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

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After martial law was repealed, Bitcoin quickly rebounded to nearly $96,178 on Upbit, helping to reduce the pricing gap between local and global crypto markets.

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