Offshore RMB against the US dollar fell below 7.30, hitting a new low since last November.
Author: Deep Tide TechFlow
Yesterday's market dynamics.
Grayscale has submitted an application for a spot Solana ETF to the SEC.
According to Cointelegraph, Grayscale has submitted an application for a spot Solana ETF to the SEC. If approved, the Grayscale Solana Trust will trade on the New York Stock Exchange under the ticker GSOL. According to application documents, if approved, Coinbase Custody Trust Company, LLC will serve as the custodian, and BNY Mellon Asset Servicing will serve as the administrator.
It is reported that over the past year, several institutions, including 21Shares, VanEck, Bitwise Asset Management, and Canary Capital, have been striving to launch a spot Solana ETF.
Sources: Trump nominates Paul Atkins, a supporter of cryptocurrency, to serve as SEC chairman.
According to Unchained Crypto, three sources familiar with the discussions revealed that President-elect Donald Trump has nominated Paul Atkins, a supporter of cryptocurrency, to serve as chairman of the Securities and Exchange Commission (SEC). It is reported that Atkins is the first SEC commissioner during the George W. Bush administration and has long supported the cryptocurrency industry. One source noted that Trump has contacted Atkins but is waiting for his acceptance.
Over 163 million USDT surged into Upbit within one hour of South Korea announcing martial law.
According to monitoring by Lookonchain, within one hour of South Korea announcing martial law, over 163 million USDT flowed into South Korea's largest cryptocurrency exchange, Upbit, possibly as a whale accumulation operation.
Earlier reports indicated that the South Korean cryptocurrency market experienced severe volatility, with Bitcoin on the Upbit platform trading at a 33% negative premium compared to the international market, while mainstream cryptocurrencies like XRP and ETH saw declines exceeding 50%.
Coinbase adds MOG Coin (MOG) to its coin roadmap.
According to official news, Coinbase adds MOG Coin (MOG) to its coin roadmap.
Analysis: MicroStrategy will only become insolvent if Bitcoin drops to $18,826.
According to Cointelegraph, capital advisor Jeff Walton's latest research shows that even if the price of Bitcoin plummets by 80% to below $20,000, MicroStrategy's Bitcoin investment strategy remains robust. Walton calculated that only when Bitcoin's price drops to $18,826 will the company's assets fall below its liabilities.
Quantitative fund Capriole Investments founder Charles Edwards pointed out that institutional demand for Bitcoin is experiencing explosive growth, currently exhibiting three significant characteristics: First, MicroStrategy continues to raise billions of dollars weekly to purchase Bitcoin; second, mining company MARA is undergoing a $1 billion financing plan to increase its Bitcoin holdings by 30%; third, Bitcoin held by institutions and ETFs has reached 13.5% of the total circulating supply and is growing exponentially.
Edwards further predicts that the current trend of institutions adopting Bitcoin is still in the early stages. He believes that once the Bitcoin price breaks through the $100,000 mark, it will trigger a larger market rally.
Arbitrum One's TVL has surpassed $20 billion, becoming the first L2 network to reach this scale.
Arbitrum's official announcement on the X platform states that the total value locked (TVL) of Arbitrum One has surpassed $20 billion, reaching $20.4 billion, a 14% increase month-on-month, making it the first L2 network to reach this scale.
Arbitrum's official statement indicates that as the second stage (Stage 2) approaches, and with ongoing growth in the ecosystem across various verticals, Arbitrum One will further expand its scaling capabilities.
XRP Ledger reduces base reserve requirements by 90% to 1 XRP.
According to Cointelegraph, the XRP Ledger has reduced the base reserve requirement from 10 XRP (approximately $25.60) to 1 XRP (approximately $2.56). Meanwhile, the owner reserve requirement for each account object (including NFTs, trust lines, signature lists, etc.) has been reduced from 2 XRP to 0.2 XRP.
This adjustment was first disclosed by XRP validator node operator Vet. Developer WietseWind stated that while reducing reserve requirements may increase ledger activity and challenge infrastructure, it presents a 'good problem,' indicating more user participation, and the engineering team is confident in managing the increased network load.
Offshore RMB against the US dollar fell below 7.30, hitting a new low since last November.
Offshore RMB against the US dollar has fallen below 7.30, currently reported at 7.3010, down nearly 200 points during the day. Onshore RMB against the US dollar is approaching the 7.29 mark, with a minimum reported at 7.2890, hitting a new low since last November.
Korean media: Surge in cryptocurrency investments among elderly in South Korea, with the number of crypto accounts for those over 60 reaching 775,700.
According to Pioneer Economy reports, the number of user accounts over the age of 60 on South Korea's major cryptocurrency exchanges Upbit and Bithumb has reached 775,700 (as of the end of September), an increase of 30.4% compared to the end of 2021. This age group holds cryptocurrency assets worth 6.7609 trillion Korean Won, with an average investment amount of about 8.72 million Korean Won, the highest among all age groups. Meanwhile, the balance of demand deposits in South Korea's five major banks is 592.67 trillion Korean Won, a decrease of 26.95 trillion Korean Won since the end of June, marking a new low since January of this year.
Data: The balance of Bitcoin on cryptocurrency exchanges continues to decline, with a decrease of 315,000 coins this year.
On December 4th, according to HODL15 Capital data, the total balance of Bitcoin on mainstream cryptocurrency exchanges is 2.312 million coins, a decrease of 116,000 coins in the past 30 days and a total decrease of 315,000 coins (-12.8%) this year. Among them,
Coinbase holds the largest position, with 783,000 coins, having decreased by 38,000 coins in the last 30 days and 281,000 coins this year.
Binance ranks second, holding 579,000 coins, having reduced its holdings by 29,000 coins in the past 30 days and 6,860 coins this year.
Bitfinex ranks third, holding 378,000 coins, having reduced its holdings by 12,000 coins in the past 30 days and 3,316 coins this year.
It is worth noting that a few exchanges, including OKX, Bitflyer, and Kukoin, have seen net inflows this year, with OKX adding 33,000 coins, the largest increase among exchanges.
Market dynamics.
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South Korean President Yoon Suk-yeol and opposition leader Lee Jae-myung have long had intense confrontations. Yoon Suk-yeol announced a sudden declaration of martial law, citing the need to maintain constitutional order and accusing Lee Jae-myung and others of being pro-North Korea anti-state forces.
Lee Jae-myung lost the presidential election, but gained a large number of supporters due to being seen as politically persecuted, while Yoon Suk-yeol's approval rating hits a new low. This political confrontation reflects the fundamental divisions between South Korean conservatives and progressives, deepening social divides.
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