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TikTok has requested a suspension of the U.S. law that forces the sale or ban of its parent company ByteDance's app to allow the U.S. Supreme Court time to review it. TikTok argued that if the law is temporarily suspended, President-elect Donald Trump's incoming administration will have time to debate both the imminent harm and the necessity of Supreme Court review. This law is set to take effect on January 19, the day before Trump's inauguration. During his first term, Trump pushed for the sale of the TikTok app but faced opposition to the ban during his campaign, appealing to young voters. As Americans become increasingly dependent on TikTok, the ban on its operation in the U.S. has become a hot political issue. Over 170 million Americans use TikTok as a source of news and entertainment, with many using it to build small businesses. TikTok estimated that a one-month suspension of the app could result in over $1 billion in revenue losses for U.S. small businesses. TikTok insisted that the incoming Trump administration should be given enough time to resolve this issue. The company stated, "The administration can suspend enforcement of the law or mitigate the most severe potential consequences." TikTok requested the court to decide on emergency relief by December 16, allowing enough time to request a stay from the Supreme Court if necessary.

The price of Bitcoin (BTC) has fallen below $100,000, continuing a downward trend across the cryptocurrency market. According to the cryptocurrency news outlet Daily Hodl on the 9th (local time), Bitcoin has dropped to $97,470, with most altcoins also experiencing a correction. According to the cryptocurrency data aggregation site CoinGlass, approximately $567.39 million in liquidations occurred over the past 24 hours, mostly from leveraged long positions on Bitcoin. Cryptocurrency analyst Rekt Capital reported that the altcoin market is testing a major resistance line on the OTHERS Chart (the market size of digital assets excluding the top 10). He emphasized that the OTHERS Chart surpassed the $425 billion level (black line) for the first time since 2021, but this level has always acted as a "danger zone." Rekt Capital analyzed that "this correction is likely to lead to a much shallower retrace due to weaker rebounds than before." As an additional negative signal for the altcoin market, Bitcoin Dominance (BTC.D) has entered an oversold state based on the Relative Strength Index (RSI) on the daily chart. Rekt Capital reported that the RSI of BTC.D has fallen to about 22, the lowest since August 2023, indicating the possibility of a rebound in Bitcoin Dominance. He warned that "whenever the BTC.D RSI has fallen to this level in the past few years, Bitcoin Dominance has turned upward," suggesting that there may be additional downward pressure on the altcoin market. Meanwhile, according to Daily Hodl, Fundstrat's Chief Investment Officer (CIO) Tom Lee analyzed that Bitcoin's recent strength signals an increase in other asset classes. In an interview with CNBC, Tom Lee stated that Bitcoin's quarterly strength shows investors' preference for high-risk assets, suggesting an additional rally in indices like the S&P 500. He explained, "The rise of Bitcoin indicates that investors are ready to take on higher risks. This is a signal of breaking away from the pattern where capital was staying put while waiting for the economy to recover. The rise of Bitcoin seems to be a precursor to what the S&P 500 might do for the rest of the year." Tom Lee predicted that the limited circulating supply of BTC will be strongly felt in the market after breaking through the psychological price level of $100,000. He emphasized that "breaking through $100,000 means that the available supply of Bitcoin for sale in the market is gradually decreasing, which will promote further price increases in the future." CIO Lee mentioned that regarding the Federal Reserve's interest rate cut policy, contrary to general predictions, fewer rate cuts next year could be positive for risk assets. He added, "Earlier this year, it was thought that five rate cuts would be good for the stock market in 2025, but if the number of rate cuts decreases next year, it might actually extend the dovish cycle. The market will have to adapt to this new concept over time."

The price of Bitcoin (BTC) briefly recovered to $100,000 but then fell below $97,000, leading to a simultaneous decline in major cryptocurrencies. Dogecoin (DOGE), Ripple (XRP), and Solana (SOL) among top cryptocurrencies showed particularly significant declines.

