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Seoul, December 3, 2024 -
The value of Bitcoin in South Korean Won (BTCKRW) plummeted by 30% following a sudden announcement by President Yoon Suk Yeol declaring a state of emergency, or martial law.
The declaration sparked widespread panic, particularly among South Korean cryptocurrency holders.
Bitcoin, previously trading at a relatively high price of around ₩95,800 per BTC, rapidly dropped to approximately ₩71,800 in a short period. This sharp decline was attributed to a panic sell-off as investors rushed to liquidate their Bitcoin holdings.
President Yoon conveyed this decision in a national televised address, citing a purported increase in threats to the nation's security. However, specific details regarding these threats have yet to be disclosed.
Financial analysts have attributed the significant drop in Bitcoin's value to increased uncertainty and anxiety among investors. Cryptocurrencies are notoriously sensitive to major news events, and the declaration of martial law is no exception.
The public is currently awaiting further information from the government regarding the implications of this state of emergency. Many are questioning the duration of this emergency and its potential impact not only on the cryptocurrency market but also on the South Korean economy as a whole.
$BTC #marketdownturn
Seoul, December 3, 2024 -
The value of Bitcoin in South Korean Won (BTCKRW) plummeted by 30% following a sudden announcement by President Yoon Suk Yeol declaring a state of emergency, or martial law.
The declaration sparked widespread panic, particularly among South Korean cryptocurrency holders.
Bitcoin, previously trading at a relatively high price of around ₩95,800 per BTC, rapidly dropped to approximately ₩71,800 in a short period. This sharp decline was attributed to a panic sell-off as investors rushed to liquidate their Bitcoin holdings.
President Yoon conveyed this decision in a national televised address, citing a purported increase in threats to the nation's security. However, specific details regarding these threats have yet to be disclosed.
Financial analysts have attributed the significant drop in Bitcoin's value to increased uncertainty and anxiety among investors. Cryptocurrencies are notoriously sensitive to major news events, and the declaration of martial law is no exception.
The public is currently awaiting further information from the government regarding the implications of this state of emergency. Many are questioning the duration of this emergency and its potential impact not only on the cryptocurrency market but also on the South Korean economy as a whole.
$BTC #marketdownturn
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