On November 21, due to Microstrategy (NASDAQ: MSTR) predicting historical trading volume as a potential peak for Bitcoin, the subsequent profit effect of Bitcoin was very low.

Meanwhile, altcoins gradually strengthened, with a 100% increase in altcoins over the past month being the passing line, while a 50% increase or below is considered junk assets, and a 300% increase or more belongs to the asset types that are the engines of this bull market, VIRTUAL HYPE CRV.

Before December 3, the main targets for Korean retail investors (grandpas and grandmas) included XRP, DOGE, XLM, ENS, HBAR, and SHIB.

On the evening of December 3, the risks of the market were first highlighted, and later that evening, a major earthquake occurred in Korean politics.

There is an unspoken rule in the industry: "Whoever gains Korea, gains the world." It is well known that Korea has a large number of buying forces with financial strength (retail investors, grandpas, or grandmas), as well as Korean exchanges like Upbit that have global pricing power, sometimes surpassing Binance and Coinbase.

On December 6, during the Asian morning session, BTC and ETH experienced a long-awaited "spike," with a pullback of nearly 14%, while altcoins rarely followed.

In the short term, the major political earthquake in Korea has had a certain impact on the confidence of the Korean capital market. On December 9, the Korea Composite Stock Price Index (KOSPI) fell to a new low since November 2023, and the KOSDAQ fell to a new low since April 2020.

In the past 24 hours, DeFi and DEX performed well, with IDEX belonging to small caps seeing a larger increase, and SUSHI belonging to established projects entering new tracks or sectors, with asset prices being repriced. UNI is a leader in DeFi+DEX, along with others such as 1INCH, DYDX, and SNX.

The Abu Dhabi Bitcoin Conference will be held on December 9-10 local time, where Eric Trump, the second son of Trump and Executive Vice President of the Trump Organization, will give a speech, which is worth paying attention to.

In the short term, the trend of the Crypto market is unclear, and high leverage and high multiple contracts need to pay attention to risks; sometimes waiting is also part of participation.