The cryptocurrency market will witness some important events in six different altcoins in the new week. Here is the full list. Continue Reading: 6 Altcoins Have Important Events in the New Week – Here’s What to Watch
BitcoinSistemi
You can visit the page to read the article.
Source: BitcoinSistemi
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
South Korea’s Crypto Trading Volumes Skyrocket, Surpassing Stock Market Activity
South Korea retail trading volumes for cryptocurrencies surged to an impressive $18 billion within 24 hours, outpacing the nation’s stock market by 22%. According to a December 2 report by 10x Research, this marked the second-highest trading day of the year for crypto in South Korea, driven by retail investors’ interest in high-momentum altcoins. Ripple’s XRP emerged as the star of the day, recording over $6.3 billion in trading volumes. Other prominent tokens included Dogecoin (DOGE) at $1.6 billion, Stellar (XLM) at $1.3 billion, Ethereum Name Service (ENS) at $900 million, and Hedera (HBAR) at $800 million. The report highlights that these volumes reflect retail traders’ propensity to capitalize on short-term momentum, amplifying trends and injecting fresh enthusiasm into the market. Interestingly, these altcoins, often referred to as “dino coins” by crypto enthusiasts, have delivered remarkable returns in recent weeks. XRP has soared by 90%, ENS by 73%, and HBAR by a staggering 168%, outperforming broader market trends. XRP Rally Redefines Market Rankings Ripple’s XRP is at the forefront of South Korea’s crypto frenzy, setting a new yearly high of $2.80 on December 2. This impressive performance has propelled XRP to surpass Solana (SOL) and Tether (USDT) in market capitalization, making it the third-largest cryptocurrency globally. According to TradingView data, XRP’s price has climbed from $0.50 in early November, reflecting an extraordinary rally over just one month. The report’s author, Markus Thielen, attributes the surge to altseason dynamics—a market phase characterized by significant interest and trading activity in alternative cryptocurrencies, overshadowing Bitcoin. Thielen observed that Bitcoin’s funding rate, a metric often linked to perpetual futures activity, was “relatively mild” at 15% annualized, further signaling the shifting focus toward altcoins. “This divergence between subdued Bitcoin activity and skyrocketing altcoin trading volumes underscores the importance of strategic discipline in navigating the altcoin market,” Thielen noted. Market Implications of High Trading Volumes The surge in crypto activity reflects a growing appetite among South Korean retail investors for altcoins, particularly those with high volatility and potential for rapid gains. However, experts caution against over-leveraging during such momentum-driven phases, urging traders to remain cautious. As South Korea continues to lead in retail crypto engagement , the market dynamics are likely to fuel discussions about regulation and innovation within the country’s burgeoning cryptocurrency landscape. For now, the spotlight remains firmly on altcoins, with traders riding the wave of an explosive altseason. The post South Korea’s Crypto Trading Volumes Skyrocket, Surpassing Stock Market Activity appeared first on TheCoinrise.com . BitcoinSistemi
Market Crash Coming? US Government Transfers Nearly $2 Billion In Silk Road Bitcoin To Coinbase
Nearly $2 billion worth of Bitcoin (BTC) linked to the now-defunct dark web marketplace Silk Road were moved by the Feds to America’s largest crypto exchange Coinbase on Monday. This marks the latest high-profile transfer of the United States government’s Bitcoin holdings. Notably, even the indication that a gigantic Bitcoin whale such as a government is about to dump large amounts of the premier crypto is enough to send markets tumbling. Inside US Government’s Latest BTC Transfer According to data from on-chain intelligence firm Arkham Intelligence, a wallet tagged as “U.S. Government: Silk Road DOJ Confiscated Funds” sent some 19,800 BTC, worth around $1.92 billion, to a Coinbase Prime deposit address. U.S. authorities confiscated the BTC in a 2021 investigation of James Zhong, who last year pleaded guilty to wire fraud related to the Silk Road marketplace. Zhong manipulated the Silk Road transaction system in 2012 to steal 50,676 Bitcoins. The Department of Justice seized the stash in 2022 after BTC’s price had surged significantly, making it one of the biggest Bitcoin seizures in history. The Monday transfer likely signals that the government is preparing to sell the assets. Previous transfers by the Feds have triggered substantial sell-offs in Bitcoin. The BTC price is now up 0.4% over a 24-hour period, according to CoinGecko. Its price hovers at $95,389 at the publication time. The US government still held roughly $18 billion worth of Bitcoin at the time of writing this, meaning it is the largest geopolitical holder of the flagship cryptocurrency. U.S. Government Selling Its Bitcoin Holdings Is A “Huge Strategic Mistake” Crypto industry observers quickly reacted to the U.S. government’s decision to shift almost $2B in BTC to Coinbase. “This is a huge strategic mistake,” wrote Jason Lowery, the author of Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin. “There is no price where it makes sense for the US to sell any Bitcoin it has under its control. They have no idea what they own, and it shows.” Lowery added: “Remember this post when they inevitably try to justify a new version of EO 6102 to reclaim the Bitcoin they sold off due to their ignorance about the true significance of this technology.” For those unaware, EO 6102 authorized President Franklin D. Roosevelt to force American citizens to relinquish their gold coins, gold bullion, and gold certificates. The executive order was implemented so that the U.S. government could devalue the dollar more aggressively to stimulate the economy during the Great Depression. Coinbase CEO Brian Armstrong agreed with Lowery, noting that the government shouldn’t dump its BTC. Notably, US lawmakers like Senator Cynthia Lummis and the incoming president Donald Trump, have proposed passing legislation to create a strategic Bitcoin reserve in the United States. The Wyoming Republican officially introduced the Bitcoin Act in August for the government to purchase 1 million BTC — approximately 5% of the total circulating supply — for five years to match the country’s gold reserves. BitcoinSistemi