The US-Iran crisis continues with full force. At this point, as concerns grow that Trump’s statements will prolong the situation in Iran and lead to the closure of the Strait of Hormuz, the South Korean financial market has also descended into panic.
South Korea is reportedly the country that would suffer the most from a blockade of the Strait of Hormuz, through which one-third of the world’s crude oil and 80% of oil tankers bound for Asia pass.
According to the data, the KOSPI index fell by 12.06%, its largest drop to date.
The KOSDAQ index also fell by 14.00%, marking the largest single-day drop in KOSDAQ history.
The decline was not limited to South Korea, with major Asian indices also falling, including Japan’s Nikkei index down 3.88%, Hong Kong’s Hang Seng index down 2.79%, and China’s Shanghai Composite Index down 1.3%.
While South Korea and Asian stock markets are experiencing sharp sell-offs due to rising geopolitical tensions in the Middle East and oil uncertainty, Bitcoin is exhibiting a more stable stance.
Despite the war between the US and Iran dampening risk appetite in global markets, Bitcoin experienced a significant recovery today, rising 2.1% in the last hour and 5.9% in the last 24 hours.
Bitcoin (BTC) surged above $71,000, while Ethereum (ETH) also surpassed the $2,000 level again. Other major altcoins also saw significant increases.
At this point, Trade Nation analyst David Morrison states that for Bitcoin to strongly regain investor interest and continue its upward trend, it needs to remain permanently above the $70,000 level.
Following the recent surge, the cryptocurrency market has seen $460 million in liquidations in the last 24 hours. Of this, $200 million was from long positions and $260 million from short positions.
*This is not investment advice.
