South Korea’s Financial Services Commission (FSC) is deliberating revising its stance on spot Bitcoin ETFs (exchange-traded funds), handing over the consideration to a crypto advisory committee.

If approved, the financial instrument could position South Korea alongside a growing list of countries dealing with these investment products. It would also significantly expand the country’s digital asset investment market, as is happening in the US.

South Korea Deliberates Spot Bitcoin ETF Approvals

Local media reported that South Korea’s FSC is considering allowing spot Bitcoin ETFs and has established a virtual asset committee. The revelation came during the National Assembly State Affairs Committee audit session on Thursday.

The advisory committee will policies around evaluating digital assets and consult extensively before a possible approval. A positive decision from this virtual asset committee would see South Korea’s strict stance on investment products such as spot Bitcoin ETFs revised.

In June, the Korea Institute of Finance (KIF) expressed concerns months after the US SEC approved spot Bitcoin ETFs in the country. Specifically, the KIF highlighted significant risks associated with introducing such financial products into South Korea’s economy. Among them, it cited the potential for “increased inefficiency in resource allocation.”

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach.

It also mentioned greater financial instability associated with connecting the country’s local market to the volatile crypto sector through the spot Bitcoin ETFs. The KIF warned that such financial instruments would pull investors’ focus away from traditional industries, diverting capital and potentially slowing down South Korea’s growth and innovation.

“Allowing [such] products can lead to side effects such as increased inefficiency in resource allocation, increased exposure to crypto-related risks in the financial market, and weakened financial stability,” a paragraph in the report read.

Nevertheless, the US market continues to record growing institutional interest driven by spot crypto ETFs as investors seek exposure to Bitcoin. As the allure extends to other jurisdictions like Australia and Hong Kong, among others, South Korea now finds itself at a crossroads, not wanting to lag.

Spot BTC ETFs Could Mitigate Kimchi Premium, Experts Say

CryptoQuant CEO Ki Young Ju is optimistic about the development. He says an approval would help prevent the Kimchi premium, a price gap between South Korean and overseas exchanges.

“This is bullish and will mitigate the Kimchi premium as arbitrage funds and market makers enter the Korean market,” Young Ju noted.

Other community members have also commented on the potential impact. One user on X (formerly Twitter) observes that it could open the door for institutional players, strengthening liquidity and increasing the crypto market’s potential in Korea.

Mickey Hardy, the founder of Web3 marketing and consulting studio Arcadia, said this development shows how Asian markets are leaning towards crypto, suggesting massive adoption. Rightfully so, given South Korea is also considering allowing the creation of institutional crypto accounts.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

According to the same report, the FSC established the Virtual Asset Protection Foundation in September to address similar concerns. This organization will oversee the recovery of customers’ assets from bankrupt crypto exchanges, providing relief to those affected by such exposures. Similarly, Thailand is making strides into the crypto market.

“Thailand’s Securities and Exchange Commission (SEC) has proposed new rules to allow mutual funds and private equity funds to invest in digital assets. It also wants to allow brokerages and asset managers to offer services to large investors interested in investing in cryptocurrency-related products such as ETFs,” WuBlockchain reported citing Thailand’s SEC.

Meanwhile, even as South Korea deliberates a spot Bitcoin ETF, the region’s largest exchange, Upbit, is the subject of a new investigation. As BeInCrypto reported, the country’s lawmakers are probing the monopoly structure of the virtual asset market built around the trading platform.

After a recent attempt to climb, EigenLayer (EIGEN) saw its price drop by nearly 10% in the past 24 hours, making it difficult for the token to reach $5.

However, crypto whales have stepped in with significant buying activity to prevent further declines. As the situation unfolds, investors are closely watching to see if this intervention can spark a recovery for EIGEN.

Whales Buy the EigenLayer Dip

EigenLayer, the leading Ethereum-based restaking project, launched its native token just over a week ago. Despite an initial price crash, EIGEN surged from $3.13 to $4.15 between October 6 and 10, fueling speculation of further gains.

However, the token has dropped to $3.62 in the last 24 hours, along with a 40% decline in trading volume.

From a trading perspective, increasing volume alongside rising prices typically signals strength and potential growth. But since both price and volume have decreased, this suggests the downtrend may be weakening, indicating a possible recovery for EIGEN soon.

Read more: Ethereum Restaking: What Is it and How Does it Work?

Crypto analyst Michaël van de Poppe believes EIGEN’s recent decline could be short-lived. He suggests that this dip might set the stage for a potential rally, with EIGEN possibly climbing toward $5 in the near future.

