Bitcoin and XRP Drop 30% on South Korean Exchanges After Martial Law Declared
South Korean President Yoon Suk Yeol declared “emergency martial law” on Tuesday evening.
South Korean President Yoon Suk Yeol declared “emergency martial law,” accusing opposition parties of undermining the government, sympathizing with North Korea, and paralyzing the country’s legislative process.
In the minutes that followed, the negative sentiment spread to the cryptocurrency markets. Bitcoin and XRP (two of the most traded tokens by volume on local exchanges) fell by as much as 30% on Upbit before quickly recovering. BTC fell from $96,000 to $63,000 in US dollar terms, assuming current exchange rates.
In crypto circles, South Korean traders are known for driving euphoric rallies in tokens, contributing to buying pressure and possibly influencing prices.
Trading volumes on local exchange Upbit sometimes outpace those of its global counterparts Binance and Coinbase, indicating the importance of cash and activity around cryptocurrencies in the country.
