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Good Tuesday morning. Billy Bambrough here, getting you up to speed with the bitcoin and crypto latest.
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24-hour crypto market snapshot
Divergence 🧭
Cryptocurrency prices are sinking this morning even as global equity prices make gains. Over the last few weeks, the crypto market has broadly moved in line with stocks that are nervously eyeing the global economic recovery and the U.S. Federal Reserve's path forward.

The bitcoin price is down just over 1% on this time yesterday despite the so-called paper hands ratio— the ratio of young coins active in the last 6 months to circulating supply—dropping to the lowest level since the 2015 bear market, according to Glassnode data.

Ethereum is meanwhile flat over the last 24 hours, with its biggest rivals—Binance's BNB, solana, cardano and polkadot—all dropping between 1% and 3%. Terra's luna, now firmly a top-ten coin, is leading the market lower with a 5% fall.

Now read this: Apple stock outperformed bitcoin in the last year with less volatility
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A crypto push in South Korea 🇰🇷
South Korea’s crypto trading is dominated by four big exchanges—Upbit, Bithumb, Korbit and Coinone
South Korea’s crypto trading is dominated by four big exchanges—Upbit, Bithumb, Korbit and Coinone © 2018 Bloomberg Finance LP
Digital divide: In South Korea, where robots are commonplace and automated stores are normal, cryptocurrency regulations are stricter than many might suppose. That could be beginning to change, however, with one politician Lee Kwang-jae, a member of the ruling Democratic Party of Korea, announcing last week he would start accepting cryptocurrency donations sometime in mid-January, according to local media reports. Those who donate with crypto will receive a non-fungible token (NFT) as a receipt.

Times a'changin': "I have had a deep sense of regret that the politicians here have had an outdated perception of digital assets at a crucial time when the blockchain technologies used for cryptocurrencies, NFTs and the metaverse, are advancing rapidly day after day," Lee told the Korea Times newspaper. "It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs."

Crackdown backlash: In September last year, many of South Korea's crypto exchanges were forced to shut down their Korean won-based transaction services after new regulation passed that required them to record real-name bank accounts for users to continue trading cryptocurrencies via the local currency. Last month, politicians in the country called on public officials to stop joining crypto companies as exchanges race to bolster compliance divisions, according to a Financial Times report.

Metamorphasis: Lee's plan for crypto donations isn't the only sign that blockchain-based crypto economy is poised for growth in South Korea. Last month, part of one of South Korea’s biggest conglomerates, SK Group, said it's planning to expand into the digital metaverse. "Our business needs to evolve into the metaverse," Huh Seok-joon, managing director of SK Square, the investment arm of SK Group, told Bloomberg. "Our new interface between customers will be shifting from mobile phones to metaverse and coins will be used as new currencies on our platforms."

Surprising development: Former U.S. first lady Melania Trump congratulates bitcoin on 13th birthday
DeFi crackdown 🧑‍⚖️
👋 The U.S. Commodity Futures Trading Commission (CFTC) has slapped down crypto predictions service Polymarket in what one crypto lawyer called a significant regulatory development for the burgeoning decentralized finance (DeFi) space.

🐦 "I believe this CFTC order may end up being one of the most relevant and telling regulatory actions for DeFi founders and investors yet," attorney Collins Belton said via Twitter. "More than any other prior order, the CFTC directly emphasizes and assesses some of the key elements of 'true' DeFi platforms in this order." Read the full thread here.

🤞 The CFTC fined Polymarket, a crypto betting service that allows users to bet on the outcome of real-world situations like elections, $1.4 million, ordered it to shut down its various markets and offer users full refunds on charges the company failed to register with the regulator.

Now read this: Mainstream lenders dabble in crypto outside the U.S.
Estonia signals crypto support 🎌
📱 Estonia, one of the world's most digital countries, has shut down claims that owning and trading cryptocurrency would be banned under the proposed anti-money laundering legislation. Coindesk has a write-up.

💰 Panic had spread through the crypto community over the holiday period that new draft legislation for virtual asset service providers (VASPs) would see users banned from owning or trading crypto. However, the proposed requirements for VASPs could apply to decentralized wallet creators, including large capital requirements.

✍️ "This means that the legislation does not contain any measures to ban customers from owning and trading virtual assets and does not in any way require customers to share their private keys to wallets," Estonia’s Ministry of Finance wrote in a statement posted online over the weekend.

Cashing out: Coinbase CEO Brian Armstrong buys Los Angeles home for $133 million
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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