Bitcoin News: Upbit and Bithumb to Compensate Users $2.4M for Crypto Outages During South Korean Martial Law

South Korean cryptocurrency exchanges Upbit and Bithumb have agreed to pay a combined total of 3.5 billion won (approximately $2.4 million) to compensate users affected by platform disruptions during the recent martial law declaration. The compensation covers 720 cases, with Upbit responsible for 596 cases amounting to over 3.14 billion won and Bithumb addressing 124 cases with 377 million won. This move highlights the exchanges' commitment to user protection and accountability in the face of unexpected operational challenges.

Upbit and Bithumb to Pay $2.4M for Crypto Outages During South Korean Martial Law

South Korean cryptocurrency exchanges Upbit and Bithumb have agreed to compensate users a total of 3.5 billion won (approximately $2.4 million) for losses incurred due to platform disruptions during the recent martial law declaration. The compensation addresses 720 affected cases, with Upbit covering more than 3.14 billion won for 596 cases and Bithumb paying 377 million won for 124 cases. The disruptions occurred on December 3, 2024, when trading volumes surged as Bitcoin prices fell following the announcement of martial law. Both exchanges are finalizing details with affected users.

Kraken Donates $111K in Bitcoin to Ross Ulbricht After His Pardon

Crypto exchange Kraken has pledged a generous donation to Ross Ulbricht, the founder of the Silk Road, following his recent pardon. The contribution is aimed at supporting Ulbricht’s reintegration into society after his release, marking a significant move by the exchange to assist him in his post-incarceration journey. In a post on X, Kraken revealed that it donated $111,111 worth of Bitcoin (BTC) to the address listed on freeross.org, a website that claims to be Ross Ulbricht’s official platform for public support and donations.

Trump’s Strategic Bitcoin Reserve: Bold Promise or Uncertain Reality?

U.S. President Donald Trump is under pressure to fulfill his promise of creating a strategic Bitcoin reserve for America. While some states have proposed laws for such a reserve, experts are divided on whether it will be implemented at the federal level. If realized, the reserve could significantly boost the price of Bitcoin (BTC). Trump has already taken steps to align with the cryptocurrency community, including appointing a pro-crypto chair for the Securities and Exchange Commission (SEC) and surrounding himself with crypto billionaires to help reduce government bureaucracy. The promise of a strategic Bitcoin reserve remains a focal point as Trump continues to push forward with his agenda.

Bitcoin Price Analysis: Warning Signs of a BTC Correction Ahead

Bitcoin’s price is currently struggling to sustain its rally above the $100K resistance level and could be on the verge of a short-term correction. On the daily chart, Bitcoin has been making higher highs and lows since rebounding from the $92K level. However, it has failed to sustain bullish momentum and is having difficulty surpassing the $108K resistance level. If the $100K level is lost, a drop back toward the $92K region could be expected in the NEAR future. The 4-hour chart shows choppy price action following the bullish breakout from the $100K level, indicating potential volatility ahead.

Bitcoin: LTHs Ease Sell Pressure – What This Means for BTC

Bitcoin's on-chain metrics indicate reduced sell-side pressure as long-term holders (LTHs) show signs of accumulation rather than distribution. Key indicators such as Binary Coin Days Destroyed (CDD), HODL Waves, and Exchange Netflow suggest a stabilizing market. However, new catalysts may be required to unlock the next growth phase. The Bitcoin Binary CDD indicator, which measures the intensity of coin movement by long-term holders, has consistently shown values below 0.3, indicating that LTHs are not actively spending or selling their coins. This trend is often associated with reduced sell-side pressure.