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Bitcoin price correction has ended, and it has climbed back above $52,000. A portion of altcoins are also overcoming resistances. The sentiment in cryptocurrencies is positive, and demand stays strong despite adverse macroeconomic data. Additionally, the total size of cryptocurrency investment funds has surpassed the levels of November 2021, reaching an all-time high.
Recent Developments in Cryptocurrencies
In Asia, elections are increasingly being influenced by cryptocurrencies. We will see this become an even more significant issue in the future. In particular, the stance of candidates on cryptocurrencies in the upcoming November elections in the USA could be decisive. Trump is relatively more crypto-friendly, and there are popular figures within the Democrats who react against crypto opponents.
South Korean Elections and Crypto
South Korea’s ruling party is heading into the election campaign with a promise to postpone the cryptocurrency tax for two years. The People Power Party is looking for ways to increase its votes in the general elections to be held in April. The promise of a crypto tax postponement, when considered together with the increasing number of investors in Asia, highlights the impact of crypto on elections.
The ruling party states that cryptocurrency regulation should be a priority over taxation and that steps regarding taxation will be taken after establishing the fundamental framework. The plan to tax cryptocurrency trading profits was announced in January 2021. According to this, a 20% tax would be demanded on gains over $1,900, which is significantly lower compared to the $37,400 threshold for stocks.
Worldcoin
One of today’s most important agenda items is the increase in the daily user count of the crypto startup founded by OpenAI CEO Sam Altman. The daily user count has surpassed 1 million, and the token price has risen over 140%.
This is a significant figure compared to 100,000 in November 2023. Launched in July 2023 by Altman and Alex Blania, Worldcoin gives digital identity in exchange for scanning users’ irises. The newly announced product Sora by OpenAI also supports the rise on the WLD Coin front.
Ethena Labs
Following a previous investment round led by Binance Labs, Gemini, and Bybit, Ethena Labs has raised $14 million in a round spearheaded by Ethereum-based venture Dragonfly. Ethena Labs is developing USDe, a stablecoin that uses Ether as its primary collateral. The protocol, launched last year, has reached a Total Value Locked (TVL) of $200 million.
