Bitcoin, XRP Briefly Wick Down 30% on South Korean Exchanges as Martial Law Declared

Major cryptocurrencies, including Bitcoin and XRP, dropped as much as 30% on South Korean exchanges after President Yoon Suk Yeol declared emergency martial law, accusing opposition parties of undermining the government. This abrupt political move led to a significant market reaction, with Bitcoin plummeting from $96,000 to $63,000 before partially recovering. South Korea's vibrant crypto trading scene, often driving market trends, saw spikes in activity, causing exchanges like Upbit to experience delays due to high user traffic. Curious about how politics can impact crypto? This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: CoinDesk