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Gate Research: South Korean Political Turmoil Triggers Market Volatility, TRX Surges Over 70% in One Day

2024-12-04 09:26:24 UTC 22028 Lido

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**Gate Research Daily Report( December 4):** In the past 24 hours, Bitcoin (BTC) has increased by 0.12%, but due to political turmoil in South Korea, its price briefly dropped below $94,000. Currently, there are six cryptocurrencies with a market capitalization exceeding $100 billion, led by BTC, ETH, and XRP. Bitcoin long-term holders have reduced their positions to a new low, reflecting increased confidence among holders. Paul Atkins, the leading candidate for SEC Chairman under the Trump administration, has been reported to be unwilling to accept the position. Bitcoin is also facing the upcoming UASF proposal, which may lead to a split within the community. Additionally, Union Labs has completed a $14 million Series A funding round, with investments from Gumi Cryptos Capitals, Longhash Ventures, and others.

![](https://gimg2.gateimg.com/image/article/1733323735en.png)

**Market Analysis**: BTC price increased by 0.12% in the past 24 hours but briefly dropped below $94,000, possibly influenced by political turmoil in South Korea.
**Top Performers**: The top-performing altcoins in the past 24 hours are TRX, ALD, and XVG, which surged by 71.26%, 85.61%, and 87.78%, respectively.
**Data Highlights**: Bitcoin long-term holders have reduced their positions to a new low, indicating cautious market sentiment.
**Spotlight Analysis**: Paul Atkins, the leading candidate for SEC Chairman under the Trump administration, has reportedly expressed reluctance to accept the position.
**Market Opportunities**: A total of five projects have publicly announced funding, raising over $23.5 million, spanning sectors such as DeFi, Launchpad, and infrastructure.

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December 4th, 2024

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