South Korea Martial Law Triggers Crypto Market Crash : Bitcoin and Altcoins Plunge
According to “The” report, the latest development is that after South Korean President Yun Xiyeol unexpectedly declared martial law on Tuesday night, cryptocurrency prices plummeted and exchanges were paralyzed. korea herald.
South Korean President Yoon Seok-yeol said he declared “emergency martial law” to deal with the threat posed by North Korea’s communist forces and to eliminate anti-national elements in accordance with the law. CNBC Live YouTube video. The president also noted attempts by the country’s Democratic Party to impeach government officials.
“This is an inevitable measure to ensure people’s freedom and security, ensure the country’s sustainable development, and resist the riots incited by these subversive anti-national elements,” Yin said.
Major Coins Fall
The negative sentiment was immediately reflected in the cryptocurrency market. Bitcoin and XRP, two of the most traded coins on local exchanges, plummeted to 30% on Upbit before quickly recovering. In U.S. dollar terms, BTC fell from $96,000 to $63,000.
Bitcoin price in Korean won fell to 88,266,000 won on Upbit, plunging 33% from 132,429,000 won in less than 30 minutes. The price of Bitcoin has since recovered slightly on Upbit and is worth around 127 million won, which is around $88,600 at the time of writing.
As the government declared emergency martial law, the main crypto token on South Korean exchanges quickly plummeted 30% against the Korean won. It is worth noting that Bitcoin’s sharp decline caused altcoins to plummet, with Ethereum falling by 35% and Ripple plummeting by 51%. Domestic cryptocurrency exchanges Upbit and Bithumb also experienced temporary connection outages.
Upbit XRP trading volume surges
XRP’s trading volume has soared to $7 billion on South Korea’s leading cryptocurrency exchange Upbit. The XRP/KRW trading pair accounted for nearly 30% of Upbit’s total trading volume today. Analysts said the activity mainly consisted of sell orders as the broader cryptocurrency market came under intense pressure.
This trading volume even exceeded the total trading volume of the country’s main stock market index KOSPI, fueling speculation that the XRP price fell below $2 due to unexpected political developments. After the news was announced, the South Korean won’s exchange rate against the US dollar also fell by nearly 3%.
Martial law is the replacement of civilian government with military rule and the suspension of civilian legal proceedings. As long as martial law remains in place, standard civil liberties may be suspended.
South Korean President Yoon Seok-yeol declared martial law in a late-night speech broadcast live on YTN TV on Tuesday, claiming he would root out “shameless pro-North Korea and anti-national forces.” He pointed out that through this martial law, he will eliminate anti-national forces as soon as possible, normalize the country, and rebuild and protect the free Republic of Korea, which has fallen into the abyss of national destruction.
