Crypto News Today: Update on What Happened in the Crypto Market

Latest News on Today's Crypto Market: Bitcoin National Reserve & More

Japan Rejects Bitcoin for National Reserves Amid Volatility Concerns

Japan’s government has officially rejected the proposal to include Bitcoin in its national reserves, citing concerns over the cryptocurrency’s volatility. In a response to Senator Hamada Satoshi's inquiry, the government stressed that Bitcoin and other crypto assets do not align with the country’s foreign exchange framework, which is critical for maintaining reserve security and liquidity. This cautious approach contrasts with the growing enthusiasm from Japan’s private sector, such as Metaplanet, which continues to invest in Bitcoin despite the government’s stance.

Hong Kong Stablecoins Bill Advances in Legislative Process

Hong Kong's proposed Stablecoins Bill has progressed to the Legislative Council, moving the region closer to establishing a comprehensive regulatory framework for stablecoins. The bill, published in the government’s Gazette on December 6, includes licensing requirements for stablecoin issuers, restrictions on offering and marketing, and enhanced consumer protections. On December 18, it was forwarded to the Legislative Council for its first reading. The bill must go through three readings, including debates and potential amendments, before being passed. Once approved, it will be sent to the region’s chief executive for final approval and enactment.

Bitget Merges $BWB and $BGB Tokens to Strengthen Ecosystem

Bitget has announced the merger of $BWB and $BGB tokens to enhance its ecosystem, aiming to improve user experience and expand application possibilities across both centralized and decentralized platforms. The integration of the Bitget Wallet with Bitget Token (BGB) will strengthen the platform's ecosystem as BGB becomes the exclusive ecological token for Bitget Exchange and Bitget Wallet. This comes after a surge in BGB’s market value, with its market cap surpassing $9.53 billion and its price reaching an all-time high of $6.82. $BGB’s 24-hour trading volume has soared by 204.04%, reaching $1.36 billion, indicating robust liquidity and growing investor confidence.

Why Ethereum is Down Today

Ethereum has been on a downward trend, mirroring the broader crypto market. Despite hopes for a Santa rally, the market has been disappointing. Ethereum faced two consecutive setbacks, with a 3.19% drop in one day, bringing its market cap to around $3.32 trillion. The price further dropped by 4%, settling near $3,354.5. While the market shows signs of a bearish trend, investor confidence remains, as seen in reduced exchange reserves. Technical analysis reveals strong rejection at the $3,524 zone, despite attempts to recover with the 50-day moving average.

Binance Supports Thailand's Bitcoin Payment Pilot Project

Binance’s Thai CEO has backed former Prime Minister Thaksin Shinawatra’s proposal for a Bitcoin payment pilot project, urging the Bank of Thailand to consider it. The project aims to establish Phuket as a Bitcoin sandbox for tourism, with Binance’s Thai arm providing support. Fuwattananukul views the initiative as crucial for strengthening Thailand's position in the global economy, especially as countries like the U.S. and Japan embrace Bitcoin. He emphasized that Thailand must not fall behind in the growing trend of cryptocurrency adoption.