FameEX Morning Crypto News Recap | September 12, 2024

Glassnode Report: Bitcoin's Current Market Not Classified as a Super Bull Market

Glassnode's latest report reveals that the market from October 2023 to March 2024 was not a super bull market, but rather influenced by seasonal trends and new asset issuance. The absence of a super bull market in 2024 is attributed to a one-year delay in the Federal Reserve's monetary cycle, with a super bull market anticipated in 2025-2026.

EU Stablecoin Operating Standards Expected to be Released by Year-End

A European Banking Authority spokesman announced that operating standards for stablecoin issuers like Tether and Circle in the EU are expected to be introduced by year-end. These standards are part of 15 technical regulations submitted by the EBA to the European Commission, developed in collaboration with the European Securities and Markets Authority.

CryptoQuant Research Reveals Drop in Short-Term Bitcoin Holders, Surge in Long-Term Holder Accumulation

CryptoQuant's latest research shows a continued decline in short-term Bitcoin holders (holding for 155 days or less) since late May, signaling weak demand. Meanwhile, long-term holders are accumulating Bitcoin. If demand increases, this trend could reverse, with short-term holders buying from long-term holders.

UK Government Proposes Bill to Recognize Digital Assets as Personal Property

The UK government has introduced a bill to Parliament to clarify that digital assets, including cryptocurrencies, NFTs, and tokenized real-world assets, are considered personal property under UK law. This bill will guide legal ownership disputes, such as in divorce cases, and enhance protection for crypto asset holders against scams and fraud.

UAE Securities Regulator Enters Cooperation Agreement with Dubai Crypto Regulator

The UAE Securities and Commodities Authority (SCA) has signed a cooperation agreement with the Dubai Virtual Asset Regulatory Authority (VARA) to streamline licensing and ensure regulatory consistency nationwide. Virtual asset service providers (VASPs) in Dubai can now automatically register with the SCA to serve the wider UAE. However, VASPs outside Dubai must still obtain a separate SCA license.

Magic Eden Maintains Lead in NFT Trading Volume

In August, Magic Eden led NFT trading volume for the sixth consecutive month, recording $122.47 million and holding 36.7% of the market share. Blur followed with $84 million, representing 25.4%, while OpenSea ranked third with $66.5 million, capturing nearly 20% of the market share.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.