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SK Hynix perpetual contract plunges to $900

CoinNetwork
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CoinBureau reports that SK Hynix’s perpetual contract on Hyperliquid suffered a sudden crash, with the price plunging 20% from between 23:00 UTC and 23:01 UTC to $900, before rebounding to above $1,000 within one minute. The current price is $1,092. The contract is traded using the USDC stablecoin pegged to the US dollar. An hour later, the Korean stock market opened weakly, with SK Hynix’s share price down 15% for the day, closing at KRW 1.55 million (about $1,762). Other affected companies include Samsung Electronics and Hyundai Motor, while the benchmark KOSPI index fell 11%. SK Hynix’s US depository receipt (ADR) fell 4.5% in pre-market trading to $136.51. Hyperliquid is a decentralized exchange focused on perpetual contracts, and since the Iran war broke out at the end of February, it has become a popular choice for traders to express views on traditional assets.
SK Hynix-14.64%
SKHY-15.04%
USDC0.00%
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