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๐ŸŒธCrypto Judy๐Ÿฐ๐ŸŒธ
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๐ŸŒธCrypto Judy๐Ÿฐ๐ŸŒธ
[Financial Supervisory Service Governor: "Even 5 minutes is too long...Virtual asset ledgers and balances must be linked in real time"] Digital Asset reported that Financial Supervisory Service Governor Lee Chan-jin stated, regarding the recent Bithumb BTC (Bitcoin) mispayment incident, that "virtual asset exchanges need a real-time system for linking their ledgers and balances." He continued, "A system where actual balances and ledgers are synchronized in real time is essential for stability." He explained, "Upbit claims to link balances and ledgers every five minutes. Is five minutes truly appropriate? Whether real-time linking is necessary is something we need to discuss with policymakers and the National Assembly." He added, "Real-time linking should be addressed in Phase 2 legislation. The reason it hasn't been implemented is due to institutional limitations within the self-management system." www.digitalasset.works/news/ar...
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๐ŸŒธCrypto Judy๐Ÿฐ๐ŸŒธ
[Galaxy CEO: "There's No Trigger for This Bear Market...Cryptocurrency Industry is in the midst of a Structural Transition"] Galaxy Digital CEO Mike Novogratz, speaking at the CNBC Digital Finance Forum in New York, said, "The recent cryptocurrency market correction isn't a collapse caused by a single negative factor, but rather reflects a structural shift across the industry. While the 2022 FTX incident was clearly driven by a loss of trust, the trigger for this correction is unclear." He continued, "Last October, in a single day, over 1.6 million traders liquidated $19.37 billion worth of leveraged positions, causing significant market turmoil. With individual investors and some liquidity providers leaving the market in the wake of the massive liquidations, it's unlikely the existing narrative will be revived in the short term. The age of speculation is gradually coming to an end. Currently, both the Democratic and Republican parties are forming a consensus on the Cryptocurrency Market Structure Act (CLARITY), which is essential for restoring market confidence and momentum."
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๐ŸŒธCrypto Judy๐Ÿฐ๐ŸŒธ
[Bitwise CIO: "4-Year Cycle Is the Biggest Reason for BTC's Decline... Can't Stop ETF Growth"] Matt Hougan, Chief Investment Officer (CIO) of Bitwise, recently cited the four-year cycle as the biggest reason for the Bitcoin price crash, CNBC reported. In an interview, Hougan stated, "People are trying to pinpoint the cause of the Bitcoin price decline, but there's more than just one factor. Gold and AI-related stocks have recently been attracting more attention than cryptocurrencies. There's also quantum risk, and concerns about Federal Reserve Chair-nominee Kevin Warchey. All of these factors are amplified in a bear market." He added, "However, this Bitcoin weakness won't ultimately hinder the growth of cryptocurrency ETFs. The fact remains that the total Bitcoin supply is only 21 million. All derivatives demand will ultimately flow into the spot market."
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๐ŸŒธCrypto Judy๐Ÿฐ๐ŸŒธ
[Nobel Prize Winner Krugman: "BTC a Failure... Facing Industry End"] Paul Krugman, a professor at the City University of New York and Nobel Prize winner in economics, said in a Bloomberg interview that cryptocurrencies are facing the Fimbulwinter, a harsh winter described in Norse mythology as the end of the world and the end of all life on Earth. According to WooBlockchain, he emphasized, "Bitcoin is largely driven by sentiment. It lacks fundamentals. Its practical use is limited to sanctions evasion and illicit activities." He added, "Bitcoin is not a so-called future technology. It's a technology slightly younger than the first iPhone. It's simply a failure that hasn't yet established itself as a legitimate means of payment, even after 17 years."
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