Martial Law in South Korea Triggers Crypto Price Drop on Local Exchanges

Bitcoin and other altcoins experienced significant declines on South Korean exchanges, triggered by the government’s announcement of martial law.

Following the declaration of a state of emergency, major cryptocurrencies, including Bitcoin, saw a drop of up to 30% against the South Korean won.

The crisis began when President Yoon Suk Yeol implemented emergency martial law, accusing opposition parties of undermining the government, supporting North Korea, and obstructing the country’s legislative functions.

This political turmoil led to widespread negative sentiment, which extended to local cryptocurrency markets, causing sharp declines in the prices of popular coins like Bitcoin, XRP, and Dogecoin on platforms like Upbit. On Upbit, some traders managed to buy Bitcoin at $80,000 due to a spike.

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Additionally, South Korea reportedly placed all media outlets under government control after the president declared martial law.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.