● BNB briefly broke through $770, reaching a historic high
According to Binance market data, BNB briefly broke through $770, reaching a historic high, with a 24-hour increase of over 18%.
● South Korea's martial law caused a flash crash in the Korean won trading pair on the Korean Exchange
According to reports from Wu, the Korean won trading pair on the Korean Exchange plummeted, possibly related to the martial law announced by the South Korean president. Data shows that Bitcoin briefly dropped to a low of $66,500, and XRP briefly dropped to a low of $1.16.
According to the Beijing News, Yoon Suk-yeol announced the martial law due to escalating domestic political disputes, with the opposition party disrupting national order through what they call 'anti-national activities.' Currently, specific martial law measures have not been announced. Analysts believe that the recent push by the opposition party for a series of legislation targeting the president's wife and the impeachment of public officials such as prosecutors may have triggered Yoon's announcement of emergency martial law.
● The South Korean National Assembly voted to lift the emergency martial law
According to Odaily Planet Daily, the South Korean National Assembly held an emergency meeting early on December 4 to vote on 'requesting the lifting of the emergency martial law.' 190 members attended, and 170 voted in favor. South Korean National Assembly Speaker Yoo Won-sik announced the martial law invalid.
According to Odaily Planet Daily, QCP stated in an official post that BTC recently rose above $97,000 but then fell back above $95,000. This pullback coincided with news of the U.S. government transferring 10,000 BTC related to Silk Road (worth about $963 million at the time of transfer). After this transfer, the front-end volatility curve further tilted towards put options.
In terms of institutional demand, optimism continues. The spot ETF recorded another inflow of $350 million yesterday, while MARA Holdings has followed MicroStrategy's lead in purchasing $618 million worth of BTC over the past two months. Other crypto mining companies like RiotPlatform are increasingly likely to stop BTC sell-offs, with some considering expanding their holdings. Additionally, news of Microsoft considering holding BTC highlights the growing interest of more businesses in Bitcoin as a reserve asset.
At the same time, the U.S. stock market continues to set new records, with the S&P 500 index reaching its 54th historical high this year. Several Federal Reserve officials hinted at a tendency to lower borrowing costs at the next meeting, although this depends on upcoming economic data, which may increase volatility during the event window.
● Bank of America expects non-farm payrolls to increase by more than 240,000 in November
According to Deep Tide TechFlow, Bank of America economists stated that the November employment report will be released on Friday, and investors should pay attention to the growth rate over the past two months, especially since the October data may be significantly revised. (Wall Street Journal) Surveys show that non-farm payrolls in November are expected to increase by 214,000, higher than October's 12,000. Bank of America expects the number to exceed 240,000 due to the impact of hurricanes and the Boeing strike. The labor force participation rate is expected to rebound, while the unemployment rate is projected to rise from 4.1% to 4.2%, in line with expectations from the Wall Street Journal. The increase in unemployment claims due to hurricanes has decreased, indicating a rapid economic recovery.
● U.S. October JOLTs job openings reached 7.744 million, higher than expected
According to Odaily Planet Daily, U.S. October JOLTs job openings were 7.744 million, higher than the expected 7.475 million. The previous value was revised from 7.443 million to 7.372 million.
● Viewpoint: MicroStrategy can survive with Bitcoin prices dropping 80%
According to Odaily Planet Daily, capital advisor Jeff Walton analyzed that the price of Bitcoin would need to drop to $18,826 for MicroStrategy's asset value to fall below its liabilities. This means that MicroStrategy can survive even if BTC prices drop by 80%.
According to Odaily Planet Daily, Vivek Ramaswamy, head of the U.S. Government Efficiency Office, stated that federal regulatory spending will face 'significant' cuts. The Supreme Court rejected the 'Chevron deference principle' and 'major questions doctrine,' which is considered transformative and weakens federal regulatory power. The court's rulings were finalized in 2024 and 2022, limiting the ability of federal agencies to interpret regulations. These changes are expected to impact many industries, including the cryptocurrency sector.
