South Korea’s Financial Supervisory Service (FSS) chief, Lee Bok-Hyun, revealed plans to meet global regulators to discuss crypto, including the United States Securities and Exchange Commission (SEC) Chair, Gary Gensler. Salvadoran President Nayib Bukele has declared victory in the El Salvador general elections, though official results have yet to be released. Meanwhile, the Bitcoin Ordinals market cooled off in January after a record-setting December 2023.
S. Korea regulator to discuss spot Bitcoin ETF with SEC chief Gary Gensler
A top South Korean regulator is planning to visit the SEC’s Gensler to discuss spot Bitcoin (BTC) exchange-traded funds (ETFs).
FSS chief Lee presented a business plan 2024 at the Financial Supervisory Service in Seoul on Feb. 5, including visits to major advanced financial markets, such as New York, in the second quarter of the year to discuss various aspects of South Korean financial markets.
The FSS chief revealed that he plans to meet Gensler later in 2024 to discuss digital assets and spot Bitcoin ETFs, among other issues. He added that the SEC’s recent approval of spot Bitcoin ETFs had a major impact on the world’s financial policies.
El Salvador exit polls show Nayib Bukele to win election
Bitcoin advocate Nayib Bukele is largely expected to win the El Salvador general election after new exit poll data indicates that he has won 87% of the votes. However, official results are yet to be released.
In an X post, Bukele proclaimed victory before any official results were announced. He said internal party data shows he had won the election with more than 85% of the votes and at least 58 of 60 deputies in the Legislative Assembly of El Salvador.
His closest competitors, Manuel Flores and Joel Sanchez, only have 7% and 4% of the votes, respectively, according to separate data from CID Gallup.
Nayib Biukele es reelegido como presidente en El Salvador (CID Gallup – Boca de Urna) #EleccionesElSalvador2024 #cidgallup #bocadeurna pic.twitter.com/27LNpVknqj
— CID Gallup (@cidgallup) February 5, 2024
Bukele made Bitcoin legal tender in El Salvador in September 2021, among other initiatives supporting the cryptocurrency. On Feb. 1, Vice President Félix Ulloa reportedly confirmed Bukele’s Bitcoin strategy wouldn’t change if he is reelected.
Bitcoin Ordinals sales declined 61% in January
Ordinals inscriptions on the Bitcoin network lost momentum in January, with sales declining by 61% to $335 million, according to nonfungible token (NFT) aggregator CryptoSlam.
Ordinals burst onto the scene in 2023, with sales hitting $868 million in December — the highest in the collection’s history.
In a discussion with Cointelegraph, intergovernmental blockchain expert Anndy Lian said the slump was likely caused by oversaturation in the NFT market.
An increasing amount of Bitcoin developers are focusing on L2s and Ordinals: pic.twitter.com/AqxBonbvL6
— Will (@WClementeIII) February 2, 2024
“With an influx of new projects and artists entering the space, buyers now face a plethora of options. The spoil-for-choices situation got more obvious when other blockchains like Solana were picking up more steam,” he said.
Monthly Ethereum NFT sales declined by 2.2% in January, while NFT sales on Avalanche increased by 89%, per CryptoSlam data.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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