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Gate.io บล็อก Daily News | Korean Won Becomes the Largest Fiat Currency Trading Pair; Japan is Exempt from Crypto Taxes; BTC Returns to the 9th Place in Global Market Cap Assets

Daily News | Korean Won Becomes the Largest Fiat Currency Trading Pair; Japan is Exempt from Crypto Taxes; BTC Returns to the 9th Place in Global Market Cap Assets

06 December 12:07

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![](https://gimg2.gateimg.com/image/article/17018415301_4.png)
## Crypto Daily Digest: The Korean won has become the largest fiat currency trading pair, Japan is exempt from crypto taxes
Recently, the market has shown clear regional characteristics, such as China preferring in_script_ions, South Korea being more prone to fomo, and liking currencies with high sentiment such as Luna, while Europe and America prefer types such as PoW and AI.

During the recent rise of <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, crypto traders in South Korea have played a significant role.

According to data compiled by CCData, in November this year, the Korean won surpassed the US dollar for the first time, becoming the largest fiat currency trading pair in crypto trading, but this data does not include stablecoins. CCData stated that 42.8% of fiat currency trading activities in Bitcoin transactions are related to the Korean won. Since September this year, the market share of the Korean won has increased by about 17% to 41%, while the market share of the US dollar has decreased by 11% to 40%.

According to The Block, the term "Bitcoin" appeared in 1074 regulatory documents submitted to the US SEC in November, an increase of 35.1% from the same period last year and a historic high. Nearly 40 of these files are from the Grayscale Bitcoin Trust. Analysts say that the increase in the number of Bitcoin related documents indicates that cryptocurrencies are generally more adopted and recognized, and also indicates that many companies are interested in ETFs.

According to Nikkei News, the Japanese Liberal Democratic and Komeito parties held a tax system investigation meeting on the 5th and approved the tax system modification requirements of various government departments. The government and ruling party will revise the taxation system for enterprises holding virtual currency. For virtual currencies held by legal entities for long-term purposes other than short-term transactions, capital gains tax will be exempted at the end of the period.

The market shows that the price of Bitcoin has exceeded $44,000 in the early hours of today and is now reported at $44,091.54, with a 24-hour increase of 5.39%. The price of <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> briefly broke through $2,300 in the early morning and is now reported at $2,293.33, with a 24-hour increase of 2.34%.

According to the latest data from 8marketcap, Bitcoin has returned to the 9th place in global market value assets with a market value of $862.3 billion, surpassing Meta Platforms (Facebook) with $817.96 billion.

Coinglass data shows that in the past 24 hours, the crypto market has seen a total of $244 million in net worth contracts sold out, with a total of 79274 people selling out. Among them, multiple orders were sold out for $85.7784 million, while short orders were sold out for $158 million. By currency, BTC has a liquidation of approximately $110 million, accounting for the largest proportion. ETH has a liquidation of approximately $34.2922 million, ORDI has a liquidation of approximately $10.9965 million, BIGTIME has a liquidation of approximately $9.0783 million, and MEME has a liquidation of approximately $7.397 million.

According to data compiled by cryptoRand, a crypto data analysis company, the total financing amount in the crypto field exceeded $1.67 billion in November, an increase of 288% from $43.056 million in October.

According to Cryptoslam data, the total sales of NFTs on the Bitcoin network have exceeded $1 billion, now at $1,023,737,448, with a total of 1,234,176 transactions, including 215,528 buyers and 196,788 sellers.

In November, the Ethereum based NFT transaction volume also reached $605 million, which is nearly 100% higher than the monthly transaction volume of $306 million in October. Only four days into December, the monthly NFT trading volume has reached nearly $90 million, of which nearly $70 million (about 80%) come from transactions in the Blur NFT market.

Data shows that since February this year, there has been a significant shift in the market share of NFTs from OpenSea to Blur, which currently accounts for nearly 80% of the total trading volume of Ethereum based NFTs. OpenSea, which once dominated the NFT market, has gradually given up and currently only accounts for about 17% of NFT trading volume.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1701841497BTC.png)
This morning, BTC once again surged past the $44,000 mark, leading the overall market. Altcoins still show potential for gains. Short-term targets are set at $45,345 and $47,990, while long-term bullish targets are at $120,400 and $128,350. A pullback is anticipated in Q1 of next year.

