Offshore RMB against the US dollar fell below the 7.30 mark, hitting a new low since November last year.
Author: Shenchao TechFlow
Market Dynamics Yesterday
Grayscale has submitted a spot Solana ETF application to the SEC
According to Cointelegraph, Grayscale has submitted a spot Solana ETF application to the SEC. If approved, the Grayscale Solana Trust will trade on the New York Stock Exchange under the ticker GSOL. According to the application documents, if approved, Coinbase Custody Trust Company, LLC will act as the custodian, and BNY Mellon Asset Servicing will serve as the manager.
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 pro-crypto Paul Atkins as SEC chairman
According to Unchained Crypto, three sources familiar with the discussions revealed that President-elect Donald Trump has nominated pro-cryptocurrency Paul Atkins to be the chairman of the Securities and Exchange Commission (SEC). Atkins is known as the first SEC commissioner during the George W. Bush administration and has long supported the crypto industry. One source noted that Trump has contacted Atkins but is waiting for his acceptance.
Over 163 million USDT flowed into Upbit within one hour after South Korea announced martial law
According to Lookonchain monitoring, over 163 million USDT flowed into South Korea's largest cryptocurrency exchange, Upbit, within one hour after the announcement of martial law, possibly indicating whale bottom-fishing operations.
Previous reports indicated that the South Korean crypto market experienced severe volatility, with Bitcoin on the Upbit platform trading at a 33% negative premium compared to the international market, and mainstream coins like XRP and ETH seeing declines of over 50%.
Coinbase adds MOG Coin (MOG) to its listing roadmap
According to official news, Coinbase has added MOG Coin (MOG) to its listing roadmap.
Analysis: MicroStrategy will only be insolvent if Bitcoin falls to $18,826
According to Cointelegraph, capital advisor Jeff Walton's latest research shows that even if the price of Bitcoin plummets 80% to below $20,000, MicroStrategy's Bitcoin investment strategy remains robust. Walton calculated that the company's assets would only fall below liabilities if the price of Bitcoin drops to $18,826.
Charles Edwards, founder of the quantitative fund Capriole Investments, pointed out that institutional demand for Bitcoin is experiencing explosive growth, currently showing three significant characteristics: first, MicroStrategy continues to raise billions of dollars weekly to purchase Bitcoin; second, mining company MARA is conducting 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 institutional adoption of Bitcoin is still in its early stages. He believes that once the price of Bitcoin breaks the $100,000 mark, it will trigger a larger-scale market rally.
Arbitrum One's TVL surpasses $20 billion, becoming the first L2 network to reach this scale
Arbitrum's official announcement on the X platform stated that Arbitrum One's total value locked (TVL) has surpassed $20 billion, reaching $20.4 billion, a 14% increase month-on-month, making it the first L2 network to achieve this scale.
Arbitrum's official statement indicated that with the upcoming Stage 2 and the continued growth of the ecosystem across various verticals, Arbitrum One will further expand its scalability.
XRP Ledger reduces base reserve requirement 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). At the same time, the owner reserve for each account object (including NFTs, trust lines, signature lists, etc.) has also 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 the reserve may increase ledger activity and pose challenges to infrastructure, it is a "good problem," indicating more user participation, and the engineering team is confident in handling the increased network load.
Offshore RMB against the US dollar falls below the 7.30 mark, hitting a new low since November last year
Offshore RMB against the US dollar fell below the 7.30 mark, currently reported at 7.3010, down nearly 200 points during the day. The onshore RMB against the US dollar approached the 7.29 mark, with a low of 7.2890, marking a new low since November last year.
Korean media: Surge in crypto investments among elderly in South Korea, with accounts for those over 60 reaching 775,700
According to the Pioneer Economy report, the number of user accounts for individuals over 60 on South Korea's major cryptocurrency exchanges, Upbit and Bithumb, reached 775,700 (as of the end of September), a 30.4% increase from the end of 2021. This age group holds a total of 6.7609 trillion won in cryptocurrency assets, with an average investment of approximately 8.72 million won, the highest among all age groups. Meanwhile, the balance of demand deposits at South Korea's five major banks is 592.67 trillion won, a decrease of 26.95 trillion won since the end of June, marking a new low since January this year.
Data: Bitcoin balances on cryptocurrency exchanges continue to decline, down 315,000 this year
On December 4, according to HODL15 Capital data, the total Bitcoin balance on mainstream cryptocurrency exchanges is 2.312 million, down 116,000 in the past 30 days and a total decrease of 315,000 this year (-12.8%). Among them:
Coinbase has the largest holding, with 783,000, down 38,000 in 30 days and 281,000 this year.
Binance ranks second, holding 579,000, down 29,000 in 30 days and 6,860 this year.
Bitfinex ranks third, holding 378,000, down 12,000 in 30 days and 3,316 this year.
Notably, a few exchanges such as OKX, Bitflyer, and Kucoin have seen net inflows this year, with OKX increasing by 33,000, the largest increase among exchanges.
Market Dynamics
Recommended Reading
Decoding the Martial Law in South Korea: A Political Rivalry that Tears the National Consensus Apart
South Korean President Yoon Suk-yeol and the leader of the opposition Democratic Party, Lee Jae-myung, have long been in fierce opposition. Yoon Suk-yeol announced the sudden implementation of martial law, citing the maintenance of constitutional order and accusing Lee Jae-myung and others of being pro-North Korea and anti-state forces.
Although Lee Jae-myung lost the presidential election, he gained a large number of supporters due to being seen as a victim of political persecution, while Yoon Suk-yeol's approval ratings hit a new low. This political confrontation reflects the fundamental divide between South Korea's conservatives and progressives, deepening social divisions.
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The Sui network has made significant progress in the second and third quarters of 2024. Its performance has been greatly optimized, with the Mysticeti consensus mechanism reducing consensus delays by 80%. Meanwhile, the Sui ecosystem has also seen substantial growth, with the total value locked (TVL) in DeFi increasing by 42% to reach $1 billion. In the second and third quarters of 2024, projects built on Sui raised a total of $16.3 million, a 41.7% increase compared to the previous two quarters. Additionally, Sui has attracted increasing attention from institutional investors and is actively expanding its underlying technology and ecosystem capabilities.
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