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Hello everyone! I'm your vibrant guide to the blockchain world, a senior analyst. Over the past 24 hours, the blockchain market has been buzzing with exciting news. From hopeful signs of institutional entry to the dramatic fluctuations of coins, it was an unmissable day. But as always, amidst this chaos, we must find opportunities through facts and figures, right? Let's take a closer look together!
First, let's examine the news on regulation and institutionalization, which shape the big picture of the market. The news that crypto asset management firm Canarry Capital submitted an amended registration statement for a Pepe (PEPE) spot ETF to the U.S. Securities and Exchange Commission (SEC) is truly intriguing. Just a few months ago, a meme coin ETF would have been unimaginable, which can be interpreted as another positive sign that the crypto bear market is ending and market conditions are improving.
The lawsuit filed by the Independent Community Bankers of America (ICBA) against the Office of the Comptroller of the Currency (OCC) regarding the authorization of crypto trust banks shows a difference in opinion among regulatory bodies, but it is also evidence that cryptocurrencies are knocking on the door of the traditional financial system. Furthermore, the SEC Chairman's remark that more crypto regulations will be introduced in the future indicates increasing interest in the market. While the process of clarifying regulations brings short-term uncertainty, it is an essential step for the healthy long-term growth of the market.
The news that BNY Mellon, the world's largest custodian bank, is discussing an extensive partnership with Payward, Kraken's parent company, is a strong signal that traditional financial institutions are preparing to fully enter the digital asset market. Additionally, Fidelity is exploring expanded access to Ethereum-based tokenized money market funds, and 71% of UK financial leaders expect tokenization to reshape financial services. Thus, asset tokenization has become an irreversible trend. It is particularly noteworthy that Korean financial authorities have also finalized the institutional blueprint to bring even fractional investment products, beyond stocks and bonds, onto the blockchain, signaling a massive change in the capital market.
The altcoin market has truly been dancing recently. Uniswap ranked first in September, accounting for about 60% of stock token trading volume within decentralized exchanges (DEXs), and stock token DEX trading volume surged by 10,163.7% year-on-year to $48.7 billion. This is proof that stock tokens are attracting keen investor interest due to their advantage of 24-hour trading. Particularly impressive is the 313% increase in the 30-day decentralized exchange (DEX) trading volume of Base-based stock tokens issued by Coinbase, reaching $1.5 billion.
The number of Solana (SOL) based tokenized stock holders surpassing 1.2 million, reaching an all-time high, is also noteworthy. This, along with the active growth of the Solana ecosystem, shows the potential of the stock token market. However, the news of surging meme coin trading linked to stock tokens on the Robinhood chain reminds us that speculative aspects also exist. As Robinhood's Head of Crypto stated that they are approaching the trading volume limit allowed by the SEC's innovation waiver, this area will likely require close scrutiny from regulatory authorities in the future.
Among meme coins, Dogecoin (DOGE) has reportedly received formal approval from U.S. regulatory authorities and entered the institutional trading market, allowing perpetual futures contracts. This could elevate Dogecoin's status to the next level. Shiba Inu (SHIB) has plummeted 93% from its peak, but some are even predicting a possibility of reaching $1 within a year. However, the news that top whales moved over 10 billion units to exchanges within 24 hours could act as short-term selling pressure, so it needs to be watched carefully.
Bitcoin (BTC) has surpassed the $86,000 mark, creating a positive atmosphere across virtual assets, and expectations are growing that major altcoins like Ripple (XRP), Solana, and Cardano (ADA) could also begin a synchronized upward rally. In particular, some forecasts suggest that Ripple could reach $9 once a full-fledged rally begins, according to Elliott Wave theory. However, at the same time, analysis also suggests that XRP's realistic upside limit is around $4, so it's important not to overlook realistic analyses alongside positive scenarios.
The news that Blast (BLAST) decided to terminate its service due to deteriorating profitability and was designated as a warning item on Upbit, Bithumb, and Coinone is unfortunate. Conversely, The Sandbox (SAND) had its warning designation lifted, giving it another chance. These stories clearly illustrate how a coin's fate can change based on project sustainability and market shifts.
Robust infrastructure and strong security are essential for the continuous growth of the blockchain ecosystem. While a hacking incident of approximately $3.8 million recently occurred on the cross-chain protocol NEAR Intents, the encouraging news is that all stolen funds were returned. This demonstrates that as blockchain technology advances, security systems are also evolving.
The news that crypto bank Anchorage Digital laid off 17% of its employees indicates industry-wide cost pressures, but it can also be interpreted as a restructuring to improve efficiency. Domestically, following Bithumb's Bitcoin misdelivery incident, the five major Korean Won-to-crypto exchanges have established a system to compare actual virtual asset holdings with internal ledger quantities at '5-minute intervals,' demonstrating strengthened efforts for investor protection. This will significantly contribute to enhancing trust.
The European Central Bank (ECB)'s proposal of three ways to utilize central bank funds in blockchain-based networks shows its commitment to developing on-chain models for tokenized asset settlements. This signifies the potential for blockchain technology to move beyond simple cryptocurrencies and become a core infrastructure of the financial system.
The cryptocurrency market is heavily influenced by macroeconomic indicators and trends in traditional financial markets. The news that U.S. non-farm payrolls in September significantly undershot market expectations and the unemployment rate exceeded expectations could increase the likelihood of the Federal Reserve (Fed) cutting interest rates. This could lead to increased liquidity, which would be a positive signal for the cryptocurrency market. Indeed, the three major U.S. stock indices closed higher, creating a positive atmosphere.
Bitcoin (BTC) recently showed strength, surpassing the $86,000 mark, but at the same time, analysis suggests that the trading movements of long-term holders around $88,000 to $89,000 are emerging as a major variable. Coinbase analyzed that BTC profit-taking reached its annual peak, while spot and futures demand slowed, emphasizing that the recovery of U.S. spot demand is essential for the current uptrend to continue.
Global investment bank Citigroup raised its 12-month target price for Bitcoin (BTC) to $113,000, and Fidelity projected that after surpassing its initial target of $100,000, it could reach $300,000 by 2029. Such positive forecasts from institutions continue, demonstrating confidence in the long-term value and growth potential of blockchain technology.
However, Jamie Coutts, a crypto market analyst at Real Vision, advised that while risk-off signals are appearing in the dollar and MOVE index, Bitcoin (BTC) could perform better than expected, emphasizing the importance of understanding the market's complex movements. It is crucial to always consider potential risk factors alongside positive signals with a cool-headed analysis.
Today, we've explored various news from the blockchain market. The steps towards institutional entry are accelerating, tokenization and DeFi are changing the future of finance, and the altcoin market is dynamically moving. Amidst these waves of change, we can always find opportunities.
However, even in a bright and energetic market atmosphere, we must never indulge in baseless optimism. We should always analyze coolly based on figures and facts, and cultivate an investment habit of being positive but always providing reasons, like "This is a good sign because~". I hope you continue your wise investment journey with me, as I aim to deliver key insights in an easy, fun, and accurate way, even in complex market situations!
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눈송이599
·와, 시장이 진짜 살아 숨 쉬는 느낌이야!
coral.isle
·음, 그렇군.
느긋한고양이
·와, 밈코인 ETF도 나온다고? 완전 신기하네!