As a seasoned analyst with years of market experience under my belt, I’ve seen my fair share of market volatility and unexpected events. The recent “flash crash” of Bitcoin on Upbit, South Korea’s largest cryptocurrency exchange, is no exception. This sudden plunge to around $61,500 (equivalent in Korean Won) and immediate recovery was a stark reminder of the unpredictable nature of the crypto market.
On Upbit, the leading cryptocurrency exchange in South Korea, Bitcoin‘s price suddenly plummeted in what is commonly known as a “rapid price decline” or “sharp drop”. It fell to approximately 61,500 USD (equivalent to its value in Korean Won), but swiftly rebounded immediately thereafter.
Looking at the graph presented, it’s clear that the event unfolded rapidly, lasting under 15 minutes. During this brief span, Bitcoin’s value plummeted to approximately 88,260,000 KRW. This rapid drop equated to roughly a 30% decrease in its value. Almost instantaneously following this dip, Bitcoin began to recover.
It appears that the recent price fluctuations might stem from the fact that President Yoon Suk Yeol of South Korea has announced martial law, as he addressed the crowd in Seoul not long ago.
The upheaval in the nation’s politics is leading to instability in financial markets, causing widespread fluctuations throughout various sectors.
Currently, Bitcoin is being traded at approximately $95,500 across various international exchanges, representing a 1.6% decrease for the day. Earlier reports from CryptoPotato suggest that some analysts anticipate an extended correction, potentially causing its price to drop further down to around $90,000.
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2024-12-03 19:06