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XLM $0.1742 +5.69%
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The US SEC has accepted the NYSE's new regulations, proposing to introduce a tokenized securities trading mechanism to support on-chain settlement

The SEC released a document (34-105260) disclosing the rule change application submitted by the NYSE, intending to formally introduce a framework for trading tokenized securities.According to the proposal, the NYSE plans to add Rule 7.5, allowing eligible securities to be traded and settled in a blockchain-based tokenized form in addition to traditional forms. The relevant arrangements will operate under the DTC pilot program. The core mechanisms include: tokenized securities and traditional stocks will share the same trading code (CUSIP) and rights structure, and will be fully interchangeable; in the matching system, tokenized and traditional securities will have the same execution priority, and the order of transactions will not be affected by the different forms; trading participants can choose to settle and clear in an on-chain form through a tokenization flag, with specific processing carried out by custodians. Additionally, the NYSE also plans to simultaneously modify order sorting, routing, and clearing rules to accommodate the trading process of tokenized securities, ensuring seamless integration with the existing market structure.From a market perspective, this proposal signifies that traditional U.S. securities exchanges are officially exploring the introduction of blockchain technology into the core trading and settlement systems. If approved, it could become an important milestone for on-chain securities entering mainstream financial infrastructure.

The Polish Prime Minister claims that cryptocurrency companies are involved with Russian gangs and intelligence networks and are funding political opponents, sparking regulatory controversy

Polish Prime Minister Donald Tusk stated that a cryptocurrency company linked to "Russian gangs and intelligence agencies" is funding political opponents and influencing domestic cryptocurrency regulatory legislation.During a parliamentary vote on Friday, Tusk pointed out that some Polish politicians obstructing cryptocurrency regulatory legislation are serving the interests of a company named Zondacrypto, which is accused of providing "financial support" to political figures and has ties to Russia. Tusk further claimed that the company sponsored the CPAC (Conservative Political Action Conference) event held in Poland last year, during which former U.S. Secretary of Homeland Security Kristi Noem publicly supported President Karol Nawrocki's campaign. Tusk bluntly stated that the company's funding sources involve not only "money related to the Russian mafia (Bratva)" but may also be connected to Russian intelligence agencies.Meanwhile, President Nawrocki won the election in June last year, with support from former U.S. President Donald Trump. The president's office responded that it does not oppose cryptocurrency regulation itself but opposes the "flawed regulatory model" proposed by the government. This controversy arises amid the political tug-of-war in Poland over the cryptocurrency regulatory bill. The bill aims to align with the EU's MiCA (Markets in Crypto-Assets Regulation) framework, but the president previously vetoed the related bill and blocked parliament from overturning the veto in December, hindering the regulatory process.

Analysis: Bitcoin approaches $76,000 but market sentiment remains in "extreme fear"

Despite Bitcoin rising to $76,300 at one point this week, market sentiment remains low, with the Fear and Greed Index still in the "extreme fear" range at 21, indicating a clear divergence between price and sentiment. Institutional views suggest that this round of increases is more akin to "valuation repair" rather than a trend reversal. QCP Capital referred to it as a "relief rally," as macro-level inflation, energy, and policy pressures have not fully dissipated.Glassnode pointed out that Bitcoin is still about 5% lower than the key resistance level of the "real market average" at approximately $78,100, and the current rebound has limited depth. The funding structure is also showing divergence. Spot demand and ETF fund flows have warmed up, but profit-taking has increased, and institutional participation remains cautious, with the derivatives market continuing to lean towards downward hedging. Exchange data also shows that demand is more from offshore and retail funds rather than dominated by U.S. institutions. Analysts state that around $75,000 has become a key support/validation level. If subsequent buying cannot sustain, the price may retreat to the range of $70,000 to $71,000.On the macro front, U.S. stocks continue to hit new highs, and oil prices remain high but have not surged further, which has warmed market risk appetite but still carries uncertainty. The market's focus is shifting towards the Federal Reserve's policy path, and the overall environment still poses constraints on crypto assets. In summary, while Bitcoin maintains its rebound, it oscillates near resistance levels, and the market tone remains cautious, with no consistent bullish trend formed yet.

The Bitcoin RHODL ratio has risen to the third highest level in history, which may indicate that the Bitcoin bottom has formed

According to CoinDesk, Glassnode's Bitcoin on-chain metric RHODL ratio is currently at 4.5, which is the third highest level on record, and the signals it emits are more aligned with a market bottom rather than a cycle top.The RHODL ratio compares the value of Bitcoin held by long-term holders (holding for 6 months to 3 years) to that held by short-term holders (holding for 1 day to 3 months). An increase in the ratio typically reflects a longer holding period for chips and reduced speculative activity, rather than an influx of new buyers—this dynamic has occurred after significant corrections in 2015, 2019, and 2022. During the 50% drop in Bitcoin over the past six months, young speculative chips have been largely washed out, concentrating wealth among long-term holders.Historically, the RHODL ratio has only been higher than the current level twice: in 2015 (ratio of 5) and in 2022 (ratio of 7), both corresponding to cycle bottoms, which suggests that Bitcoin may still have further downside potential. However, to push the ratio to higher levels, it typically requires the activity of short-term holders to be nearly exhausted, and this condition is not yet evident under current circumstances—Bitcoin has rebounded about 25% from its February low, perpetual contract funding rates remain negative, and the S&P 500 has also reached an all-time high.Overall, this indicator suggests that the current market conditions are closer to an adjustment within the cycle rather than a cycle top formation, and the re-dominance of long-term holders in the market may indicate that a phase bottom is approaching.
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