Headlines
▌Following the martial law incident in South Korea, the Korean stock market opened down nearly 2%
The South Korean KOSPI index opened down 1.97%, and President Yoon Suk-yeol lifted the emergency martial law order just six hours after announcing it late at night. Additionally, according to Yonhap News Agency, South Korean regulatory authorities stated they are ready to deploy a 10 trillion won stock market stabilization fund at any time.
▌The South Korean president announces the lifting of the emergency martial law order
South Korean President Yoon Suk-yeol announced through a live broadcast from the presidential office in Yongsan, Seoul, in the early hours of today (December 4), that he has decided to accept the request from the National Assembly and lift the martial law order. This came just over six hours after he announced the implementation of the martial law order on the night of December 3. (CCTV International News)
In addition, the South Korean cabinet has agreed to lift the martial law order. (Yonhap News Agency)
▌Insiders: Paul Atkins, nominated by Trump for SEC chairman, is unwilling to accept the position
Insiders revealed that Paul Atkins, nominated by Trump for SEC chairman, is unwilling to accept the position. Those familiar with Atkins' thoughts indicated that the position holds little appeal for him due to the amount of work required to "turn around this bloated agency", which he believes is mismanaged 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 serves cryptocurrency companies, but they are 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 that Paul Atkins is reluctant to leave his company, and taking the SEC chairman position would require him to resign from his business interests. He may only consider doing so if the company can operate normally without him.
Market
As of the time of writing, according to Coingecko data:
The recent transaction price of BTC is $96,037.78, with a daily fluctuation of +0.0%;
The recent transaction price of ETH is $3,626.46, with a daily fluctuation of -0.5%;
The recent transaction price of BNB is $742.46, with a daily fluctuation of +14.5%;
The recent transaction price of SOL is $236.49, with a daily fluctuation of +4.6%;
The recent transaction price of DOGE is 0.4114 yuan, with a daily fluctuation of -3.3%;
The recent transaction price of XPR is $2.54, with a daily fluctuation of -6.4%.
Policy
▌The Trump administration may allow more crypto companies to go public
The Trump administration may allow more cryptocurrency companies to go public, potentially changing the regulatory environment in the future, thus providing more funding channels and development opportunities for crypto companies. Reports suggest that the IPO market may soon open to stablecoin provider Circle Internet Financial, trading platform Kraken, and other companies expressing a desire to go public.
▌Insiders: Trump has contacted Paul Atkins to serve as SEC chairman and is waiting for his acceptance
Insiders revealed that Trump chose Paul Atkins to serve as chairman of the U.S. Securities and Exchange Commission (SEC) and has already contacted Atkins, waiting for 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 is increasing.
Prior reports indicated that Paul Atkins, the SEC chair nominee chosen by Trump, was unwilling to accept the position.
▌Former Celsius CEO Alex Mashinsky pleads guilty to two charges in New York court
Former Celsius CEO Alex Mashinsky pleaded guilty to two charges in a New York court. Bloomberg reports that Mashinsky admitted to committing commodity fraud and fraudulently manipulating the price of the company's native token, with a maximum sentence of 20 years in prison.
According to the original complaint filed in July 2023, Mashinsky is accused of securities fraud, commodity fraud, telecommunications 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 request U.S. judges to overturn his "hush money" case criminal conviction
According to a court document, lawyers for President-elect Trump formally requested the judge on the 2nd to overturn his criminal conviction in the "hush money" case, stating that continuing to hear this case would constitute an unconstitutional "interference" with the presidential office. In publicly available court documents, Trump's lawyers told New York State Judge Juan Merchan that, given Trump's impending return to the White House, it is necessary to reverse the conviction. The lawyers wrote: "Continuing with this case would interfere with Trump's transition of presidential power." It is reported that the U.S. prosecution needs to respond before December 9. Previously, the prosecution had stated that it would work to oppose any attempts to overturn this case but was willing to postpone sentencing until 2029 after Trump's second term ends.
▌Grayscale applies to the SEC to convert the Grayscale Solana Trust into a Solana ETF
According to an official document, Grayscale and the New York Stock Exchange (NYSE) submitted a 19b-4 filing to the SEC requesting to convert its Grayscale Solana Trust (GSOL) into a Solana ETF.
