Black Monday Kickoff, Bitcoin Leading the Plunge, South Korean Stock Market Opens Sharply Lower

On Monday, May 18, during morning trading, Bitcoin spearheaded a sharp sell-off across the cryptocurrency market. Within one hour, it plunged quickly below $77,000 before a minor rebound, and is now trading at $77,234.09. As a result, the global crypto market recorded $527 million in liquidations over that short period. Meanwhile, HYPE bucked the downtrend, emerging as one of the few top mainstream cryptocurrencies to gain value. The token rose following the announcement that trade.xyz’s pre-IPO launch is tied to SpaceX. As of press time, HYPE trades at $45.65, marking a 4.41% increase in the last 24 hours. Following the crypto swings, Asia-Pacific equities opened broadly lower. South Korea’s KOSPI index dropped 3% intraday and is currently at 7,267.97 points. Key market-moving news: Market panic has been stoked by reports that Trump is reconsidering launching airstrikes against Iran alongside Israel. Another sentiment factor: South Korea’s Samsung Electronics will hold the second round of post-labor-dispute mediation between management and unions at 10 a.m. local time today, a development that could significantly impact South Korean stock market risk appetite.