Bitcoin at $62K in South Korea... Wait, what

🤨 Bitcoin at $62K in South Korea… Wait, what?

Plus: Memecoins + livestreams = a catastrophe ready to occur

GM. The Each day Squeeze is right here, peeling again the crypto rind to get to the candy and bitter bits you care about.

📉 South Korean crypto market crashes because the President declares martial legislation.

🌞 Solar Pump launched a livestream characteristic.

🍋 Information drops: Justin Drake’s hyped about how far Ethereum’s Beacon Chain has come, Coinbase integrates Apple Pay into its Onramp companies + extra

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🍍 Market taste right now

The most recent piece of the crypto puzzle is right here 🧩 The Concern and Greed Index is regular at 76 – Greed is unquestionably within the air. Bitcoin has been hovering between $94K and $97K, teasing us however not fairly breaking out.

Analysts are mentioning that even the die-hard HODLers are cashing in. Excessive costs tempt sellers, and the market has absorbed round $227B in sell-side motion – demand is 🔥

And talking of demand, establishments are stepping in to maintain the momentum alive. MicroStrategy purchased one other $1.5B value of BTC, whereas BTC miner MARA Holdings is borrowing $1B to purchase extra Bitcoin.

On the flip facet, the US authorities transferred practically 20K BTC (about $1.9B) to a Coinbase Prime deposit handle. Naturally, rumors are flying that they is perhaps prepping to promote – and plenty of imagine that’d be an enormous mistake (‘trigger did we study nothing from Germany promoting at $50K?) Nonetheless, others, like Gabor Gurbacs, imagine it might simply be routine pockets upkeep. Time will inform, I suppose.

In the meantime, Bitfinex analysts are nonetheless bullish, anticipating Bitcoin to push previous $100K quickly. Certain, there is perhaps some short-term volatility with ETF outflows and long-term holders taking income, however the general vibe is optimistic.

Over on the ETF entrance, Bitcoin ETFs noticed inflows of $353.6M yesterday, whereas Ethereum ETFs attracted $24.2M.

And there is extra excellent news for ETH fanatics: Bernstein analysts predict that ETH ETFs may quickly provide staking yields, particularly with the SEC anticipated to be extra crypto-friendly beneath Trump. All indicators level to Ethereum sentiment lastly hitting backside, and high quality dApps might be able to shine.

So, the puzzle nonetheless has lacking items, however the ones we have seen up to now trace at one thing stunning. The subsequent one may simply be the breakthrough – are you prepared to attach the dots? 🫢

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📉 Drama Ranges: 100, Bitcoin Ranges: -30%

In right now’s episode of wtf is even occurring? + I am scared: South Korea. What went down:

– South Korea’s President Yoon Suk Yeol accused his political rivals of being North Korean spies;

– He went on stay TV and declared martial legislation. For these of you who simply mentioned, “huh”: martial legislation means the army steps in to manage the chaos;

– The Parliament wasn’t having it – 190 members unanimously voted to close it down. This implies Yoon now had two selections: backtrack on martial legislation or threat being labeled an illegitimate chief;

– Simply moments in the past, Yoon lifted the martial legislation.

As all of this was unfolding, the crypto market in South Korea was having a full-on meltdown:

– Bitcoin crashed to $62K Upbit (a neighborhood crypto trade). Whereas it is since clawed its means again above $89K, it is nonetheless not matching international costs;

– Different cash like XRP, Dogecoin, and XLM decreased by as much as 20%.

In the meantime, the huge whales noticed this as their probability to “purchase the dip.” Enormous transfers of USDT flooded into Upbit as they went bottom-fishing for discounted cash.

With everybody panic-selling and dip-buying, Upbit’s methods could not sustain – apps and APIs have been lagging. Fortunately, issues are again to regular now.

Idk ’bout y’all, however I used to be despatched to Earth for vibes – and as a substitute, we’re hit with these plot twists each different day. Can the universe allow us to breathe for like, 5 minutes?

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👎 Lesson not discovered

The imaginative and prescient of crypto is breaking down limitations within the international financial system, constructing a borderless, honest, and open system the place worth flows freely and securely…

…maintain that thought…

…and lemme remind you that there are tokens like CumRocket.

Now think about a platform filled with hundreds of unhinged tokens like that and add a livestream characteristic to it. “What might probably go incorrect?” – requested nobody.

The memecoin platform pump.enjoyable gave livestreams a shot and discovered the laborious means that this wasn’t a good suggestion (learn extra about that right here). TL;DR: the stuff folks did there was the sort of factor you’d wanna disguise out of your mother. It bought so dangerous they needed to shut the characteristic.

However then comes Tron founder banana man Justin Solar. He noticed the entire catastrophe unfold, appeared within the mirror, and mentioned to himself, “Belief your individual judgment, Justin.”

Self-motivation

And so, I current to you the brand new characteristic of the Tron-based memecoin launcher, Solar Pump: livestreams 🤠 What I am getting from that is that they actually need the comeback of that dude in a canine cage begging for folks to pump his token.

Except the Solar Pump workforce’s bought their censorship sport on lock, it is robust to see how this does not finish the identical means because it did for pump.enjoyable: tremendous darkish and in the end shut down.

I suppose we’ll have to attend and see. Or simply wait – I do not need us to see that mess.

🍋 Information drops

🎂 Ethereum’s Beacon Chain simply turned 4, and researcher Justin Drake is hyped about how far it is come. With over 10,000 folks preserving consensus alive, 100% uptime, $125B secured, and proof it might probably bounce again from 51% assaults, this factor’s crushing it.

🍎 Coinbase’s Onramp app service now helps Apple Pay for all appropriate apps. With Apple’s huge iOS ecosystem within the combine, this might make getting into crypto means simpler for normies.

🇧🇷 Brazil’s central financial institution is cooking up new guidelines to dam stablecoin transfers to self-custodial wallets. They wanna maintain a better watch on international foreign money flows and cash exiting the nation.

🚀 Sonic Labs achieved Genesis – the first-ever accomplished block – which means the general public launch of their Layer-1 blockchain, Sonic, is coming quickly. Constructed for pace and absolutely EVM-compatible, it guarantees huge perks and top-tier infrastructure for builders.

👟 RTFKT, the Nike-owned NFT sneaker model, is shutting down in January 2025. However earlier than saying goodbye, they’re launching one final assortment: the MNLTH X Blade Drop.

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