Here’s why crypto prices had a brief flash crash in South Korea
Crypto prices crashed hard in South Korea as the local currency plunged to a record low.
Bitcoin (BTC) price dropped to 88,197,000 KRW, its lowest level since October 5, before rebounding to 132,000,000 KRW. The cryptocurrency was down by almost 40% from its highest level this year.
Other altcoins had a similar price action. Ethereum (ETH) fell to 4,210,630 KRW, its lowest level since Nov. 9. Similarly, Ripple (XRP), Stellar Lumens, and Solana (SOL) were down by double digits.
The crash followed a political crisis in South Korea, which pushed the South Korean won to a record low. The won has become one of the worst-performing Asian…
