Japan's tax easing and the UK's push for Web3 are boosting the market. Bitcoin shows bullish signals across multiple technical indicators, indicating potential above $300,000. While the SEC's ETF approval delays remain a short-term concern, the market is maintaining a neutral bias.

* Potential Restrictions on Stablecoin and Crypto Businesses in Hong Kong by Chinese Regulators Reports suggest regulators in China may be considering restrictions for state-owned enterprises and financial institutions operating stablecoin and crypto-related businesses in Hong Kong. This indicates uncertainty in the relationship between mainland China and Hong Kong's ambition to become an Asian crypto industry hub. Depending on the specifics of future regulations, this could indirectly impact not only the Hong Kong market but also global stablecoin issuance and trading. * UK Petition for Comprehensive Blockchain and Stablecoin Framework Gains Momentum A petition calling for a comprehensive framework for blockchain and stablecoins on the UK government's website is gaining traction, spurred by Coinbase's initiative. This suggests a potentially more proactive stance from the UK towards Web3 technologies, where regulatory clarity could foster domestic innovation and attract investment. * Bitcoin Forms Two Inverse Head and Shoulders Patterns, Suggesting Potential Rise to $360,000 Bitcoin's price action has formed two inverse head and shoulders patterns, leading analysts to suggest a potential "supercycle ignition" targeting $360,000 within the current cycle, with an initial projection range of $170,000 to $360,000. This could further boost bullish sentiment among market participants and, coupled with recovering institutional demand for ETFs, potentially drive Bitcoin prices higher. * Japan to Phase Down Crypto Asset Tax Rate from 55% to 20% Japan's government has decided on a policy to gradually reduce the top tax rate on crypto asset gains from the current 55% down to 20%. This policy change aims to alleviate the tax burden for investors, likely encouraging more domestic crypto trading and holdings. It could potentially invigorate Japan's crypto market and attract increased foreign investment. * Dogecoin ETF Approved in the US, Raising Concerns About Encouraging Speculation The approval of the first Dogecoin ETF in the United States has been reported. While this expands investment opportunities for meme coins, some observers suggest it could further highlight the speculative aspects of the crypto market. The ETF approval offers access to a broader range of market participants, but depending on the nature of the underlying asset, it might also increase market volatility. * Polygon Fixes Node Synchronization Issues Caused by Software Bug, Restoring Consensus and Finality Polygon has fixed a software bug that caused temporary node synchronization issues, restoring consensus and finality functionalities, as announced by the Polygon Foundation. While this temporarily alleviates concerns regarding the stability of its scalability solution, further security enhancements are necessary to prevent similar bugs in the future. * Avalanche Foundation to Establish Crypto Accumulation Vehicle with $1 Billion Funding The Avalanche Foundation is reportedly raising $1 billion to establish treasury and accumulation vehicles for digital assets. This signifies substantial capital inflow into the Avalanche ecosystem, potentially contributing to its growth and the creation of new use cases for digital assets. * US SEC Delays Approval Decisions for BlackRock and Franklin Templeton Crypto ETFs The U.S. Securities and Exchange Commission (SEC) has postponed decisions on approvals for multiple crypto ETFs, including those from BlackRock and Franklin Templeton, covering assets like Ethereum staking, Solana, and XRP. This indicates a continued cautious approach from regulators towards institutional players entering the ETF market. The delay might temporarily impact expectations for these ETFs, but the path to potential final approval remains open. * Bitcoin Bollinger Bands Reach Extreme Levels, Hinting at Potential Surge to $300,000 Bitcoin's Bollinger Bands have reached an extreme level, suggesting a potential surge towards $300,000. This indicates increasing market volatility and momentum, raising the possibility of short-term price appreciation. This aligns with other technical indicators like the MACD golden cross and inverse head and shoulders patterns, interpreted as signs of a continuing bull market. * Hyperliquid Achieves $330 Billion Monthly Volume with Only 11 Employees Hyperliquid achieved a monthly trading volume of $330 billion with just 11 employees. This feat is attributed to efficient operations and innovative technology, such as its split-chain design, enabling speeds comparable to Centralized Exchanges (CEXs) while maintaining on-chain security. This success could influence future DeFi platform designs and operations and is closely related to the "fat app" concept. * Overall Summary Today's cryptocurrency market focused on regional regulatory trends, including concerns about tightening regulations in Hong Kong by China, the UK's proactive stance on promoting Web3, and the approval of the Dogecoin ETF in the US. Notably, for Bitcoin, multiple technical indicators suggest a bullish outlook, boosting market sentiment. However, the SEC's postponement of ETF approvals may introduce temporary uncertainty for institutional investors entering the market. Macroeconomic indicators and national regulatory developments will continue to be key factors influencing market direction.

Risks include regulatory uncertainty in China and deteriorating institutional investor sentiment due to the SEC's delay in ETF approvals. Trading above the upper Bollinger Band may indicate short-term overheating concerns. A decline below the recent low of $22 warrants caution. Vigilance is advised regarding regulatory developments and sudden shifts in market sentiment.

In the short term (24-48h), continued upside momentum is expected, underpinned by bullish technicals and Japan's tax reforms. Over the medium term (1 week), the market has the potential to gain further traction, depending on institutional investor activity and regulatory developments. Key catalysts include the specifics of regulations in China and Hong Kong, as well as decisions from the SEC.

In conclusion, the market sentiment today is predominantly bullish, underpinned by several positive fundamental factors and strong technical indicators. The phased reduction of cryptocurrency taxation in Japan, from 55% to 20%, serves as a major incentive for domestic investors and a potent catalyst for market revitalization. Technical indicators for Bitcoin, including the inverse head and shoulders pattern and Bollinger Bands reaching extreme levels, are indicating potential for a "supercycle" target above $300,000. Additionally, the UK's supportive stance towards Web3 and Avalanche's significant funding round bolster expectations for ecosystem growth. On the other hand, the US SEC's delay in approving certain ETFs introduces temporary uncertainty for institutional market entry, although this is unlikely to disrupt the medium-to-long-term upward trend. For investment strategy, we recommend a buy-on-dips approach near the current price of $24, or entering on a breakout confirmation above $24. Short-term profit-taking targets are set between $25 and $26, with a recommended stop-loss placed below $20. Key weekly levels to monitor include support at $22; a break below this level could signal a further drop to $20. From a risk management standpoint, it is crucial to acknowledge the high volatility and manage position sizes accordingly. Continued monitoring of external factors, such as regulatory developments in China and Hong Kong, as well as further announcements from the SEC, remains essential. The market is entering a growth phase fueled by both regulatory clarity and technological innovation. By employing a prudent strategy, ample opportunities exist to achieve substantial returns within this dynamic market. Let us maintain a positive outlook to capitalize on these market opportunities.