🚨Breaking: South Korea declares martial law, Bitcoin briefly crashes to $61,000 on local exchanges! 📉
Yesterday, South Korea announced a state of emergency due to domestic political conflicts. President Yoon Suk-yeol accused the opposition party of impeaching officials and cutting budgets, leading to a paralysis of government institutions, and claimed that the martial law aims to eliminate pro-North Korean forces and maintain constitutional order.
In response, analysts believe that the opposition party's legislative actions against Yoon Suk-yeol's wife and the impeachment of public officials may be the direct triggers for the martial law.
Notably, as soon as the martial law was announced, Bitcoin's price took a rollercoaster ride, plummeting by 30% in just a few minutes on South Korea's largest cryptocurrency exchange, Upbit, touching a low of $61,500 (88,260,000 Korean Won). However, the decline was brief, and the price quickly rebounded.
Take a look at yesterday's 1-minute chart; the entire fluctuating process lasted less than 15 minutes, with Bitcoin's price briefly crashing to 88,260,000 Korean Won. The local political turmoil left the market anxious, causing the entire cryptocurrency market to tremble as well.
However, Bitcoin prices on global exchanges remained relatively stable, with the lowest point yesterday only around $93,600. Analysts had previously predicted that Bitcoin could experience further corrections, potentially dropping below $90,000. But from the current situation, the market is still oscillating within the 2-hour range.
What do you think about this sudden flash crash in South Korea's crypto market? How do you think Bitcoin will perform next? See you in the comments!
