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Martial Law Ends in South Korea: Impact on Crypto Exchanges

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by Giorgi Kostiuk

2 years ago

The South Korean National Assembly voted to lift martial law, causing significant fluctuations in cryptocurrency markets.

Martial Law Revocation

The South Korean National Assembly passed a resolution to invalidate martial law, as confirmed by the Speaker's Office. This marks the end of a state of emergency that involved restrictions on movement and other regulatory measures.

Bitcoin Price Drop

Two hours before the resolution, Bitcoin's price dropped more than 30% to $62,000 on the South Korean exchange Upbit. This was a significant intraday drop, with the most losses seen in KRW trading pairs.

Crypto Exchange Instability

The declaration of martial law in South Korea caused panic among traders and led to major disruptions across cryptocurrency exchanges. Platforms such as Upbit and Bithumb experienced downtime as traffic surged.

The lifting of martial law in South Korea offers some relief, but the cryptocurrency market remains volatile, reflecting trader anxiety.

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