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Bitcoin Prices Plunge in South Korea as President Declares Martial Law
BTC fell as low as $63,000 on Upbit after the martial law announcement and has since recovered to trade near $94,000, still at a slight discount to the global average $95,800, according to data source TradingView.
The measure, which was announced by Yoon in a late-night television address, came alongside accusations that South Korea’s main opposition party was sympathizing with North Korea, per CNN. Yoon reportedly accused the party of “clear anti-state behavior aimed at inciting rebellion.”
Bitcoin’s discounted price on the South Korean exchange reflects liquidity trapped within a centralized venue, Bitwise Senior Investment Strategist Juan Leon told Decrypt in a statement. Even though Bitcoin is a decentralized asset that trades around the clock, he said dislocations can still arise when “idiosyncratic situations in a locality” create sudden confines.
MicroStrategy Can Ignore Bitcoin Bear Market Price Crash to $20K
Bitcoin can fall below $20,000 without crucially impacting MicroStrategy’s Bitcoin treasury.
New research published on social media by capital adviser Jeff Walton on Dec. 3 concludes that the business intelligence firm could survive an 80% Bitcoin price collapse.
“The price of Bitcoin would need to fall to $18,826 in order for $MSTR’s assets to be worth less than their liabilities,” Walton calculated.
The Trump Administration Could Open the IPO Market to Crypto Firms
Big crypto firms haven’t had much hope of going public over the past four years. All that’s set to change in January.
President-elect Donald Trump’s promise to reverse course on President Joe Biden’s digital-asset crackdown is spurring hope that that the initial-public-offering market could soon open to stablecoin provider Circle Internet Financial, trading platform Kraken, and other firms that have said they’d like to go public.
If 2024 was the year cryptocurrencies broke out, 2025 might be the year of the crypto IPO.
XRP Becomes Third-Most Valued Crypto — Beats Boeing, Nike In Market Capitalization
XRP continued the upward march Tuesday, becoming the third-largest cryptocurrency by market capitalization after Bitcoin and Ethereum.
The payment-focused cryptocurrency spiked to $2.84 early in the morning hours, just 19% shy of its all-time high. The rally propelled the market valuation to over $160 billion.
Subsequent correction wiped out some of XRP's valuation but was enough to knock Tether USDT/USD out of third place among the largest cryptocurrencies by market capitalization.
As of this writing, XRP was valued at $143.59 billion, higher than iconic Wall Street companies like Boeing Co. and Nike Inc.
Dogecoin In Focus As Elon Musk, Vivek Ramaswamy To Address Congress Members
Elon Musk and Vivek Ramaswamy are to address the members of U.S. Congress on Thursday with regards to their plans for the Department of Government Efficiency (D.O.G.E), drawing the attention of the crypto community to Dogecoin.
What Happened: Crypto trader Bluntz encouraged his followers to get positioned in "either DOGE", referring to Dogecoin and the D.O.G.E. meme coin on Ethereum ETH/USD ahead of Thursday’s discussion, hinting at the potential for significant price action following the event.
The D.O.G.E community anticipates this event to be a decisive moment, with implications for taxpayers and government efficiency.
The discussion could potentially highlight divisions between those advocating for taxpayers' interests and those defending bureaucratic traditions.
Founder of Failed Crypto Lending Platform Celsius Network Pleads Guilty to Fraud Charges
The founder and former CEO of the failed cryptocurrency lending platform Celsius Network could face decades in prison after pleading guilty Tuesday to federal fraud charges, admitting that he misled customers about the business.
Alexander Mashinsky, 58, of Manhattan, entered the plea in New York federal court to commodities and securities fraud.
He admitted illegally manipulating the price of Celsius’s proprietary crypto token while secretly selling his own tokens at inflated prices to pocket about $48 million before Celsius collapsed into bankruptcy in 2022.
Bitcoin Spot ETF Flow
The Bitcoin spot ETF with the highest net inflow on Dec 3 was iShares Bitcoin Trust, with a net inflow of $693.25 million. Following that was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of 52.17 million, according to SoSoValue.
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