As a direct consequence of the martial law declaration, cryptocurrency prices on South Korean exchanges nosedived. Bitcoin dropped over 30% to $62,000 on Upbit, with other cryptocurrencies like XRP witnessing an astonishing 56% decline within 30 minutes on KRW pairs. Global market prices remained stable during this period, causing a $4,000 arbitrage gap that illustrated growing fear among investors
The South Korean crypto market made a swift recovery the very next day. Bitcoin was trading at around 136 million KRW, recovering from the previous day's low of 116.4 million KRW. XRP also bounced back, trading at 3,700 KRW, up from 2,800 KRW.
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