Headlines.
▌After the South Korean martial law incident, South Korean stocks opened down nearly 2%.
The KOSPI index in South Korea opened down 1.97%, just six hours after President Yoon Suk-yeol issued an emergency martial law order late at night. Additionally, according to Yonhap News, South Korean regulators stated they are ready to deploy a 10 trillion won stock market stabilization fund at any time.
▌South Korean president announces lifting of emergency martial law.
South Korean President Yoon Suk-yeol announced today (December 4) via live broadcast from the presidential office in Yongsan, Seoul, that he has decided to accept the National Assembly's request to lift the martial law order. This comes just over six hours after he announced the implementation of martial law on the evening of December 3. (CCTV International News)
In addition, the South Korean cabinet agreed to lift the martial law order. (Yonhap News)
▌Sources: Trump's nominee for SEC chairman Paul Atkins is reluctant to accept the position.
Sources revealed that Paul's nomination for SEC chairman by Trump is reluctant to accept the position. Individuals familiar with Atkins' thoughts indicated that the position does not appeal to him as it requires a lot of work to 'turn around this bloated agency,' which he believes has been poorly managed by the outgoing SEC chairman Gary Gensler.
Atkins is the founder and CEO of Patomak Global Partners, a global consulting firm focused on strategy, risk management, and regulatory compliance. Patomak provides services for cryptocurrency companies, but they represent only a small part of its diversified business, which also includes traditional financial clients, publicly listed companies, industry associations, law firms, banks, and insurance companies.
Insiders say Paul Atkins is unwilling to leave his company, as accepting the SEC chair position would require him to resign from his business interests, and he may only do so if the company can operate normally without him.
Market conditions.
As of the time of writing, according to Coingecko data:
The recent transaction price of BTC is $96,037.78, with a daily change of +0.0%;
The recent transaction price of ETH is $3,626.46, with a daily change of -0.5%;
The recent transaction price of BNB is $742.46, with a daily change of +14.5%;
SOL's recent transaction price is $236.49, with a daily change of +4.6%;
DOGE's recent transaction price is 0.4114 yuan, with a daily change of -3.3%;
XPR's recent transaction price is $2.54, with a daily change of -6.4%.
Policy.
▌Trump's administration may allow more cryptocurrency companies to go public.
Trump's administration may allow more cryptocurrency companies to conduct IPOs, with potential changes in the regulatory environment that could provide more funding channels and growth opportunities for crypto companies. Reports indicate that the IPO market may soon open to stablecoin providers Circle Internet Financial, trading platform Kraken, and other companies expressing a desire to go public.
▌Sources: Trump has contacted Paul Atkins to serve as SEC chairman and is waiting for his acceptance.
Sources revealed that Trump chose Paul Atkins to serve as the chairman of the SEC and has already contacted Atkins, awaiting his acceptance. Atkins' spokesperson did not immediately respond to requests for comment.
Prediction market Kalshi shows that the likelihood of Paul Atkins becoming the next SEC chairman has increased.
Previously, sources indicated that Trump's nominee for SEC chairman, Paul Atkins, was reluctant to accept the position.
▌Former Celsius CEO Alex Mashinsky pleaded guilty to two charges in a New York court.
Former Celsius CEO Alex Mashinsky pleaded guilty to two charges in a New York court, with Bloomberg reporting that Mashinsky admitted to committing commodity fraud and fraud in manipulating the price of the company's native tokens, which could result in a maximum sentence of 20 years.
According to the original complaint filed in July 2023, Mashinsky has been accused of securities fraud, commodity fraud, telecom fraud, and other charges. Celsius is a cryptocurrency company that allows customers to earn interest and borrow. The company filed for bankruptcy in 2022 and shut down earlier this year.
▌Trump's lawyers formally requested U.S. judges to overturn his criminal conviction in the 'hush money' case.
According to a court document, lawyers for U.S. President-elect Trump formally requested a judge on the 2nd to overturn his criminal conviction in the 'hush money' case, stating that continuing to hear the case would constitute an unconstitutional 'interference' with the presidency. In publicly filed court documents, Trump's lawyers told New York state judge Juan Merchan that, given Trump's imminent return to the White House, it is necessary to overturn the conviction. The lawyers wrote, 'Continuing this case would interfere with Trump's presidential transition.' It is reported that U.S. prosecutors must respond by December 9. Previously, prosecutors indicated they would work to oppose any attempts to overturn the case but were willing to postpone sentencing until after Trump's second term ends in 2029.
▌Grayscale applies to SEC to convert Grayscale Solana Trust to Solana ETF.
According to an official document, Grayscale and the New York Stock Exchange (NYSE) have submitted a 19b-4 filing to the SEC to convert its Grayscale Solana Trust (GSOL) into a Solana ETF.
Blockchain applications.
▌Privacy-focused Layer 1 Namada launches mainnet.
The privacy-focused Layer 1 blockchain Namada has officially launched its mainnet and enabled the network's genesis block. This starts the first phase of its decentralized mainnet rollout, involving staking and governance. The release also includes community airdrops, with eligible wallets receiving NAM tokens, which will be transferable when phase 5 is activated, expected to be completed in a few months.
