South Korea is home to one of the world’s largest cryptocurrency markets. In the first quarter of 2024, the South Korean won surpassed the US dollar as the most-traded fiat for crypto transactions. That comes with a high price as the country faces numerous frauds and scams, prompting some victims to take extreme actions. On Aug. 28, Hyungsoo Lee, the CEO of crypto yield platform Haru Invest, was stabbed during a court hearing by a man seated in the gallery. Lee was immediately taken to the hospital for treatment. Lee is on trial for allegedly embezzling $826 million in cryptocurrency from 16,000 Haru users. Witnesses told local reporters that the attacker was a regular attendee at Haru’s court proceedings and is believed to have deposited approximately 100 Bitcoin with the firm.
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Data from Cointelegraph Markets Pro and TradingView showed a lackluster Wall Street open for BTC/USD, which contrasted with stock markets. The bullish mood was led by Japan on the day, which saw the Nikkei 225 completely recover its record losses from earlier in the month. The index closed at 36,232 points, up 3.45% on the day. US equities also posted a promising start, with the S&P 500 and Nasdaq Composite Index up 0.8% and 1.4%, respectively, within the first hour. That strong performance was aided by the July print of the Producer Price Index (PPI), which came in below expectations — a key driver behind bets of interest rate cuts and increased capital flowing to risk assets.
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Bitcoin traders are on the verge of a $385 million liquidation if the price of the main cryptocurrency falls to $60,000. With the price of Bitcoin trending lower and volatility rising, the cryptocurrency market is in a difficult position. The Coinglass chart shows a large number of long positions at $60,000. This could lead to a further correction in the price of Bitcoin as these traders are forced to sell the cryptocurrency.
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