Just In: South Korea’s Crypto Market Crashes As President Yoon Declares Martial Law

by

As a seasoned financial analyst with over two decades of experience navigating global markets, I’ve seen my fair share of turbulence and recovery. The recent crash in South Korea’s crypto market following President Yoon’s declaration of martial law is reminiscent of the 2008 financial crisis, albeit on a smaller scale.

The cryptocurrency market in South Korea has seen a major downturn after President Yoon Suk Yeol announced martial law, leading to widespread fear among traders and causing them to rush to withdraw their investments. Prices of coins such as Bitcoin have plummeted as a result.

South Korea’s Crypto Market Crashes Following Martial Law Declaration

According to the analysis platform Lookonchain, South Korea’s cryptocurrency market experienced a significant drop after President Yoon announced martial law. This event caused the price of Bitcoin to fall by up to 30% on the Upbit exchange.

Concurrently, the values of other cryptocurrencies such as Ripple (XRP), Dogecoin, and Stellar Lumens (XLM) fell by up to 20%. Yet, some significant crypto investors appear unperturbed by this trend. As per Lookonchain, numerous whales have moved substantial quantities of Tether (USDT) to the Upbit exchange, possibly in search of good buying opportunities during a market downturn.

Ever since the president announced Martial law, there’s been around $163 million being poured into Upbit, as these big investors are trying to gather these coins at reduced prices by doing so.

Read More

2024-12-03 18:13