Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
South Korean President declares emergency martial law, triggering declines in local crypto markets

South Korean President declares emergency martial law, triggering declines in local crypto markets

The BlockThe Block2024/12/03 14:55
By:Danny Park

South Korean President Yoon Suk-yeol declared emergency martial law Tuesday night local time.The declaration caused cryptocurrencies to plunge on Korean exchanges.Upbit’s mobile trading app is currently inaccessible, likely due to a surge in traffic.

South Korean President declares emergency martial law, triggering declines in local crypto markets image 0

Cryptocurrency prices plunged on Upbit, South Korea’s largest crypto exchange, as the country’s president, Yoon Suk-yeol, declared an emergency martial law Tuesday night around 10:30 p.m. local time.

President Yoon announced in a televised address the emergency martial law was being enforced to “safeguard a liberal South Korea from the threats posed by North Korea’s communist forces and to eliminate anti-state elements,” according to CNN.

Martial law in South Korea refers to the imposition of direct military control over civilian government functions, typically in response to a significant threat to public order. According to local news outlet Hankyoreh, the last emergency martial law declaration in South Korea happened in 1980.

The declaration triggered a majority of cryptocurrencies to plunge on Upbit, Bithumb and Coinone, the country’s most widely used crypto exchanges. Bitcoin dropped around 12% on Upbit at one point, while Tether USDT once dropped to 1,200 Korean won, which is around 84 cents. Double-digit falls were also spotted in most altcoins, including Ripple XRP, Shiba Inu and Dogecoin.

The Upbit Market Index , which measures the performance of the exchange's top 30 market-cap tokens, fell 13.28% in the past day.

Upbit’s mobile trading app is currently inaccessible, likely due to a surge in traffic.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!