South Korean President Yoon Suk Yeol declared martial law in a live television announcement, likely contributing to the price of Bitcoin against the won dropping roughly 30% on the local exchange Upbit.
According to data from Upbit on Dec. 3, the Bitcoin (BTC)/South Korean won (KRW) pair dropped from roughly 130 million KRW to 93.6 million KRW immediately following the president’s announcement — a dip of 28% before the price returned to more than 126 million KRW. Yoon said he was declaring martial law in response to “threats posed by North Korea’s communist forces” and to “eliminate anti-state elements.”
“This is an unavoidable measure to ensure the freedom and safety of the people and guarantee the sustainability of the nation against the unrest stirred by these subversive, anti-state elements,” said Yoon.
The South Korean President cited attempts by the country’s Democratic Party to impeach government officials. Democratic Party leader Lee Jae-myung said in a livestream on Dec. 3 that the parliament would attempt to strike down Yoon’s order but expressed concern that the military would arrest members.
This is a developing story, and further information will be added as it becomes available.
