- South Korean President Yoon Suk Yeol declared martial law, causing crypto assets to plummet on local exchanges
- Bitcoin dropped 33% on Upbit’s KRW pairs while XRP fell 56% within 30 minutes
- Korean Won hit 15-year low against USD during market turmoil
- Major exchanges Upbit and Bithumb experienced operational issues
- Parliament voted to lift martial law, but President’s response remains pending
South Korean cryptocurrency markets experienced severe turbulence Tuesday night as President Yoon Suk Yeol implemented martial law, the first such declaration since 1979, triggering widespread asset selloffs and exchange disruptions.
Market Impact
The declaration sent immediate shockwaves through South Korean financial markets, with cryptocurrency pairs denominated in Korean Won (KRW) experiencing sharp declines. On Upbit, one of the country’s largest exchanges, Bitcoin (BTC) fell 33% intraday against KRW, while XRP recorded a 56% drop within a 30-minute window.
Traditional markets also suffered, with Samsung stock declining over 7% in London trading sessions. The Korean Won weakened 3% against the dollar, reaching its lowest level in 15 years.
Exchange Operations
Major South Korean cryptocurrency platforms faced operational challenges during the market chaos:
- Upbit reported intermittent service disruptions
- Bithumb users experienced access issues
- Trading volumes surged as prices collapsed
Political Development
The situation intensified when opposition lawmakers convened an emergency parliamentary session. Following protests near the National Assembly building, 190 parliamentarians unanimously voted to lift the martial law declaration. The South Korean constitution requires presidential compliance with such parliamentary decisions.
Market Response
The finance ministry’s pledge of “unlimited liquidity” helped stabilize markets partially:
- KRW recovered half of its earlier losses
- Samsung stock regained some ground after the announcement
- Global BTC prices remained relatively stable
- XRP maintained a 6% decline in global markets
As of 1pm New York time (3am Seoul), President Yoon had not yet responded to the parliamentary vote, leaving markets in an uncertain state.
✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Russian Hydra Darknet Founder Gets Life Sentence in Drug Enterprise Case
- Coinbase Under Fire for Blocking VPN Users, Sparking Privacy Concerns
- XRP Market Cap Briefly Tops BlackRock as Token Doubles in Week-Long Rally
- Hacked Japanese Crypto Exchange DMM Bitcoin to Shut Down, SBI VC Trade Takes Over
- Bitcoin, Ethereum ETFs Hit Record $7.5B Inflows as Trump Victory Spurs Rally