“One of the most promising projects, EIGEN, is doing well. It took the liquidity and started an uptrend, so the whole ecosystem woke up. Expecting to take liquidity at $4.25, have a slight dip (entry point), and then rally to $5+,” the analyst wrote on X. 

In line with this sentiment, on-chain data shows that crypto whales have continued to buy the token. A look at the large holders’ netflow, which shows the difference between the amount of cryptos bought and sold by large investors, revealed that it jumped by a whopping 168% in the last seven days.

This increase indicates that a higher level of accumulation is going on compared to distribution. Lookonchain also confirms this by revealing that two separate wallets bought EIGEN valued at over $6 million just yesterday. 

EIGEN Price Prediction: Support Remains Strong

EIGEN’s current price of $3.62 is close to the 38.2% Fibonacci retracement level, a key technical indicator for identifying support and resistance. The 38.2% level, located at $3.58, serves as a major support floor, suggesting a potential price rebound.

If EIGEN bounces off this level, it could rise toward the 78.6% Fibonacci retracement at $4.14.

Read more: 10 Best Altcoin Exchanges In 2024

However, the price may fall if crypto whales don’t increase their holdings. Additionally, the upcoming token unlock in October could limit upward momentum, potentially causing EIGEN to drop to $3.37, the lower 78.6% Fib level.

The hype surrounding Rexas Finance (RXS) has intensified with the successful early completion of its Stage 3 presale, raising $2.75 million ahead of schedule. This Ethereum-based real-world asset (RWA) tokenization platform saw over 57 million tokens sold in a short space of time, prompting the early transition to Stage 4 of the presale. The token price has now increased to $0.06, offering investors a final opportunity to secure tokens before the official launch.

Stage 4 presale: Skyrocketing exposure and advanced investments

With growing demand for Rexas Finance tokens, stage 4 of its presale represents the last opportunity for crypto investors to buy the token before it enters the market at a higher price. During Stage 4, each RXS Token is still priced at $0.06, which is significantly below the level analysts expect RXS to trade at when it becomes available on the open market. 

Having raised $2.75 million in previous stages, Rexas Finance is quickly attracting the attention of retail and institutional investors alike, seeking a strong foothold in the real-world asset tokenization market. Considering the growing pace of demand, many industry observers believe that Stage 4 will sell out quickly, potentially leading to increased prospects for RXS once it is listed on exchanges.

Rexas Finance (RXS) ecosystem: Tokenization of real-world Assets

The Rexas Finance platform features one of the most attractive solutions that concentrate on the tokenization of many different kinds of tangible assets like real estate, works of art, and other valuables. Rexas Finance serves as a bridge by enabling ordinary investors who otherwise, would not have been able to engage with such high-value markets and hence engage in partial returns on objects that were previously inaccessible.

The Rexas Finance system provides its customers with a streamlined workflow for the tokenization and trading of real assets through blockchain technology. This eliminates many of the challenges typically associated with financing artwork or property, such as high upfront costs and asset liquidity issues. Given its current trajectory, the increasing number of assets tokenized on the platform indicates the disruption of trillion-dollar industries, making the project one of the most attractive in 2024.

$1M Giveaway: Offering rewards to early investors

In addition to the robust presale, Rexas Finance has announced a $1 million giveaway as part of an initiative to welcome and reward those who subscribe to the presale stages. This initiative has attracted even more investors, as those who participate in the giveaway have the opportunity to win significant rewards, further increasing attention on the token. 

By offering $1 million to potential funders and utilizing a specific mechanism for creating added value during the presale, Rexas Finance makes it even more enticing to become part of its growing ecosystem as an early investor before the token becomes available. Many believe that RXS’s listing will likely lead to a price surge for the token, making presale investment an attractive opportunity to benefit from both the token’s price rise and the giveaway.

Final Overview: The future of Rexas Finance looks promising

As Rexas Finance (RXS) enters Stage 4 of its presales, it appears to be on track to become a significant force in the tokenized real-world asset market. With $2.75 million raised and over 57 million tokens sold, the successful presale of Rexas Finance reflects the market’s demand for RWA tokenization.

Since the $1 million giveaway is still ongoing and the token price remains at $0.06, now could be an opportune time for investors to get involved before RXS goes public. As the Rexas Finance ecosystem expands, the anticipated growth is expected to drive token price appreciation, offering early investors the chance to realize significant returns soon.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance