### Overview
DMM Bitcoin, a prominent **Japanese cryptocurrency exchange**, is set to **liquidate** following significant operational challenges. The exchange's struggles began after it lost **48.2 billion yen** (approximately **$321 million**) due to a **fraud incident** that occurred in May.

### Key Details
The **liquidation** marks the end of DMM Bitcoin's attempts to revamp its services. After the fraud incident, the exchange was unable to provide sufficient support to its customers, prompting this drastic measure.

In an effort to ensure customer assets are managed properly, DMM Bitcoin plans to transfer these assets to **SBI VC Trade**, which is an exchange operated by **SBI Group**. This transfer is expected to take place around **March**.

![DMM Bitcoin](https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fcms-image-bucket-production-ap-northeast-1-a7d2.s3.ap-northeast-1.amazonaws.com%2Fimages%2F0%2F6%2F7%2F4%2F48644760-4-eng-GB%2FCropped-1733063578photo_SXM2024113000002722.jpg?width=780&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto)
*DMM Bitcoin has struggled since the fraud incident in May. (Photo by Takanobu Aimatsu)*

TOKYO -- Japanese cryptocurrency exchange DMM Bitcoin will liquidate, Nikkei has learned, ceasing efforts to revamp operations after losing 48.2 billi

DMM Bitcoin Exchange Faces Liquidation After Major Fraud Losses

## Market Turmoil in South Korea
Cryptocurrencies experienced significant price **discounts** in the South Korean market on Tuesday, but quickly **recovered** amid escalating political drama in the region.

## What Happened
Major cryptocurrencies like **Bitcoin (BTC)** and **Ethereum (ETH)** saw their values sharply decline on **Upbit**, South Korea's leading cryptocurrency exchange. Bitcoin plummeted to as low as **$71,800** following President **Yoon Suk Yeol**'s imposition of **martial law**. In contrast, the cryptocurrency was trading around **$95,500** on **Coinbase**, the largest U.S. exchange.

Similarly, Ethereum dropped to **$2,700** on Upbit while it was trading over **$3,600** on Coinbase. The **Korea Premium Index**, which measures the price difference between Korean exchanges and others, fell to **-14.67**, indicating that retail investors were selling at lower prices than average market rates.

## A Short-lived Arbitrage Opportunity
What should have been a lucrative **arbitrage opportunity** quickly vanished as Bitcoin rebounded to **$95,424** on Upbit, closely aligning with the global price of **$95,857**. Ethereum also saw a recovery, reaching **$3,700**. This turnaround followed President Yoon's decision to retract the martial law declaration after facing parliamentary pushback.

## Why It Matters
Noted analyst and **CryptoQuant CEO Ki Young Ju** expressed confusion regarding the sell-off during political instability, questioning why investors who bought Bitcoin were now selling it. He highlighted the **kimchi premium**, a phenomenon where cryptocurrencies on Korean exchanges typically trade at a premium of up to **30%** above global prices. This is in stark contrast to the current situation.

## Historical Context
The **kimchi premium** was notably exploited by **Sam Bankman-Fried**, founder of Alameda Research and the now-defunct **FTX** exchange, who reportedly profited immensely during its peak.

## Current Price Action
As of the latest updates, Bitcoin was trading at **$95,897.38**, down **0.29%** in the past 24 hours, according to data from Benzinga Pro. 

*Image via Shutterstock*

Cryptocurrencies traded at big discounts in the South Korean market Tuesday but recovered amid intense political drama in the East Asian nation.

Political Turmoil in South Korea Causes Bitcoin's Wild Price Swings: A Missed Arbitrage Opportunity?

The **cryptocurrency sector valuation** surged to **$3.48 trillion** on Tuesday, marking a **$40 billion increase**. However, Bitcoin's price fell below **$95,000** as investors shifted focus towards **altcoins**. Notably, **216,337 traders** faced liquidation, resulting in total liquidations of **$591.56 million**.

## Altcoin Market Updates: Bitcoin Consolidates at $95K
Bitcoin is currently consolidating around the **$95,000** mark, as traders are rotating profits into the **altcoin market**. The **positive sentiment** around potential **altcoin ETF approvals** in 2025 has led to a significant accumulation in altcoins.

- **XRP** retreated to the **$2.50** support level, while **Cardano (ADA)**, **Avalanche (AVAX)**, and **Tron (TRX)** saw notable gains.
- **Tron (TRX)** emerged as a standout performer with a **25% gain**, surpassing AVAX to become the **10th largest crypto asset** by market capitalization.
- **Avalanche (AVAX)** surged **11%** after hints of a potential collaboration with the **Donald Trump administration**.

## Chart of the Day: BlackRock Hits 500,000 BTC Milestone
BlackRock's **IBIT spot Bitcoin ETF** has surpassed **500,000 BTC** in assets under management (AUM). Launched on **January 11, 2024**, it now holds **$48 billion** worth of Bitcoin, accounting for approximately **2.38%** of Bitcoin's total supply.

