Bitcoin continued to trade sideways around 96k, so altcoins became active. The biggest macro event last night was the martial law imposed by South Korean President Yoon Seok-yeol. This civil unrest in South Korea brought a black swan impact to the cryptocurrency market.
The price of Bitcoin on upbit plunged from 135 million won to 88.2 million won last night, a drop of nearly 35%. All the altcoins on the Korean exchange were also scared. The recent main altcoins including XRP and HBAR all suffered a big drop. Almost all altcoins experienced a correction last night. However, such an incident can only be regarded as a minor episode for the long-term bullish coins, and the market quickly returned to normal.
It can be seen from this incident that the pricing power and main force in the current market are still held by the United States. Even if South Korea becomes the main battlefield of altcoins and has a huge influence in the currency market, it still cannot control the overall market trend. Historically, only China before 2021 and the United States after 2021 will have a fundamental impact on the currency market. Recently, not only South Korea, but also France has seen political fusion. Tonight, it will vote on whether to overthrow the government. Previously, earthquakes also occurred in the political arena of Germany and Japan, and the ruling parties are facing the crisis of stepping down. However, the political crises in these countries have an even smaller impact on the currency market. Here we can see the resilience of Bitcoin.
Speaking of the altcoin market, Brother Sun was all over the screen last night, saying that TRX is the next XRP. Then data showed that Brother Sun shipped more than 2,000 BTC in the past week. It seems that this is used to pull the market. The entire TRON system has taken off. The top few on the Binance gain list are all Brother Sun’s coins TRX, JST, SUN, ah, WIN. TRON has continuously set new highs, and its market value has once again entered the top ten, with FDV reaching 33 billion US dollars.
I have to say that Brother Sun is really awesome. Originally, TRX had little to do with this wave of market hotspots, but Brother Sun used his identity as the xrp Chinese ambassador and donated 30 million to Trump wlfi to forcibly link it with American politics. In addition, Brother Sun was sued for fraud by the SEC early on, so he has some grievances. I have to admit that Brother Sun has great marketing strength. There are few people better than Brother Sun in the past five thousand years.
In addition, RSR and HBAR will definitely be the leaders of SEC concept coins. RSR's consultant Paul Atkins was nominated by Chuanzi as the new SEC chairman, but this guy refused. HBAR's board member Brian Brooks is also rumored to be the next SEC chairman. Currently, Paul has a higher chance of winning on polymarket.
Another SEC concept is $DTF. STX is the first SEC compliant project in history. EOS and FLOW have both paid fines to the SEC. XRP has directly sued the SEC. Of course, TRX and BNB have also been hunted by the SEC. Sun Ge was sued and cz was in hiding for 4 months, so these two have reached new highs. In addition, those that were once listed as securities by the SEC have all risen well recently, including 11 tokens such as ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG and SOL.
This historic moment is accompanied by an unimaginable rise. The volatility in the future will become very large. The round of rise will eventually end, but we don’t know the exact time. In December, there will be interest rate cuts, data, the New Year in the United States, and the process of interest rate hikes in Japan, etc.
