Today's news highlights:
The recent martial law turmoil in South Korea caused BTC on Upbit to briefly plunge by 30%.
Insiders: Trump has nominated crypto supporter Paul Atkins to chair the U.S. SEC.
Former Celsius CEO Alex Mashinsky admitted to two criminal charges in a New York court.
Coinbase international site will launch Morpho perpetual futures contracts.
The Ethereum Foundation announced the Q3 funding project list, with a total funding amount of $12.8488 million.
Pantera Capital raises $20 million to invest in the blockchain TON related to Telegram.
The trading volume of South Korea's crypto market soared to $34 billion in the past 24 hours, setting a new annual high.
In November, the trading volume of crypto stablecoins exceeded $700 billion, setting a new record.
Regulatory news.
Fox News: Trump is considering appointing Perianne Boring as the chair of the U.S. CFTC.
Insiders: Trump has nominated crypto supporter Paul Atkins to chair the U.S. SEC.
According to Unchained Crypto, U.S. President-elect Donald Trump has nominated Paul Atkins, a supporter of the crypto industry, to chair the U.S. Securities and Exchange Commission (SEC). It is reported that Atkins is the first libertarian to serve as an SEC commissioner during the George W. Bush administration and has long supported the crypto industry. Insiders say Trump has reached out to Atkins, but he has yet to formally accept the nomination.
Atkins, as an alternative candidate, needs to be confirmed by the Senate; otherwise, Trump may appoint him directly during the Senate recess. Atkins co-founded the Token Alliance in 2017, focusing on cryptocurrency policy and has long provided compliance consulting for digital financial enterprises. Those familiar with Atkins's thoughts say that this position is not appealing to him, as it requires a lot of work to reverse the bloated institution and also requires him to resign from his current business position.
The South Korean martial law command has issued the first martial law order; the South Korean National Assembly has passed a request to lift the martial law order.
The South Korean National Assembly held an emergency meeting in the early hours of December 4, voting on 'requesting to lift the emergency martial law order'. 190 members attended the meeting, with 170 voting in favor, and the Speaker of the National Assembly, Yoo Won-sik, subsequently announced the emergency martial law order invalid.
The chief of staff and chief secretary of the South Korean presidential office collectively resigned.
According to CCTV reports, on December 4 local time, the chief of staff and chief secretary of the South Korean presidential office collectively resigned. According to Yonhap News Agency, South Korean President Yoon Suk-yeol's assistant has resigned. Market news indicates that South Korea's Finance Minister Choi Sang-mok will hold a ministerial meeting at 10 AM local time (9 AM Beijing time).
The ruling party in South Korea may demand that Yoon Suk-yeol resign from the party and propose the resignation of the entire cabinet and the dismissal of the defense minister.
South Korean regulators: ready to deploy a 100 trillion won stock market stabilization fund at any time.
South Korea's largest opposition party: If Yoon Suk-yeol does not resign immediately, impeachment procedures will be initiated.
Former Celsius CEO Alex Mashinsky admitted to two criminal charges in a New York court.
According to reports from The Block, former Celsius CEO Alex Mashinsky has pleaded guilty in New York court, admitting to two charges including commodity fraud and a fraudulent scheme to manipulate the price of Celsius's native token. These charges could lead to a prison sentence of up to 20 years.
Project dynamics.
Upbit: Service temporarily delayed due to increased traffic.
South Korea's crypto exchange Upbit announced that the Upbit application (Android, iOS) and Open API services are experiencing delays due to a temporary increase in traffic.
According to on-chain analyst @ai_9684xtpa monitoring, affected by the emergency martial law announcement late at night in South Korea, the South Korean crypto market collectively crashed, with Upbit's BTC dropping directly by 30% to a low of $66,500, while XRP was even more exaggerated, plummeting by 60%, falling from $2.9 to $1.16.
Safe launched 'Safenet', supporting users in managing assets across multiple blockchains.
