Important News and Updates:
South Korea’s president has declared martial law due to the risk of a power crisis amid attempts to impeach him. Here’s what’s happening:
• The Defense Ministry is holding a meeting with top military commanders.
• Panic selling of cryptocurrencies has been triggered in South Korea, causing strong price drops.
• Many altcoins have lost 20-40% of their value on Korean exchanges.
• Korean exchanges don’t allow institutional market makers, leading to price mismatches. The surge in traffic caused disruptions, adding to the chaos.
Impact:
• This is bad news for companies connected to South Korea.
• It’s a negative sign for the crypto market, but it might not derail the overall momentum of the altcoin season.
Stay alert and keep monitoring the situation closely.