241204: Bitcoin Falls 30% as South Korea Declares Emergency Martial Law

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Bitget Academy2024/12/04 05:07

By:Bitget Academy

South Korea's crypto markets experienced a sharp decline of up to 30% after President Yoon Suk Yeol declared emergency martial law on Tuesday evening. The president accused opposition parties of destabilizing the government and aligning with North Korea, sparking widespread uncertainty. This announcement triggered a wave of panic, causing significant drops in the value of major cryptocurrencies like Bitcoin and XRP, with Bitcoin falling from $96,000 to $63,000 in USD terms before recovering rapidly.

South Korean traders, known for their significant impact on crypto markets, contribute heavily to trading volumes and price movements. The sudden influx of activity following the announcement caused delays and disruptions on trading platforms. Despite the initial volatility and market turbulence, crypto prices demonstrated a quick recovery, reflecting the resilience of digital asset markets even amidst heightened political tensions.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, BTC futures experienced a decline in both open interest (-2.97%) and trading volume (-4.04%), whereas ETH futures saw modest increases in open interest (+0.47%) and volume (+1.69%). BTC liquidations were higher than ETH, with $47.28M in long and $37.63M in short positions, compared to ETH’s $40.29M (long) and $21.17M (short). Both assets showed a bearish sentiment, with short positions slightly outweighing long positions for BTC (50.85% short) and ETH (52.04% short). Funding rates remained positive for both, with ETH futures (0.0358%) slightly higher than BTC (0.0304%), reflecting a stronger demand for long positions in ETH despite the bearish sentiment.

BTC Futures Updates

Total BTC Open Interest: $58.22B (-2.97%)

BTC Volume (24H): $79.42B (-4.04%)

BTC Liquidations (24H): $47.28M (Long)/$37.63M (Short)

Long/Short Ratio: 49.15%/50.85%

Funding Rate: 0.0304%

Ether Futures Updates

Total ETH Open Interest: $24.19B (+0.47%)

ETH Volume (24H): $50.87B (+1.69%)

ETH Liquidations (24H): $40.29M (Long)/$21.17M (Short)

Long/Short Ratio: 47.96%/52.04%

Funding Rate: 0.0358%

Top 3 OI Surges

UNFI: $90.67K (+191.37%)

RSR: $102.20M (+187.12%)

JST: $8.14M (+179.51%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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