The sudden announcement – which was lifted six hours later after parliament voted to overturn President Yoon Suk Yeol’s proclamation – triggered heightened uncertainty, impacting crypto markets already known for their volatility.
Yoon moved to declare martial law in Seoul after he accused opposition parties of paralyzing the legislative process and fostering divisions linked to North Korea. The move sparked immediate turmoil across financial markets, with crypto prices on local exchanges reacting sharply. Bitcoin fell from US$96,000 to US$63,000 on Upbit before recovering. XRP experienced a similar plunge.
Why is this important? Well, South Korea is a critical hub for cryptocurrency trading, often driving significant price movements globally. Local traders, sometimes dubbed “crypto whales,” are known for creating volatile spikes and dips. Platforms like Upbit and Bithumb frequently register trading volumes exceeding global giants such as Binance and Coinbase.
In response to the surge in trading activity, Upbit and Bithumb issued notices warning of delays in platform performance and site updates.
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