It Revealed Why Altcoins Fall: Disturbing News from South Korea!

After the retreat in Bitcoin and altcoin prices, the news from South Korea is observed as the source of the decline.

In parallel with the decline in the Bitcoin price from $66,500 to $64,500 around 03:00 GMT, there were also serious declines in altcoins. While altcoin prices experienced a greater decline than Bitcoin, positions worth hundreds of millions of dollars were liquidated.

It is thought that the South Korea-based news that has just hit the cryptocurrency market may be the source of the drop in question.

According to local sources in South Korea, 600 tokens listed on exchanges will be subject to review after the law on the cryptocurrency market comes into force next month.

While the South Korean government announced that it would not be directly involved in the review of 600 cryptocurrencies, it is claimed that investors panicked and sold. One of the points that supports this prediction is the parallel decline in prices with the release of the news.

According to Coinglass data, at the time of writing, the total value of positions liquidated in the last 24 hours was 461 million dollars. It was stated that in total, more than 177 thousand cryptocurrency investors were affected by this situation.