Author: TechFlow
Yesterday's market dynamics
Grayscale has submitted a spot Solana ETF application to the SEC
According to Cointelegraph, Grayscale has submitted a spot Solana ETF application to the SEC. If approved, the Grayscale Solana Trust Fund will be traded on the New York Stock Exchange under the ticker GSOL. According to the application documents, if approved, Coinbase Custody Trust Company, LLC will serve as the custodian and BNY Mellon Asset Servicing will serve as the administrator.
It is reported that over the past year, several institutions including 21Shares, VanEck, Bitwise Asset Management and Canary Capital have been striving to launch a spot Solana ETF.
Source: Trump nominates crypto-friendly Paul Atkins as SEC chairman
According to Unchained Crypto, three sources familiar with the discussions revealed that President-elect Donald Trump has nominated Paul Atkins, who supports cryptocurrency, as chairman of the Securities and Exchange Commission (SEC). It is reported that Atkins is the first SEC commissioner during the Bush administration and has long supported the crypto industry. One source pointed out that Trump has contacted Atkins but is waiting for him to accept.
More than 163 million USDT flowed into Upbit within 1 hour after South Korea declared martial law
According to Lookonchain monitoring, within one hour after South Korea declared martial law, more than 163 million USDT flowed into Upbit, the largest cryptocurrency exchange in South Korea, which may be a bottom-fishing operation by whales.
As previously reported, the Korean crypto market experienced severe fluctuations, with Bitcoin on the Upbit platform experiencing a 33% negative premium compared to the international market, and mainstream currencies such as XRP and ETH falling by more than 50% at one point.
Coinbase Adds MOG Coin (MOG) to Listing Roadmap
According to official news, Coinbase has added MOG Coin (MOG) to its coin listing roadmap.
Analysis: MicroStrategy would only become insolvent if Bitcoin falls to $18,826
According to Cointelegraph, capital consultant Jeff Walton's latest research shows that MicroStrategy's Bitcoin investment strategy remains robust even if the price of Bitcoin plummets 80% to below $20,000. Walton calculated that the company's assets will be lower than liabilities only when the price of Bitcoin falls to $18,826.
Charles Edwards, founder of quantitative fund Capriole Investments, pointed out that institutional demand for Bitcoin has shown explosive growth, currently showing three significant characteristics: First, MicroStrategy continues to raise billions of dollars every week to purchase Bitcoin; second, the mining company MARA It is currently financing US$1 billion and plans to increase its Bitcoin holdings by 30%. Third, Bitcoin held by institutions and ETFs has reached 13.5% of the total circulation and is growing exponentially.
Edwards further predicted that the current trend of institutional adoption of Bitcoin is still in its early stages. He believes that once the price of Bitcoin breaks through the $100,000 mark, it will trigger a larger market rally.
Arbitrum One TVL exceeds $20 billion, becoming the first L2 network to reach this scale
Arbitrum officially announced on the X platform that the total locked value (TVL) of Arbitrum One exceeded US$20 billion, reaching US$20.04 billion, a month-on-month increase of 14%, becoming the first L2 network to reach this scale.
Arbitrum officials stated that with the upcoming Stage 2 and the continued growth of the ecosystem in various verticals, Arbitrum One will further expand its scalability capabilities.
XRP Ledger Reduces Base Reserve Requirement by 90% to 1 XRP
According to Cointelegraph, XRP Ledger has lowered the base reserve requirement from 10 XRP (about $25.60) to 1 XRP (about $2.56). At the same time, the owner reserve for each account object (including NFT, trust line, signature list, etc.) has also been reduced from 2 XRP to 0.2 XRP.
The adjustment was first disclosed by XRP verification node operator Vet. Developer WietseWind said that although reducing the reserve may increase ledger activity and pose challenges to infrastructure, it is a "good problem" that means more user participation and the engineering team is confident that it can cope with the increase in network load.
The offshore RMB fell below the 7.30 mark against the US dollar, hitting a new low since November last year
The offshore RMB/USD exchange rate fell below the 7.30 mark, currently at 7.3010, down nearly 200 points on the day. The onshore RMB/USD exchange rate approached the 7.29 mark, with the lowest price at 7.2890 yuan, a new low since November last year.
South Korean media: Cryptocurrency investment by South Korean seniors surges, with the number of crypto accounts over 60 reaching 775,700
According to Pioneer Business, the number of user accounts over 60 years old on the major cryptocurrency exchanges Upbit and Bithumb in South Korea reached 775,700 (as of the end of September), an increase of 30.4% from the end of 2021. Users in this age group hold a total of 6.7609 trillion won in cryptocurrency assets, with an average investment of about 8.72 million won per person, the highest among all age groups. At the same time, the current deposit balance of the five major banks in South Korea was 592.67 trillion won, a decrease of 26.95 trillion won from the end of June, setting a new low since January this year.
Data: Bitcoin balances on cryptocurrency exchanges continue to decline, down 315,000 this year
On December 4, according to HODL15Capital data, the total balance of Bitcoin on mainstream cryptocurrency exchanges was 2.312 million, a decrease of 116,000 in the past 30 days and a cumulative decrease of 315,000 (-12.8%) so far this year.
Coinbase holds the largest amount of 783,000 coins, a decrease of 38,000 coins in 30 days and 281,000 coins in the year.
Binance ranked second, holding 579,000 tokens, a decrease of 29,000 tokens in 30 days and 6,860 tokens in the year.
Bitfinex ranks third, holding 378,000 tokens, a decrease of 12,000 tokens in 30 days and 3,316 tokens in the year.
It is worth noting that a few exchanges such as OKX, Bitflyer and Kukoin saw net inflows during the year, among which OKX increased by 33,000, making it the exchange with the largest increase.
Market dynamics
Recommended Reading
Behind South Korea's martial law: A political rivalry that tore apart national consensus
South Korean President Yoon Seok-yeol and the leader of the opposition Democratic Party, Lee Jae-myung, have been in fierce confrontation for a long time. Yoon Seok-yeol announced the sudden implementation of martial law, with the direct reason being to maintain constitutional order, accusing Lee Jae-myung and others of being pro-North Korean and anti-national forces.
Although Lee Jae-myung lost the presidential election, he gained a large number of supporters because of what he saw as political persecution, while Yoon Seok-yeol's approval rating hit a new low. This political confrontation reflects the fundamental differences between conservatives and progressives in South Korea and deepens the division in society.
Vitalik's new technical article: The vision of an ideal wallet - a comprehensive upgrade from cross-chain experience to privacy protection
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Cyber Capital founder: Ripple is completely centralized, please be vigilant
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Sui 2024 Q2 and Q3 Report: Performance Improved by 80%, TVL Exceeds 1 Billion, a Milestone Season for Sui
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