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šŸŒ™ South Korea Flash Crash Tanked BTC to $62,000

The turmoil was triggered by President Yoon Suk Yeolā€™s decision to declare emergency martial law.

Author

Mike Gavela
December 03, 2024

In partnership with

Crypto Roundup - December 3

Recent developments in the cryptocurrency sector highlight significant market movements and regulatory shifts. In South Korea, a sudden depreciation of the local currency led to a brief but sharp decline in crypto prices, with Bitcoin's value dropping nearly 40% before rebounding. In the United States, President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner known for his pro-crypto stance, to lead the Securities and Exchange Commission, signaling potential regulatory changes favorable to digital assets. Meanwhile, BlackRock's iShares Bitcoin Trust has surpassed holdings of 500,000 BTC, valued at approximately $48 billion, underscoring growing institutional interest in cryptocurrencies.

Top Stories

  • South Korea experiences a sharp decline in crypto prices due to local currency depreciation, with Bitcoin dropping nearly 40% before recovery.

  • President-elect Donald Trump nominates Paul Atkins, a pro-crypto former SEC commissioner, as the new SEC Chair, indicating potential favorable regulatory changes.

  • BlackRock's iShares Bitcoin Trust surpasses 500,000 BTC holdings, valued at approximately $48 billion, highlighting significant institutional investment in cryptocurrencies.

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TOP STORIES

South Korea recovers from martial law and XRP, BTC flash crashes

Bitcoin and XRP fell 33% and 56% respectively after South Korea's President Yoon Suk Yeol declared martial law for the first time since 1979.

protos.com/south-korea-recovers-from-martial-law-and-xrp-btc-flash-crashes

Donald Trump Names Paul Atkins as Preferred SEC Chair - "The Defiant"

Gary Genslerā€™s replacement has been chosen and is a known crypto supporter.

thedefiant.io/news/regulation/donald-trump-names-paul-atkins-as-preferred-sec-chair

BlackRockā€™s Bitcoin ETF Surpasses 500K BTC Holdings, Now Worth $48B

BlackRockā€™s Bitcoin ETF surpasses 500K BTC, worth $48B, becoming a major player in institutional Bitcoin investment.

www.the-blockchain.com/2024/12/03/blackrocks-bitcoin-etf-surpasses-500k-btc-holdings-now-worth-48b

FUNDRAISING

Union Labs, a Connector of Blockchains, Raises $12M in Series A Round

The firm, which aims to bridge the Ethereum and Cosmos ecosystems with its interoperability layer, now wants to build links to Bitcoin too.

finance.yahoo.com/news/union-labs-connector-blockchains-raises-002903500.html

OTHER HEADLINES

Tokens in SEC's 'crosshairs' could benefit from new era: Kaiko

Dragonflyā€™s Haseeb Qureshi had an interesting read-through about the interest in XRP and how that translates into this broader cycle.

blockworks.co/news/tokens-new-era-crypto-regulation

Russia sentences Hydra marketplace founder to life in prison

Hydra founder Stanislav Moiseyev was fined 4 million rubles -- around $37,000 -- and sentenced with 15 other accomplices by a Moscow court.

protos.com/russia-sentences-hydra-marketplace-founder-to-life-in-prison

South Korean crisis flips ā€˜kimchi premiumā€™ as Bitcoin and XRP fall sharply in Seoul

Most cryptocurrencies dropped sharply in value on South Korean exchanges Tuesday.

www.dlnews.com/articles/markets/south-korean-crisis-flips-kimchi-premium-as-bitcoin-falls

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