Orhan 
South Korean President Yoon Suk-yeol has declared martial law, citing a severe political crisis. Yoon accused the opposition Democratic Party of attempting to paralyze the government and stated that the primary aim of martial law is to eliminate pro-North Korea elements within the state. He emphasized that this step is essential for rebuilding a free and democratic South Korea. In response, the opposition Democratic Party called on its members to convene in parliament.
The declaration has sent shockwaves not only through the political landscape but also across economic and financial sectors. South Korea is one of the most active markets in the cryptocurrency world, and these developments could have significant repercussions in the sector.
Impact on the Crypto Market
South Korean crypto exchanges, such as Upbit, play a vital role in the global crypto ecosystem, with Upbit alone handling over $11 billion in trading volume in the past 24 hours. The country’s vibrant crypto market has positioned it as a key player in shaping global trends.
Bitcoin Price Takes a Hit
Following the announcement of martial law, panic selling led to trading disruptions on local exchanges. Bitcoin’s price has dropped below $94,000, marking a sharp decline. Many cryptocurrencies traded on South Korean exchanges have experienced dramatic losses, with prices plummeting between 20% and 40%.
For daily coin analyses and more updates, join our Coin Mühendisi Analiz Telegram channel!
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.