The Shib Crypto Recap: Tuesday

The cryptocurrency space is currently experiencing significant regulatory changes and market dynamics, notably Japan’s new regulations that could shape global standards and South Korean exchange Bithumb’s upcoming listing on Nasdaq, enhancing corporate legitimacy. However, the sector faces challenges as evidenced by a $650K trading scam. On a brighter note, legislative progress on crypto taxation suggests a move towards a more organized market, alongside Shiba Inu’s positive momentum as many holders see profits, potentially boosting confidence in the token.

Japan’s FSA Eyes Crypto Tax Reform as South Korea’s Bithumb Sets Sights on Nasdaq Listing

Japan’s Financial Services Agency (FSA) is poised to reevaluate its cryptocurrency regulations, which could lead to decreased taxation on crypto profits and a reclassification of digital assets. The FSA is contemplating moving these assets under the Financial Instruments and Exchange Act, potentially imposing stricter investment guidelines while lowering the current hefty tax rate of up to 55% on crypto gains to roughly 20%, aligning them with taxes on stocks and similar financial instruments. This regulatory review may also pave the way for the approval of exchange-traded funds (ETFs) involving digital tokens, reflecting Japan’s commitment to fostering its digital asset industry.

Bithumb, the second-largest cryptocurrency exchange in South Korea, announced its plans to consider listing on the U.S. Nasdaq during a recent shareholders’ meeting. Management indicated that this strategic move is intended to broaden the company’s global footprint, with a representative emphasizing that Nasdaq serves as an optimal platform for enhancing Bithumb’s market presence.

To support this potential listing, the company highlighted the necessity of restructuring, including the establishment of Bithumb Investment to improve operational efficiency and meet Nasdaq’s requirements. This comes as South Korea grapples with a challenging regulatory landscape, lacking a legal framework for Bitcoin ETFs and not recognizing virtual assets as financial products. Additionally, during the meeting, shareholders approved a name change from Bithumb Korea to simply Bithumb to boost brand visibility leading up to the IPO.

Scam Alert: @ape_31 Tricks 250+ Users out of $650K with Fake PNLs

The handle @ape_31 on X has reportedly scammed over 250 users out of more than $650,000 in the past year. Blockchain investigator ZachXBT shared this information on X Monday. The scammer used fake profit and loss (PNL) screenshots from a Bybit demo account and a news account to attract victims into paid services before blocking them after receiving payment. Carefully crafted posts and interactions with influential accounts helped the scammer bait potential victims.

One victim sent $500 for copy trading, only to be asked for an additional $20,000 with claims of having a “zero liquidation price.” Another individual experienced a similar situation, promised risk-free profits that would grow from $10,000 to $100,000 in just days. After sending funds, the scammer ignored them. Investigations have linked 16 wallet addresses to the scam, gathering $650,000 from over 250 individuals.

Authorities are encouraged to act quickly to investigate and stop this scammer from victimizing others.

Revival of Meme Coins: Shiba Inu Leads the Charge as Investors Anticipate Bull Run

Meme coins have gained significant attention following Bitcoin’s recent rally, with many seeing double-digit gains in the last month. This has triggered speculation about the potential for another meme coin season. Shiba Inu is being referred to as the “locomotive of meme coins,” with predictions of a bull run for SHIB. Reports indicate that meme coins like Dogecoin, Pepe, and Shiba Inu are among the fastest-growing segments in the current cryptocurrency revival.

Over the past two years, meme-related projects have surged by more than 440%, making this sector the fourth most valuable in crypto. Despite their recent success, the future of meme coins remains uncertain. Investors are currently enjoying the trend, hoping for continued profitability in future meme coin seasons.

Uptober Buzz: Shiba Inu Signals Potential Breakout with ‘In the Money’ Holders

Shiba Inu (SHIB) is showing positive trends at the start of October. Over 55% of SHIB holders are currently making profits, signaling a potential “Uptober” surge for this popular altcoin. According to crypto analyst BigMike7335 on X, an analysis of SHIB/USDT indicates that SHIB is nearing the conclusion of a corrective wave, with expectations for a breakout that could push its price to $0.000024. After a slight pullback, SHIB found support at the 0.618 Fibonacci level, hinting at a possible trend reversal. In addition, IntoTheBlock data shows that 55.61% of SHIB holders are “in the money,” creating strong support and lowering the risk of a major sell-off.

Overall, the combination of bullish indicators and the “Uptober” season is sparking excitement within the Shiba Inu community.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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