The President of South Korea threw a strop and declared martial law because the Korean National Assembly amended his budget and voted for $3bn spending cuts.
It's affecting crypto: Bitcoin is trading at a discount of about 5.5% on the Korean exchanges.
https://x.com/jimmysong/status/1863959810967785794
It's a big dip at least according to https://kimpga.com. At current exchange rates of 1430 KRW to 1 USD, that's the equivalent of $90k/BTC which is a 5.5% discount. It's going the opposite way of what I would expect. Are they not processing BTC withdrawals?
Because 70% of Hive and Steem are on Korean exchanges, they've tumbled. At one point they were 17% down.
As long as withdrawals work, arbitrage should take place, as people buy on the Korean exchanges at a discount, and sell on Binance.
But there are reports that withdrawals arn't working.
Having so much of your market cap held in one country is obviously a huge risk for Hive and Steem.