Yesterday, trading pairs involving the Korean won on domestic exchanges experienced an abrupt sell-off.
Bitcoin saw its price drop sharply to $79,167, while XRP declined to $1.89. However, markets have since shown signs of recovery.
Breaking: The all Korean won trading pairs on Korean exchanges suddenly began to plummet, with Bitcoin even falling to $79,167 and XRP falling to $1.89. They are now recovering. https://t.co/ddi2RcNnXu & https://t.co/knueGmuiE6 pic.twitter.com/8umh9AVe3D
— Wu Blockchain (@WuBlockchain) December 3, 2024
Despite the ongoing bullish momentum in altcoins, the excitement that dominated last week appears to be fading. Traders are displaying fatigue after taking profits from the record-breaking rallies seen in late November.
Over the past 30 days, several major cryptocurrencies have posted extraordinary gains—XRP surged by 444%, Cardano by 280%, and Stellar by an impressive 512%. Yet, retail investors are now less vocal, hinting at a quieter trading phase.
📊 With altcoins not slowing down on their historic runs yet, the euphoria from a week ago is showing trader fatigue. Even with crypto mainstays like XRP (+444%), Cardano (+280%), and Stellar (+512%) all having historic 30-day stretches, it appears that retail traders have grown… pic.twitter.com/A6Mae1z7i8
— Santiment (@santimentfeed) December 3, 2024
Historically, markets often move counter to the prevailing sentiment. The subdued enthusiasm surrounding these top-performing assets could signal a healthy pause, reducing the likelihood of fear of missing out (FOMO) derailing future upward trends—for now.
Amazon And XRP News
In related news, Amazon recently confirmed that XRP will serve as the foundation of its forthcoming global payment system. The tech giant’s August 2023 white paper officially announced its partnership with Ripple, highlighting the integration of XRP as a base currency alongside CTF token rewards for transactions. This marks a significant milestone for XRP, potentially cementing its role in revolutionizing digital payments.
🚨: Amazon Confirms that #XRP Will Be the Base Currency of its New Global Payment Platform
Amazon officially released a white paper in August 2023 confirming its partnership with Ripple and the integration of Ă— $XRP and $CTF rewards for payment transactions in 2023! pic.twitter.com/kAwdnA2vSo
— Brett (@Brett_Crypto_X) December 4, 2024
As the Korean market recovers and interest shifts toward institutional adoption of blockchain solutions, traders and investors will be closely watching for the next phase of market developments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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