$BTC
Bitcoin crashes to $62,000 on Upbit after South Korea enacts emergency martial law.
Key Takeaways:
Bitcoin plunged over 30% on Upbit following South Korea's martial law declaration.
Fear and uncertainty have gripped the market, leading to widespread selling and a loss of investor confidence.
Bitcoin’s price plunged more than 30% to $62,000 on Upbit within the last hour, following South Korean President Yoon Suk Yeol’s declaration of “emergency martial law,” according to data tracked by TradingView.
The sharp decline was observed in the Korean won (KRW) trading pair.
South Korea, one of the world’s largest crypto markets with trading volumes exceeding its stock market, saw major disruptions across exchanges. Upbit and Bithumb experienced trading downtime due to increased traffic. Other trading pairs including XRP/KRW, DOGE/KRW, and ADA/KRW were also affected.
Martial law is a drastic response by a government in times of emergency, wherein military personnel take charge to maintain stability and security. This often results in the enforcement of curfews, limitations on personal movement, and curtailments of various civil freedoms.
President Yoon’s declaration came in response to alleged anti-state activities by the opposition-controlled parliament. The Democratic Party has called an emergency meeting to address the president’s actions.
This is a developing story.
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