Today's news tips:
Yesterday, the martial law crisis in South Korea caused a short-term drop of 30% in BTC on Upbit
Source: Trump has nominated crypto-friendly Paul Atkins as SEC chairman
Former Celsius CEO Alex Mashinsky pleads guilty to two criminal charges in New York court
Coinbase International will launch Morpho perpetual futures contracts
Ethereum Foundation announces Q3 funding list, total funding reaches $12.8488 million
Pantera Capital raises $20 million to invest in Telegram-related blockchain TON
Cryptocurrency trading volume exceeded $700 billion in November, setting a new record
Regulatory News
Fox News: Trump is considering appointing Perianne Boring as chairman of the US CFTC
Source: Trump has nominated crypto-friendly Paul Atkins as SEC chairman
According to Unchained Crypto, US President-elect Donald Trump has nominated Paul Atkins, who supports the crypto industry, as chairman of the US Securities and Exchange Commission (SEC). It is reported that Atkins is the first libertarian to serve as a commissioner of the SEC during the Bush administration and has long supported the crypto industry. Sources said that Trump has contacted Atkins, but he has yet to formally accept the nomination.
Atkins, as a replacement, needs to be confirmed by the Senate, otherwise Trump may directly appoint him during the Senate recess. Atkins co-founded Token Alliance in 2017, focusing on cryptocurrency policy and providing compliance consulting for digital financial companies for a long time. People familiar with Atkins' thinking said that this position is not attractive to him because of the amount of work required to turn around the bloated agency and because it would require him to resign from his current business position.
South Korea's Martial Law Command issued Martial Law Order No. 1 and the South Korean National Assembly passed a request to lift the Martial Law Order.
The South Korean National Assembly held an emergency meeting in the early morning of December 4 and voted on "demanding the lifting of the emergency martial law order." 190 members attended the meeting, 170 of whom voted in favor. South Korean National Assembly Speaker Woo Won-sik then announced that the emergency martial law order was invalid.
South Korea's Presidential Office Director and Chief Secretary resign collectively
According to CCTV, the director and chief secretary of the South Korean presidential office resigned collectively on December 4th, local time. According to Yonhap News Agency, the assistant of South Korean President Yoon Seok-yeol resigned. Market sources said that South Korean Finance Minister Choi Sang-mok will hold a ministerial meeting at 10 a.m. local time (9 a.m. Beijing time).
South Korean regulator: ready to deploy 10 trillion won stock market stabilization fund
Former Celsius CEO Alex Mashinsky pleads guilty to two criminal charges in New York court
According to multiple reports cited by The Block, former Celsius CEO Alex Mashinsky has pleaded guilty in a New York court to two counts, including commodity fraud and a fraud scheme to manipulate the price of Celsius' native token. These charges could result in him facing up to 20 years in prison.
Project News
Upbit: Service temporarily delayed due to increased traffic
South Korean cryptocurrency exchange Upbit issued an announcement stating that currently, the Upbit application (Android, iOS) and Open API services are experiencing delays due to a temporary increase in traffic.
According to the monitoring of on-chain analyst @ai_9684xtpa, affected by the news of South Korea's announcement of emergency martial law late at night, the Korean cryptocurrency circle collectively plunged. Upbit's BTC directly fell by 30% to as low as US$66,500. XRP was even more exaggerated, falling by 60% in a single move, from US$2.9 to US$1.16.
Safe launches 'Safenet' to allow users to manage assets across multiple blockchains
New Blast Community Proposal Proposes to Buy Back BLAST Tokens with Annual Profits of $36 Million
The community of Ethereum Layer2 network Blast has published a proposal titled "Buy Back BLAST Tokens and Get Yields", which states that Blast has a narrative problem and to solve this problem, it is necessary to focus on the price; it proposes to convert the earnings into BLAST tokens and use these earnings through buybacks. Depositors will retain the full value of their earnings: instead of receiving ETH or USDB, they will immediately receive liquid BLAST tokens. This proposal will result in $36 million of buying pressure on $BLAST tokens per year. This proposal will also make user acquisition and engagement promotion activities more effective, thereby recalling users/builders and starting another growth flywheel, laying the foundation for the release of the mobile application.
The proposal states that there are currently $1.2 billion of income-generating assets on Blast L2. With a conservatively estimated annual yield of 3%, this would generate $36 million per year, which could be used to purchase BLAST on the open market, equivalent to a bid of about $100,000 per day. At current prices, this bid would result in a price fluctuation of +4.8% per day.
Coinbase International will launch Morpho perpetual futures contracts
Coinbase International Station announced on the X platform that Coinbase International Station and Coinbase Advanced will add support for Morpho perpetual futures contracts. The MORPHO-PERP market is expected to open at or after 17:30 on December 5, 2024, Beijing time.
