FameEX Morning Crypto News Recap | December 31, 2024

US Debt Ceiling Set to be Reached in Mid-January, Potential Impact on Bitcoin

U.S. Treasury Secretary Janet Yellen announced the debt ceiling will be reached between January 14-23, prompting "extraordinary measures" to reduce borrowing. Historically, raising the debt ceiling has been bearish for Bitcoin. The political and economic uncertainty surrounding President-elect Donald Trump's inauguration on January 20 further intensifies the situation.

Bitcoin Price Volatility Could Push Long and Short Liquidations on Major CEXs Above $300 Million

If Bitcoin drops below $91,000, long liquidations on major CEXs could total $362 million. Conversely, if Bitcoin surpasses $95,000, short liquidations on mainstream CEXs may reach $339 million.

Bitcoin Exchange Net Inflow to Reserves Ratio Indicates Long-Term Bullish Trend

Analyst Axel Adler highlighted that Bitcoin's exchange net inflow to reserve ratio signals an accumulation phase, with BTC being moved from exchanges to long-term storage. A negative ratio indicates more withdrawals than deposits, suggesting investors are holding for the long term, which reduces supply on exchanges and limits short-term trading.

2024 Crypto Knowledge Survey: 98.6% of Informed Individuals Hold Cryptocurrency

The 2024 Crypto Literacy Survey by Crypto Literacy revealed that 98.6% of respondents who identified as knowledgeable owned cryptocurrency, while only 32% with limited understanding did. Conducted in October 2024, the survey included 670 U.S. participants across different ages, genders, and income levels. 

Tether Boosts Bitcoin Reserves by 7,629 BTC, Valued at $7.68 Billion

Onchain Lens reported Tether added 7,629 BTC worth $705.25 million to its reserves after 9 months of inactivity. Tether now holds 82,983 BTC, with a total value of $7.68 billion.

Japan's Financial Services Agency Proposes Recognizing Crypto Assets as Standard Financial Assets

Japan’s Financial Services Agency proposes reclassifying crypto assets as “financial assets for public investment” in its 2025 tax reform request. Currently viewed as “payment instruments” under the Payment Services Act, marking a step toward broader legalization and regulatory recognition of cryptocurrencies in Japan.

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