South Korea’s crypto market experienced a dramatic crash after President Yoon Suk Yeol declared martial law, sending shockwaves through the trading community.
Coins like Bitcoin saw a steep decline, with prices plunging as much as 30% on the Upbit exchange. Other popular cryptocurrencies, including XRP, Dogecoin, and XLM, also witnessed declines of up to 20%.
The unexpected announcement caused panic among traders, leading to significant withdrawals and heightened market volatility. However, large investors, or crypto whales, appeared to seize the opportunity. Onchain data from analytics platform Lookonchain revealed that over $163 million in USDT has been transferred to Upbit, signaling strategic moves to capitalize on discounted coin prices.
The declaration of martial law has created uncertainty in South Korea's financial landscape, further amplifying the volatility in the cryptocurrency sector. Traders remain cautious as the market reacts to this unprecedented political and economic shift.
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