Key Takeaways
- Bitcoin briefly dropped 30% after South Korea declared martial law.
- BTC fell from $96,000 to $63,000 on Upbit before recovering.
- South Korea's crypto markets are among the world's most active.
Bitcoin experienced a sharp decline of up to 30% on South Korean exchanges late Tuesday, coinciding with the declaration of emergency martial law by President Yoon Suk Yeol.
The sudden drop saw Bitcoin’s value tumble from $96,000 to $63,000 in U.S. dollar terms before recovering.
Martial law
The government’s decision to impose martial law comes amid accusations by President Yoon that opposition parties were paralyzing the legislative process and sympathizing with North Korea.
The political turmoil created shockwaves in financial markets, with Bitcoin and XRP — both highly traded on South Korean platforms — experiencing brief but dramatic sell-offs.
Crypto markets
South Korean crypto markets are known for their high activity, often influencing global trends. Platforms such as Upbit and Bithumb dominate local trading, with volumes occasionally surpassing global giants like Binance and Coinbase.
Following the announcement, both exchanges reported delays and performance issues due to a surge in user activity.
Despite the volatility, prices stabilized quickly, reflecting the resilience of the market even amid geopolitical upheaval.
