Published Feb 6, 2023
By Qredo Team
Qredo’s daily briefing gives you the visibility you need of the ever changing world of crypto to help you make the best decisions and reach your financial goals.
January saw a sharp increase in Bitcoin addresses holding less than 0.1 BTC indicating regrowing optimism among crypto investors since the year began. This comes as BTC begins February gaining over 35% month-over-month.
Meanwhile, Ethereum experiences high on-chain activity catalysed by Yuga Labs' launch of a mini-game that has drawn attention to NFTs once again. Daily fees have more than doubled since the start of 2023, with the asset gaining about 35% this year. The next big catalyst for Ethereum will be the Shanghai upgrade, set to launch in mid-March.
In policy news, South Korea has issued guidelines for regulating tokens. This comes as financial regulators in South Korea work to bring security tokens into the scope of the country’s financial laws. The guidelines issued today (Feb 6, 2023), suggest that South Korea’s Financial Services Commission (FSC) aims to support innovation while protecting consumers.
In China, boosting consumption and adoption of the digital yuan has been a priority over the Lunar New Year. Millions of dollars worth of the central bank digital currency (CBDC) has been issued to their citizens in a bid to stimulate their economy internally.