Daily News | The South Korean martial law controversy has unsettled the markets; BTC initially fell and then rose, stabilizing around $96,000
Daily Digest: The South Korean martial law controversy has unsettled the markets; BTC initially fell and then rose, stabilizing around $96,000
Last night, the South Korean cryptocurrency market experienced a brief crash due to President Yoon Suk-yeol’s martial law announcement, causing BTC to drop to around $63,000 and leading to significant negative premiums in many altcoins. However, following the National Assembly’s vote to lift the ban, cryptocurrencies began to recover, with BTC currently rising to approximately $96,000 and altcoins also showing signs of recovery.
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Market Analysis: BTC has narrowed its losses and stabilized around $96,000 with localized market hotspots emerging.
Market Highlights:
-The recent South Korean martial law controversy caused a brief decline in several cryptocurrencies, but this incident has not significantly dampened the overall optimistic sentiment in the market following the U.S. elections. The crypto market saw a recovery, maintaining a broad upward trend, with sectors such as RWA, Layer 1, Tron eco, and inions leading the gains.
-XRP‘s surge boosted market sentiment, leading to increased interest in established high-market-cap projects like AVAX, NEAR, LINK, ONDO, and HBAR, which saw an average gain of over 30%.
-Speculation surrounding the next SEC chair has driven interest in tokens like RSR and DTF. News that Trump has chosen Paul Atkins as the next SEC chair—who previously advised the RSR project—initially caused RSR to spike over 50%, but the price fell again when it was revealed that Atkins was not inclined to accept the role. Meanwhile, DTF, related to RSR, surged from $0.012 to $0.03, a 235% increase, before dropping back to $0.023.Additionally, HBAR and XRP are gaining attention due to their links with other SEC chairman candidates.
-Meme tokens like POPCAT, CHILLGUY, FARTCOIN, and CLANKER saw significant gains. As funds shifted towards trading established altcoins, the impact of on-chain meme tokens diminished, with only a few popular meme tokens maintaining strong interest.
Market Trends:
-BTC has rebounded above $96,000. Since Trump’s victory in the U.S. elections on November 5, over 171,000 BTC have been withdrawn from major exchanges, with exchange reserves dropping to 2.46 million BTC, the lowest level in years. Recently, the net inflow of funds into BTC spot ETFs has slowed, showing signs of shifting towards ETH spot ETFs.
-ETH is experiencing a high-level consolidation, having risen above $3,700 this morning, reflecting a 1.90% increase over 24 hours. Net inflows into spot ETFs have continued for nine consecutive working days, indicating that ETH’s rise could trigger an altcoin bull market.
-BTC’s market dominance has slightly decreased, but altcoins continue to rally, with inions and Tron eco tokens showing the strongest upward trends; TRX’s 24-hour increase reached 77.98%, hitting a new all-time high.
Macro News: Following the martial law controversy in South Korea, the crypto market has continued to rise.
Last night, the announcement of the martial law led to a flash crash in the South Korean cryptocurrency market, resulting in severe negative premiums in numerous trading pairs. However, with the National Assembly voting to lift the ban, the market has stabilized, though the Korean stock market opened with a nearly 2% drop and the won hit a new low.
U.S. stocks closed mixed, but the overall trend remains a steady rise, reflecting the market sentiment driven by the growing expectations of a rate cut in December, as indicated by several Federal Reserve officials. Currently, the probability of a 25 basis point rate cut in December stands at 70.3%.
Additionally, it’s noteworthy that Trump is expected to announce the next SEC chair today, although it appears that Paul Atkins, who was favored for the position, may not be willing to accept it. According to prediction market Kalshi, the likelihood of Atkins becoming the next SEC chair has increased. The new SEC chair will significantly impact cryptocurrency regulation, and we will continue to monitor this important development.
