While Bitcoin continues its active attempts to break above the $110,000 mark, Lee Bok-hyun, a nominee for the chairmanship of South Korea's Financial Services Commission (FSC), made headlines by stating that cryptocurrencies lack intrinsic value, unlike traditional financial instruments such as deposits and stocks.

This statement, made against the backdrop of growing interest in digital assets across South Korea, triggered mixed reactions within the crypto community. Supporters argue that the decentralized nature and limited supply of Bitcoin and other cryptocurrencies are precisely what make them valuable—offering protection against inflation and shielding from government and central bank interference. They point to the underlying blockchain technology as a foundation for building next-generation decentralized financial systems.

Skeptics like Lee, however, emphasize high volatility and lack of domestic regulation, viewing cryptocurrencies as a risky investment tool. They highlight that the value of cryptocurrencies is driven solely by market demand and supply, not by any fundamental economic factors, making them susceptible to speculation and price manipulation.

According to South Korean news agency News1, Lee's comments were made in a written response submitted prior to confirmation hearings regarding his potential appointment as head of the country's top financial regulator. He wrote that due to extreme price volatility, cryptocurrencies cannot fulfill basic currency functions such as a store of value or medium of exchange. Lee also expressed skepticism about allowing pension and retirement funds to invest in crypto assets, citing concerns about market instability and speculative behavior.

The FSC chair nominee also touched on the issue of domestic cryptocurrency ETFs, stating that although these funds raise regulatory concerns, he is committed to working with lawmakers to advance the framework responsibly.

As noted earlier, Lee's stance on cryptocurrencies was poorly received by local industry participants, who labeled his remarks as regressive, especially at a time when governments and corporations worldwide are increasingly incorporating crypto into their balance sheets and strategic plans.

Regarding stablecoins, Lee noted he would seek to strike a balance between enabling innovation and implementing appropriate safeguards.

Trading recommendations

Bitcoin Buyers are currently aiming to regain control above the $108,610 level, which would open the path toward $110,400, followed closely by $112,100. A breakout beyond $113,700, the most distant upside target, would signal the strengthening of the bullish trend.

If Bitcoin declines, initial support is expected at $106,700. A break below this area could quickly send BTC down toward $105,140, with the final downside target located near $103,400.

Ethereum A firm close above $4,501 paves the way for a move toward $4,645. A breakout beyond the distant target of $4,807 would confirm the bull market and reignite buyer interest.

In the event of a correction, buyers are likely to appear near $4,355. A drop below this level could send ETH toward $4,215, with a final downside target around $4,077.

What's on the chart

• The red lines represent support and resistance levels, where price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.