Last night, a military coup occurred in South Korea, which had a significant impact on the price of Upbit on the South Korean exchange.
Bitcoin's price once fell to $66,000, a drop of 50%, while XRP's price also halved to $1.
The reason for this sharp decline is the intensifying struggle between two factions within South Korea, and the South Korean president suddenly announced a state of emergency.
This led to market panic, causing a flash crash on the South Korean exchange, triggering a market correction.
However, the South Korean National Assembly soon announced the lifting of the state of emergency, and the crypto market began to rebound rapidly.
So why is the South Korean market falling so sharply while the global crypto market's decline is relatively small?
Because arbitrage operations involving the Korean won are inherently more complex than those with the US dollar trading pairs.
Moreover, trading volume in South Korea is far less than in the U.S. market, so the impact is not significant.
This time, the crash in the South Korean market did not last long, only 13 minutes.
The local trading team in South Korea will not give up such arbitrage opportunities, so the price difference was quickly eliminated.
In the altcoin market, the old coins of 2017 are leading the charge.
Currently, both funds and attention are focused on BNB and TRX, and today they both reached all-time highs.
TRX reached a peak of $0.45, while BNB reached $774.
The rise of BNB is due to news that Binance's founder CZ may sell some shares to certain institutions, with market speculation pointing to BlackRock in the U.S.
I think it is possible that CZ sold some shares to BlackRock.
Because CZ’s equity is too concentrated, currently still exceeding 90%. Binance needs to achieve stable development through some long-term interest binding.
From the current trend, XRP, ONDO, TRX, and BNB are starting to rotate upward, indicating that large funds are speculating on compliance projects.
The greatest value of ONDO lies in its compliance.
ONDO has established a compliance system to issue its tokenized US Treasury OUSG; theoretically, the same framework can be used for tokenizing US stocks, with a very large space for future imagination.
This is also why we previously decided to position ourselves; our returns have now exceeded three times.
It can be seen that large institutions will prioritize projects that can form consensus.
The fluctuations of these projects are not determined by retail investors, but by large funds wanting to make big profits in a bull market.
However, caution should be exercised regarding Sun Ge's TRX project; one should not heavily invest, nor be greedy; if profits are made, one should exit.
I previously read an interview about Sun Ge, and his friend commented on him: 'He is the kind of person who would immediately scoop all the coconut chicken into his bowl when eating coconut chicken hot pot with you.'
Therefore, it is possible that Sun Ge could crash the market himself, which is the main risk for TRX.
Another point worth noting is that Trump has already contacted Paul Atkins to serve as SEC chairman and is awaiting his response.
Yesterday, RSR surged sharply, also because Paul Atkins had served as an advisor on the Reserve team, and he is a strong candidate nominated by Trump for the SEC chairman, with a high probability of winning.
Market expectations are that if Paul Atkins takes office, it will benefit the rise in RSR prices.
From the current major trend, the altcoin season is exploding, with Bitcoin's market share gradually declining from a peak of 60.8% to 55%.
The trend has begun to reverse, and once this trend is established, it is difficult to reverse it in the short term.
Based on previous experiences during bull market cycles, if the altcoin season in 2024 erupts in December, the peak of this bull market is likely to occur around October 2025.
By then, we should clear out altcoins and prepare to take profits in batches.