Unblock Media

Roy

Policy

105 Ruling Party Lawmakers Abstain, President Yoon Impeachment Dismissed: Full List Revealed

2 hours ago

- Impeachment Motion Against President Yoon Suk-yeol Submitted to Plenary Session, Majority of People Power Party Lawmakers Abstain from Voting - Bitcoin Plunges Over 30% After Impeachment Motion Rejected, Stock Market Capitalization Drops by 170 Trillion Won [Unblock Media] On December 7, 2024, an impeachment motion against President Yoon Suk-yeol was submitted to the National Assembly's plenary session. However, it was automatically discarded due to the abstention of a majority of People Power Party lawmakers. This incident highlights the intense opposition among political parties in the assembly, which has significantly impacted the public. In a particularly dramatic turn of events, President Yoon declared emergency martial law, leading to armed soldiers storming the National Assembly. The opposition party interpreted this as an act of constitutional sabotage and immediately filed an impeachment motion. Yet, with the People Power Party lawmakers abstaining, the motion was annulled. This political strife caused substantial turmoil in the domestic financial markets. Following the declaration of martial law, Bitcoin traded in the domestic market plummeted over 30% temporarily, which is seen as a result of market uncertainty and political crisis. The sharp drop in Bitcoin prices is attributed to Korea's political chaos, and this could have a contagion effect on other emerging cryptocurrency markets, drawing international attention. Additionally, the stock market suffered similarly severe impacts. The market capitalization of the stock market dropped by 170 trillion won over four days, a significant loss. The stock market reacts sensitively to political stability and economic policies, and heightened uncertainty can erode investor confidence. This decline in confidence resulted in a sharp drop in corporate asset values, creating a vicious cycle that further adversely affected the market. Furthermore, the dollar-won exchange rate approached 1,440 won, causing turbulence in the foreign exchange market. This heightened concerns that foreign investors might withdraw from the Korean market. Exchange rates move based on a country's political stability and economic policies; thus, a major political crisis like the current one increases exchange rate volatility. Significant foreign capital outflow was observed, exacerbating the instability of Korea's financial markets. The abstention of 105 People Power Party lawmakers from the vote was harshly criticized by the opposition as an "act complicit in destroying the constitution." This illustrates how political conflicts can extend into the economic sphere, showing the public how political disputes translate into financial market volatility and subsequently lead to economic instability among the general populace. On December 9, 2024, both the Hankyoreh and Kyunghyang newspapers revealed the names and constituencies of the 105 abstaining People Power Party lawmakers. This move appears to be an effort to hold politicians accountable in the eyes of the public and seems to be a strategy to amplify political voices. In conclusion, the event surrounding President Yoon Suk-yeol's impeachment vote abstention vividly demonstrates how domestic political conflict can impact financial markets. Maintaining