South Korea’s Martial Law Triggers 30% Drop In Bitcoin, XRP
Shortly after South Korean President Yoon Seok-yeol declared “emergency martial law,” negative sentiment spread to the cryptocurrency market within minutes. Bitcoin and XRP plummeted as much as 30% on Upbit before quickly recovering. Bitcoin briefly fell to $66,000 (88,266,000 won) before quickly recovering and trading at a price well below the asset’s price on other exchanges. XRP plummeted to $1.16 (1,623 won) but has since recovered above $2.4. A similar situation emerged in broader South Korean financial markets, including stocks and bonds, after the president declared martial law.
