I believe that high-multiple contract users have already been liquidated. Alas, there is a problem in South Korea again, causing the overall market to fall.
Late at night on December 3, 2024, a piece of heavy news was like a boulder falling into water, causing a thousand waves in the Korean cryptocurrency circle - the South Korean president issued an emergency martial law order. As soon as this news came out, the Korean cryptocurrency circle instantly fell into a panic situation of collective diving.
On Upbit, a well-known cryptocurrency trading platform in South Korea, the price of Bitcoin (BTC) suffered a heavy blow, plummeting by 30% at one point, reaching a low of $66,500. This sharp drop in price stunned many investors. At the same time, the situation of Ripple (XRP) was even more shocking. A long negative line fell like a sharp arrow, and the price plunged 60% from $2.9 to $1.16.
The root causes of the violent turmoil in the Korean cryptocurrency market may be multifaceted. Emergency martial law often means that the social situation is facing unstable factors, and this uncertainty is undoubtedly a major blow to the cryptocurrency market with a high risk appetite. Investors, out of concern for market risks and the spread of panic, have chosen to sell their cryptocurrencies, which has led to an avalanche of price drops.