The recent decline in Bitcoin and altcoin prices is associated with a news source from South Korea.
As Bitcoin retreated from $66,500 to $64,500 around 03:00 GMT, significant declines were also observed in altcoins. While altcoins experienced greater losses in value compared to Bitcoin, information came that millions of dollars' worth of positions were liquidated.
The new South Korean news reflected in the cryptocurrency market is thought to be the main reason for this decline.
According to local sources in South Korea, it was stated that 600 tokens listed on exchanges will be examined within the framework of the cryptocurrency market regulation that will come into force next month.
Government officials announced that they would not be directly involved in the review of these 600 cryptocurrencies; However, as the news spread, it was claimed that investors panicked and sold. The fact that the decreases in prices occurred simultaneously with the news stands out as another indicator supporting this claim.
According to Coinglass data, at the time of writing, the total value of positions liquidated in the last 24 hours reached $461 million. It was reported that there were more than 177 thousand cryptocurrency investors in total affected by this situation.
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