### ETH
![](https://gimg2.gateimg.com/image/article/1701841563ETH.png)
Successfully breaking the $2,135 resistance this week, ETH continues its upward trend, reaching the $2,331 target. Short-term support is at $2,260, with mid-term support at $2,135. The bullish trend is expected to continue, with long-term targets at $8,000 and $12,300.

### DOGE
![](https://gimg2.gateimg.com/image/article/1701841586DOGE.png)
DOGE, starting at $0.05925, has seen modest volume increases. Stability around the $0.08768 support suggests potential upward movement to $0.10450, $0.10799, and $0.15879. The DOGE series tends to rise sharply and decline slowly, with significant force once activated.

## Macro: The labor market is weak; Wall Street continues to hype up expectations of interest rate cuts
On Tuesday, the US Bureau of Labor Statistics released a report showing that job vacancies in JOLTs in the United States fell to 8.733 million in October after experiencing two consecutive months of growth, a decrease of 617,000 or 6.6%, far below the expected 9.3 million, setting a new low since March 2021. After the decrease in job vacancies in October, it has become 1.34 job vacancies per unemployed worker, a new low since August 2021, almost returning to pre pandemic levels, far less than the one-on-one ratio a few months ago.

Due to new signs of cooling in the job market, the decline in US Treasury yields has intensified. The 10-year US Treasury yield has fallen below the 4.2% mark, hitting a three-month low and closing at 4.167%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.577%. The US dollar index continued to rebound, hitting a new high of 104 during the day, breaking the record since November 22, and ultimately closing up 0.309% at 103.95.

As the US dollar regained its footing, spot gold continued to decline, falling below $2,010 per ounce at one point, falling more than $30 from its daily high. The decline in the end of the day narrowed, and ultimately closed 0.55% lower at $2,018.64 per ounce; Spot silver insurance remained above $24/ounce and ultimately closed down 1.35% at $24.16/ounce.

Since the OPEC+meeting announced a new round of additional production cuts, international crude oil has fallen for the fourth consecutive trading day, reaching a five month low. WTI crude oil fell 1.68% to close at $72.19 per barrel; Brent crude oil fell 1.48% to $77.31 per barrel.

The three major US stock indexes fluctuated slightly, with the Dow Jones Industrial Average closing down 0.22%, the Nasdaq up 0.3%, and the S&P 500 index down 0.06%. Apple (AAPL. O) and NVDA. O rose more than 2%, and Apple's market value returned to $3 trillion.

Currently, Federal Reserve officials are in a period of silence before the December meeting, and Wall Street is replacing the Federal Reserve in an attempt to revive market expectations of interest rate cuts. Let's see how Wall Street has made the market believe or approve of next year's interest rate cut expectations.

BlackRock stated that the market's bet on the Fed's interest rate cut may fall short, and the volatility in the US market will intensify in 2024.

Allianz Chief Economic Advisor El Erian stated that the Federal Reserve faces the risk of losing control in conveying interest rate related messages, but the view in financial markets that the Federal Reserve will soon cut interest rates is incorrect.

Economist Stuart Paul also said, “As the labor market loosens and economic activity slows down, the short-term decline in inflation may continue. We expect the Federal Reserve to start cutting interest rates by the end of the first quarter of 2024.”

The expected outcome of the Federal Reserve meeting for swap contracts has slightly increased their expected level of easing by the end of 2024, with the effective federal funds rate expected to decrease from the current 5.33% to around 4.05%.

Presently, the market's expectation of the Federal Reserve's interest rate cut next year is further heating up, and it is expected that the possibility of a rate cut by the Federal Reserve at its March meeting is 65%. Pricing for a 128 basis point interest rate cut in 2024, compared to 125 basis points late Monday.

Market pricing reflects a perfect situation without leaving room for error. The Federal Reserve is trying to persuade the market that there is still a possibility of raising interest rates. But the market believes that the Federal Reserve was not only wrong, but also outrageously wrong.

Therefore, in this context, one should be cautious about placing too much bets on market rate cuts, as it is difficult to imagine that the Federal Reserve would cut rates before June without an economic recession. In the case of a soft landing, perhaps three rate cuts would be within the benchmark forecast range.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

ETH/USDT + 5.23%

BTC/USDT + 0.14%

GT/USDT + 12.00%

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