Crash

Bitcoin

Flash

Bitcoin’s price experienced what many in the industry refer to as a “flash crash” on the largest cryptocurrency exchange in South Korea—Upbit. It dropped to a low of around $61,500 (its equivalent in Korean Won) and immediately recovered.
<figure id="attachment_373313" aria-describedby="caption-attachment-373313" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-373313" src="https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26.png" alt="" width="3250" height="1586" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26.png 3250w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26-1024x500.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26-1536x750.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26-2048x999.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/12/BTCKRW_2024-12-03_17-52-26-50x24.png 50w" sizes="(max-width: 3250px) 100vw, 3250px"></a>
 <figcaption id="caption-attachment-373313" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure>
As you can see in the 1-minute chart above, the whole fiasco took less than 15 minutes, during which time Bitcoin’s price crashed to 88,260,000 KRW. This represented a decrease of around 30%, realized in less than a few minutes. Almost immediately after that, the cryptocurrency recovered.
The primary reason for this price action seems to be the announcement that South Korea’s president, Yoon Suk Yeol, <a href="https://www.reuters.com/world/asia-pacific/south-korea-president-yoon-declares-martial-law-2024-12-03/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">declared</a> martial law during his speech in Seoul just a few moments ago.
The political turmoil in the country has caused market unrest, resulting in considerable volatility across the board.
Meanwhile, Bitcoin trades at around $95,500 across most global exchanges, down 1.6% for the day. As&nbsp;CryptoPotato&nbsp;<a href="https://cryptopotato.com/btc-price-slips-below-94k-amid-warnings-about-a-crash-to-90k-or-even-60k/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> earlier, several analysts are predicting a prolonged correction that could even see its price trade as low as $90,000.
The post <a href="https://cryptopotato.com/bitcoin-flash-crash-to-61k-on-upbit-as-south-korea-declares-martial-law/" rel="noopener noreferrer nofollow">Bitcoin Flash Crash to $61K on Upbit as South Korea Declares Martial Law</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Flash Crash to $61K on Upbit as South Korea Declares Martial Law

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