The shortest state of emergency in South Korean history! Bitcoin on local exchanges once plummeted to $62,000.
South Korea's night of terror! President Yoon Suk-yeol suddenly announced a state of emergency on the evening of December 3. He claimed that this move was to protect the freedom and safety of the South Korean people in response to threats from pro-North Korean forces.
After announcing the state of emergency, 190 members of the South Korean National Assembly immediately voted to demand President Yoon Suk-yeol lift the emergency measures. Opposition leaders and some members of Yoon's party strongly opposed the emergency decree, making it the shortest state of emergency in South Korean history.
However, the emergency decree still left the South Korean cryptocurrency market facing severe volatility and temporary trading suspensions.
According to reports from Cryptobriefing, the Bitcoin/Korean Won trading pair on South Korea's Upbit exchange plummeted more than 30%, dropping to $62,000, while Bithumb exchange also experienced temporary trading interruptions.
In addition to Bitcoin, other mainstream coins such as Ripple ($XRP), Dogecoin ($DOGE), and Shiba Inu ($SHIB) also experienced price impacts on local South Korean exchanges, marking a rare moment of turbulence in South Korea's cryptocurrency history.
South Korean Bitcoin plummeted, with over $600 million liquidated across the network.
Due to the impact of South Korea's political situation, there was also a significant amount of liquidation in the cryptocurrency perpetual contracts market.
Data from blockchain analytics platform CoinGlass shows that the total liquidation amount in the past 24 hours has exceeded $600 million, with more than 220,000 people liquidated, including $380 million in long positions and $230 million in short positions.
Image source: CoinGlass. Due to the turmoil caused by South Korea's state of emergency, over $600 million in cryptocurrency perpetual contracts were liquidated.
Netizens joked: The author of Rich Dad Poor Dad predicted it would drop to $60,000.
The news of Bitcoin's sharp decline on South Korean exchanges has attracted the attention of cryptocurrency netizens, with some recalling the recent prediction by Robert Kiyosaki, the author of Rich Dad Poor Dad, joking that he actually guessed it right.
According to previous reports from Blockbeat, Robert Kiyosaki recently bluntly stated that Bitcoin could drop to $60,000 in the short term, and it has indeed come true, albeit only on South Korean exchanges.
Kiyosaki stated at the time that even if the price of Bitcoin plummeted, he would not sell the Bitcoin he held, but rather take the opportunity to buy more. He firmly believes that by 2025, Bitcoin will rise to $250,000.
In addition to the prediction of dropping to $60,000, Crypto City also gathered some of his astonishing predictions for this year; however, looking back now, most of them have not materialized, but one thing remains unchanged: he continues to be bullish on Bitcoin and almost always advises investors to buy assets like Bitcoin and gold.
Image source: Crypto City. Illustration of Rich Dad author Robert Kiyosaki's 2024 Bitcoin prediction.
"Over $600 million liquidated across the network! South Korean Bitcoin plummeted to $62,000; did Rich Dad predict this early?" This article was first published on 'Crypto City'.
