Korean traders have developed a pattern of pumping and dumping altcoins when their access to withdrawals is restricted. The primary reason for this phenomenon is their stringent capital controls, blocking opportunities for global arbitrageurs. To make matters worse, the current travel rules proposed by the Korean government will only exacerbate the problem, further isolating Korean exchanges from the global market. This insight was brought to light by the CryptoQuant CEO, Ki Young Ju, who recently took to Twitter to discuss this situation. His post included videos from a Korean friend, demonstrating how traders engage in this behavior.

CoinMarketCap reports that the crypto market cap rose by 0.42% in the last day, currently standing at around $1.19 trillion. Among the top 10 cryptocurrencies, Bitcoin (BTC) is the only one trading in the green, with a 1.02% increase in price. While Bitcoin enjoys the highest market dominance of 46.62%, most of the 24-hour market volume is coming from stablecoins, sitting at 86.90%.

It is important for investors and traders to be aware of the market trends and behaviors from different parts of the world and how they can influence global trading activities. Crypto traders should take into consideration the impact of capital controls and travel rules on the Korean market and the potential for pumps and dumps.



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