Crash

South Korea’s cryptocurrency sector has been in crisis since President Yoon Suk Yeol declared martial law on December 3, 2024. This unexpected political development has sparked widespread concern among investors, resulting in significant price drops across several cryptocurrencies.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="455" height="484" src="https://www.cryptotimes.io/wp-content/uploads/2024/12/South-Korea-455x484.png" alt="Crypto Market Crash in South Korea" class="wp-image-220132">
 <figcaption class="wp-element-caption">
 Crypto Market Crash in South Korea, Source: <a href="https://x.com/lookonchain/status/1863959007888859467" target="_blank" data-type="link" data-id="https://x.com/lookonchain/status/1863959007888859467" rel="noopener noreferrer nofollow">X</a>
 </figcaption>
 </figure>
</div>
Lookonchain, a blockchain analytics tool, claimed that South Korea’s cryptocurrency market has fallen following President Yoon’s proclamation of martial law.&nbsp;
Bitcoin’s price fell by more than 30% on the Upbit platform, reaching around $62,000 shortly after the martial law announcement. This steep fall created an arbitrage opportunity, as Bitcoin was trading for about $4,000 more on worldwide platforms.
Meanwhile, other coins, like XRP, Dogecoin, and XLM, had price losses of up to 20%. However, some bitcoin whales seem unfazed about this development. According to Lookonchain, a number of whales have transferred large sums of USDT to the Upbit exchange, most likely in an attempt to seek bottom fishing chances.
Since the president announced martial law, more than $163 million has flowed into Upbit as whales seek to accumulate these coins at a bargain.
Because of the war between panic sellers and bottom fishermen, Upbit has announced that its applications and open API services are now halted and experiencing problems due to a temporary increase in traffic.
The political instability in South Korea has caused a drop in both the crypto and traditional financial markets. South Korean stocks have fallen, with ETFs like the iShares MSCI South Korea ETF losing more than 5%,&nbsp; The South Korean won has likewise devalued versus the US dollar.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/11/15/south-koreas-upbit-faces-scrutiny-for-kyc-violations/" target="_blank" rel="noopener noreferrer nofollow">South Korea’s Upbit Faces Scrutiny for KYC Violations Amid License Renewal</a> 
</blockquote>

Crypto Market Crash in South Korea After Martial Law Declaration

The Crypto Times

Other articles published on Dec 3, 2024

When Will the Altcoin Rally Begin? How Will It Go? CryptoQuant CEO Reveals the Painful Truth!

New opportunities for MAJOR Tokens holders with Bybit’s Exclusive Limited-Time Event

Cambodia Blocks 16 Crypto Exchanges: Binance, Coinbase, OKX Affected

Chromia Launches Asgard Mainnet Unveiling The Oracle Extension

Crypto in South Korea Set for Corporate Account Launch by 2025

Embrace the Holiday Spirit with Xmas Reindeer Pepe ($XRP)

Join our free newsletter for daily crypto updates!