“On December 3, the South Korean crypto market collapsed amid the introduction of martial law in the country. This was reported by journalist Colin Wu. Breaking: The all Korean won trading pairs on Korean exchanges suddenly began to plummet, with Bitcoin even falling to $79,167 and XRP falling to $1.89. They are now recovering. https://t.co/ddi2RcNnXu & https://t.co/knueGmuiE6 pic.twitter.com/8umh9AVe3D — Wu Blockchain (@WuBlockchain) December 3, 2024 […]”, — write: businessua.com.ua
On December 3, the South Korean crypto market collapsed amid the introduction of martial law in the country. This was reported by journalist Colin Wu.
Breaking: The all Koreans won trading pairs on Korean exchanges suddenly began to plummet, with Bitcoin even falling to $79,167 and XRP falling to $1.89. They are now recovering. https://t.co/ddi2RcNnXu & https://t.co/knueGmuiE6 pic.twitter.com/8umh9AVe3D
— Wu Blockchain (@WuBlockchain) December 3, 2024
“I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the abominable pro-North Korean anti-state forces,” South Korean President Yoon Seok-yeol said in a televised address.
Against the background of the news, the charts of most trading pairs with the Korean wave went down. The price of bitcoin on the country’s largest exchange Upbit fell below $80,000, and the USDT stablecoin reached $0.89.
The Upbit Market Index metric — a cumulative indicator of market dynamics for the 30 largest assets on the Upbit exchange — fell 13.2%.
List of cryptocurrencies with indicators of price dynamics on the Kimpga exchange. Source: Wu Blockchain.
The journalist noted that all the country’s crypto exchanges have stopped working, so “it is almost impossible to trade now.”
The introduction of martial law by the president of South Korea involves the transfer of the functions of the civilian government under the direct control of the army, the suspension of the work of the parliament and a number of other restrictions.
According to the BBC, the decision is related to disputes between the ruling party and the opposition over the state budget for next year.
We will remind, on December 2, the daily volume of cryptocurrency trading in South Korea reached $18 billion, exceeding the similar indicator of the stock market by 22%.
The source