Due to the emergency curfew announcement made by South Korea late at night, the South Korean cryptocurrency market collectively plummeted, with Upbit's BTC dropping directly by 30%, falling to $66,500. XRP was even more dramatic, with a single drop of 60%, plummeting from $2.9 to $1.16. The trading volume in the South Korean cryptocurrency market surged to $34 billion in the past 24 hours, hitting a new annual high.

Trump has nominated Paul Atkins, a supporter of cryptocurrency, to serve as the chairman of the U.S. SEC.

Bitcoin spot ETF saw a net inflow of $676 million in a single day, marking the fourth consecutive day of net inflows. Ethereum spot ETF had a single-day net inflow of $133 million, continuing a streak of seven days of net inflows. The total market capitalization of altcoins has risen by 78.16% over the past month, from $870 billion to $1.55 trillion. Bitcoin funds have flowed out, while inflows have shifted to Ethereum and altcoins, indicating the arrival of altcoin season.

I wondered why there was a sudden drop last night; it turned out to be the announcement of the curfew in South Korea. However, six hours later, the curfew was vetoed by Congress, leading to a rebound after the sharp drop, and the market is gradually returning to stability.