A new proposal from the Blast community suggests repurchasing BLAST tokens with an annual yield of $36 million.
The community of Ethereum Layer2 network Blast has released a proposal titled 'Repurchase BLAST Tokens and Gain Profits', stating that Blast has a narrative problem, which needs to focus on price to address it; the proposal suggests converting profits into BLAST tokens and using these profits through buybacks. Depositors will retain the full value of their profits: they will not receive ETH or USDB, but will immediately receive liquid BLAST tokens. This proposal will create $36 million of buying pressure on the $BLAST token annually. It will also make user acquisition and engagement more effective, recalling users/builders and initiating another growth flywheel to lay the groundwork for the launch of mobile applications.
The proposal states that currently, there are $1.2 billion in yield assets on Blast L2. The conservatively estimated annual yield is 3%, which can generate $36 million annually for purchasing BLAST on the open market, equivalent to a daily bid of about $100,000. At current prices, this bid would cause a daily price fluctuation of +4.8%.
Coinbase international site will launch Morpho perpetual futures contracts.
Coinbase international site announced on platform X that it will support Morpho perpetual futures contracts on Coinbase international site and Coinbase Advanced, with the MORPHO-PERP market expected to open at or after 5:30 PM Beijing time on December 5, 2024.
Coinbase adds MOG Coin (MOG) to its listing roadmap.
Namada launches its mainnet and token airdrop.
According to The Block, the privacy-focused Layer1 blockchain Namada has officially launched its mainnet and enabled the genesis block of the network. This begins the first phase of its decentralized mainnet rollout, involving staking and governance. The development organization Anoma Foundation proposed the initial mainnet software and genesis balance. The foundation clarified that it does not operate validators, so the Namada community retains complete control. This release includes user airdrops. Eligible wallets will receive NAM tokens today, which they can immediately use for staking and governance. Token transferability will be activated in phase 5, expected to be completed in a few months.
This issuance will accompany the issuance of the native token, with a total supply of 1 billion NAM tokens. The Anoma Foundation proposed an initial genesis distribution plan with no lock-up period, which will be allocated among community members, early contributors, and future development plans. The launch of the genesis mainnet will be divided into five phases, each driven by community decision-making through on-chain governance.
Grayscale applies to convert the Solana Trust Fund into an ETF.
The Ethereum Foundation announced the Q3 funding project list, with a total funding amount of $12.8488 million.
The Ethereum Foundation released its Q3 2024 funding project update report. The report shows that the total funding amount in the third quarter reached $12.8488 million, covering various fields such as community education, consensus layers, cryptography and zero-knowledge proofs, developer experience and tools, execution layers, and Layer 2. Among them, community education projects accounted for the largest share, including the EEA Industry Day conference held in Bangkok, Thailand, the ETH Pura Vida conference held in San Jose, Costa Rica, and various hackathons.
In the technical field, the foundation continues to support the development of consensus layer clients such as Lighthouse, Nimbus, and Grandine, as well as the upgrade and maintenance of development tools like Web3.js and OpenZeppelin account abstraction contracts. Additionally, the report shows the foundation has provided funding for several research projects related to zero-knowledge proofs.
OpenAI appoints former Coinbase CMO Kate Rouch as the first Chief Marketing Officer.
Ripple will donate 1% of its profits to charity.
Everclear will migrate NEXT tokens to CLEAR on December 6 and launch a new token economics model.
The intent-based cross-chain bridge settlement layer Everclear has passed an important proposal to migrate NEXT tokens to CLEAR. According to the announcement, this migration will start at 9 PM on December 6 and will coincide with the launch of a three-month first-quarter reward program, with a total reward pool of 6.25 million CLEAR tokens.
Of this, 1.75 million CLEAR will be allocated to vbCLEAR stakers, and 4.5 million will be used to incentivize solvers. In terms of migration, NEXT holders on the L2 network will be automatically upgraded to CLEAR, while NEXT holders on the Ethereum mainnet will need to manually migrate 1:1. The newly introduced voting binding system allows users to lock CLEAR for up to two years to obtain vbCLEAR, participate in governance, and receive protocol revenue sharing.
