The post Korea’s Virtual Asset Market Crashes as Bitcoin Plummets to February Lows, Stocks Plunge appeared on BitcoinEthereumNews.com.

Coinspeaker Korea’s Virtual Asset Market Crashes as Bitcoin Plummets to February Lows, Stocks Plunge On Monday, the virtual asset market in Korea experienced an unexpected downturn that sent Bitcoin to as low as $50,000 in early trading hours. The crash effectively wiped off all the gains that the market registered over the past five months, sending a large portion of the localized crypto community into panic mode. Interestingly, this same reality is playing out in Korea’s stock market which has also plunged significantly. These crashes across major financial markets within the region have now caused the South Korean government to convene an emergency meeting. That is, as they scamper to devise countermeasures and curtail the unfolding events. Economic Concerns and Rising Unemployment Rates Trigger Massive Selloff in Cryptocurrencies At the moment, Bitcoin is trading in a region last seen in late February. That is to show the severity of the ongoing correction. However, there are some key factors driving Bitcoin’s journey into the valley lands, causing it to shed its value along the way. Among these factors is the unemployment rate in the United States. As of July, the unemployment rate in the US rose to its highest level in nearly three years. This has led to increased anxiety about a potential economic downturn, ultimately causing investors to do away with risky assets like Bitcoin and the rest. So, whether it is panic selling or not, investors and traders are choosing to stay safe, amid the economic uncertainty. Ethereum is another major player in the same boat of predicament as Bitcoin. It fell by 22.19% to $2,266 today. This means that the fall has also brought Ethereum to its lowest price point in six months. Notably, it appears that no virtual asset is left out of the current downtrend. XRP…

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Filed under: News - @ August 5, 2024 9:20 pm