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Bitcoin Remains in Accumulation Phase as BRC-20 Tokens Reach $500M Market Cap

According to Glassnode data, BRC-20 tokens are generating significant fees for miners and approaching a market cap of $500 million. Despite Bitcoin's price remaining below $27K, an analyst suggests that it is in an "accumulation phase."

The crypto market experienced a second consecutive day of selling due to concerns about inflation and continued rate hikes. However, litecoin continued to rise by over 3%, while GRT and SHIB tokens tumbled more than 7% and 4%, respectively.

Additionally, there were various developments in the crypto industry, including Hong Kong's securities regulator accepting applications for crypto trading platform licenses and MakerDAO's community voting to onboard a new real-world asset vault for U.S. Treasury bonds.

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