The most aggressive cryptocurrency trader in South Korea can no longer hold on. As everyone knows, the South Korean stock market is referred to as the 'canary in the coal mine' for the global economy. The KOSPI index has dropped by 5%, which may convey several points:

1. It is catching up on the declines of gold and silver from last Friday, following today’s downward trend in precious metals.

2. South Korea is the most aggressive country for cryptocurrency trading in the world, much more so than the Chinese. Gains and losses come from the same source; the kimchi premium during rises creates significant pressure for margin calls during declines, extracting liquidity from the stock market and causing further drops.

3. The U.S. stock market hasn’t opened yet, but pre-market futures have already fallen, making tonight potentially even harder to endure.

4. The dollar index is rebounding, which may indicate that the world is selling assets to exchange for dollars as a safe haven, further escalating the liquidity crisis.