Bitcoin price crashes in South Korea following martial law declaration
Bitcoin’s price on South Korean exchanges plunged on Dec. 3 after President Yoon Suk Yeol declared martial law in the East Asian country.
The Bitcoin-Korean won (KRW) exchange rate plunged from 130 million KRW to 93.6 million KRW following the announcement, according to data from Upbit. This represented a nearly 30% drop.

The BTC/KRW exchange rate experienced heavy volatility on South Korean exchanges. Source: Upbit
Yoon’s declaration of martial law came in response to “threats posed by North Korea’s communist forces,” the president said. The measures were intended to “eliminate anti-state elements.”
Yoon also cited attempts by the country’s Democratic Party to remove government officials. Democratic Party leader Lee Jae-myung and others immediately voted to block Yoon’s decree.
“The President should immediately lift the emergency martial law following the voting by the National Assembly,” said Woo Won-sik, the National Assembly Speaker. “Now, the emergency martial law declaration is invalid.”
