1. Trump nominated crypto supporter Paul Atkins as the chair of the SEC, and current chair Gary Gensler will resign on Trump's inauguration day.
2. South Korea announced a curfew, leading to trading interruptions at exchanges like Upbit and causing market turmoil, with large amounts of USDT flowing into Upbit.
According to PANews on December 3, following South Korea's announcement of a 'curfew', the cryptocurrency market plummeted. Many whales transferred large amounts of USDT to Upbit, possibly to buy at the bottom. Within one hour of the 'curfew' announcement, over 163 million USDT flowed into Upbit. -Original
3. Virgin Voyages became the first cruise line to accept Bitcoin payments, attracting attention from the cryptocurrency market.
4. Grayscale Investments and the New York Stock Exchange submitted a 19b-4 filing for a Solana ETF, showing continued interest in Solana.
According to the official website of the New York Stock Exchange, Grayscale Investments and the NYSE submitted a 19b-4 filing for a Solana ETF to the SEC. -Original
5. Celsius founder Alex Mashinsky pleads guilty to fraud charges, increasing legal pressure on the cryptocurrency industry.
Celsius Network founder and former CEO Alex Mashinsky pleaded guilty to two counts of fraud on Tuesday. The 59-year-old Mashinsky was indicted on July 13, 2023, on seven counts of fraud, conspiracy, and market manipulation. Federal prosecutors in Manhattan stated he misled Celsius customers, luring them to invest, and artificially inflated the value of the company’s proprietary cryptocurrency tokens. He pleaded not guilty to those charges on the same day. During Tuesday's hearing, Mashinsky admitted to pleading guilty to two of the initial seven charges: commodity fraud and a fraud scheme to manipulate the price of CEL (Celsius tokens). In court, Mashinsky acknowledged that during a 2021 interview, he provided “false comfort” to Celsius customers by claiming Celsius had received regulatory approval for its “Earn” program, which in reality had not been approved. This program promised to use customers' crypto assets to generate investment returns. -Original
6. The South Korean government stated it will provide unlimited liquidity to the market when necessary to respond to recent instability.
The South Korean government stated that it will provide unlimited liquidity to the market when necessary. Jefferies' global head of foreign exchange, Brad Bechtel, noted that South Korean leadership has previously used this approach during major political turmoil or power transitions, but it remains concerning. He believes the Korean won will remain volatile in the short term. This largely depends on how overseas investors react to the Korean stock market. If they begin to sell off heavily, the USD/KRW exchange rate could rise to 1450. -Original
7. MicroStrategy founder Michael Saylor stated that Microsoft's investment in Bitcoin will significantly increase its market value.
8. XRP Ledger reduces the base reserve requirement to 1 XRP, aiming to lower the adoption threshold for users.
Blockchain data shows that on December 3, XRP Ledger reduced its base reserve requirement from 10 XRP to just 1 XRP. This allows new users to fund their wallets with less cryptocurrency, potentially lowering the adoption threshold for users. It also enables users to spend a portion of XRP they would have otherwise had to hold as a reserve. The reserve change occurred at 6:45 AM Beijing time today. This news was announced by an XRP validator operator known as Vet on platform X. Meanwhile, the owner reserve has also been lowered from 2 XRP to 0.2 XRP, meaning users only need to hold 0.2 XRP for each object they hold in their account. According to XRP Ledger documentation, objects can include NFTs, trust lines, signer lists, or owner directories. Some oracles also count as objects and require owner reserves. -Original
9. South Korean virtual asset service providers will pay regulatory fees starting next year to strengthen oversight of the cryptocurrency market.
10. A CryptoQuant report shows that Bitcoin exchange reserves have dropped to a multi-year low, affecting market supply and demand dynamics.
A report from CryptoQuant noted that Bitcoin exchange reserves have fallen to their lowest level in years. This reduces the amount of assets available for immediate sale, affecting the supply and demand dynamics of the Bitcoin market. -Original
11. A South Korean official was sentenced to five years in prison for embezzling $427,800 to invest in cryptocurrency, highlighting the legal risks of crypto investments.
The Cheongju District Court in South Korea sentenced a public official from the Cheongju city government to five years in prison for embezzlement. From January 2017 to now, he embezzled 600 million Korean won ($427,800) for investing in cryptocurrencies and stocks, as well as repaying personal debts. Reports indicate he forged official documents in the scheme. -Original
12. Pantera Capital raised $20 million and plans to increase its investment in TON.
According to documents submitted to the U.S. Securities and Exchange Commission on Monday, Pantera Capital, one of the largest hedge funds and venture capital firms in the cryptocurrency sector, has raised $20 million to invest in the cryptocurrency Toncoi of TON. The documents indicate that this venture capital firm raised funds from at least 29 investors through two separate funds. The initial formal sales of these two funds took place in July. -Original
13. South Korea's major exchanges Upbit and Bithumb experienced trading delays due to high traffic, leading to increased market trading activity.
Starting next year, South Korea's virtual asset service providers, including Dunamu (Upbit), Bithumb, and Coinone, will be required to pay regulatory fees. This decision was made following the approval of the enforcement order amendment of the Financial Services Commission (FSC) by the State Council on December 3. The regulatory fees are calculated based on operating income and will be paid by financial institutions such as banks, investment companies, and insurance companies to cover the FSC’s inspection and supervision services. -Original
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