In the past 24 hours, the crypto market has witnessed significant price declines, with many major coins like Bitcoin (BTC) and Ethereum (ETH) dropping by 2-4%, along with altcoins like Solana and Polygon declining even more by up to 8% in some cases.
The main reason for this decline is related to concerns about geopolitical instability. Specifically, the announcement of martial law in South Korea by President Yoon Suk Yeol has put significant pressure on investor sentiment. South Korea is an important crypto trading market, and this event has led to a strong wave of sell-offs, especially on exchanges like Upbit and Bithumb.
In addition, other factors such as natural adjustments after the recent price surge and the large number of leveraged trading orders being liquidated also contributed to increased downward pressure. During the day, over 176 million USD in Long positions were liquidated, exacerbating the price decline.
