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Bitcoin price re-entered the 140 million won range and is maintaining its position. In the United States, movements to stockpile Bitcoin as a strategic asset are observed.
However, the rise of Ripple, which received the most attention for a month, slowed down for a while. Local coins also fell all at once, unable to enjoy the warmth of ‘tax deferral’.
Bitcoin rises for 2 weeks… Focus on strengthening its position as a strategic asset
According to the virtual asset exchange Upbit, as of 8 am on the 14th, Bitcoin was traded at 144.35 million won per piece, up 3.59% compared to the same time the previous week. The weekly Bitcoin price has been rising for the second week in December.
There is an analysis that it was the US Consumer Price Index (CPI) that led to the rise in prices during the week. The explanation is that the spot buying trend has revived as the November CPI announced by the U.S. Department of Labor on the 11th (local time) met market expectations. The CPI in November rose 2.7% compared to the same month last year and 0.3% compared to the previous month.
A bill was also proposed in the United States to stockpile Bitcoin as a strategic asset. A proposal proposed by U.S. Representative Giovanni Caprillion of Texas includes a plan for the state government to store taxes, fees, and donations in Bitcoin for at least five years and reserve it as a strategic asset.
The reactions of great powers to the virtual asset market were also observed. According to major foreign media, former Binance CEO Changpeng Zhao said at a conference on the 9th (local time) that “China will be one of the countries that introduces Bitcoin as a strategic reserve asset,” followed by Donald Trump’s remarks to the U.S. The President-elect also said in an interview on the 12th (local time), “The United States must maintain its leading position in the virtual asset field.” In the United States, steps toward virtual asset policies are taking place one after another. Watchguru, a virtual asset media outlet, reported that pro-virtual asset U.S. Senator Cynthia Loomis of Wyoming and Scott Bessent, the next administration’s Treasury Secretary nominee, met to discuss the United States’ potential stockpile of Bitcoin strategic assets.
U.S. House of Representatives Financial Services Committee Chairman French Hill said, “We need to end the regulatory confusion that hinders the growth of virtual assets,” and the main agenda includes simplifying market supervision, easing banking restrictions, and providing incentives for companies to pursue initial public offerings (IPOs). The foreign press interview that he presented was also known.
Ripple’s rapid rise ‘slows down’…Santa rally expected to hit new record
Weekly altcoin prices remained flat. Ripple, which had been strong for over a month, showed a rise of around 2%, while Ethereum and Solana fell slightly.
As of 8 am on the 14th, Ripple was traded at 3,447 won per piece, up 2.04% compared to the same time last week. Ripple, which attracted the market’s attention with fierce momentum until last week, has been fluctuating slightly since showing a decline of around 12% on the 10th.
Ethereum was traded at 5,564,000 won per piece, down 0.22% compared to the same time last week. There is analysis in the industry that increased demand for Ethereum will lead to a rise in price.
CryptoQuant, a virtual asset analysis company, said in its weekly cryptocurrency report, “Ethereum investor demand is increasing, and network activity is also showing a continuous increase,” adding, “If the current demand continues, the price will exceed $5,000 (about 7.18 million won).” “It can be done,” he predicted.
There is also optimism about the altcoin market itself. Citing analyst remarks, DL News predicted the possibility of a Santa rally with a strong virtual asset market around Christmas. Accordingly, it was predicted that a number of altcoins would break new records.
Meanwhile, Solana has continued its downward trend for three weeks. As of 8 am on the 14th, the price of Solana was traded at 319,300 won per unit, down 3.13% compared to the same time last week.
Virtual asset taxation postponed for 2 years… Native coins fall all at once
Good news was delivered to the domestic virtual asset market. On the 10th, a tax law amendment bill, including the abolition of financial investment income tax and a two-year postponement of virtual asset taxation, passed the plenary session of the National Assembly.
The government has also stated that an additional postponement is necessary, considering the fact that user protection measures are insufficient, such as the Virtual Asset User Protection Act, which has been in effect since last July. However, local coins failed to turn into an upward trend and fell significantly. Kaia, the virtual asset of Klaytn and Fincia’s integrated blockchain, was traded at 386 won per piece, down 17.17% compared to the same time last week. Wemade’s Wemix also fell 9.51% during the same period and was traded at 1,570 won per unit.
Reporter Lim Kyung-ho lim@techm.kr
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2024-12-14 10:22:00