ellaevans51771

@ellaevans51771

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Two US Republican Party lawmakers are calling on the Treasury Department to provide answers to how a Chinese state-sponsored entity hacked and accessed employee workstations.

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If governments are competing to secure their own stockpiles of Bitcoin, would we say goodbye to the four-year boom-bust cycle in crypto prices that many attribute to Bitcoin’s halving?

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“There is something going on here; our currency is getting debased, and we are losing our purchasing power,” Sim said.

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At the same time, he says the city’s fixed-income securities, worth $3.1 billion, had lost $185 million in market value.

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Now, key levels include Bitcoin’s 21-day simple moving average (SMA), currently at $94,560.

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The “Kimchi premium” — the difference in spot BTC price between South Korean exchanges and others — fell to its most negative in history before resetting. Moreover, the BTC/KRW trading pair flash crashed to roughly $78,000 on the South Korean cryptocurrency exchange BitHumb.

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Flash volatility at the previous Wall Street open had come courtesy of political turmoil in South Korea, which briefly sent the price below $94,000.

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Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was approaching $97,000, which is up 1% on the day.

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Market observers noted the temporary crisis highlighted the vulnerability of South Korea’s cryptocurrency markets to liquidity shocks, particularly during times of political instability.

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ollowing the reversal, Bitcoin prices rebounded, trading at around 135 million won (about $95,000) at the time of publication.

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Hours after the martial law declaration, 190 lawmakers in South Korea’s parliament voted to nullify the martial law declaration. Yoon accepted the decision and lifted the order, easing tensions.

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The trader also highlighted massive sell pressure on all instruments behind the sudden drop. Despite this, they said the market overreacted, and the extreme price drop would not have happened if more liquidity providers had been participating.

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South Korean traders paid the price for limiting the market to only a few players, according to trader Ltrd, who said the price volatility could have been mitigated with broader market maker participation.

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One analyst attributed the sharp decline to a sudden disappearance of liquidity. According to trader Ltrd, the lack of active participants caused an imbalance between bids and asks, resulting in a 10% spread during the crisis.

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Meanwhile, the memecoin market became one of the fastest-growing sectors in the crypto space in 2024.

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The crypto market surged following Donald Trump’s victory in the US presidential election, as many believe his win will benefit the industry, Cointelegraph Research said.

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The asset manager launched Valour DOGE ETP “[i]n light of the recent [United States] presidential election results and the subsequent surge in demand for Dogecoin […] bolstered by influential figures like Elon Musk,” Johanna Belitz, Valour’s head of Nordics, said in a statement.

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The ETP will trade on Sweden’s Spotlight Stock Market, enabling retail and institutional investors to gain exposure to the world’s largest memecoin by market cap in a regulated fund wrapper, Valour said.

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Historically, Bitcoin advocates have pointed to its decreasing volatility across market cycles, suggesting that as adoption grws, Bitcoin may one day serve as a stable unit of measurement. In the near term, however, introducing options trading on Bitcoin ETFs will likely reintroduce heightened volatility, offering both opportunities and risks.

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A warm Farcaster welcome to @9amelia87!

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