Solana Surges; South Korea Looks to Gensler for Advice; China Shares Web3 Strategy

Written by BTSE

December 21, 2023

Bitcoin is holding its ground at $43,395.08, showing a 2.29% increase, while Ethereum has seen a minor drop, now trading at just below $2,200 with a 0.24% change. The potential for a U.S. crypto ETF approval continues to influence the market, with Bitcoin’s recent stability around $43K being a notable factor. The ongoing discussions between BlackRock, Nasdaq, and the SEC are pivotal in determining the future of a spot Bitcoin ETF in the U.S. 

Solana Surges, Briefly Overtakes XRP in Market Cap: Solana (SOL) has briefly risen to become the fifth-largest cryptocurrency, boasting a market cap of $33.7 billion. Its recent success is attributed to a strong DeFi ecosystem and the recent meme coin mania. With Solana’s total value locked (TVL) surpassing $1 billion and decentralized exchanges like Orca hitting record trading volumes, largely driven by meme coin trading, Solana is experiencing a significant boost. As meme coins continue to captivate traders, does Solana’s rise indicate a new trend in the crypto market?

South Korea and U.S. to Discuss Crypto Regulations: South Korea’s Financial Supervisory Service Governor, Lee Bok-hyeon, plans to meet SEC Chairman Gary Gensler in Washington D.C. This meeting aims to strengthen cooperation in crypto regulation, an area of increasing importance for both countries. South Korea, with a substantial portion of its population investing in crypto, is particularly focused on enhancing consumer protection and regulation. After the collapse of the Terra-Luna ecosystem, could this meeting impact the markets of local Korean crypto tokens and projects?

China’s Web3 and NFT Development Strategy: China’s Ministry of Science and Technology is set to release a Web3 strategy document, focusing on innovation, security, and government roles in the industry. Despite a ban on crypto in the country, China has shown significant interest in NFTs and Web3. The strategy will promote Web3 applications in government and industry, encouraging new models like NFTs and dApps. With several blockchain initiatives already underway, how will China’s Web3 and NFT strategy impact the crypto market?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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