Major crypto tokens quickly plunged as much as 30% against the Korean won on South Korean exchanges as the government declared emergency martial law late on Tuesday.
South Korean President Yoon Suk Yeol declared “emergency martial law,” accusing opposition parties of undermining the government, sympathizing with North Korea, and paralyzing the nation’s legislative process.
Negative sentiment spilled over to the crypto markets in the minutes following. Bitcoin, XRP — two of the most traded tokens by volumes on local exchanges — plunged as low as 30% on Upbit before quickly recovering. BTC fell from $96,000 to $63,000 in U.S. dollar terms, assuming current exchange rates.
In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.
Trading volumes on local exchange Upbit sometimes exceed those of global counterparts Binance and Coinbase, indicative of the serious cash and activity around crypto in the nation.
Upbit and Bithumb, another major local exchange, have issued notices of a delay in site feeds and performance amid a surge of user activity following the martial law.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Your day-ahead look for June 25, 2026Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Almost 11 million bitcoin are now held at a loss, while long-term holders control a…
The popular max pain theory isn’t working out as bitcoin trades far from the $72K…
A liquidation flush took bitcoin to its lowest since early June before Micron's blowout earnings…
The market has found a new support level and it could be tested following Thursday's…
The token fell to about $59,000 before buyers stepped in, but the week's losses are…