On the evening of December 3, affected by the news of the martial law order issued by South Korean President Yoon Seok-yeol, the market of Upbit, a mainstream cryptocurrency trading platform in South Korea, experienced a flash crash, resulting in a serious negative premium for a large number of trading pairs. Among them, the price of BTC once fell below $70,000, and DOGE flash crashed by more than 50%. In addition, "zombie coins" such as XRP, HBAR, and XLM, which have risen rapidly in recent days, also experienced a huge retracement, and once again staged a "regional 312". Affected by the flash crash of Upbit, the crypto market also experienced an overall decline.
The huge negative premium also brings rare profit opportunities to arbitrage traders, and many traders with Korean KYC have entered the battlefield. However, according to feedback from some community members, Upbit's Korean main site has been down, but users can still conduct arbitrage transactions through other regional portals such as Indonesia. Upbit officials also issued a statement later saying that the website was interrupted due to a surge in trading volume.
BlockBeats Note: This incident is still developing. Here is a follow-up report on the relevant information:
12-03 22:46
Korean crypto KOL: Due to martial law, people will be checked if they go out after 11pm, and all Korean CEXs have problems
Joseph Young, a Korean crypto KOL, posted, “The South Korean president has declared martial law. He said that if you go out after 11pm, you will be checked and arrested if you are considered suspicious.
My friends are now experiencing difficulty trading on all Korean CEXs. Tomorrow will be interesting, let’s wait and see. No one knows why martial law was declared (neither of the two main political parties has said anything).”
12-03 22:35
South Korean central bank official: If necessary, adequate measures will be taken to stabilize the market
According to BlockBeats, on December 3, officials from the Bank of Korea said that if necessary, they are ready to take adequate measures to stabilize the market and will release information after the meeting. (Jinshi)
12-03 22:33
U.S. stocks open, cryptocurrency stocks fall across the board
It is not just cryptocurrencies that are affected. U.S. stocks in the crypto sector have also not been spared. When the U.S. stock market opened, the Dow Jones Industrial Average rose 0.22%, the S&P 500 opened flat, and the Nasdaq fell 0.23%. MicroStrategy fell 3.23%, Coinbase fell 1.21%, and Riot Platforms fell 2.29%.
12-03 22:31
South Korean military: Parliament and political party activities are banned
According to Yonhap News Agency: The South Korean military said that parliamentary and political party activities were banned. Earlier, a spokesman for the South Korean Ministry of Finance said that the South Korean Finance Minister would convene a meeting of senior economic officials at 11:40 pm Korea Standard Time (10:40 pm Beijing time).
12-03 22:29
Clashes broke out in front of the South Korean National Assembly, with people trying to enter the National Assembly confronting the police
There was a clash in front of the South Korean National Assembly, and the crowd trying to enter the National Assembly was confronting the police. (Kim Shi)
12-03 22:25
South Korean Defense Minister proposes martial law to President Yoon Seok-yeol
According to Yonhap News Agency, South Korea's defense minister proposed to President Yoon Seok-yeol to impose martial law.
12-03 22:20
Bithumb experiences access delays due to traffic surge
South Korean cryptocurrency exchange Bithumb has announced that it is taking emergency measures due to increased user traffic causing delays on its mobile network, applications, and PC platforms.
12-03 22:18
Upbit trading interrupted
According to market news, the UPBIT platform experienced trading disruptions due to increased traffic.
12-03 22:15
South Korea's parliament to try to lift presidential martial law, but military may try to arrest lawmakers
Lee Jae-myung, leader of South Korea's largest opposition party, said that the parliament will try to lift the martial law order issued by South Korean President Yoon Seok-yeol, but the military may try to arrest members of parliament. Yonhap News Agency reported that after the president declared martial law, the road leading to the South Korean parliament was blocked and the members could not enter.
12-03 22:14
South Korean President: "Emergency Martial Law" will eliminate "anti-national forces" in South Korea
South Korean President Yoon Seok-yeol suddenly made a live TV speech tonight, announcing the implementation of "emergency martial law". Yoon Seok-yeol listed a number of reasons, saying that the opposition party was coercing the parliament and disrupting the country, and that he would purge "anti-national forces" in South Korea. The specific martial law measures are still unknown.
Outside analysts believe that the recent series of legislation promoted by the South Korean opposition party against the first lady and the impeachment of prosecutors and other public officials may be the trigger for Yoon Seok-yeol's announcement of "emergency martial law". (Jin Shi)
12-03 22:13
South Korean won continues to fall against the dollar
The Korean won continued to fall against the US dollar, hitting a two-year low.
12-03 22:11
Upbit platform’s copycat market once “flash crashed”
As the price of Bitcoin on the Upbit platform “spiked” to $71,814, the prices of various altcoins on the platform “flash crashed” for a time. Now it has basically returned to normal.
XRP fell to $1.3 and is now quoted at $2.6;
ETH fell to $2712 and is now quoted at $3554;
SOL dropped to $134 and is now quoted at $222.
12-03 22:07
USDC/USDT on Upbit platform rises to 1.2
The USDC/USDT exchange rate pair on the Upbit platform rose to 1.2.
12-03 22:04
The price of Bitcoin on Upbit once "dropped" to $71,814
The price of Bitcoin on Upbit once "dropped" to $71,814, and has now rebounded to $92,658.13.
12-03 22:01
Bitcoin on Upbit platform has a serious negative premium, reported at $89,500
Perhaps affected by the South Korean President Yoon Seok-yeol's announcement of martial law, Bitcoin on the Upbit platform showed a serious negative premium, at $89,500.
