South Korean Regulator to Discuss Crypto with SEC; Nayib Bukele Predicts Election Triumph; Bitcoin Ordinal Sales Dip
Summary:
South Korea's Financial Supervisory Service chief, Lee Bok-Hyun, plans to discuss crypto and spot Bitcoin ETFs with global regulators including SEC Chairman, Gary Gensler. Nayib Bukele, El Salvador's President, anticipates victory in national elections, pending official results. Additionally, the Bitcoin Ordinals market saw a decline in January, likely due to an oversaturation of NFTs.
Lee Bok-Hyun, the head of South Korea’s Financial Supervisory Service (FSS), has indicated a future meeting with world financial regulators including Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC). Discussions will center around crypto. In related news, the current president of El Salvador, Nayib Bukele, declared his own election triumph ahead of the official announcement of the results. Furthermore, the Bitcoin Ordinals market experienced a slowdown after a historic high in December.
Lee Bok-Hyun, a South Korean financial authority, is scheduling a trip to meet with Gary Gensler, SEC Chairman, to engage in discussions about Spot Bitcoin (BTC) Exchange-Traded Fund (ETF). Bok-Hyun laid out this business agenda for the year 2024 during a meeting at the Financial Supervisory Service in Seoul, on February 5. These plans include making trips to major global financial hubs such as New York during the second quarter of the year to address developments in South Korean financial markets.
The FSS top official aims to convene with SEC’s Gensler later this year to confer on digital currencies and spot Bitcoin ETFs. He acknowledged the global effect of SEC's recent sanctioning of spot Bitcoin ETFs on financial policies worldwide.
Exit polls from El Salvador suggest that Nayib Bukele is predicted to win the national elections. Early polling data shows the president securing an impressive 87% of votes although the official results are yet to be declared.
Leading the New Ideas party, Bukele has posted on social media about his electoral success, stating that his group had locked in more than 85% of votes and achieved a minimum representation of 58 out of 60 members in the government house.
His electoral rivals, Manuel Flores and Joel Sanchez, have reportedly garnered just 7% and 4% of votes respectively, as per data from CID Gallup.
Back in September 2021, Bukele confirmed Bitcoin as legal payment in his country along with initiating other pro-crypto measures. Prior to the election, Vice President Félix Ulloa purportedly reassured that Bukele's Bitcoin strategies would continue unchanged if he were to be re-elected. This was reported by Reuters on February 1.
Bitcoin Ordinal sales fell by 61% in the first month of the year, according to NFT aggregator CryptoSlam. December 2023 had seen a record sales reaching $868 million, but there was a significant drop in January to $335 million.
Blockchain specialist, Anndy Lian, theorized this downturn to an oversupply in the NFT market, as increased amounts of Bitcoin developers shifted their focus to L2s and Ordinals.
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Published At
2/5/2024 2:31:45 PM
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