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- Korean Government Declares Martial Law!
Welcome back to the Daily Coinsauce Newsletter! Let’s dive into today’s updates—there’s a lot to unpack!
💧Top headlines from the last 24 hours:
• Korean Government Declares Martial Law
• Trump picks pro-crypto Paul Atkins to chair SEC
📕Educational :
• U
Lets dive in.
📅 Today
Korean Government Declares Martial Law!
The Korean crypto market was thrown into chaos on Tuesday when President Yoon Suk Yeol abruptly declared martial law. The military even tried to enter parliament in Seoul. But within hours, the entire parliament unanimously rejected the declaration, rendering it invalid.
In the midst of the political drama, Bitcoin priced in Korean Won took a bug hit, dragging the “kimchi premium” — the usual price gap between BTC in South Korea and global markets — to an all-time low.
Bitcoin's price briefly dropped to $63,000 on the Upbit Exchange as a result.
Sensing a bargain, whales quickly moved large amounts of USDT to Upbit, looking to scoop up BTC at a discount. Just a few hours later, the market bounced back, with BTC prices returning to normal.
Donald Trump Names Paul Atkins as Preferred SEC Chair
President-elect Donald Trump has chosen Paul Atkins, a well-known crypto advocate, to head the Securities and Exchange Commission (SEC), following Gary Gensler’s resignation on November 20.
Atkins, who previously served as an SEC commissioner from 2002 to 2008 under President George W. Bush, has been a strong supporter of blockchain and digital assets. He’s a key advisor to the Digital Chamber of Commerce, an organization dedicated to advancing the use of crypto and blockchain technologies.
He’s also advising Reserve Protocol, a platform that helps launch stablecoins and other asset-backed currencies.
While Atkins seems like a natural fit for the role, rumors are swirling that he may be hesitant to accept the position. For now, the crypto community—and Washington—will have to wait and see
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That concludes our update for today!
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