Today's News Highlights:
Yesterday, the South Korean martial law incident caused a 30% temporary drop in BTC on Upbit
Insiders: Trump has nominated pro-crypto Paul Atkins as the chairman of the U.S. SEC
Former Celsius CEO Alex Mashinsky pleads guilty to two criminal charges in New York court
Coinbase International will launch Morpho perpetual futures contracts
Pantera Capital raises $20 million for investments related to the Telegram blockchain TON
In November, crypto stablecoin trading volume exceeded $700 billion, setting a new record
Regulatory News
Fox News: Trump is considering appointing Perianne Boring as the chairman of the U.S. CFTC
Insiders: Trump has nominated pro-crypto Paul Atkins as the chairman of the U.S. SEC
According to Unchained Crypto, U.S. President-elect Donald Trump has nominated Paul Atkins, a supporter of the crypto industry, to be the chairman of the U.S. Securities and Exchange Commission (SEC). Atkins is known to be the first libertarian to serve as an SEC commissioner during the George W. Bush administration and has long supported the crypto industry. Insiders say Trump has reached out to Atkins, but he has yet to formally accept the nomination.
As an alternative candidate, Atkins must be confirmed by the Senate; otherwise, Trump may appoint him directly during the Senate recess. Atkins co-founded the Token Alliance in 2017, focusing on cryptocurrency policy, and has long provided compliance consulting for digital finance companies. Those familiar with Atkins' views indicate that the position is not particularly appealing to him due to the extensive work required to reform the bloated agency, and it would also require him to resign from his current business roles.
South Korean martial law command issues the first martial law order South Korean National Assembly passes request to lift martial law
The South Korean National Assembly held an emergency meeting in the early hours of December 4 to vote on the "request to lift the emergency martial law." 190 members attended the meeting, with 170 voting in favor, and the Speaker of the National Assembly, Yoo Won-sik, subsequently declared the emergency martial law invalid.
Chief of Staff and Chief Secretary of the South Korean President's Office resign collectively
According to CCTV, on December 4 local time, the Chief of Staff and Chief Secretary of the South Korean President's Office resigned collectively. According to Yonhap News Agency, aides to South Korean President Yoon Suk-yeol have resigned. Market news indicates that South Korean Finance Minister Choi Sang-mok will hold a ministerial meeting at 10 a.m. local time (9 a.m. Beijing time).
Former Celsius CEO Alex Mashinsky pleads guilty to two criminal charges in New York court
According to The Block, former Celsius CEO Alex Mashinsky has pleaded guilty in a New York court to two charges, including commodity fraud and a fraudulent scheme to manipulate the price of Celsius's native token. These charges could lead to a prison sentence of up to 20 years.
Project Updates
Upbit: Service temporarily delayed due to increased traffic
South Korean crypto exchange Upbit announced that its application (Android, iOS) and Open API services are experiencing delays due to a temporary increase in traffic.
According to on-chain analyst @ai_9684xtpa, influenced by the announcement of emergency martial law in South Korea late at night, the Korean crypto market collectively plummeted, with Upbit's BTC dropping as much as 30% to a low of $66,500, and XRP saw an even more dramatic drop of 60%, falling from $2.9 to $1.16.
Safe launches "Safenet," supporting users in managing assets across multiple blockchains
Blast community proposes to repurchase BLAST tokens with an annual revenue of $36 million
The community of the Ethereum Layer 2 network Blast has released a proposal titled "Repurchase BLAST Tokens and Generate Revenue," stating that Blast has a narrative issue that needs to be addressed by focusing on price; the proposal suggests converting revenue into BLAST tokens and using these revenues through repurchase. Depositors will retain the full value of their earnings: they will not receive ETH or USDB but will immediately receive liquid BLAST tokens. This proposal will create a buying pressure of $36 million per year for the $BLAST token. It will also make user acquisition and engagement activities more effective, thereby recalling users/builders and initiating another growth flywheel, laying the foundation for the release of mobile applications.
The proposal notes that there are currently $1.2 billion in revenue assets on Blast L2. With a conservative annual yield of 3%, this could generate $36 million annually for purchasing BLAST on the open market, equivalent to about $100,000 in bids per day. At current prices, this bid would cause daily price fluctuations of +4.8%.
Coinbase International will launch Morpho perpetual futures contracts
Coinbase International announced on X platform that it will add support for Morpho perpetual futures contracts on Coinbase International and Coinbase Advanced, with the MORPHO-PERP market expected to open at or after 5:30 PM Beijing time on December 5, 2024.
