Late Tuesday, South Korean President Yoon Suk Yeol declared “emergency martial law,” accusing opposition parties of destabilizing the government, supporting North Korea, and blocking legislative progress. The announcement quickly shook the cryptocurrency market, triggering a sharp decline in major digital assets.
Bitcoin and XRP, two of the most traded tokens on South Korean exchanges, saw their prices plummet by up to 30%. On Upbit, Bitcoin dropped from $96,000 to $63,000 in U.S. dollar terms before regaining some of its value.
South Korean traders are often key drivers in market movements, with their buying behavior significantly affecting token prices. Exchanges like Upbit and Bithumb, known for their large trading volumes, sometimes surpass global exchanges such as Binance and Coinbase.
In response to the surge in trading activity, Upbit and Bithumb both issued notices about delays in their site feeds and performance issues, as traders rushed to react to the unfolding political developments.
