Hillstone Finance Weekly Update (Dec 12~ 16)
Welcome to the weekly update from Hillstone Finance. We have brought two news for this week:
1. Hwang participated in the NBN news
2. Hwang participated in the Tomato TV(Korean economic broadcasting)
NBN News (Dec 12, 2022)
In the current situation of coins, the overall direction is falling, but anyone do not know how the market situation will move because investors think the current price is the lowest. Cryptocurrency eventually moves in conjunction with the stock market. However, with the problems of stable coins unresolved, there is a possibility that they will fall again regardless of the stock market if another problem arises.
The Korea Financial Research Institute said it would make stable coins, but it should have influence as an international currency, not a local currency in Korea.
Tomato TV(Dec 13, 2022)
The cryptocurrency market has been greatly shaken by the recent FTX incident. Eventually, Bitcoin was sold as collateral with worthless FTT coins, and the FTX exchange without collateral was forced to collapse because there were no coins left when people asked for withdrawal. FTX could have caused a bigger problem, but it got a lot better over the month. Eventually, Sam Bankman was arrested and the United States said it would investigate the bankruptcy of FTX. Hwang hope the investigation will not affect cryptocurrency much.
WeMix was decided to delist due to problems with distribution. When the distribution volume issue was raised, Wemade feels unfair, but eventually missed the opportunity and was delisted. Rather, it may have been better to find a way abroad without growing work through trials in Korea. WeMade’s choice has resulted in bad results for both Wemix and holders. Wemade needs to be more thorough in risk management in the future.
Due to these situations, it is a positive direction that more and more people turn to decentralization, the essence of cryptocurrency. However, the decentralized exchange is not easy to use, because there are high barriers to investors. For individual investors, it may be convenient for the government to manage the exchange, but in the end, they will be further away from decentralization, the essence of cryptocurrency.
As many negative factors broke out, the trust in virtual assets collapsed a lot. Encouragingly, however, the prices of cryptocurrencies are holding up incredibly well. Rather, there are many people who find it attractive to buy at the current price range. It will probably stabilize by the first half of next year when the direction of regulation can be clear.
NBN News (Dec 16, 2022)
Regarding the FOMC announcement, Bitcoin is holding up well against external shocks because its support line is now solid and its buying and falling range are also solid. Recently, large wallets what have BTC have been increasing, and they are more likely to be individual than institutions.
Companies in the traditional area will interfere with large exchanges to move to cryptocurrency area, but Binance is likely to endure it. The tax issue is also being suspended for about two years, and if directed, a fee is likely to be included when trading like Indonesia. The direction of taxation is unlikely to be securities income.
Companies in the traditional area will create various use cases next year, and so many services will be released next year that the traditional area and the blockchain are not distinguished.
