Signs of Bottom Fishing on Upbit After South Korea's Martial Law-Led BTC Flash Crash

Whales made a splash connected the South Korean speech Upbit, swooping successful with important amounts of Tether's USDT stablecoin to drawback up coins astatine discounted prices aft the declaration of martial instrumentality led to a flash clang successful bitcoin (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) and different token prices. The ample traders transferred implicit $163 cardinal successful USDT to Upbit wrong an hr of President Yoon Suuk Yeol declaring exigency martial law, according to information tracked by blockchain sleuth Lookonchain. The president accused the absorption of siding with North Korea and undermining the nation’s law order. USDT, the world's starring dollar-pegged stablecoin, is commonly utilized for cryptocurrency purchases. The influx hints astatine a question of bargain-hunting among traders. "Many whales transferred ample amounts of USDT to Upbit, apt aiming for bottom-fishing opportunities," Lookonchain said connected X. BTC fell arsenic debased arsenic $63,000 connected Upbit aft the martial instrumentality announcement and has since recovered to commercialized adjacent $94,000, inactive astatine a flimsy discount to the planetary mean $95,800, according to information root TradingView. The exigency whitethorn trigger interest of censorship, driving much investors toward seizure-resistant assets similar BTC.