Bitcoin Surges Past $52,000, Crypto Market Cap Exceeds $2 Trillion Milestone
Bitcoin's price soared above the $52,000 mark, signalling a bullish trend in the crypto market. This surge propelled the total market capitalization of crypto assets beyond $2 trillion, reflecting renewed investor confidence and interest in digital assets.
BTC's surge signals a resurgence in Bitcoin's value following a period of relative stability. This abrupt uptick has captured the attention of seasoned investors and novices alike, prompting speculation about Bitcoin's future trajectory.
Bitcoin's impressive rally also contributed to boosting the prices of other major crypto assets, fueling optimism among traders and investors.
Bitcoin Futures Open Interest Hits Highest Level Since November 2021
The open interest in Bitcoin futures has surged to its highest level since November 2021, indicating a growing interest in derivatives trading and speculative activity in the crypto market.
According to reports, the aggregated open interest for Bitcoin futures reached $22.9 billion on Monday, the highest since the final quarter of 2021, closely approaching the peak of about $24 billion made then.
Since the start of 2024, open interest in Bitcoin futures has increased by more than 30%.
Japan Embraces Web3 Investments, Opening Doors for Local Venture Capitalists
Japan has opened up investment opportunities in the Web3 space for local venture capitalists (VCs), signalling a significant shift in the country's approach to blockchain and decentralized technologies.
By this, Japan aims to increase strategic domestic investments into Web3 startups by allowing limited partnership (LP) firms to acquire and hold crypto assets.
By embracing Web3 investments, Japan aims to foster innovation and drive economic growth in the rapidly evolving digital landscape.
South Korea's Ruling Party Vows to Pause Crypto Tax Implementation
South Korea's ruling party has pledged to temporarily halt the implementation of crypto taxes, providing relief to crypto investors and industry stakeholders in the country.
With the taxation rules, crypto investors who record gains exceeding 2.5 million won (around $1,900) in one year would be required to pay a 20% tax. The set threshold is significantly lower than that of stocks, where only over 50 million won (around $37,400) in gains will be taxed.
This decision comes amid concerns over the potential negative impact of imposing taxes on the crypto market and innovation in the blockchain sector.
Worldcoin's Meteoric Rise: Surges 140% as Daily Users Hit 1 Million
Worldcoin, a crypto project co-founded by OpenAI CEO Sam Altman, has experienced a staggering 140% surge in its price over the past week, fueled by the rapid growth of its wallet application, which now boasts 1 million daily users.
This exponential rise in adoption has propelled Worldcoin into the spotlight, drawing attention from investors and enthusiasts alike.
The self-stated aim of Worldcoin is to attempt to introduce worldwide Universal Basic Income, by issuing everyone a small amount of its native WLD token in exchange for verifying their identity.
That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!
