Bitcoin Price Trends and Market Dynamics
As of December 3, Bitcoin's price remains steady around $95,000, with a year-to-date increase of 116%, and a market capitalization close to $2 trillion, successfully surpassing silver to become the eighth largest asset globally. After reaching an all-time high of $99,830 on November 22, Bitcoin has experienced a short-term correction.
Impact of the South Korean Incident on the Bitcoin Market
On the evening of December 3, South Korean President Yoon Suk-yeol announced the implementation of an 'emergency martial law.' Following this announcement, Bitcoin and other cryptocurrencies on South Korean exchanges experienced significant volatility, with prices plummeting, particularly on the Upbit exchange, where the Bitcoin/KRW trading pair briefly fell below 90 million KRW. However, prices quickly rebounded to around 128 million KRW. Despite the substantial impact on the South Korean market, the effect on the global crypto market was relatively limited. Within 15 minutes of the news release, Bitcoin experienced a short-term decline of approximately 0.8%, followed by a recovery of 1.0%, ultimately ending with a slight increase of 0.2%.
Relevant Background and Market Expectations
Bitcoin had previously surged due to market expectations that U.S. President Trump might introduce policies supporting the cryptocurrency industry. During his campaign, Trump explicitly stated support for including Bitcoin in the U.S. strategic reserve assets, and his election further fueled speculative enthusiasm in the crypto market. Additionally, analysts predict that Bitcoin will experience its next halving event in April 2024, at which point miners' rewards will be cut by 50%. Before each halving, miners typically increase their accumulation of Bitcoin, and this event could potentially drive Bitcoin prices up over 200%, surpassing $125,000.
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