Coinbase adds MOG Coin (MOG) to its listing roadmap
Namada launches mainnet and token airdrop
According to The Block, privacy-focused Layer 1 blockchain Namada has officially launched its mainnet and activated the genesis block of the network. This marks the first phase of its decentralized mainnet launch, involving staking and governance. The organization behind the project, the Anoma Foundation, proposed the initial mainnet software and genesis balance. The foundation clarified that it does not operate validators, thus the Namada community retains full control. This release includes user airdrops. Eligible wallets will receive NAM tokens today, which they can immediately use for staking and governance. Token transferability will be activated in Phase 5, expected to be completed in a few months.
This issuance will be accompanied by the release of the native token, with a total supply of 1 billion NAM tokens. The Anoma Foundation proposed the initial genesis distribution plan, with no lock-up period, to be allocated among community members, early contributors, and future development plans. The launch of the genesis mainnet will be divided into five phases, each driven by community decisions through on-chain governance.
Grayscale applies to convert Solana Trust into an ETF
The Ethereum Foundation has released its Q3 2024 funding project update report. The report shows that the total funding for the third quarter reached $12.8488 million, covering various areas including community education, consensus layer, cryptography and zero-knowledge proofs, developer experience and tools, execution layer, and Layer 2. Among these, community education projects accounted for the largest share, including the EEA Industry Day conference held in Bangkok, Thailand, the ETH Pura Vida conference and hackathon held in San Jose, Costa Rica, and other events.
In the technical field, the foundation continues to support the development of consensus layer clients such as Lighthouse, Nimbus, and Grandine, as well as the upgrade and maintenance of development tools like Web3.js and OpenZeppelin account abstraction contracts. Additionally, the report indicates that the foundation has provided funding for several research projects related to zero-knowledge proofs.
OpenAI appoints former Coinbase CMO Kate Rouch as its first Chief Marketing Officer
Ripple will donate 1% of its profits to charity
Everclear will migrate NEXT tokens to CLEAR on December 6 and launch a new token economics model
The intent-based cross-chain bridge clearing layer Everclear has passed a significant proposal to migrate NEXT tokens to CLEAR. According to the announcement, the migration will start on December 6 at 21:00, and a three-month first-quarter reward program will also be launched simultaneously, with a total reward pool of 6.25 million CLEAR tokens.
Of these, 1.75 million CLEAR will be allocated to vbCLEAR stakers, and 4.5 million will be used to incentivize solvers. For migration, NEXT holders on the L2 network will be automatically upgraded to CLEAR, while NEXT holders on the Ethereum mainnet will need to manually migrate 1:1. The newly launched voting binding system allows users to lock CLEAR for up to two years to obtain vbCLEAR, participate in governance, and receive protocol revenue sharing.
SynFutures announces its F token airdrop rules, which will open for collection on December 6
Magic Eden officially supports Sei ecosystem NFT trading
Wormhole Staking reward program goes live today, with an initial allocation of 50 million W tokens
Cross-chain protocol Wormhole has announced that its Staking Reward Program (SRP) will officially launch today, applicable to governance staking users across all chains (EVM and Solana). The total initial reward allocation is 50 million W tokens.
Sci-Hub founder tweets about the impact of test tweets on the price of Meme Token $scihub
Sci-Hub founder Alexandra Elbakyan tweeted about the "impact of test tweets on the price of Sci-Hub Meme Token ($scihub)" and provided a donation address based on the Solana network.
OKX will list MOVE (Movement) spot trading
OKX is about to list MOVE (Movement), with the following schedule:
• Deposit opening time: December 4 at 2:00 PM (UTC+8)
• Auction time: December 9 from 7:00 PM to 8:00 PM (UTC+8)
• Spot trading opening time: December 9 at 8:00 PM (UTC+8)
• Withdrawal opening time: December 10 at 6:00 PM (UTC+8)
It is reported that the Movement Network is a community-first blockchain that provides excellent TPS performance through the Move language, instant finality, immediate native access to massive liquidity, and modular customization.
Virgin Voyages announces it will be the first cruise line to accept Bitcoin payments
According to Bitcoin Magazine, Virgin Voyages has announced that it will be the first cruise line to accept Bitcoin payments. Passengers can use Bitcoin to pay for annual passes.
Financing News
Crypto AI company GAIB completes $5 million Pre-Seed round financing, led by Hack VC
Digital financial platform Brighty, supporting crypto card payments, completes $10 million financing
Web3 AI agency Earos completes $10 million Pre-Seed financing
Pantera Capital raises $20 million for investments related to the Telegram blockchain TON
According to DL News, based on documents submitted to the U.S. Securities and Exchange Commission on Monday, crypto hedge fund and venture capital firm Pantera Capital has raised $20 million for investments in the TON cryptocurrency Toncoin. According to the documents, the venture capital firm raised funds from at least 29 investors through two different funds. The initial official sales of these two funds took place in July.