Blockchain applications
▌Privacy-focused Layer1 Namada launches its mainnet
The privacy-focused Layer 1 blockchain Namada has officially launched its mainnet and enabled the genesis block of the network. This marks the first phase of its decentralized mainnet launch, involving staking and governance. The release also includes a community airdrop, with eligible wallets set to receive NAM tokens, which will become transferable in phase 5, expected to be completed in a few months.
Cryptocurrency
▌Ethereum's on-chain trading volume reached $183.7 billion in November, the highest of the year
According to data from The Block, Ethereum's on-chain trading volume reached $183.74 billion in November, setting the highest monthly trading volume so far this year. This is also the highest on-chain trading volume for Ethereum in nearly three years since December 2021, when it reached $241 billion.
Although this figure is far from the historical high of $404.93 billion set in May 2021, the performance in November indicates that trading activity levels have stabilized. Compared to the annual high set in March, this figure has steadily increased by 9%, nearly doubling the annual low on-chain trading volume of $107.93 billion in January.
Analysts suggest that this growth may be driven by capital rotation, as market participants lower their risk curves and reallocate funds from centralized exchanges (CEX) to on-chain activities.
▌BNB's market capitalization surpasses $100 billion, setting a new historical high, surpassing BYD and ABB to rise to 186th position in global asset rankings
According to the latest data from Infinite Market Cap, with BNB breaking through $740, its market capitalization has also reached $106.85 billion, setting a new historical high with a 24-hour increase of 14.9%. Currently, BNB has risen 33 places to rank 186th in the global asset market capitalization list, surpassing BYD and ABB.
▌In the past 24 hours, 19,487 BTC flowed out from Coinbase, with a total value of approximately $1.87 billion
CryptoQuant data shows that there were two significant fund outflows from Coinbase in the past 24 hours, 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 two transactions was approximately $1.87 billion.
Analysts state: "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. As retail investor interest may soon join this trend, Bitcoin seems poised to break through $100,000 in the near future."
Important economic dynamics
▌The largest opposition party in South Korea: If Yoon Suk-yeol does not resign immediately, they will advance impeachment proceedings
After South Korean President Yoon Suk-yeol announced the implementation of the martial law order and lifted it more than six hours later, the country's largest opposition party, the Democratic Party, urged Yoon Suk-yeol to resign immediately, stating that if he did not resign promptly, they would 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 to implement the emergency martial law order clearly violates the constitution and did not comply with any conditions required for the announcement (of the martial law)," and "the announcement of the emergency martial law itself is invalid and constitutes a serious unconstitutional act," and "this is a serious act of internal turmoil 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 impeachment proceedings."
▌The South Korean Ministry of Finance states that the stock market will trade as usual
A spokesperson for South Korea's Ministry of Strategy and Finance stated that authorities have decided that the country's stock market will open as normal at 9 a.m. local time.
All financial 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 to provide unlimited liquidity until the market returns to normal.
▌The probability of the Federal Reserve reducing interest rates by 25 basis points in December is 70.3%
According to CME's "Fed Watch", the probability of the Fed maintaining the current interest rate unchanged until December is 29.7%, and the cumulative probability of a 25 basis point rate cut is 70.3%. The probability of maintaining the current interest rate unchanged until January next year is 22.0%, and the cumulative probability of a 25 basis point rate cut is 59.9%, with an 18.0% probability of a cumulative 50 basis point rate cut.
▌U.S. stocks closed mixed, with the Nasdaq and S&P 500 indices continuing to set closing highs
U.S. stocks closed mixed, with the Dow falling 0.17%, the Nasdaq rising 0.40%, and the S&P 500 index rising 0.05%, with the Nasdaq and S&P 500 indices continuing to set closing highs. Gold stocks rose broadly, with Coeur Mining up over 8%, Hecla Mining up over 6%, Pan American Silver rising nearly 6%, and AngloGold rising over 4%. JPMorgan expects gold prices to rise to $3,000 per ounce next year. Intel fell over 6%, and the company's CEO Pat Gelsinger retired on December 1, reportedly pushed out by the board due to poor performance.
Golden 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 that people are unaware that they are using 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 complexities of each individual chain.
Disclaimer: Golden 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 be sure to enhance risk awareness.
