Whale Accumulation Drives Dogecoin’s V-Shaped Recovery From $0.21 Lows

[South Korea's Digital Communications Secretary Kim Nam-kuk Acquitted in Crypto Asset Dispute Case] According to a report by Jinse Finance, South Korea's Presidential Office Digital Communications Secretary Kim Nam-kuk was acquitted in the appellate stage of a lawsuit related to cryptocurrency holdings. Previously, he was accused of deliberately concealing a large amount of cryptocurrency assets in his asset declarations as a member of parliament. Prosecutors alleged that Kim Nam-kuk transferred funds from cryptocurrency exchanges to bank accounts before formally declaring his assets in 2021 and 2022, and then converted them back into digital assets. This move was purportedly aimed at obstructing ethical reviews of officials' property declarations. The indictment in August last year highlighted the contentious nature of the case and the public pressure on regulating how public officials declare digital assets.

[South Korean Lawmaker Proposes Stablecoin Regulation Bill: Issuers Must Hold at Least $3.6 Million] According to a report by Jinse Finance, South Korean lawmaker Kim Hyun-jung has introduced a new legislative proposal aimed at regulating stablecoins. The bill requires stablecoin issuers to hold a minimum capital of 5 billion KRW (approximately $3.6 million), submit a robust business plan, maintain necessary facilities and qualified personnel, and obtain approval from the Financial Services Commission (FSC). Additionally, the bill stipulates that stablecoins issued overseas must register with the FSC before entering the South Korean market.

Key support held at $0.21, tested at mid-session before high-volume reversal.

Crypto markets are treading water as investors wait for Fed Chair Jerome Powell’s Jackson Hole speech, where a hawkish tone could drag bitcoin lower while a dovish pivot may offer relief.