The price of Bitcoin has dropped from $96,000 to $93,700 today after South Korean President Yoon Suk Yeol declared a state of emergency martial law. This decline seems to be driven by selling pressure from trading pairs with the Korean won (KRW), where Bitcoin has recorded a sharper drop.
On South Korean exchanges like Upbit, the price of Bitcoin has fallen to a low of $79,167, significantly lower than the global average. This discrepancy has created an arbitrage opportunity of around $4,000 for traders who can navigate the current situation.
According to a report from Wu Blockchain, all KRW trading pairs on South Korean exchanges have started to decline sharply, with Bitcoin and XRP experiencing deep drops before partially recovering. The price of BTC on the international market has also dropped to $93,000.
Bitcoin price in KRW (Source: Upbit)
President Yoon's declaration of martial law accuses the opposition-controlled parliament of engaging in anti-state activities and sympathizing with North Korea. In a televised press conference, Mr. Yoon pledged to 'eliminate pro-North Korean forces and protect constitutional democratic order.' This announcement has led to uncertainty in South Korea's financial markets, with all cryptocurrency exchanges in the country reportedly halting operations and trading becoming nearly impossible.
The opposition Democratic Party has convened an urgent meeting to respond to Mr. Yoon's actions. The political instability is increasing market volatility, negatively impacting cryptocurrencies and broader economic sentiment in the region.
Source: https://tapchibitcoin.io/bitcoin-giam-xuong-con-70-000-usd-tai-han-quoc.html
