South Korean President Yoon Suk Yeol's surprise announcement of martial law on December 3rd sent shockwaves through the nation and its cryptocurrency markets. The declaration, citing threats from North Korea and domestic political unrest, led to a significant decline in Bitcoin's price on the local exchange, Upbit.
Bitcoin's Sharp Drop
Immediately following the announcement, the Bitcoin/KRW pair plummeted by nearly 30%, from around 130 million KRW to 93.6 million KRW. While the price has since recovered somewhat, the initial impact was substantial.
Political Tensions and Martial Law
President Yoon attributed the decision to "threats posed by North Korea’s communist forces" and efforts by the opposition Democratic Party to impeach government officials. The party's leader, Lee Jae-myung, expressed concerns about potential military arrests of lawmakers and vowed to challenge the martial law order.
A Developing Situation
As this situation unfolds, it remains to be seen how the declaration of martial law will impact South Korea's economy, financial markets, and social order. Further updates will be provided as more information becomes available.
