Join the community of BingX
Crypto market news highlights today
South Korea plans to strengthen the management of cross-border transactions using digital currencies in order to curb foreign exchange crimes related to digital assets, according to an announcement by Finance Minister Choi Sang-mok at the G20 meeting in Washington on Thursday. Choi said companies conducting "cross-border" transactions using stablecoins and other cryptocurrencies will have to register with the authorities in advance and report the details of these transactions to the Bank of Korea on a monthly basis, according to Edaily.
The reported transaction data will be monitored by the tax, customs, finance and international financial regulatory agencies of South Korea to track illegal transactions and use them for research purposes. According to the Korea Customs Service, about 88% of foreign exchange crimes, worth 1.65 trillion won ($1.2 billion), are related to digital currencies, including illegal price differences and money laundering. To provide a legal basis for the new regulations, Choi said the ministry will amend the Foreign Exchange Transactions Act to define "virtual assets" and "virtual asset service providers" in a new category, separate from foreign exchange, means of payment abroad or capital transactions.
The minister said he expects the legal amendments to be completed in the first half of 2025, and the reporting and monitoring system will be officially implemented in the second half. The South Korean Ministry of Economy and Finance did not immediately respond to a request for further comment from The Block. South Korea has been working to establish a comprehensive legal framework for its digital asset sector, with an initial set of rules to protect investors taking effect this July.
The country is expected to continue issuing further regulations to establish standards for the issuance, distribution and disclosure of information about cryptocurrencies. South Korea's top financial regulator is also in the process of reviewing the ban on domestic cryptocurrency trading funds and institutional accounts on digital currency platforms to expand the cryptocurrency market, which is currently focused on retail.
BingX Bitcoin Chart
BingX Bitcoin 1D Chart on 25/10/2024 | Source: TradingView & BingX
Bitcoin price has increased by 4% from October 23 to October 24 after retesting the $65,200 level. This move is mainly attributed to the reversal of capital outflows from previous Bitcoin ETF funds, but the macroeconomic environment and the recovery of tech stocks have also contributed to improving investor risk appetite. In fact, there are several factors explaining the recent price increase of Bitcoin. On October 22, US Bitcoin Spot ETFs recorded a net outflow of $79 million, which has raised some concerns, especially as October 23 marked the highest level of the US Dollar Index (DXY) in three months, indicating that traders are shifting to hold cash to ensure safety.
Additionally, weak US real estate data on October 23 has raised concerns about a slowdown in the world's largest economy. According to the Mortgage Bankers Association, in the week ending October 18, mortgage purchase and refinancing applications fell to their lowest level since August, marking the third consecutive week of declines. This decline is mainly due to the rise in mortgage costs.
However, the uncertainty surrounding the weakening of the US economy has diminished as a net inflow of $192 million into Bitcoin Spot ETFs was reported on October 23. Notably, this inflow came entirely from BlackRock's iShares IBIT, while both Bitwise's BITB and Ark's ARKB saw net outflows of $124 million on the same day. Additionally, recent positive earnings reports and favorable employment data have led investors to reduce risk concerns.
The current support level for BTC is $65,000 and the resistance level is $68,000.
