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The SONIC token, part of the SonicSVM project on the Solana blockchain, is set to debut on major exchanges, including Upbit, with a total supply of 2.4 billion tokens. The project aims to enhance scalability for decentralized applications and has already attracted significant interest, raising nearly $3 million during its Vault phase. With a pre-market price prediction of $0.64, SONIC is expected to have a valuation exceeding $1 billion at launch, reflecting strong market optimism.
The US Ethereum Spot ETF experienced significant inflows, totaling $128.89 million (approximately 187.4 billion KRW) yesterday, marking the second consecutive day of net inflows. BlackRock's ETHA led the way with an inflow of $124.27 million, while Fidelity's FETH contributed $27.06 million. Other products reported no net inflows or outflows.
Bithumb, South Korea's second-largest crypto exchange, is set to launch a Filecoin (FIL) trading pair against the Korean won (KRW) on January 6, 2025, at 4:00 PM local time. This addition aims to enhance liquidity and meet the growing demand for decentralized storage solutions. The Filecoin ecosystem is also experiencing significant advancements, including the Fast Finality upgrade, which improves network efficiency and scalability, attracting increased interest from traders.
Asian stocks showed a cautious start to 2025, with Japan's markets notably declining as investors reacted to hawkish Federal Reserve comments and upcoming economic data. Japan's index fell 1.3%, pressured by weak automobile sector performance and a failed takeover of U.S. Steel by Nippon Steel. Meanwhile, South Korea's market surged 1.6% amid political turmoil, while China's stocks remained steady, focusing on anticipated fiscal stimulus to combat deflation and a struggling property market.
Do Kwon, co-founder of Terraform Labs, faces a new money laundering conspiracy charge following his extradition from Montenegro. The indictment alleges he facilitated transactions exceeding $10,000, aware they were proceeds of unlawful activity. Kwon pleaded not guilty to all charges during his court appearance on January 2, 2024, and remains in detention as the possibility of a plea deal or trial looms.
South Korea's political turmoil has led to a significant drop in the won's value, reaching its lowest point against the dollar since March 2009. This instability has caused the Bitcoin Kimchi Premium to surge, with local investors paying up to 3% more for BTC compared to global prices, as they seek refuge in dollar-denominated assets amidst the crisis. The impeachment of President Yoon Suk-yeol and ongoing political strife highlight concerns about the fragility of democracy, resonating beyond South Korea.
The kimchi premium has rebounded to 3.83% as of December 27, following a drop to 5.26% on December 22. This increase reflects a significant disparity in Bitcoin prices between South Korea and global markets, driven by the depreciation of the won amid ongoing economic and political uncertainty.
European markets opened higher on Christmas Eve, with the pan-European Stoxx 600 up 0.3%, led by gains in tech stocks. Novo Nordisk's shares surged 5.7% following a recovery from a recent sell-off linked to disappointing trial results for its weight loss drug. Trading is expected to be muted this week due to early market closures for the holiday.
Asian markets mostly advanced on Christmas Eve, with Chinese stocks gaining over 1% after promises of increased government spending. Honda's shares surged 12.2% following a share buyback announcement and merger talks with Nissan, which also saw a 6% rise. Meanwhile, South Korea's Kospi dipped 0.1% amid declining consumer sentiment.
Asian markets mostly advanced on Christmas Eve, with Chinese stocks gaining over 1% after the finance minister announced increased government spending for 2025. Japan's Nikkei 225 fell 0.3%, while Honda's shares surged over 12% following a merger announcement with Nissan, which also saw a 6% rise. South Korea's Kospi dipped 0.1% amid declining consumer sentiment, and oil prices rose slightly.
South Korean Won
Currency
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sonic token launches on major exchanges amid strong market interest
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