Cryptocurrency.
▌In November, Ethereum's on-chain transaction volume reached $183.7 billion, setting a new annual high.
According to The Block data, Ethereum's on-chain transaction volume reached $183.74 billion in November, setting a new record for the highest monthly transaction volume this year. This is also the highest on-chain transaction volume for Ethereum in nearly three years since December 2021's $241 billion.
Although this figure is far from the historical high of $404.93 billion set in May 2021, November's performance indicates that the level of trading activity has stabilized. Compared to the annual high set in March, this figure has steadily increased by 9%, nearly doubling the annual low on-chain transaction volume of $107.93 billion in January.
Analysts stated that this growth may be driven by capital rotation, as market participants lower their risk curve and reallocate funds from centralized exchanges (CEX) to on-chain activities.
▌BNB's market value surpasses $100 billion, setting a historic high, surpassing BYD and ABB to rank 186th in global assets.
According to the latest data from Infinite Market Cap, as BNB surpassed $740, its market value reached $106.85 billion, setting a new historical high, with a 24-hour increase of 14.9%. Currently, BNB has risen 33 places in the global asset market value ranking to 186th place, surpassing BYD and ABB.
▌In the past 24 hours, 19,487 BTC flowed out of Coinbase, with a total value of approximately $1.87 billion.
CryptoQuant data shows that in the past 24 hours, Coinbase experienced two significant outflows, each exceeding 8,000 BTC. A total of 19,487 BTC was withdrawn, with an average cost of $96,043, and the total value of these transactions was approximately $1.87 billion.
Analysts stated: 'Such large-scale transactions highlight institutional investors' strong and sustained interest in Bitcoin. Since the approval of the spot Bitcoin ETF, institutional demand has significantly increased. With retail investor interest likely to join this trend soon, Bitcoin appears poised to break through $100,000 in the near future.'
Important economic dynamics.
▌South Korea's largest opposition party: If Yoon Suk-yeol does not resign immediately, impeachment proceedings will be advanced.
After South Korean President Yoon Suk-yeol announced the implementation of martial law and lifted it more than six hours later, South Korea's largest opposition party, the Democratic Party, urged Yoon to resign immediately and stated that if he does not resign, they will advance impeachment proceedings. Reports indicate that the Democratic Party released a resolution containing the above content after convening an emergency parliamentary meeting that day. The resolution stated: 'Yoon Suk-yeol's announcement of an emergency martial law clearly violates the constitution and did not comply with any of the necessary conditions for declaring martial law. The declaration of emergency martial law itself is invalid and constitutes a serious constitutional violation. This is a serious act of insurrection and a perfect reason for impeachment.' The Democratic Party stated, 'If Yoon Suk-yeol does not resign immediately, we will represent the will of the people and immediately enter the impeachment process.'
▌South Korea's Ministry of Finance states that the stock market will trade as usual.
A spokesperson for South Korea's Ministry of Economy and Finance stated that authorities have decided that the country's stock market will open as usual at 9 a.m. local time.
All financial markets and foreign exchange markets in South Korea will operate normally. The South Korean government stated that overnight foreign exchange and overseas assets have stabilized and will take all possible measures in the market as needed, providing unlimited liquidity until the market returns to normal.
▌The probability of a 25 basis point rate cut by the Federal Reserve in December is 70.3%.
According to CME's 'FedWatch', the probability of the Federal Reserve maintaining the current interest rate unchanged by December is 29.7%, while the cumulative probability of a 25 basis point rate cut is 70.3%. The probability of maintaining the current interest rate unchanged by January next year is 22.0%, while the cumulative probability of a 25 basis point rate cut is 59.9%, and the cumulative probability of a 50 basis point cut is 18.0%.
▌U.S. stock markets closed mixed, with the NASDAQ and S&P 500 indices continuing to set new closing highs.
U.S. stock markets closed mixed, with the Dow down 0.17%, NASDAQ up 0.40%, S&P 500 index up 0.05%, and NASDAQ and S&P 500 indices continuing to set new closing highs. Gold stocks generally rose, with Coeur Mining up over 8%, Hecla Mining up over 6%, Pan American Silver up nearly 6%, AngloGold up over 4%, Harmony Gold and Kinross Gold up nearly 3%. JPMorgan expects gold prices to rise to $3,000 per ounce next year. Intel fell more than 6%, with the company's CEO Pat Gelsinger retiring on December 1, reportedly due to poor performance that led to his dismissal by the board.
Jinse Encyclopedia
▌What is chain abstraction?
Chain abstraction is a concept that simplifies the user experience of blockchain technology and unifies transactions across multiple networks. Blockchain chain abstraction aims to solve this problem by hiding or 'abstracting' the technology from users. This means people do not know they are using a blockchain or which blockchain they are using. Chain abstraction works by providing a single interface that allows users and developers to interact with multiple blockchains without managing the complexity of each individual chain.
Disclaimer: Jinse Finance, as a blockchain information platform, provides articles for informational reference only and does not constitute actual investment advice. Everyone should establish a correct investment concept and enhance risk awareness.