[Digital Today AI Reporter] U.S. President-elect Trump has been nominating pro-crypto figures to head financial regulatory bodies like the Securities and Exchange Commission (SEC), leading to a surge in convertible bond issuance by cryptocurrency companies. According to Bloomberg on the 9th (local time), MicroStrategy has issued convertible bonds worth $6.2 billion this year, which is part of its recent plan to raise $21 billion. Mara Holdings has recently executed a bond sale exceeding $2 billion, riding the Bitcoin craze, and Core Scientific has raised over $1 billion so far this year. The media reported, "With Trump nominating Paul Atkins as SEC Chairman on the 4th, Bitcoin soared above $100,000. The sharp rise in value has prompted retail investors to issue convertible bonds to purchase cryptocurrencies." There is also a high possibility of additional transactions. Bitcoin mining company Riot Platforms announced plans to sell $500 million worth of convertible bonds this week to purchase more Bitcoin. MicroStrategy's stock has risen 73% since the election, while shares of Mara Holdings, Riot Platforms, and Core Scientific have increased by 63%, 33%, and 30%, respectively. Bitcoin has surged over 40%, nearing $100,000.

On the 10th (local time), according to Cointelegraph, Floki, in collaboration with Mastercard, has launched a debit card that can be loaded with various cryptocurrencies, including Floki. The card is available in both physical and virtual forms. The Floki debit card can be issued in 31 countries that are members of the European Union (EU) and the European Free Trade Association (EFTA), and the virtual card can be used worldwide. It is known to be usable at any store supporting Visa and Mastercard. Additionally, the card can be loaded with cryptocurrencies such as Floki, Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Binance Coin (BNB), Solana (SOL), Dogs (DOGS), Hamster Combat (HMSTR), Ton (TON), and Notcoin (NOT). There are no transaction fees, but a loading fee of 2% is applied. The daily limit is 5000 Tether (USDT).

According to CoinDesk, Ethereum ecosystem developer Max Resnick is leaving ConsenSys to join Solana (SOL). In an interview with CoinDesk, he stated, "Ethereum lacks streamlined processes for rapid change. While Ethereum's decision-making is not as inefficient as Bitcoin's, there is still internal politics in network operations. Major and important discussions about network improvements are happening in Vitalik's DMs. On the other hand, Solana has much more potential and possibilities," he said.

On the 10th (local time), CryptoQuant author Burak Kesmeci reported that "a phenomenon occurred where 8,455 BTC was withdrawn from a single block on Coinbase the previous day." He further analyzed, "This appears to be the movement of institutional investors such as BlackRock, Amazon, and Microsoft, and the frequent occurrence of such large-scale withdrawals is a strong indicator that institutions are showing more interest in Bitcoin regardless of its price."

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Bitcoin (BTC), which had plummeted in price over the day, has recovered to the $97,000 level. As of 6:25 AM on the 10th, according to CoinMarketCap, Bitcoin is trading at $97,077.12, down 2.88% from the previous day. On the Upbit KRW market, it is trading at 138,807,000 KRW, down 1.56% from the previous day. Meanwhile, major altcoins, including Ethereum (ETH), have mostly shown a downward trend over the past 24 hours. Ethereum is currently recorded at $3,695.97 on CoinMarketCap, down 7.3% from the previous day, while Ripple (XRP) is trading at $2.28, down 11.31% from the previous day. Additionally, Solana (SOL) is trading at $219.72, down 6.59% from the previous day, and Binance Coin (BNB) is also trading at $685.22, down 7.43% from the previous day.

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According to Bloomberg, approximately $10 billion (14 trillion won) has flowed into Bitcoin spot ETFs since Donald Trump won the U.S. presidential election. Since the U.S. election on November 5 (local time), about $9.9 billion has flowed into U.S. Bitcoin spot ETFs, increasing the total assets under management to $113 billion.

Brad Garlinghouse, CEO of Ripple (XRP), stated that the reason for forming the cryptocurrency industry's super PAC, Fair Shake, was due to regulations by the U.S. Securities and Exchange Commission (SEC). Appearing on CBS's current affairs program 60 Minutes on the 8th (local time), Garlinghouse said, "The main reason the cryptocurrency industry formed the super PAC Fair Shake is because of the SEC's relentless regulations," adding, "If someone other than Chairman Gary Gensler were the head of the SEC, Fair Shake might not have existed." Fair Shake is a political action committee supporting pro-cryptocurrency candidates, and Ripple has previously donated $144 million to it. Additionally, Garlinghouse commented on the SEC's lawsuit against Ripple for unregistered securities sales, saying, "I attended Harvard Business School and believe I have a good understanding of what a security is. I have never thought there was a possibility of Ripple being a security. Current laws are inadequate to define new technologies, and a new framework needs to be established," he argued.