Happy Tuesday! In today's Daily, crypto prices tumble in South Korea as President Yoon Suk-yeol declares martial law, XRP Ledger developers reduce the base reserve for accounts amid XRP's price surge, BlackRock's spot Bitcoin ETF surpasses 500,000 BTC in AUM and more.
Meanwhile, bitcoin exchange reserves drop to their lowest levels in years, according to CryptoQuant.
Let's get started.
President Yoon Suk-yeol declared emergency martial law Tuesday night at around 10:30 p.m. local time, triggering cryptocurrencies to plunge on Upbit, Bithumb and Coinone, the country's most widely used exchanges.
XRP Ledger developers have reduced the base reserve for accounts by 90% from 10 XRP to 1 XRP amid a surge in the price of the cryptocurrency.
BlackRock's IBIT spot Bitcoin ETF has surpassed half a million BTC ($48 billion) in assets under management — less than a year after trading began.
Coinbase CEO Brian Armstrong said the crypto exchange will not work with law firms hiring former SEC staff deemed hostile to the industry.
Solana-based memecoin launcher Pump.fun hit a record monthly revenue of $93 million in November, according to DeFiLlama data — a 207% increase from October's all-time high of $30.5 million.
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