🔴On December 3, South Korean President Yoon Suk-yeol declared a state of emergency and martial law, triggering a sharp decline in cryptocurrency prices. In his address, he emphasized the need to protect the country from threats posed by North Korea and eliminate anti-state elements.
🔴South Korea is one of the largest cryptocurrency trading hubs, with approximately 10% of the population involved in transactions and daily trading volumes exceeding $5 billion. Amid geopolitical tensions, cryptocurrency prices on the Upbit and Bithumb exchanges plummeted. Bitcoin’s price dropped by 12%, while Tether (USDT) fell to $0.84.
🔴The Upbit Market Index lost 13.28% in a single day, reflecting the overall market downturn. The situation highlights the strong dependence of digital assets on political stability.