South Korea’s crypto market has experienced a significant crash following President Yoon Suk Yeol’s declaration of martial law. This development has caused panic among traders, who have moved to withdraw their funds, while coins like Bitcoin have witnessed significant price declines.
South Korea’s Crypto Market Crashes Following Martial Law Declaration
Onchain analytics platform Lookonchain revealed that South Korea’s crypto market has plummeted following President Yoon’s declaration of martial law. The Bitcoin price crashed by as much as 30% on the Upbit exchange following this development.
Meanwhile, the prices of other coins like XRP, Dogecoin, and XLM also dropped as much as 20%. However, some crypto whales seem unfazed by this development. According to Lookonchain, many whales have transferred large amounts of USDT to the Upbit exchange, likely in an attempt to target bottom-fishing opportunities.
Since the president declared Martial law, over $163 million has flowed into Upbit as these whales look to accumulate these coins at a discount. Thanks to this battle between panic sellers and bottom fishers, Upbit announced that its applications and open API services are currently suspended due to a temporary increase in traffic and are experiencing delays.
The post Just In: South Korea’s Crypto Market Crashes As President Yoon Declares Martial Law appeared first on CoinGape.
