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Tom Lee stated that the South Korean stock market selloff may be spilling over into the crypto market, citing margin liquidations and South Korean investors' significant holdings of crypto assets, and described it as short-term pain. (Cointelegraph)
Tom Lee posted on X that the sharp decline in the Korean stock market could spill over into the crypto market, citing broker margin liquidations and the fact that Koreans are major holders of crypto assets, and that the market will come under pressure in the short term.
On September 3, the Middle East conflict continued to escalate as Iran retaliated against US airstrikes by targeting US assets across multiple countries and claiming the downing of 50 drones. Shipping through the Strait of Hormuz was disrupted, and the Iranian rial exchange rate fell below the 2.2 million mark, reaching a historic low.