The South Korean president declared martial law last night, triggering panic in the cryptocurrency circle, which plunged 30% at one point. Ripple even plunged 60%. Last night, BTC on Upbit once plunged to more than 60,000 US dollars, which was simply unimaginable. Fortunately, it did not affect the market of other exchanges, but contract users may suffer losses.
The reason for the plunge was the intensified struggle between the two factions in South Korea, which led to a flash crash in the Korean exchange, triggering a market correction.
However, South Korea’s parliament soon announced the lifting of martial law, and the crypto market began to rebound rapidly.
This round of bull market is still crypto-friendly, led by the United States. Unlike the FTX crash, the crypto industry itself has not encountered a crisis.
Upbit’s last night’s spike caused crypto funds and users to flee South Korea, which was good for other exchanges. This morning, BNB, OKB, and BGB all saw different increases, with BNB soaring by 18%+.
Now the big stocks are falling, while the copycat stocks are rising. This shows that the amount of funds in the market has increased relatively, but there is no obvious outflow, but it is rotating back and forth.
The data on the Bitcoin chain is skyrocketing, and abnormal signals are appearing frequently. What big moves are the big whales quietly planning?
Today, a key indicator on the Bitcoin chain broke the historical record.
In the past 7 days, the Bitcoin reserves of exchanges across the entire network have seen an astonishing net outflow, setting the second largest record in history!
The whales seem to be hoarding coins crazily during this period, withdrawing a large amount of Bitcoin to their cold wallets, and the Bitcoin inventory of the exchange has almost "bottomed out"! This phenomenon is simply outrageous. The large-scale purchases of whales indicate that the next wave of bull market is coming.
Recent Copycat Logic
The compliant coins in the United States are being fomo’d by the market, first with $xrp $algo $hbar $ada and then with $rsr (mentioned in yesterday’s article). The founders of these coins have just had contact with the Trump team, so the market recognizes them very much.
Among the compliant US currencies, $STX has not taken off yet, so you can pay attention to it. Then there are other related US currencies such as $avax $apt $sui $link, etc., which you can also pay attention to.
CB launched MOG. Recently, CB has focused on memes. As time goes by, a new wave of memes will soon arrive. At that time, memes will fly higher because of the support of American users. I believe $PNUT will be announced online soon.
➜$RIO
Realio Network is a blockchain-based, end-to-end platform designed for the issuance, investment, and management of digital securities.
Its unique infrastructure combines the advantages of traditional finance and decentralized finance.
The project has SEC certification, and the future ceiling is quite high.
➜$STX
If the Bitcoin ecosystem must choose a target, it must be STX
As the only project with formal application in the btcL2 sector, the strength of STX cannot be underestimated.
The upcoming Nakamoto upgrade and the launch of sBTC will add weight to its position in the BTC ecosystem, and its market share is expected to further expand.
Currently, STX is still worth holding, with 3u as the target, and its future potential cannot be underestimated!
➜$AVAX
Avalanche9000 Upgrade
- The cost of launching a Layer 1 blockchain (L1) is reduced by 99.9%.
- C-Chain’s gas fees are reduced by 96%.
- Enhanced inter-chain interoperability.
This upgrade is already live on the Fuji testnet and is planned to be deployed to the mainnet, providing developers with an easier process for creating customized blockchains.
Avalanche has seen a significant increase in community activity and is strengthening its infrastructure and dApp ecosystem through a partnership with Amazon Cloud Services (AWS).
The Avalanche Rush project provides an incentive mechanism for DeFi protocols such as Aave and Curve. Despite initial complaints about low APY, the project has significantly improved liquidity and user base, promoting the expansion of the entire ecosystem.
