South Korea’s crypto market is facing intense volatility after President Yoon Suk Yeol’s unexpected declaration of emergency martial law. In a televised address, Yoon accused opposition parties of undermining the nation’s constitutional order and sympathizing with North Korea.
Martial Law In South Korea Effects :
– Upbit And Bithumb Was Suffering From Delay In Services.
– Discounted Crypto Price Causing Whales To Deposits $USDT In Hoping To Get Cheap Price
– Korean Stocks Listed In US Crashing https://t.co/IZrkjx9RIx pic.twitter.com/BiIir0NJU8— Chad All-In Top Daily Crypto News (@Chad_allin) December 3, 2024
This political crisis has triggered fears among investors, leading to panic selling and sharp declines in major cryptocurrencies like Bitcoin and Ethereum.
The announcement has shocked the nation, which has experienced democratic stability since the 1980s. Yoon justified his decision by citing the need to protect South Korea’s constitutional values from what he described as “anti-state elements”.
However, the sudden move has raised concerns about increased government control and economic instability, both of which have rattled investor confidence.
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The crypto market reacted swiftly, with many traders liquidating assets to avoid potential losses. Historical trends show that political instability often leads to market downturns, as investors seek safer assets.
South Korea Crypto Market Crashes; Crypto Analyst Urges “Not To Panic”
While the crypto market still seems bullish, crypto analysts asked traders and investors to avoid panic selling. At the time of writing, Bitcoin revolves around $95,972 with around a 2% hike in the last hour.
Martial Law In South Korea Effects :
– Upbit And Bithumb Was Suffering From Delay In Services.
– Discounted Crypto Price Causing Whales To Deposits $USDT In Hoping To Get Cheap Price
– Korean Stocks Listed In US Crashing https://t.co/IZrkjx9RIx pic.twitter.com/BiIir0NJU8— Chad All-In Top Daily Crypto News (@Chad_allin) December 3, 2024
Onchain analytics platform Lookonchain reported a sharp decline in South Korea’s crypto market after the martial law announcement. Bitcoin prices on the Upbit exchange plunged by up to 30% while altcoins like XRP, Dogecoin, and XLM faced declines of nearly 20%
Despite the market turmoil, crypto whales appeared undeterred. Lookonchain observed major USDT inflows into Upbit, with over $163 million transferred since the announcement. These whales are likely seizing the opportunity to “bottom fish” and accumulate discounted assets amid the widespread sell-off.
Unfortunately, the clash between panic sellers and opportunistic buyers has strained Upbit’s infrastructure. The platform announced a temporary suspension of its applications and open API services due to a surge in traffic.
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