• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Crypto Crisis in South Korea: Bitcoin's Sharp Drop on Upbit

user avatar

by Giorgi Kostiuk

2 years ago

Bitcoin's sharp decline on the Upbit exchange in South Korea was triggered by the declaration of martial law, causing investor panic.

Martial Law Impact on Bitcoin

Bitcoin's value on South Korea's Upbit exchange plummeted by 30%, reaching $63,000. This occurred amid the shocking declaration of martial law in the nation, leading to widespread investor panic and significant sell-offs.

Exchange Outages and Market Chaos

Both Upbit and Bithumb faced operational challenges during the turmoil. Upbit users reported delays accessing its app and API services, while Bithumb experienced temporary outages on its platforms.

Global Derivatives Trading Surge

Globally, there was a surge in derivatives trading amid market volatility. Activity in the options market indicated cautious optimism among traders hedging their positions in response to significant price fluctuations.

After martial law was repealed, Bitcoin quickly rebounded to nearly $96,178 on Upbit, helping to reduce the pricing gap between local and global crypto markets.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Kraken Enhances Crypto Trading with Tether Gold Listing

chest

Kraken has recently added Tether Gold to its trading menu, providing traders with enhanced options for commodity-backed assets within the crypto market.

user avatarMiguel Rodriguez

Chainlink Integrates Arbitrum Orbit to Enhance Layer 3 Messaging Security

chest

Chainlink has announced its integration with Arbitrum Orbit to enhance security in Layer 3 messaging using its Cross-Chain Interoperability Protocol.

user avatarArif Mukhtar

Aave V3 Launches on zkSync Era, Enhancing DeFi Lending

chest

Aave V3 has been launched on the zkSync Era, expanding DeFi lending capabilities within the ZK rollup environment.

user avatarLuis Flores

BNB Chain's Haber Upgrade Enhances Developer Experience

chest

The Haber upgrade on BNB Chain introduces technical improvements aimed at enhancing the developer and validator experience.

user avatarMaria Gutierrez

Coinbase Supports Render, Enhancing AI Compute Trading

chest

Coinbase's recent support for Render enhances liquidity and access for AI compute traders, increasing trading volume and market participation.

user avatarDavid Robinson

Fidelity Bitcoin ETF Sees Institutional Inflows Amid Market Volatility

chest

Fidelity's latest Bitcoin ETF inflow indicates continued institutional interest despite market fluctuations.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.