Happy Wednesday! In today's newsletter, South Korea's short-lived military rule sparks record crypto trading volume, Hyperliquid's HYPE token surpasses a $12 billion fully diluted valuation in less than a week, Tron surges 80% in 24 hours to reach a new all-time high and more.
Meanwhile, analysts predict continued volatility in South Korean crypto markets as the opposition party seeks to impeach President Yoon Suk-yeol.
Let's get started.
South Korean crypto trading volume surged to a record $34 billion over the past day as President Yoon Suk-yeol declared and then rescinded emergency martial law, all within the space of six hours.
Hyperliquid's HYPE token surged over 200% since launching on Nov. 29, reaching a $12 billion fully diluted valuation and a $4 billion market cap with 333 million of 1 billion tokens in circulation.
TRX, the native token of Justin Sun's Tron network, surged 80% in 24 hours to reach a new all-time high above $0.43, breaking its prior peak of around $0.30 after nearly seven years.
Former Celsius CEO Alex Mashinsky pleaded guilty to commodities fraud and a scheme to manipulate the price of its CEL token on Tuesday, according to courtroom reports from Inner City Press.
The U.S. government transferred $33.6 million in crypto seized from the collapsed crypto exchange FTX and its sister trading firm Alameda to two unidentified addresses on Tuesday.
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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
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