Gate.io Blog Daily News | The South Korean martial law controversy has unsettled the markets; BTC initially fell and then rose, stabilizing around $96,000

Daily News | The South Korean martial law controversy has unsettled the markets; BTC initially fell and then rose, stabilizing around $96,000

04 December 11:37

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##Daily Digest:   The South Korean martial law controversy has unsettled the markets; BTC initially fell and then rose, stabilizing around $96,000
Last night, the South Korean <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">cryptocurrency market</a> experienced a brief crash due to President Yoon Suk-yeol's martial law announcement, causing BTC to drop to around $63,000 and leading to significant negative premiums in many altcoins. However, following the National Assembly's vote to lift the ban, cryptocurrencies began to recover, with BTC currently rising to approximately $96,000 and altcoins also showing signs of recovery.
 
###70.3% Probability of Federal Reserve Lowering Interest Rates by 25 Basis Points in December
According to CME's FedWatch tool, the probability of the Federal Reserve maintaining current interest rates into December is 29.7%, while the probability of a 25 basis point rate cut is 70.3%.

###Grayscale Applies to Convert Solana Trust to ETF
Grayscale and the New York Stock Exchange (NYSE) have submitted a 19b-4 filing to the SEC to convert the Grayscale <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Trust (GSOL) into a Solana ETF. Additionally, several Solana ETF applications are set to face their first review deadline on January 25 next year.
 
###Ethereum Foundation Announces Q3 Grant List, Total Grants Amount to $12.8488 Million
In the third quarter, the <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Foundation allocated a total of $12.8488 million to various projects, covering areas such as community education, consensus layer, cryptography and zero-knowledge proofs, developer experience and tools, execution layer, and Layer 2.
 
###South Korea’s Ruling Party May Demand Yoon Suk-yeol to Resign, Proposes Cabinet Resignation and Dismissal of Defense Minister
After the martial law controversy, South Korea's ruling People Power Party held an emergency meeting on December 4 to discuss responses to President Yoon Suk-yeol's decision to lift the martial law. Previously, Yoon's announcement of "emergency martial law" was criticized by party representative Han Dong-hoon as a mistake.
 
###Fox News Reports: Perianne Boring Considered for CFTC Chair
According to reports from Fox News, Perianne Boring is being considered for the position of chair of the Commodity Futures Trading Commission (CFTC) under the Trump administration.
 
###Curve’s Annualized Revenue in the Past 30 Days Approaches $37 Million, Up Nearly 23% From Last Month
Data from Token Terminal shows that decentralized exchange Curve Finance achieved nearly $37 million in annual revenue over the past 30 days, a nearly 23% increase from the previous month, attributed to rising demand for leveraged financing and the introduction of new savings vaults and the scrvUSD token.
   
##Market Analysis: BTC has narrowed its losses and stabilized around $96,000 with localized market hotspots emerging.
###Market Highlights:
-The recent South Korean martial law controversy caused a brief decline in several cryptocurrencies, but this incident has not significantly dampened the overall optimistic sentiment in the market following the U.S. elections. The <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> saw a recovery, maintaining a broad upward trend, with sectors such as RWA, Layer 1, <a  rel="nofollow noopener noreferrer"  href="/price/tron-trx" target="_blank" class="blog_inner_link">Tron</a> ecosystem, and in_script_ions leading the gains.

-<a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>'s surge boosted market sentiment, leading to increased interest in established high-market-cap projects like AVAX, NEAR, <a  rel="nofollow noopener noreferrer"  href="/price/link-ln" target="_blank" class="blog_inner_link">LINK</a>, ONDO, and HBAR, which saw an average gain of over 30%.

-Speculation surrounding the next SEC chair has driven interest in tokens like RSR and DTF. News that Trump has chosen Paul Atkins as the next SEC chair—who previously advised the RSR project—initially caused RSR to spike over 50%, but the price fell again when it was revealed that Atkins was not inclined to accept the role. Meanwhile, DTF, related to RSR, surged from $0.012 to $0.03, a 235% increase, before dropping back to $0.023.Additionally, HBAR and XRP are gaining attention due to their links with other SEC chairman candidates.

-Meme tokens like POPCAT, CHILLGUY, FARTCOIN, and CLANKER saw significant gains. As funds shifted towards trading established altcoins, the impact of on-chain meme tokens diminished, with only a few popular meme tokens maintaining strong interest.

###Market Trends:
-BTC has rebounded above $96,000. Since Trump's victory in the U.S. elections on November 5, over 171,000 BTC have been withdrawn from major exchanges, with exchange reserves dropping to 2.46 million BTC, the lowest level in years. Recently, the net inflow of funds into BTC spot ETFs has slowed, showing signs of shifting towards ETH spot ETFs.

-ETH is experiencing a high-level consolidation, having risen above $3,700 this morning, reflecting a 1.90% increase over 24 hours. Net inflows into spot ETFs have continued for nine consecutive working days, indicating that ETH's rise could trigger an altcoin bull market.

-BTC's market dominance has slightly decreased, but altcoins continue to rally, with in_script_ions and Tron ecosystem tokens showing the strongest upward trends; TRX's 24-hour increase reached 77.98%, hitting a new all-time high.
##Macro News: Following the martial law controversy in South Korea, the crypto market has continued to rise.
Last night, the announcement of the martial law led to a flash crash in the South Korean cryptocurrency market, resulting in severe negative premiums in numerous trading pairs. However, with the National Assembly voting to lift the ban, the market has stabilized, though the Korean stock market opened with a nearly 2% drop and the won hit a new low.

U.S. stocks closed mixed, but the overall trend remains a steady rise, reflecting the market sentiment driven by the growing expectations of a rate cut in December, as indicated by several Federal Reserve officials. Currently, the probability of a 25 basis point rate cut in December stands at 70.3%.

Additionally, it's noteworthy that Trump is expected to announce the next SEC chair today, although it appears that Paul Atkins, who was favored for the position, may not be willing to accept it. According to prediction market Kalshi, the likelihood of Atkins becoming the next SEC chair has increased. The new SEC chair will significantly impact cryptocurrency regulation, and we will continue to monitor this important development.

<div class="blog-details-info">
<div>Author:** Charle Y.**, Gate.io Researcher
<div>Translator: Sally
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | The South Korean martial law controversy has unsettled the markets; BTC initially fell and then rose, stabilizing around $96,000

Daily News | The South Korean martial law controversy has unsettled the markets; BTC initially fell and then rose, stabilizing around $96,000

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