank app from today. The bank also noted that the virtual asset knowledge customer confirmation has officially started. The minimum requirement for a DBS Treasures customer account is a deposit of HKD 1 million, while the minimum requirement for a DBS Private Banking customer account is a deposit of HKD 8 million.
9. Glassnode: Bitcoin could drop below $88,000, then attempt to break through $100,000 again.
According to Cryptoslate, based on a report from Glassnode, if the market continues to decline, Bitcoin could drop to below $88,000, then continue towards the $100,000 threshold. The report highlights a key 'gap' as the rapid rise of BTC has resulted in little trading activity between $76,000 and $88,000, creating an undeveloped price range that may draw market attention if the current pullback persists. However, this price action is natural during the price discovery phase, which typically involves cycles of rising, correcting, and consolidating to establish a stable price range. Observing the supply distribution during the price discovery phase is crucial for revealing potential supply and demand areas that could affect Bitcoin's price direction.
10. Morocco may officially lift the cryptocurrency ban imposed in 2017 and re-legalize it.
According to Reuters, Abdellatif Jouahri, governor of the Central Bank of Morocco, stated at an international conference that Morocco is pushing for a cryptocurrency-related bill, which is currently in the process of being passed. Morocco has imposed a ban on cryptocurrencies since 2017, but underground trading activities remain active. Jouahri revealed that the Central Bank of Morocco (Bank Al Maghrib) has drafted a regulatory law for crypto assets and is studying the feasibility of a central bank digital currency (CBDC). He emphasized that CBDC, as a digital currency controlled by the central bank, is different from decentralized cryptocurrencies and could play a role in promoting public policy goals such as financial inclusion.
11. Brazilian lawmakers propose a Bitcoin reserve bill to allocate 5% of the treasury reserves to Bitcoin.
According to Crypto.news, members of Brazil's Chamber of Deputies have proposed allocating 5% of the country's $370 billion treasury to a Bitcoin strategic reserve. This proposed Bitcoin bill would limit Brazil's Bitcoin reserves to approximately $18.5 billion. The Brazilian Chamber of Deputies (the lower house of Congress) must first pass the bill before it can be submitted to the Federal Senate (the upper house). If the Federal Senate members support the proposal, it will be submitted to the Brazilian president for approval to become law.
12. Zhao Changpeng: I do not oppose Meme coins, but hope that blockchain technology is used to build practical applications.
Former Binance CEO Zhao Changpeng stated on the X platform: 'I do not oppose Meme coins, but Meme coins have become a bit strange now. Let's use blockchain technology to build practical applications.'
Article reprinted from: Jinshi Data.
