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After martial law was repealed, Bitcoin quickly rebounded to nearly $96,178 on Upbit, helping to reduce the pricing gap between local and global crypto markets.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Jay Clayton Transitions from Crypto Regulation to AI Leadership

Jay Clayton transitions from regulating cryptocurrency to leading U.S. government's AI initiatives.

user avatarDavid Robinson

Trump Launches New Task Force to Lead in Artificial Intelligence

President Trump has announced the creation of a Super Intelligence Force to coordinate federal efforts in maintaining U.S. leadership in artificial intelligence.

user avatarAndrew Smith

Getty Images Stock Trading Suspended by NYSE

The New York Stock Exchange has suspended trading of Getty Images stock as of September 29, 2023, due to the company's ongoing financial issues and significant debt.

user avatarJacob Williams

Getty Images Faces Bankruptcy Risks Amid Rescue Financing Talks

Getty Images is in confidential discussions with lenders for a rescue financing deal, which may lead to bankruptcy and a lender takeover.

user avatarZainab Kamara

Tavus Launches Griffin, a Revolutionary AI for Human Interaction

Tavus introduces Griffin, an AI model that convincingly simulates human conversation during live video calls.

user avatarAyman Ben Youssef

Griffin Outshines Previous AI Models in Live Conversation Tests

Griffin outperforms its predecessor GriffinLite and other AI models in live conversation tests.

user avatarSon Min-ho

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.