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Just In: South Korea’s Crypto Market Crashes As President Yoon Declares Martial Law

South Korea's crypto market has crashed as the country's president Yoon Suk Yeol declared martial law in an unexpected turn of events.
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Just In: South Korea’s Crypto Market Crashes As President Yoon Declares Martial Law

Highlights

  • South Korea's crypto market has crashed with coins like Bitcoin experiencing significant price declines.
  • This occurred as President Yoon declared martial law in the country.
  • The country's Central Bank has promised to provide unlimited liquidity if needed.

South Korea’s crypto market has experienced a significant crash following President Yoon Suk Yeol’s declaration of martial law. This development has caused panic among traders, who have moved to withdraw their funds, while coins like Bitcoin have witnessed significant price declines.

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South Korea’s Crypto Market Crashes Following Martial Law Declaration

Onchain analytics platform Lookonchain revealed that South Korea’s crypto market has plummeted following President Yoon’s declaration of martial law. The Bitcoin price crashed by as much as 30% on the Upbit exchange following this development.

Meanwhile, the prices of other coins like XRP, Dogecoin, and XLM also dropped as much as 20%. However, some crypto whales seem unfazed by this development. According to Lookonchain, many whales have transferred large amounts of USDT to the Upbit exchange, likely in an attempt to target bottom-fishing opportunities.

Since the president declared Martial law, over $163 million has flowed into Upbit as these whales look to accumulate these coins at a discount. Thanks to this battle between panic sellers and bottom fishers, Upbit announced that its applications and open API services are currently suspended due to a temporary increase in traffic and are experiencing delays.

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President Yoon Declares Martial Law

The crypto market crash occurred as South Korea’s President Yoon declared emergency martial law. According to a CNN report, the president made this declaration while accusing the country’s main opposition party of sympathizing with North Korea and of anti-state activities.

This is the first time since 1980 that the sitting president has declared martial law in the country. However, it is worth mentioning that South Korea’s parliament can vote to lift this martial law declaration.

Meanwhile, amid this development, the country’s Central Bank has announced that it won’t hesitate to provide unlimited liquidity to the markets if needed. This comes days just after the Central Bank cut interest rates to help stimulate the country’s struggling economy.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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