political stability and legal order will likely be crucial factors moving forward. The list of 105 People's Power Party lawmakers who did not participate in the vote on President Yoon Suk-yeol's impeachment motion is as follows: Seoul: Go Dong-jin (Gangnam-gu Byeong), Kwon Young-se (Yongsan-gu), Kim Jae-seop (Dobong-gu Gap), Na Kyung-won (Dongjak-gu Eul), Park Su-min (Gangnam-gu Eul), Park Jeong-hoon (Songpa-gu Gap), Bae Hyun-jin (Songpa-gu Eul), Seo Myung-ok (Gangnam-gu Gap), Shin Dong-wook (Seocho-gu Eul), Cho Eun-hee (Seocho-gu Gap), Jo Jung-hoon (Mapo-gu Gap) Busan: Gwak Gyu-taek (Seo-gu Dong-gu), Kim Dae-sik (Sasang-gu), Kim Do-eup (Gangseo-gu), Kim Mi-ae (Haeundae-gu Eul), Park Sung-hoon (Buk-gu Eul), Park Soo-young (Nam-gu), Seo Ji-young (Dongnae-gu), Jeong Dong-man (Gijang-gun), Jeong Seong-guk (Busanjin-gu Gap), Jeong Yeon-wook (Suyeong-gu), Cho Seung-hwan (Jung-gu Yeongdo-gu) Daegu: Kang Dae-sik (Dong-gu Gunwi-gun Eul), Kim Ki-woong (Jung-gu Nam-gu), Kim Sang-hoon (Seo-gu), Kim Seung-soo (Buk-gu Eul), Yoon Jae-ok (Dalseo-gu Eul), Yoon Young-ha (Dalseo-gu Gap), Joo Ho-young (Suseong-gu Gap), Lee In-seon (Suseong-gu Eul), Woo Jae-joon (Buk-gu Gap) Gyeonggi: Kim Seon-kyo (Yeoju-si Yangpyeong-gun), Kim Seong-won (Dongducheon-si Yangju-si Yeoncheon-gun Eul), Kim Yong-tae (Pocheon-si Gapyeong-gun), Kim Eun-hye (Seongnam-si Bundang-gu Eul), Song Seok-jun (Icheon-si) Gangwon: Kwon Seong-dong (Gangneung-si), Park Jeong-ha (Wonju-si Gap), Lee Yang-su (Sokcho-si Inje-gun Goseong-gun Yangyang-gun), Lee Cheol-gyu (Donghae-si Taebaek-si Samcheok-si Jeongseon-gun), Yoo Sang-beom (Hongcheon-gun Hoengseong-gun Yeongwol-gun Pyeongchang-gun), Han Ki-ho (Chuncheon-si Cheorwon-gun Hwacheon-gun Yanggu-gun Eul) Gyeongsangnam-do (South Gyeongsang):Kang Min-guk (Jinju-si Eul), Kim Jong-yang (Changwon-si Uichang-gu), Kim Tae-ho (Yangsan-si Eul), Park Dae-chul (Jinju-si Gap), Park Sang-woong (Miryang-si Uiryeong-gun Ham-an-gun Changnyeong-gun), Seo Beom-soo (Uljugun), Seo Cheon-ho (Sacheon-si Namhae-gun Hadong-gun), Yoon Han-hong (Changwon-si Masanhoewon-gu), Choi Hyung-doo (Changwon-si Masanhappo-gu), Jeong Jeom-sik (Tongyeong-si Goseong-gun), Seo Il-jun (Geoje-si) Chungcheongbuk-do (North Chungcheong): Park Deok-heum (Boeun-gun Okcheon-gun Yeongdong-gun Goesan-gun), Eom Tae-young (Jecheon-si Danyang-gun), Lee Jong-bae (Chungju-si) Chungcheongnam-do (South Chungcheong):Kang Seung-kyu (Hongseong-gun Yesan-gun), Seong Il-jong (Seosan-si Taean-gun), Jang Dong-hyuk (Boryeong-si Seocheon-gun) Ulsan: Kim Ki-hyun (Nam-gu Eul), Park Sung-min (Jung-gu), Seo Beom-soo (Uljugun) Incheon: Bae Joon-young (Jung-gu Ganghwa-gun Ongjin-gun), Yoon Sang-hyun (Dong-gu Michuhol-gu Eul) Gyeongsangbuk-do (North Gyeongsang): Kang Myung-gu (Gumi-si Eul), Kim Seok-ki (Gyeongju-si), Kim Hyung-dong (Andong-si Yecheon-gun), Kim Jung-jae (Pohang-si Buk-gu), Lee Sang-hwi (Pohang-si Nam-gu Ulleung-gun), Lee Man-hee (Yeongcheon-si Cheongdo-gun), Park Hyung-soo (Uiseong-gun Cheongsong-gun Yeongdeok-gun Uljin-gun), Jeong Hee-yong (Goryeong-gun Seongju-gun Chilgok-gun), Im Jong-deuk (Yeongju-si Yeongyang-gun Bonghwa-gun), Gu Ja-geun (Gumi-si Gap), Jo Ji-yeon (Gyeongsan-si) Proportional Representatives: Kang Seon-young, Kim Geon, Kim Min-jeon, Kim So-hee, Kim Jang-gyeom, Park Joon-tae, Park Chung-kwon, Ahn Sang-hoon, Yoo Yong-won, Lee Dal-hee, In Yo-han, Jin Jong-oh, Choi Bo-yoon, Choi Soo-jin, Han Ji-ah

