Night of transistors in South Korea. The president, the conservative Yoon Suk-Yeol, has attempted to declare martial law, to close Parliament, suspend political activities, and take control of the press. The news has caused a 'shock' in the markets, leading the South Korean won to fall by 2.2% against the dollar and bitcoin to experience a 'flash crash' - a sudden plunge - of 33% in just minutes in local markets, amid fears of a larger crisis.
The failed self-coup has caused tremors in the markets. Bitcoin has suddenly plummeted from about $96,000 to about $66,000 in the main South Korean exchanges, following a flood of sell orders that dramatically increased the trading volume of a normal day. An hour and a half later, bitcoin continues to drop 2.66% in South Korean markets. A value similar to that of the won against the dollar, falling to its lowest level in two years.
