🤨 Bitcoin at $62K in South Korea… Wait, what?
Also: Memecoins + live streams = a disaster waiting to happen
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GM. The Daily Squeeze is here, peeling back the shell of cryptocurrencies to get to the bittersweet parts that matter to you.
📉 South Korean cryptocurrency market crashes as president declares martial law.
🌞 Sun Pump launched a live streaming feature.
🍋 News drops: Justin Drake is excited about how far Ethereum’s Beacon Chain has come, Coinbase integrates Apple Pay into its Onramp services + more
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🍍 Taste of the market today
The last piece of the crypto puzzle is here 🧩 Fear and Greed Index Steady at 76 – Greed is definitely in the air. bitcoin It has been oscillating between $94,000 and $97,000, teasing us but not breaking out.
Analysts point out that even the most intransigent HODLers are cashing in. High prices tempt sellers and the market has absorbed around $227 billion in selling shares – the demand is 🔥
And speaking of demandInstitutions are stepping in to keep the momentum alive. Microstrategy bought another $1.5 billion worth of BTCwhile BTC miner MARA Holdings is borrow a billion dollars to buy more Bitcoin.
On the other hand, the US government transferred nearly 20,000 BTC (around $1.9 billion) to a Coinbase Prime deposit address. Naturally, there are rumors that they might be preparing to sell, and many believe that would be a big mistake. (Because we didn’t learn anything from Germany selling at $50,000?) However, others, such as Gabor Gurbacsbelieve it it could just be routine wallet maintenance. Time will tell, I guess.
Meanwhile, Bitfinex Analysts they remain optimistic, waiting Bitcoin will soon surpass $100,000. Sure, there may be some short-term volatility with ETF outflows and long-term holders taking profits, but the overall mood is optimistic.
On the ETF front, Bitcoin ETFs saw entries of $353.6 million yesterday, while Ethereum myT.F. attracted 24.2 million dollars.
And there is more good news for ETH enthusiasts: Bernstein Analysts predict that ETH ETFs Could Soon Offer Staking Returnsespecially as the SEC is expected to become friendlier to cryptocurrencies under Trump. All signs point to Ethereum sentiment finally bottoming out, and quality dApps could be ready to shine.
So the puzzle is still missing pieces, but the ones we’ve seen so far hint at something. beautiful. Next could be the big breakthrough: are you ready to connect the dots? 🫢
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📉 Drama Levels: 100, Bitcoin Levels: -30%
In today’s episode of What is happening? + I’m afraid: South Korea. What happened:
– South Korean President Yoon Suk Yeol accused his political rivals of being spies for North Korea;
– It came out live on television and martial law declared. For those of you who just said, “Hey”: Martial law means that the military intervenes to control the chaos;
– Parliament I wasn’t having it – 190 members voted unanimously to close it. This meant that Yoon now had two options: back down on martial law or risk being labeled an illegitimate leader;
– Just moments ago, Yoon lifted martial law.
While all of this was unfolding, the cryptocurrency market in South Korea was having a total collapse:
– Bitcoin plummeted to $62,000 on Upbit (a local crypto exchange). Although it has since exceeded $89,000 again, it still does not match global prices;
– Other coins such as XRP, Dogecoin and XLM decreased by up to 20%.
Meanwhile, the The big whales saw this as their chance to “buy the dip.”.” Huge USDT transfers flooded on Upbit while they went fishing for discount coins.
While everyone sells and buys in panic, Upbit systems I couldn’t keep up – apps and APIs were lagging. Fortunately, things are back to normal now.
I don’t know about all of you, but I was sent to Earth. for vibrations – toAnd instead, we encounter these plot twists every other day. Can the universe let us breathe for about five minutes?
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👎 Lesson not learned
The vision of cryptocurrencies is to break down barriers in the global economy, building an open, fair and borderless system where value flows freely and securely…
…hold that thought…
…and let me remind you that tokens like CumRocket exist.
Now imagine a platform filled with thousands of crazy tokens like that and add a live streaming feature to it. “What could go wrong?” – no one asked.
The memecoin platform pump.fun gave livestreams a chance and learned the hard way that it wasn’t a good idea (read more about that here). TL;DR: The things people did there were the kind of things you’d want to hide from your mother. It got so bad that I had to close the function..
But then comes the founder of Tron, the banana guy. Justin Sun. He watched the whole disaster unfold, looked in the mirror and said to himself: “Trust your own judgment, Justin.”
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Therefore, I present to you the new feature of the Tron-based memecoin launcher, solar pump: live broadcasts 🤠 What I understand from this is that In fact I want the return of that guy in a dog cage begging people to pump his token.
Unless the Sun Pump team has their censorship game up. in lock, It’s hard to see how this doesn’t end the same way it did with pump.fun: super dark and ultimately closed.
I guess we’ll just have to wait and see. Or just wait, I don’t want us to see that mess.
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🍋 News drops
🎂 Ethereum’s Beacon Chain just turned four years old and researcher Justin Drake is excited about how far it has come. With over 10,000 people keeping the consensus alive, 100% uptime, $125 billion secured, and proof that it can recover from 51% attacks, this is crushing it.
🍎 Coinbase’s Onramp app service now supports Apple Pay for all supported apps. With Apple’s huge iOS ecosystem in the mix, this could make getting into cryptocurrencies much easier for regular people.
🇧🇷 Brazil’s central bank is drafting new rules to block stablecoin transfers to self-custodial wallets. They want to more closely monitor currency flows and the money leaving the country.
🚀 Sonic Labs achieved Genesis, the first block completion, which means that the public launch of its Layer-1 blockchain, Sonic, is coming soon. Built for speed and fully EVM compatible, it promises great benefits and top-notch infrastructure for builders.
👟 RTFKT, the NFT sneaker brand owned by Nike, will close in January 2025. But before saying goodbye, they launch one last collection: the MNLTH X Blade Drop.
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🧃 Sip of knowledge
Learn more about EXMO crypto exchange with BitDegree’s latest mission, “Hassle-free trading and profit with EXMO”:
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🍌 Juicy memes
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