Mark

Market

Why Solana Price Is Falling: Analyzing the Prolonged Downtrend

3 hours ago

- Solana's Price Falls 15% from November 22nd High - Technical Indicators Suggest Further Decline Possible [Unblock Media] Let's analyze the current situation where Solana's price has dropped 15% from its all-time high on November 22nd. The decline appears likely to continue, so let's examine this more closely using technical indicators. Firstly, considering the BBTrend indicator based on Bollinger Bands, Solana's BBTrend peaked at 2.8 on December 8th and has since dropped to 0.66. Positive values indicate upward momentum, while negative values indicate downward momentum. This indicator currently suggests that the downward trend may continue. Historical cases where the BBTrend dropped sharply after peaking often resulted in continued downward trends, implying that the current decline could negatively impact Solana's future price movement. The ADX and DMI indicators are also crucial. The current ADX is at 26.2, indicating an increase in trend strength, which suggests a very strong trend is forming. However, when the negative directional indicator (D-) dominates and the ADX is rising, historically, there's been more than a 65% probability of further decline. Hence, the current scenario points to a higher likelihood of continued downturn. The EMA (Exponential Moving Average) is giving important bearish signals as well. The recent bearish crossover of the 50-day and 200-day moving averages is traditionally considered a strong bearish signal, implying a greater short-term decline. The $215 support level, previously a significant resistance level, if breached, could potentially trigger a significant amount of psychological stop-loss selling. Overall, technical indicators suggest that a bearish trend is predominant when considering Solana's current condition and future trajectory. This downward momentum has been further reinforced by the recent 15% drop in daily transaction volume on the Solana network, reflecting weakened investor sentiment. In conclusion, for Solana's price to reverse its downward trend, additional momentum is necessary. Such momentum could come from technical improvements in the Solana project, new partnerships, or a shift in the overall market sentiment. These factors, if realized, could significantly increase the likelihood of a price uptrend for Solana.

Max

Market

Bitcoin Breaks $100K: Will the Rally BTC Continue?

2024-12-09 08:24

- Bitcoin Breaks $100K, A Key Milestone for the Market - Bitcoin, Will the Uptrend Continue? Warnings About Risk Zones [Unblock Media] The situation where Bitcoin has broken through the $100,000 mark is a significant event that marks a new era. This milestone is a historic achievement for Bitcoin, but it also ignites extensive debate about its future direction. Breaking $100,000 not only signifies reaching a high price point but has also garnered more attention from traditional financial institutions and increased trading volume from institutional investors. This indicates that Bitcoin is becoming more closely associated with the formal financial system. Many analysts predict that Bitcoin's upward trend will continue. However, a crypto analyst from TradingView has warned that this price level is a "danger zone." According to him, reaching $100,000 could likely lead to a substantial correction, which may include a drop to $72,000. This potential for correction arises partly because Bitcoin's RSI (Relative Strength Index) shows it is in an overbought state, signaling a significant likelihood of a downturn. Moreover, Bitcoin breaking the $100,000 mark after four failed attempts is an important psychological milestone. Although the price briefly retreated below $100,000, investors view this pullback as only a temporary barrier, believing Bitcoin's upward journey is far from over. Such short-term pullbacks are also linked to increased deposit and withdrawal volumes on major exchanges, which can be interpreted as movements by short-term investors to realize profits. The same TradingView analyst offers a more cautious and bearish outlook. He suggests that the $100,000 price level has acted as a "magnet" for price action over the past few weeks. As a result, he predicts a re-test at $94,000, followed by a broader price correction. Specifically, if the price falls below $94,000, it could lead to a re-test of $88,000. Should the $88,000 support level give way, the ideal target range could be close to $72,200. The market remains steeped in strong optimism. The "Fear & Greed Index" has reached 81, indicating a state of extreme greed. The Fear & Greed Index reflects market sentiment, measured on a scale from 0 to 100. An 81 is indicative of extreme greed. Some analysts still see room for Bitcoin to rise, with some projecting a peak of up to $140,000. At the time of writing, Bitcoin is trading at $98,350. Although there was a re-test at $94,000 after breaking through $100,000, Bitcoin rebounded from $94,000. Yet, the leading cryptocurrency is not entirely out of danger.