Mining company Foundry cut about 60% of its workforce, reducing the total number of employees from 250 to about 80 to 90.
SynFutures announced its F token airdrop rules, which will be open for claiming on December 6.
Magic Eden officially supports Sei ecosystem NFT trading.
The Wormhole Staking reward program goes live today, with an initial distribution of 50 million W tokens.
Cross-chain protocol Wormhole announces that its staking rewards program (SRP) will officially launch today, applicable to governance staking users across all chains (EVM and Solana). The total amount of initial reward distribution is 50 million W tokens.
Sci-Hub founder tweets to test how tweets affect the price of Meme Token $scihub.
Sci-Hub founder Alexandra Elbakyan tweeted about 'testing how tweets affect the price of Sci-Hub Meme Token ($scihub)' and provided a donation address based on the Solana network.
OKX will launch MOVE (Movement) spot trading.
OKX is about to launch MOVE (Movement), with the following schedule:
• Deposit open time: December 4 at 2:00 PM (UTC+8).
• Auction time: December 9 from 7:00 PM to 8:00 PM (UTC+8).
• Spot trading opening time: December 9 at 8:00 PM (UTC+8).
• Withdrawal open time: December 10 at 6:00 PM (UTC+8).
It is reported that the Movement Network is a community-first blockchain that provides excellent TPS performance through the Move language, instant finality, immediate native access to massive liquidity, and modular customization.
Virgin Voyages announces it will be the first cruise line to accept Bitcoin payments.
According to Bitcoin Magazine, Virgin Voyages has announced it will be the first cruise line to accept Bitcoin payments. Passengers can use Bitcoin to pay for annual passes.
Financing news.
Crypto AI company GAIB completed $5 million in Pre-Seed funding, led by Hack VC.
Digital financial platform Brighty, which supports crypto card payments, completed $10 million in funding.
The Bitcoin ecological project BLIFE Protocol completed $7 million in funding, with participation from Animoca Brands and others.
Web3 artificial intelligence agency Earos completed $10 million in Pre-Seed funding.
Pantera Capital raises $20 million to invest in the blockchain TON related to Telegram.
According to DL News, Pantera Capital, a crypto hedge fund and venture capital firm, has raised $20 million to invest in the cryptocurrency Toncoin related to TON. According to the documents, the venture capital firm raised funds from at least 29 investors through two different funds. The first official sales of these two funds took place in July.
Pantera Capital started contacting investors in June. The minimum investment amount to participate is $250,000. The two new funds set up by Pantera Capital for Toncoin are built on early investments announced in May related to the cryptocurrency associated with Telegram. The company described this investment as the 'largest' in its 21-year history, but did not disclose specific amounts.
Blockchain interoperability developer Union Labs completed $12 million in Series A funding.
Blockchain interoperability project developer Union Labs announced the completion of $12 million in Series A funding, led by Gumi Cryptos Capital and Longhash Ventures, with participation from Borderless Capital and angel investors from the Polygon, Celestia, Movement, and Berachain communities.
Important data.
BNB surged over 19% to $765 per coin, marking a historic high in coin price.
TRON (TRX) fell back after reaching $0.45, marking a historic high in coin price.
Pump.Fun once again deposited 100,000 SOL into Kraken, worth $23.68 million.
According to Onchain Lens monitoring, 11 minutes ago, Pump.Fun once again deposited 100,000 SOL into Kraken, valued at $23.68 million. In total, they have deposited 1,098,869 SOL into Kraken, worth $260 million. Pump.Fun has earned a total of 1,598,832 SOL, valued at $379 million.
Data: Bitcoin balances on exchanges continue to decline to 2.312 million BTC.