Coinbase Adds MOG Coin (MOG) to its Listing Roadmap
Namada Launches Mainnet Launch and Token Airdrop
Privacy-focused Layer1 blockchain Namada has officially launched its mainnet and enabled the network’s genesis block, The Block reported. This kicks off the first phase of its decentralized mainnet rollout, which involves staking and governance. The Anoma Foundation, the group of organizations developing the project, came up with the initial mainnet software and genesis balance. The foundation clarified that it does not run validators, so the Namada community retains full control. The launch includes a user airdrop. Eligible wallets will receive NAM tokens today, which they can use immediately for staking and governance. Token transferability will be activated in Phase 5, which is expected to be completed in a few months.
The launch will be accompanied by the issuance of native tokens with a total supply of 1 billion NAM tokens. The Anoma Foundation has proposed an initial Genesis allocation plan with no lock-up period, which will be distributed among community members, early contributors, and future development plans. The launch of the Genesis mainnet will be divided into five phases, each of which will be driven by community decisions through on-chain governance.
Grayscale applies to convert Solana Trust into ETF
Ethereum Foundation announces Q3 funding list, total funding reaches $12.8488 million
The Ethereum Foundation released an update report on funded projects in the third quarter of 2024. The report shows that the total amount of funding in the third quarter reached 12.8488 million US dollars, and the funded projects covered multiple fields such as community education, consensus layer, cryptography and zero-knowledge proof, developer experience and tools, execution layer, Layer 2, etc. Among them, community education projects accounted for the largest proportion, including the EEA Industry Day conference held in Bangkok, Thailand, the ETH Pura Vida conference held in San Jose, Costa Rica, and hackathon activities.
In the field of technology, 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 such as Web3.js and OpenZeppelin account abstraction contracts. In addition, the report also shows that the Foundation has provided funding for multiple zero-knowledge proof-related research projects.
OpenAI appoints former Coinbase CMO Kate Rouch as first chief marketing officer
Ripple to donate 1% of profits to charity
Everclear will migrate NEXT tokens to CLEAR on December 6 and launch a new token economics model
Everclear, the intent-based cross-chain clearing layer, has passed an important proposal to migrate NEXT tokens to CLEAR. According to the announcement, the migration will start at 21:00 on December 6, and the three-month first quarter reward plan will also be launched simultaneously, with a total reward pool of 6.25 million CLEAR tokens.
Among them, 1.75 million CLEAR will be allocated to vbCLEAR stakers, and 4.5 million will be used to incentivize solvers. In terms of migration, NEXT holders on the L2 network will be automatically upgraded to CLEAR, while NEXT holders on the Ethereum mainnet will need to manually perform a 1:1 migration. The newly launched voting binding system allows users to lock CLEAR for up to two years to obtain vbCLEAR, participate in governance, and obtain a share of the protocol revenue.
SynFutures announces its F token airdrop rules, which will be available on December 6
Magic Eden has officially supported Sei Ecosystem NFT transactions
The cross-chain protocol Wormhole announced that its Staking Rewards Program (SRP) will be officially launched today and will be applicable to governance stakers of all chains (EVM and Solana). The total amount of the first phase of reward distribution is 50 million W tokens.
Sci-Hub founder sends a test tweet to test the impact of Meme Token $scihub price
Sci-Hub founder Alexandra Elbakyan posted a message on Twitter about "testing the impact of tweets on the price of Sci-Hub Meme Token ($scihub)" and provided a donation address based on the Solana network.
OKX will launch MOVE (Movement) spot
OKX will soon launch MOVE (Movement). The specific schedule is as follows:
• Deposit opening time: December 4th 2:00 pm (UTC+8)
• Call auction time: 7:00 pm to 8:00 pm on December 9 (UTC+8)
• Spot trading opening time: December 9, 8:00 pm (UTC+8)
• Withdrawal opening time: December 10th 6:00 pm (UTC+8)
It is reported that Movement Network is a community-first blockchain that provides excellent TPS performance through the Move language, instant finalization, instant native access to massive liquidity and modular customization.
Virgin Voyages Becomes First Cruise Line to Accept Bitcoin Payments
Virgin Voyages has announced that it has become the first cruise line to accept Bitcoin payments, according to Bitcoin Magazine. Passengers can use Bitcoin to pay for their annual passes.
Financing News
Crypto AI company GAIB completes $5 million Pre-Seed round of financing, led by Hack VC
Web3 AI Agent Earos Completes $10 Million Pre-Seed Funding
Pantera Capital raises $20 million to invest in Telegram-related blockchain TON
According to DL News, according to documents filed with the U.S. Securities and Exchange Commission on Monday, crypto hedge fund and venture capital firm Pantera Capital has raised $20 million to invest in TON's cryptocurrency Toncoin. According to the documents, the venture capital firm raised funds from at least 29 investors through two different funds. The first official sales of both funds were conducted in July.
