FameEX Morning Crypto News Recap | December 31, 2024

US Debt Ceiling Expected to Hit Mid-January, Possible Implications for Bitcoin

U.S. Treasury Secretary Janet Yellen stated the debt ceiling will be reached between January 14-23, triggering "extraordinary measures" to curb borrowing. Historically, debt ceiling increases have been bearish for Bitcoin. The political and economic uncertainty surrounding President-elect Donald Trump’s inauguration on January 20 adds further tension to the situation.

Bitcoin Price Swings May Drive Long and Short Liquidations on Major CEXs to Over $300 Million

If Bitcoin falls below $91,000, long liquidations on major CEXs could hit $362 million. Conversely, if Bitcoin rises above $95,000, short liquidations on mainstream CEXs may reach $339 million.

Bitcoin Exchange Net Inflow to Reserves Ratio Suggests Long-Term Bullish Outlook

Analyst Axel Adler noted that Bitcoin’s exchange net inflow to reserve ratio indicates an accumulation phase, with BTC being transferred to long-term storage. A negative ratio reflects more withdrawals than deposits, suggesting long-term holding by investors, reducing exchange supply and limiting short-term trading.

2024 Crypto Knowledge Survey: 98.6% of Well-Informed Respondents Own Cryptocurrency

The 2024 Crypto Literacy Survey by Crypto Literacy showed that 98.6% of respondents who identified as knowledgeable owned cryptocurrency, while only 32% with limited understanding did. Conducted in October 2024, the survey sampled 670 U.S. participants from diverse age groups, genders.

Tether Expands Bitcoin Reserves by 7,629 BTC, Worth $7.68 Billion

Onchain Lens revealed Tether increased its Bitcoin reserves by 7,629 BTC, valued at $705.25 million, following 9 months of inactivity. Tether’s total holdings now stand at 82,983 BTC, worth $7.68 billion.

Japan's Financial Services Agency Plans to Classify Crypto Assets as Traditional Financial Assets

Japan’s Financial Services Agency plans to reclassify crypto assets as “financial assets for public investment” in its 2025 tax reform proposal. Currently treated as “payment instruments” under the Payment Services Act, signaling broader legalization and enhanced regulatory recognition of cryptocurrencies in Japan’s financial framework.

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