> “BlackRock surpassing **500,000 BTC** is yet another huge milestone after a tremendous launch year.” - **K33 Head of Research, Vetle Lunde**

The recent net inflow of **3,526 BTC** has propelled IBIT past this milestone, now exceeding MicroStrategy’s BTC holdings despite a three-year head start.

## Crypto News Updates:
**Coinbase Ends USDC Yield Program in Europe**
Coinbase is discontinuing its **USDC yield program** in the **European Economic Area (EEA)** by December 1, due to the **MiCA regulations** which prohibit offering interest on stablecoins. This reflects the increasing regulatory challenges in Europe’s stablecoin market, as competitors like **Schuman Financial** launch euro-pegged stablecoins to fill the gap.

**Taiwan to Implement New AML Rules for Crypto Providers**
Taiwan’s **Financial Supervisory Commission (FSC)** will enforce new **anti-money laundering (AML)** regulations for crypto providers starting November 30, tightening regulatory oversight and aligning with global standards.

**US Government Transfers $1.9 Billion in Bitcoin to Coinbase**
A US government-linked wallet transferred about **20,000 Bitcoin**, valued at **$1.9 billion**, to **Coinbase Prime**. This transfer, originating from assets seized from Silk Road, triggered market speculation as Bitcoin's price dipped below **$95,000** following the news.

The cryptocurrency sector valuation hit $3.48 trillion on Tuesday, reflecting a $40 billion increase. 

Bitcoin Stalls at $95K as Altcoins Surge: Key Market Movements You Can't Miss!

### **Celsius Network Founder Pleads Guilty**  
The founder and former CEO of **Celsius Network**, Alexander Mashinsky, has pleaded guilty to federal fraud charges in a New York court. He admitted to misleading customers about the business, which ultimately led to its **collapse in 2022**.  
  
### **Fraudulent Activities Revealed**  
Mashinsky confessed to **manipulating the price** of Celsius’s proprietary crypto token while secretly selling his own tokens at inflated prices, pocketing around **$48 million**. He acknowledged that he misled customers by suggesting there was **regulatory consent** for the company’s operations, knowing they would feel “false comfort” from his statements.  
  
### **A Deceptive Scheme**  
From 2018 to 2022, Mashinsky marketed Celsius as a modern bank for crypto assets, promising safety and interest on deposits. However, he and his co-conspirators used customer deposits to artificially inflate the value of Celsius’s token.  
  
### **Consequences of His Actions**  
Mashinsky’s actions have been described by U.S. Attorney **Damian Williams** as “one of the biggest frauds in the crypto industry,” with Celsius at one point boasting assets of around **$25 billion**. His plea agreement could result in a **30-year prison sentence** and forfeiture of over **$48 million**.  
  
### **Next Steps**  
Sentencing is set for **April 8**. Mashinsky's case highlights the ongoing issues of trust and transparency in the cryptocurrency sector, raising questions about the future of similar platforms.

The founder and former CEO of the failed cryptocurrency lending platform Celsius Network has pleaded guilty to federal fraud charges, admitting that he misled customers about the business.

Celsius Network Founder Admits Guilt in Major Crypto Fraud Scandal

### Dogecoin Price Update

**Dogecoin price** has significantly dropped to **$0.40**, reflecting a **16% decline** in just one day. This downturn follows a series of failed attempts to breach the **$0.50** resistance level. 

### Market Reactions

Traders have reacted swiftly, pulling **$380 million** from Dogecoin as **open interest** in futures contracts decreased, indicating a shift in market sentiment after the **failed breakout**. 

![Dogecoin price (DOGE) vs. Bitcoin price (BTC)](https://editorial.fxsstatic.com/miscelaneous/DOGEUSDT_2024-12-03_20-04-51-638688646539687025.png)

### Profit-Taking Phase

After a **175% gain** in November, many traders began **locking in profits** following a peak price of **$0.45** on November 22. The **crypto market** had previously experienced a boost from major purchases, like **Microstrategy’s $1.4 billion** Bitcoin acquisition and **WisdomTree’s ETF filing for Ripple (XRP)**. 

### Current Trends

Despite bullish momentum in other cryptocurrencies like **XRP** and **Litecoin**, Dogecoin remains subdued. As of now, it reflects a **16% drop**, mirroring Bitcoin’s own decline of **5%** over the last 24 hours.

### Analyzing Open Interest

Dogecoin’s open interest has fallen from **$3.88 billion** to **$3.50 billion**, marking a **10% decline**. This rapid drop suggests traders are closing their long positions as confidence in a short-term recovery dwindles. 

### Support Levels at Risk

Currently, Dogecoin appears to be flashing **bearish signals**. It trades below the **midline of the Donchian Channel** at **$0.41**, indicating potential further declines. A sustained drop below **$0.40** could trigger additional liquidations, pushing prices towards the next support level at **$0.34**.

