Bitcoin Falls to $62,000 on Upbit After South Korea Enacts Emergency Martial Law
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Bitcoin has fallen over 30% on Upbit following South Korea's declaration of martial law. Fear and uncertainty pervaded the market, leading to a sell-off and reduced investor confidence.
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According to data tracked by TradingView, the price of bitcoin fell more than 30% to $62,000 on Upbit in the past hour following South Korean President Yun Suk-yeol's declaration of “emergency martial law.” The Korean Won (KRW) trading pair has seen a sharp decline.
Bitcoin has since recovered to over $89,000 on Upbit, creating a $4,000 arbitrage gap against international markets. Following the announcement, the main digital asset fell from $96,000 to $93,600 on international exchanges.
President Yun said, “To protect the independent Republic of Korea from the threat of North Korean communist forces, I declare martial law to destroy the North Korean anti-state forces that are robbing our people of their freedom and happiness.” A televised address “and to preserve the free constitutional order.”
South Korea, one of the world's largest crypto markets, whose trading volume exceeds that of the stock market, has seen major disruptions in trading. Appbit and Bitmap experienced transaction delays due to increased traffic. Other trading pairs were also affected, including XRP/KRW, DOGE/KRW, and ADA/KRW.
Martial law is a severe government response to an emergency, in which military personnel are responsible for maintaining order and security. This often results in curfews, restrictions on personal movement and restrictions on various civil liberties.
President Yoon's statement came in response to alleged anti-national actions by the opposition-controlled parliament. The Democratic Party has called an emergency meeting to address the president's actions.
This is a developing story.
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