Martial law causes Bitcoin to drop to 65,000 USD in South Korea
After South Korean President Yoon Suk-yeol declared martial law on December 3, 2024, the price of Bitcoin experienced a sharp decline, dropping from around 95,000 USD to 65,000 USD on South Korean exchanges such as Upbit and Bithumb. The main reason for this price drop was the selling pressure from investors, due to concerns about the unstable political situation and the lack of liquidity in the market.
Martial law created a sense of panic in the investment community, leading to a flight from trading pairs with the won (KRW). Many investors withdrew, causing prices to become volatile and creating a large discrepancy between the price of Bitcoin in South Korea and the global market, with the Korea Premium index reaching a negative 14.67, indicating that the price of Bitcoin on South Korean exchanges was about 14% lower than the global price.
After martial law was lifted, the market showed signs of recovery, but this event clearly demonstrated the sensitivity of the cryptocurrency market to political factors.