![Dogecoin price forecast](https://editorial.fxsstatic.com/miscelaneous/DOGEUSDT_2024-12-03_23-34-06-638688647869542461.png)

Conversely, if Dogecoin manages to hold above **$0.40** and retests **$0.45**, bulls may attempt to reclaim the **$0.50** resistance level.

Dogecoin price continues to consolidate below the $0.40 level on Tuesday, down 16% within the daily timeframe. 

Dogecoin's Dramatic Slide: $380M in Trades as Price Plummets to $0.40

![Altcoin Season](https://ambcrypto.com/wp-content/uploads/2024/12/AltcoinseasonFI.jpg)

Altcoin season is officially upon us, with the **altcoin season index** showing a **12-month high** of **82**, indicating strong momentum among large and mid-cap altcoins. This surge comes as more tokens have significantly **outperformed Bitcoin (BTC)** over the past 90 days.

### Top Gainers – HBAR, XRP, DOGE

The altcoin rally has been led by impressive gains from tokens such as **Hedera (HBAR)**, **Ripple (XRP)**, and **Dogecoin (DOGE)**. In the past 90 days:
- **HBAR** has surged over **600%**.
- **XRP** follows with a **402%** increase.
- **XLM** recorded **515%** gains.

In contrast, **Ethereum (ETH)** and **Binance (BNB)** have lagged behind Bitcoin, indicating a shift in market focus.

![Altcoin Performance](https://ambcrypto.com/wp-content/uploads/2024/12/Screenshot-2024-12-03-120226.png)
*Source: Blockchain Center*

A notable decline in **Bitcoin dominance (BTC.D)**, which peaked at **60%** on November 21 and has since dropped to **54%**, has allowed altcoins to thrive as capital rotates into these assets.

### Future Trends

If historical trends hold, the altcoin surge could continue. The **OTHERS** index, which tracks altcoins excluding the top 10, has gained ground against Bitcoin recently. 

![Market Trends](https://ambcrypto.com/wp-content/uploads/2024/12/OTHERS_BTCUSDT_2024-12-03_12-21-36.png)
*Source: Others/BTC, TradingView*

CryptoQuant founder **Ki Young Ju** has cautioned that despite positive market sentiment, the influx of **ETF** players and institutions may change the dynamics of capital rotation. He stated:
> “This alt season won’t be what you expected. It’s going to be weird and challenging. Only a chosen few will win the game.”

Analysts are also warning of a potential **sell-the-news** event during **Trump’s inauguration** in January 2025, suggesting that risk management strategies should be in place to protect capital.


Altcoin season is here with index showing strong momentum among large and mid-cap altcoins. Will the rally extend?

Is Altcoin Season Back? Discover the Top Gainers as Bitcoin Dominance Dips!

### TeraWulf's November Bitcoin Production

**TeraWulf (WULF)** has reported a production of **115 bitcoin (BTC)** in November, marking a decrease from the **150 BTC** mined in October. This decline is attributed to a **planned outage** executed by the company.

The recent production numbers reflect the challenges that mining companies face, including operational interruptions and market fluctuations. As the crypto market evolves, understanding these shifts is crucial for investors and stakeholders.

![Bitcoin Mining](https://example.com/bitcoin-mining-image)

### Implications for Investors

This decrease in self-mined Bitcoin could potentially impact TeraWulf’s stock performance and investor sentiment. It's essential for investors to monitor such production reports as they provide insights into the company’s operational efficiency and market positioning.

Stay tuned for further updates on TeraWulf and the broader cryptocurrency market as we continue to analyze these developments.

TeraWulf (WULF) self-mined 115 bitcoin (BTC-USD) in November, a decline from the 150 BTC mined in October, as the company executed a planned outage.

TeraWulf's Bitcoin Production Drops: What It Means for the Market

## The Impact of Rate Cuts on Bitcoin

With discussions around potential **rate cuts** looming, many investors are wondering how this could influence the **Bitcoin market**. Lower interest rates typically lead to increased liquidity, which can drive more investments into **cryptocurrencies**.

### Why Bitcoin Might Benefit
- **Increased Demand:** As traditional savings yield lower returns, investors may turn to **Bitcoin** as a more attractive asset.
- **Inflation Hedge:** With fears of inflation rising, Bitcoin's role as a **store of value** could become even more pronounced.
- **Market Sentiment:** A rate cut often correlates with a bullish market sentiment, which can positively affect Bitcoin prices.

### Conclusion
While the exact outcome of potential rate cuts remains uncertain, the implications for Bitcoin could be significant. Investors should keep a close eye on future **monetary policy decisions** as they navigate the cryptocurrency landscape.

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DMM Bitcoin Exchange Faces Liquidation After Major Fraud Losses

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