- The South Korean FSC has determined to strengthen surveillance of the crypto market.
- The transfer goals to handle growing market volatility following the US elections.
- The Federal Reserve's current rate of interest minimize has additionally affected market volatility.
On November 8, 2024, South Korea's Monetary Supervisory Service (FSS) Governor Lee Bok-hyun introduced plans to strengthen crypto market oversight following the US election outcomes. The regulator can also be specializing in inventory market actions linked to the re-election of US President Donald Trump. Elevated volatility within the crypto sector has led to stricter rules to handle investor issues.
South Korea is actively working to increase its crypto market whereas prioritizing investor safety. The nation's efforts embrace an investor safety legislation, investigations into market manipulation, and initiatives supporting strategic crypto initiatives. Because the crypto market has seen elevated volatility, notably following the US elections and financial coverage changes from the Federal Reserve, South Korea is strengthening its regulatory framework.
Trump-Linked Memecoins Take a Hit
Crypto tokens related to Trump, together with TRUMP, MAGA, and TREMP, noticed important features in the course of the election interval earlier than experiencing sharp declines. Over the previous 24 hours, TRUMP fell 5%, MAGA fell 23.6%, and TREMP fell 23.8%. In the meantime, World Liberty Monetary, a DeFi undertaking linked to the Trump household, reportedly generated $1 million in unrealized features after a modest token sale final month.
Learn additionally: The rise of crypto in South Korea: alternative and danger
Whereas Trump-related memecoins confronted a slowdown, Bitcoin and altcoins confirmed upward momentum. Optimism surrounding Trump's return to the White Home has boosted the US crypto market, producing important investments and resulting in bullish developments for main cryptocurrencies. Additional fueling this rally is market anticipation that the USA will develop into a “crypto capital.”
It was this sudden volatility that caught the eye of South Korean monetary authorities, who pushed for stricter regulatory measures. It’s unclear what particular measures the FSS will take to handle these fluctuations, however South Korea's continued deal with investor safety and market stabilization signifies a proactive method.
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