South Korean President Yoon Suk-yeol declared emergency martial law on Tuesday night local time. The declaration caused cryptocurrency projects to plummet on Korean exchanges. Upbit’s mobile trading app is currently inaccessible, possibly due to a surge in traffic.
South Korea earthquake in the cryptocurrency market!
Crypto prices on Upbit, South Korea’s largest cryptocurrency exchange, plummeted after the country’s president, Yoon Suk-yeol, declared emergency martial law around 22:30 local time on Tuesday night. According to CNN, President Yoon announced in a televised speech that the emergency martial law was imposed to “protect liberal South Korea from threats posed by North Korea’s communist forces and eliminate anti-state elements.”
Martial law in South Korea refers to the imposition of direct military control over civilian government functions, usually in response to a significant threat to public order. According to local news outlet Hankyoreh, the last emergency declaration of martial law in South Korea took place in 1980.
South Korea’s leading crypto exchanges are witnessing sharp declines!
The declaration hit Upbit, Bithumb and Coinone, the country’s most widely used cryptocurrency exchanges. The development then triggered most cryptocurrencies to fall. Bitcoin at one point fell nearly 12% on Upbit. Stablecoin Tether’s USDT once dropped to 1,200 Korean won, or about 84 cents. Most altcoins, including Ripple (XRP), SHIB and DOGE, also saw double-digit declines.
Upbit’s Market Index, which measures the performance of the 30 tokens with the highest market capitalization, fell 13.28% over the past day. Upbit’s mobile trading app is currently inaccessible, possibly due to an increase in traffic. The negative sentiment spread to the crypto markets in the following minutes. Bitcoin and XRP, two of the most traded tokens by volume on local exchanges, fell as much as 30% on Upbit before quickly recovering. BTC fell from $96,000 to $63,000 in US dollars, assuming current exchange rates. We know South Korean traders for orchestrating enthusiastic rallies on tokens, adding to the buying pressure. There is a general acceptance that they probably have a significant impact on prices in this way. So the opposite is also true.
Stay tuned to Kriptokoin.com to follow the hot developments.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