Roy

People

Ripple CEO Brad Garlinghouse Addresses Regulatory Clashes on 60 Minutes

2024-12-08 13:17

- Ripple CEO Garlinghouse Discusses Legal Conflict with SEC Publicly - Establishment of a Super PAC with $30 Million Annual Support for Political Response [Unblock Media] Brad Garlinghouse, CEO of Ripple Labs, highlighted the conflicts between the cryptocurrency industry and regulatory bodies during an appearance on CBS's news program '60 Minutes.' In the preview, Garlinghouse stated, "If not for SEC Chairman Gary Gensler, the largest Super PAC in the cryptocurrency industry would not have existed." The Super PAC 'Fairshake,' organized to respond to the stringent regulations imposed by SEC Chairman Gary Gensler, has provided significant financial support to pro-cryptocurrency politicians to facilitate policy changes. According to Bloomberg, Fairshake supported pro-crypto politicians with approximately $30 million as of 2022, playing a crucial role in the passage of favorable legislation and policy changes for the cryptocurrency industry. Chairman Gensler is scheduled to step down on January 20, 2025, following Trump's inauguration. During his tenure, he led over 120 lawsuits, symbolizing stringent regulation of the cryptocurrency industry, prompting companies like Ripple and others to support political funding. Garlinghouse remarked, "The SEC's stance has led Ripple and other crypto companies to organize a political action committee like Fairshake." Ripple has denied allegations of unregistered securities sales in a lawsuit filed by the SEC in December 2020 and has invested over $150 million in legal costs. These lawsuits have had a significant impact on the entire cryptocurrency industry. CNBC detailed the implications of the lawsuits involving Coinbase and Ripple, reporting that they have increased regulatory uncertainty within the cryptocurrency market. Key figures in the crypto industry have echoed Garlinghouse's statements. Michael Saylor, a prominent Bitcoin advocate, emphasized the ongoing need for political action to ensure the survival and growth of cryptocurrencies via Twitter. This '60 Minutes' episode, addressing legal issues related to cryptocurrencies, is scheduled to air on CBS at 7 PM New York time on the 8th, and at 9 AM Seoul time on the 9th.

Mark

Market

Why Is Solana Price Rising? An Analysis of the Reasons

2024-12-07 09:29

- Solana Price Surge Tied to Trump Advisor Appointment - Meme Coin Boom Boosts Demand for SOL Tokens [Unblock Media] The recent rise in Solana's price can be attributed to several factors. The most notable is Donald Trump appointing David Sacks as an advisor on AI and cryptocurrency policy. David Sacks is known as an early investor in Solana, and his appointment has been interpreted by investors as a positive signal for Solana's future value. According to CoinDesk, Sacks' appointment has increased confidence in Solana, particularly raising expectations for the approval of a spot ETF. This could further heighten the interest of institutional investors in Solana. Additionally, the recent meme coin boom has played a significant role in the price increase of Solana. Key meme coins on the Solana network such as Dogwifhat, Bonk, and Peanut the Squirrel have seen price increases between 4.5% and 7.5% in the past 24 hours. Data from Dune Analytics shows a clear correlation between the record on-chain activity in November and the rise in SOL's value. For instance, over 4.32 million meme coin projects issued through the Pumphun platform generated about 1.61 million SOL (approximately $383 million) in revenue. From a technical analysis perspective, Solana's price increase is also seen positively. The current rise is a rebound from the lower trendline support within an ascending triangle pattern. This pattern usually indicates that prices move within a range before a significant breakout either upwards or downwards. In this pattern, if the price breaks through the upper trendline, it is likely to rise to a level equivalent to the height of the triangle, which for Solana is roughly $65. However, if it fails to break the upper trendline, the price may correct or test the lower support line again. According to AMB Crypto, if the upward trend fails, the price could fall as low as $200. Furthermore, Bloomberg reports that the approval process for a Solana-based ETF requires additional market review and potential changes in regulatory attitudes. Although the approval process for cryptocurrency ETFs has recently accelerated, the approval for a Solana-based ETF remains uncertain.