Pantera Capital began contacting investors in June. The minimum amount to participate is $250,000. Pantera Capital's two new funds for Toncoin build on its early investment in a cryptocurrency associated with Telegram announced in May. The company called the investment the "largest" in its 21-year history, but did not disclose the exact size.
Blockchain interoperability developer Union Labs completes $12 million Series A funding
Union Labs, a developer of blockchain interoperability projects, announced the completion of a $12 million Series A funding round led by Gumi Cryptos Capital and Longhash Ventures, with participation from Borderless Capital and angel investors from Polygon, Celestia, Movement and Berachain communities.
Important data
BNB rose by more than 19% to $765 per coin during the day, setting a new all-time high
TRON (TRX) hits $0.45 before falling back, hitting a new all-time high
Pump.Fun deposited another 100,000 SOL to Kraken, worth $23.68 million
According to Onchain Lens, 11 minutes ago, Pump.Fun deposited another 100,000 SOL worth $23.68 million to Kraken. In total, they deposited 1,098,869 SOL worth $260 million to Kraken. Pump.Fun earned a total of 1,598,832 SOL worth $379 million.
Data: Bitcoin balance on exchanges continues to decline to 2.312 million
According to HODL15Capital statistics, the balance of Bitcoin on exchanges continues to decline, and the current total balance on major exchanges is about 2.312 million BTC. In the past month, 116,200 BTC have been reduced, and since the beginning of 2024, a total of 315,800 BTC have been reduced, a decrease of 12.8%.
Specifically, Coinbase has the largest decrease in balance, with 38,311 BTC outflows in the past 30 days and 281,840 BTC outflows since the beginning of the year; Binance has lost 29,369 BTC in the past 30 days and 6,860 BTC outflows throughout the year. It is worth noting that OKX is the only exchange that has seen growth, with an increase of 33,834 BTC since the beginning of the year.
According to Tradingview data, since November 4, the total market value of altcoins (TOTAL2, the remaining cryptocurrencies excluding BTC) has risen unilaterally, from US$870 billion to US$1.55 trillion, an increase of about 78.16%. Despite this, TOTAL2 is still lower than the early bull market high of US$1.71 trillion in November 2021.
During the same period, the total market value of cryptocurrencies (TOTAL) rose from US$2.25 trillion to US$3.46 trillion, exceeding the approximately US$3 trillion during the bull market in November 2021. The market share of Bitcoin (BTC.D) fell from 61.35% at the top of this bull market to 55.17%, but it is still higher than about 45% in the same period of 2021.
South Korean President Yoon Seok-yeol's announcement of martial law caused the crypto market trading volume to surge to $34 billion within 24 hours, setting a new annual high. Among them, Upbit's trading volume reached $27.25 billion. The martial law order caused panic selling in the market, and the price of Bitcoin once fell to $62,182. Many exchanges experienced service interruptions. Six hours later, the martial law was rejected by Congress, and the market gradually returned to stability.
Cryptocurrency trading volume exceeded $700 billion in November, setting a new record
According to data compiled by Visa, the transaction 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, the transaction volume on the Tron chain reached $314 billion, and Ethereum was $247 billion. If stablecoins maintain a monthly growth rate of $700 billion, they may achieve a transaction volume of $8.4 trillion next year, comparable to Visa's $12.3 trillion in 2023.
Tether CEO: USDT market value exceeds $135 billion
The short message "135B" released by Tether CEO Paolo Ardoino on social media may imply that Tether's current circulating market value has reached 135 billion US dollars. CMC data shows that the current market value of USDT is 135.11 billion US dollars.
HYPE's current FDV exceeds US$12 billion, and its market capitalization exceeds US$4 billion
Coingecko data shows that Hyperliquid (HYPE) is currently trading at $12.18, with a 24-hour increase of 34.8%; the fully diluted valuation (FDV) has exceeded $12 billion and is currently approximately $12.193 billion; the current market capitalization is approximately $4.07 billion, jumping to 45th place in the cryptocurrency market capitalization rankings.
On Upbit, BTC fell 30% in a short period of time, and XRP fell 60% in a short period of time.
Affected by the news that South Korea announced martial law late at night, the Korean cryptocurrency circle collectively plunged. Upbit's BTC directly dropped by 30% to as low as US$66,500. XRP was even more exaggerated, dropping 60% in a single move, from US$2.9 to US$1.16.
PANews APP has updated its functions, download and experience it now!
【Comment】Speak freely and exchange views
【Floating window】Reading interrupted, return at any time
【Search within the article】Quickly locate and get to the core
