Lee Jae-myung Wins With Pro-Crypto Agenda

Opposition leader Lee Jae-myung has officially taken office as president after winning a snap election on June 3. The vote came amid political chaos, triggered by former president Yoon Suk-yeol’s declaration of martial law.

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Lee’s victory came on the back of a strong pro-crypto platform: legalizing Bitcoin ETFs, allowing the $884 billion national pension fund to invest in crypto, and launching a Korean won-backed stablecoin.

During a policy discussion in May, Lee emphasized:

“We must establish a won-backed stablecoin market to prevent national wealth from leaking overseas.”

Historic Voter Turnout Fuels Momentum

Nearly 80% of eligible voters cast their ballots—South Korea’s highest turnout since 1997. Lee secured over 49% of the vote, defeating conservative rival Kim Moon-soo.

Following the announcement, Bitcoin surged on local exchanges like Bithumb and Upbit, reaching 149,000 won (~$108,480), about 2% higher than global averages due to the so-called kimchi premium.

Crypto Promises Amid Broader Reforms

Although crypto was a major theme of Lee’s campaign, he faces numerous national challenges: economic hardship, geopolitical tensions, and an urgent need for institutional reform.

Lee has pledged to focus on economic revival via AI and defense investments, judicial neutrality, and societal modernization—including introducing a 4.5-day workweek.

Whether or not Lee delivers on his crypto promises, the market is watching—closely.

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The post Crypto-Friendly Winds Sweep South Korea As New President Takes Office appeared first on Coin Engineer.

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According to the announcement, KAITOUSDC and IPUSDC contracts will be available on March 5, TRUMPUSDC and ADAUSDC on March 6, and PNUTUSDC and HBARUSDC on March 7. These contracts will offer leverage of up to 25x, while traders can take advantage of zero maker fees and a 20% discount on taker fees until June 4, 2025.

Binance has also stated that the Multi-Assets Mode will allow users to use different cryptocurrencies as collateral when trading these contracts. Additionally, funding fees will be calculated every four hours. The exchange reserves the right to adjust leverage, margin requirements, and trading fees based on market conditions.

High-leverage trading presents both profit opportunities and significant risks. Therefore, traders are advised to exercise caution and implement risk management strategies to navigate market volatility.

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ETF Excitement Soars Litecoin Price!

The market capitalization of Litecoin increased by 46% between February 2 and February 19. Santiment noted that part of this growth was due to the network’s daily transaction volume reaching $9.6 billion over the last week.

At the end of August, daily transaction volume was $2.8 billion, and it has since surged by 243%, reaching $9.6 billion in just five months. Additionally, Litecoin’s price has doubled since November, outpacing the overall cryptocurrency market, which grew by 42%.

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Santiment stated, “There’s rising excitement for the Litecoin ETF, 13 months after the approval of Bitcoin ETFs by the SEC.”

Important Steps Taken for Litecoin ETF!

On February 19, the U.S. Securities and Exchange Commission (SEC) accepted a rule change proposal for listing the spot Litecoin ETF by CoinShares on the Nasdaq.

Meanwhile, Canary Capital’s Litecoin ETF was listed on the Depository Trust and Clearing Corporation (DTCC) system with the LTCC code on February 20. DTCC is a critical infrastructure known for managing trillions of dollars in securities transactions in global financial markets.

The Litecoin Foundation stated, “This is a crucial preparation step for the potential launch of the fund.”

However, Bloomberg ETF analyst Eric Balchunas emphasized that this does not mean the product is approved or ready to trade, but rather the issuer is preparing. Balchunas also highlighted a 90% chance for ETF approval within 2024.

Litecoin Price Jumps 8.5%!

Following the listing news on DTCC, Litecoin’s price saw an 8.5% increase, rising from $127 to $138, before experiencing a slight correction.

In the last two weeks, Litecoin has risen 30%, surpassing Bitcoin, which has been trading in a narrow range during the same period.

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The post Litecoin Network Sees 243% Increase in Daily Transaction Volume appeared first on Coin Engineer.