Bitcoin continued to hover around 96k last night, causing altcoins to become active. The biggest macro event last night was the curfew imposed by South Korean President Yoon Suk-yeol, which brought a black swan impact to the crypto market due to domestic unrest in South Korea.
On Upbit, Bitcoin last night plummeted from 135 million KRW to 88.2 million KRW, a drop of nearly 35%. Various altcoins on the Korean market were also frightened, including recent major altcoins like XRP and HBAR, which experienced sharp declines. Last night, almost all altcoins underwent a correction. However, such events can only be considered minor interludes for long-term positive coins, and the market quickly returned to normal.
This incident reveals that the current market pricing power and main players are still dominated by the Americans. Even if South Korea becomes the main battleground for altcoins, it has significant influence in the crypto market, but it still cannot sway the overall market trend. Historically, only before 2021 did China and afterwards the U.S. have a substantial impact on the crypto market. Recently, not only South Korea but also France has experienced political upheaval, with a vote tonight to decide whether to overthrow the government. Previously, Germany and Japan also faced political earthquakes, with ruling parties facing the risk of being ousted. However, the political crises in these countries have less impact on the crypto market, where we can see Bitcoin's resilience.
Speaking of altcoin trends, Sun made headlines again last night, claiming that TRX is the next XRP. There are data showing that Sun sold over 2,000 BTC in the past week, which seems to be for driving the price up. The entire Tron ecosystem has taken off, with Binance's top gainers made up of Sun's coins TRX, JST, SUN, and WIN. Tron has continuously set new highs, with its market cap re-entering the top ten and FDV reaching 33 billion USD.
I have to say Sun is really impressive. Originally, TRX had little relationship with this market trend, but Sun used his identity as the Chinese ambassador for XRP and donated 30 million to Trump’s WFLI, forcibly connecting it with American politics. Moreover, Sun was early on sued by the SEC for fraud, which adds personal animosity. I have to admire Sun's marketing power; few can match him over the course of 5,000 years.
Moreover, RSR and HBAR will definitely be the pioneers of SEC concept coins. RSR's advisor Paul Atkins was nominated by Trump as the new SEC chairman, but he rejected it. HBAR's board member Brian Brooks is rumored to become the next SEC chairman. Currently, Paul has a higher winning rate on Polymarket.
Also under the SEC concept are $DTF. STX is the first SEC-compliant project in history. EOS and FLOW have both been fined by the SEC. XRP is directly suing the SEC. Of course, TRX and BNB have also been pursued by the SEC. Sun was sued, and CZ was detained for 4 months, which is why these two reached new highs. Additionally, several tokens that were previously classified as securities by the SEC, including ADA, ALGO, ATOM, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, and SOL, have performed well recently.
This is a historic moment, accompanied by an unimaginable surge. Future volatility will become significant. The upward trend will eventually come to an end, but the specific timing is unknown. In December, there will be interest rate cuts, data releases, the American New Year, Japan's interest rate hikes, and so on...
Everyone can pay attention to these upcoming events to see if they can provide some insights. Finally, with the American New Year approaching, it's a new year, a new layout, a new strategy, and new ideas. If you're struggling to navigate the crypto space on your own, don't force yourself. Come to me for guidance, learn the latest information, strategize, embrace the bull market, increase your success rate, and say goodbye to being trapped at high positions.
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