According to HODL15 Capital statistics, Bitcoin balances on exchanges continue to decline, with the current total balance on major exchanges at approximately 2.312 million BTC. In the past month, it decreased by 116,200 BTC, and since the beginning of 2024, it has decreased by a cumulative 315,800 BTC, a drop of 12.8%.
Specifically, Coinbase had the largest decrease in balance, with 38,311 BTC flowing out in the past 30 days, totaling 281,840 BTC since the beginning of the year; Binance saw a decrease of 29,369 BTC in the past 30 days, with a total outflow of 6,860 BTC for the year. Notably, OKX is the only exchange to see growth, having increased by 33,834 BTC since the beginning of the year.
ETH swing addresses completed the 19th round of trading, earning $1 million in a single day.
Bitcoin spot ETF recorded a net inflow of $676 million in a single day, with continuous net inflows for 4 days.
Ethereum spot ETF recorded a net inflow of $133 million in a single day, with continuous net inflows for 7 days.
The total market capitalization of altcoins has risen 78.16% in the past month, from $870 billion to $1.55 trillion.
According to Tradingview data, since November 4, the total market capitalization of altcoins (TOTAL2, excluding BTC) has risen from $870 billion to $1.55 trillion, an increase of approximately 78.16%. Nevertheless, TOTAL2 remains below the pre-peak bull market high of $1.71 trillion in November 2021.
During the same period, the total market capitalization of cryptocurrencies (TOTAL) rose from $2.25 trillion to $3.46 trillion, exceeding approximately $3 trillion during the bull market in November 2021. The Bitcoin market share (BTC.D) declined from the peak of this bull market at 61.35% to 55.17%, but remains higher than the approximately 45% in the same period in 2021.
The trading volume of South Korea's crypto market soared to $34 billion in the past 24 hours, setting a new annual high.
South Korean President Yoon Suk-yeol's declaration of martial law led to a surge in trading volume in the crypto market to $34 billion within 24 hours, setting a new annual high. Among them, Upbit's trading volume reached $27.25 billion. The martial law led to panic selling in the market, with Bitcoin's price dropping to $62,182 at one point, and service interruptions occurred at multiple exchanges. Six hours later, the martial law was overturned by the National Assembly, and the market gradually stabilized.
In November, the trading volume of crypto stablecoins exceeded $700 billion, setting a new record.
According to data compiled by Visa, the trading volume of crypto stablecoins exceeded $700 billion in November, setting a new record, nearing the annual transaction level of the payment giant Visa. Among them, Tether's USDT accounted for $500 billion, and the volume on the Tron chain reached $314 billion, while Ethereum accounted for $247 billion. If stablecoins maintain a monthly growth rate of $700 billion, they may achieve a trading volume of $8.4 trillion next year, comparable to Visa's $12.3 trillion in 2023.
Tether CEO: USDT market cap surpasses $135 billion.
Tether CEO Paolo Ardoino posted a brief message on social media stating '135B', possibly indicating that Tether's current circulating market cap has reached $135 billion. CMC data shows that the current market cap of USDT is $135.11 billion.
HYPE currently has a fully diluted valuation exceeding $12 billion, with a circulating market cap of over $4 billion.
Coingecko data shows that Hyperliquid (HYPE) is currently priced at $12.18, with a 24-hour increase of 34.8%; fully diluted valuation (FDV) exceeds $12 billion, currently about $12.193 billion; the current circulating market cap is approximately $4.07 billion, rising to 45th place in the cryptocurrency market cap ranking.
Binance sees an inflow of $21.6 billion in 2024, accounting for nearly 40% of the total inflow to the next ten exchanges.
BTC briefly plunged 30% on Upbit, while XRP briefly dropped 60%.
Affected by the emergency martial law announcement late at night in South Korea, the South Korean crypto market collectively crashed, with Upbit's BTC dropping directly by 30% to a low of $66,500, while XRP was even more exaggerated, plummeting by 60%, falling from $2.9 to $1.16.
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