Pantera Capital began contacting investors in June. The minimum investment amount for participation was $250,000. The two new funds established by Pantera Capital for Toncoin are built on the early investment announced in May related to the cryptocurrency associated with Telegram. The company described this investment as the "largest" in its 21-year history, but did not disclose specific amounts.
Blockchain interoperability developer Union Labs completes $12 million Series A financing
Blockchain interoperability project developer Union Labs has announced the completion of $12 million in Series A financing, led by Gumi Cryptos Capital and Longhash Ventures, with participation from Borderless Capital and angel investors from the Polygon, Celestia, Movement, and Berachain communities.
Important Data
BNB rises over 19% to $765 per token, reaching an all-time high
TRON (TRX) falls back after hitting $0.45, reaching an all-time high
Pump.Fun deposits 100,000 SOL into Kraken again, worth $23.68 million
According to Onchain Lens monitoring, 11 minutes ago, Pump.Fun deposited 100,000 SOL into Kraken again, worth $23.68 million. In total, they have deposited 1,098,869 SOL into Kraken, worth $260 million. Pump.Fun has earned a total of 1,598,832 SOL, valued at $379 million.
Data: Bitcoin balances on exchanges continue to decline to 2.312 million tokens
According to statistics from HODL15Capital, Bitcoin balances on exchanges continue to decline, with the total balance on major exchanges currently around 2.312 million BTC. In the past month, it has decreased by 116,200 BTC, and since the beginning of 2024, it has decreased by a total of 315,800 BTC, a drop of 12.8%.
Specifically, Coinbase saw the largest decrease in balance, with 38,311 BTC flowing out in the past 30 days, totaling 281,840 BTC since the beginning of the year; Binance decreased by 29,369 BTC in the past 30 days, with an annual outflow of 6,860 BTC. Notably, OKX is the only exchange that experienced growth, increasing by 33,834 BTC since the beginning of the year.
ETH whale address completes the 19th round of trading, earning $1 million in a single day
Total market cap of altcoins rises 78.16% in nearly a month, from $870 billion to $1.55 trillion
According to Tradingview data, since November 4, the total market cap of altcoins (TOTAL2, excluding BTC) has risen unilaterally from $870 billion to $1.55 trillion, an increase of approximately 78.16%. Nevertheless, TOTAL2 remains below the pre-bull market high of $1.71 trillion in November 2021.
During the same period, the total market cap of cryptocurrencies (TOTAL) rose from $2.25 trillion to $3.46 trillion, surpassing the approximately $3 trillion during the same period of the November 2021 bull market. Meanwhile, Bitcoin's market share (BTC.D) has decreased from the peak of this bull market at 61.35% to 55.17%, but it is still higher than the approximately 45% during the same period in 2021.
The announcement of a state of emergency by South Korean President Yoon Suk-yeol triggered a surge in crypto market trading volume to $34 billion within 24 hours, setting a new annual high. Among them, Upbit's trading volume reached $27.25 billion. The state of emergency led to panic selling in the market, causing Bitcoin's price to drop to $62,182, and several exchanges experienced service interruptions. Six hours later, the emergency was overturned by the National Assembly, and the market gradually stabilized.
November crypto stablecoin trading volume exceeds $700 billion, setting a new record
According to data compiled by Visa, the trading volume of crypto stablecoins exceeded $700 billion in November, setting a new record and approaching the annual transaction level of payment giant Visa. Among them, Tether's USDT accounted for $500 billion, with $314 billion on the Tron chain and $247 billion on Ethereum. If stablecoins maintain a monthly growth rate of $700 billion, they could achieve a trading volume of $8.4 trillion next year, comparable to Visa's $12.3 trillion in 2023.
Tether CEO: USDT market cap exceeds $135 billion
Tether CEO Paolo Ardoino posted a brief message on social media stating "135B," which may imply that Tether's current circulating market cap has reached $135 billion. According to CMC data, the current market cap of USDT is $135.11 billion.
HYPE currently has an FDV exceeding $12 billion, with a circulating market cap over $4 billion
According to Coingecko data, Hyperliquid (HYPE) is currently priced at $12.18, with a 24-hour increase of 34.8%; the fully diluted valuation (FDV) has surpassed $12 billion, currently around $12.193 billion; the circulating market cap is approximately $4.07 billion, rising to the 45th position in the cryptocurrency market cap rankings.
BTC on Upbit briefly spikes down 30%, XRP briefly spikes down 60%
Affected by the announcement of an emergency state in South Korea late at night, the Korean crypto market collectively plummeted, with BTC on Upbit dropping as much as 30% to a low of $66,500, while XRP experienced an even more dramatic drop, spiking down 60% from $2.90 to $1.16.
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