[아주경제 코이너스 브리핑] Bitcoin rises due to US interest rate cut… Around $75,900

Bitcoin rises due to US interest rate cut… Around $75,900

Bitcoin, which is soaring through the roof due to the so-called ‘Trump trade’, received additional good news from a cut in the US benchmark interest rate. Bitcoin, which was taking a breather in the low $75,000 range the previous day, is expected to exceed the $76,000 level again on the 8th.

According to CoinMarketCap, a global coin market relay site, Bitcoin, a representative virtual asset, is trading at the $75,951 level as of 7 a.m. (Korean time). This is 0.01% lower than 24 hours ago. The price of Ethereum is at $2894, up 7.41% from the previous day.

Bitcoin has been on an upward curve since the early morning of the 7th, the previous day, exceeding $75,000 around 4 a.m. At around 5 a.m., it continued its high-altitude march, even reaching the $76,000 mark. Afterwards, it gave back some of the gains and continued to fluctuate around $75,000.

Bitcoin re-entered the $76,000 range around 2:30 a.m. on this day after midnight, but entered a short-term downward phase from 6 a.m.

Bitcoin soared in the recent U.S. presidential election when former President Donald Trump, who showed a favorable attitude toward virtual assets, was elected. In addition, there is an analysis that the U.S. Federal Reserve secured additional upward momentum by lowering the base interest rate by 0.25% point on this day.

At the same time, on the domestic won exchange Bithumb, Bitcoin is trading at the level of $75,126 (about 104.05 million won). The so-called ‘Kimchi Premium’, where Bitcoin is traded more expensively in Korea, has disappeared and the price is actually 1.09% lower.

Daksa prepares ‘model standards for calculating deposit usage fees’

A new standard has been established to encourage virtual asset exchanges to reasonably calculate interest-type deposit usage fees.

On the 7th, the Digital Asset Exchange Joint Consultative Body (Dacsa) established and released the ‘Model Standards for Calculating User Deposit Fee Rates for Virtual Asset Businesses’.

The best standards require exchanges to reasonably calculate usage fee rates by considering operating profits and direct and indirect costs, and to not differentiate between users. In addition, the appropriateness of the usage fee rate was checked and recalculated every quarter, and it was also subject to preliminary review by an internal review committee and confirmation by a compliance officer.

When exchanges recalculate usage fee rates, they must post a notice on their websites at least 7 business days in advance and inform individual users. Daksa has decided to provide a service for comparing and disclosing usage fee rates. The new model standards will take effect from the 18th following the establishment of new internal regulations for each exchange.

Payment of deposit usage fees began in July with the enforcement of the Act on the Protection of Virtual Asset Users, etc. Since then, competition among exchanges over usage fee rates has become overheated, and Daksa has been preparing model standards with the support of financial authorities.

Together New Hope-Heseg joins hands to activate ‘Hope Block’, a virtual asset donation system

The Together New Hope, Heseg, a blockchain specialist company, and The Root Korea, a donation agency, announced that they held an agreement ceremony to revitalize Hope Block, Korea’s first virtual asset donation system.



The Together New Hope, an incorporated association launched in 2014, is an organization that carries out various donation activities such as medical care, living expenses support, children and youth support, and emergency relief under the motto of ‘Neighbors who share.’ It is a representative domestic NGO that carries out more than 30 relief and support activities at home and abroad every year, and operates local children’s centers, food banks, and group homes as affiliated facilities.



According to data from The Giving Block in the U.S., the virtual asset donation market is growing by 15% every year, and it is expected that about 2% of the entire donation market will be donated as virtual assets in 2032. In this case, Korea’s total donation market size is expected to be 15.1 trillion won by 2022, or about 300 billion won per year, which is 2% of the total, is expected to be a market where donations are made in cryptocurrency and virtual assets.



There is currently no organization in Korea that accepts donations in virtual assets, but 56% of U.S. charities are accepting donations in virtual assets. In the case of this virtual asset donation market, it has already been active in the United States since 2019, and more than $2 billion in virtual asset donations are being made annually.

XPLA announces mainnet upgrade that will reduce transaction fees by ‘one-third’

Global blockchain mainnet XPLA (XPLA) announced on the 6th that it proposed a mainnet upgrade that would reduce transaction fees to one-third of the existing level and began governance voting for this.



The XPLA mainnet upgrade is expected to help revitalize the network. If XPLA network fees are significantly lowered, the cost burden on both developers and users will be reduced. This is expected to serve as an advantage for various Web3 projects to adopt the XPLA mainnet, making it easier for Web3-based DApps to enter the XPLA ecosystem.



If the fee reduction is confirmed, there is a greater possibility that large Web3 projects, especially those that require large-scale transaction processing, will join the XPLA mainnet. Additionally, as competitive content continues to increase, we will be able to provide better user experiences and services. Furthermore, the influx of new users becomes active, making it easier to build a sustainable ecosystem.



This vote will be held until 3 PM on November 12th, and validators and individual investors who have deposited XPLA coins can participate. For a proposal to pass, more than 33.4% of the total deposits within the period must participate, and more than half of them must agree. Real-time voting status can be checked transparently through XPLA Explorer.