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- South Korea’s FSC has determined to strengthen scrutiny over the crypto market.
- The transfer intends to confront the market’s growing volatility following the US election.
- The Federal Reserve’s current rate of interest lower has additionally affected market volatility.
On November 8, 2024, South Korea’s Monetary Supervisory Service (FSS) Governor, Lee Bok-hyun, introduced plans to tighten oversight of the crypto market following the U.S. election outcomes. The regulator can be specializing in inventory market actions tied to the re-election of U.S. President Donald Trump. Heightened volatility within the crypto sector has prompted stricter laws to handle investor issues.
South Korea has been actively working to develop its crypto market whereas prioritizing investor safety. The nation’s efforts embody an investor safety act, investigations into market manipulation, and initiatives supporting strategic crypto initiatives. Because the crypto market has seen elevated volatility, particularly in lieu of the US elections and the Federal Reserve’s financial coverage changes, South Korea is strengthening its regulatory framework.
Trump-linked Memecoins Take a Hit
Crypto tokens related to Trump, together with TRUMP, MAGA, and TREMP, skilled vital features throughout the election interval earlier than seeing sharp declines. During the last 24 hours, TRUMP dropped 5%, MAGA fell 23.6%, and TREMP decreased 23.8%. In the meantime, World Liberty Monetary, a DeFi venture linked to the Trump household, reportedly generated $1 million in unrealized features after a modest token sale final month.
Learn additionally: South Korea’s Crypto Surge: Alternative and Threat
Whereas memecoins linked to Trump confronted downturns, Bitcoin and altcoins confirmed upward momentum. Optimism surrounding Trump’s return to the White Home has boosted the U.S. crypto market, driving vital investments and resulting in bullish tendencies in high cryptocurrencies. Market anticipation of the U.S. rising as a “crypto capital” is additional fueling this rally.
This sudden volatility is what has drawn the eye of South Korea’s monetary authorities, prompting tighter regulatory measures. It stays unclear what particular steps the FSS will take to handle these fluctuations, however South Korea’s constant concentrate on defending traders and stabilizing the market signifies a proactive method.
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