Daily Digital Currency Dynamics Summary (2024-09-26)

Key Developments in the Digital Currency Space

• Paypal Expands Cryptocurrency Services: US merchants can now buy, hold, and sell cryptocurrencies directly from their Paypal business accounts.
• Hong Kong Securities and Futures Commission Reports Revenue Growth: Virtual asset trading activities in the securities industry generated a total revenue of 77 million yuan in the first half of the year.
• Bitcoin Mining Difficulty Decreases: The difficulty of Bitcoin mining dropped by 4.6% to 88.4 T.
• US Support for Blockchain and Digital Assets: Harris emphasized the need for the United States to become a leader in the blockchain field and reiterated its support for digital assets.
• South Korea Establishes Digital Asset Protection Fund: The fund aims to assist in recovering user funds from bankrupt crypto exchanges.
• New Coin Issuance Projects Face Challenges: Only 12% of new coin issuance projects this year achieved an increase in coin price.
• Stablecoins Dominate Blockchain Transactions: Chainalysis CEO reported that two-thirds of transactions on the blockchain come from stablecoins.
• Bitcoin Price Predictions: Some options traders are betting that Bitcoin will hit $100,000 by the end of the year, possibly due to Harris’s pro-crypto speech.
• US SEC Files Lawsuit Against Merrill Lynch: The lawsuit accuses Merrill Lynch of taking advantage of market fluctuations in customer transactions to profit from them.
• US Bitcoin ETF Holdings Reach New High: Bloomberg analyst reported that the current holdings of the US Bitcoin ETF have reached 83% of Satoshi Nakamoto.
• Dogecoin Founder Focuses on Dogecoin Development: The founder of Dogecoin stated that they are not involved in the development of other cryptocurrencies except Dogecoin.
• Deribit Warns of Potential Market Volatility: The expiration of $5.8 billion in Bitcoin quarterly options may cause market volatility.