Impact on Bitcoin & Crypto
The South Korean parliament experienced significant turmoil yesterday when President Yoon Suk-Yeol declared a state of emergency under martial law. Although the emergency was lifted within six hours, the aftermath had already begun to ripple through the markets. Bitcoin saw a sharp decline, plummeting 30% on Upbit shortly after the announcement. Let’s understand how this political volatility has affected the crypto landscape.
Bitcoin’s Volatility
Hours after President Yoon’s declaration, Bitcoin’s price plunged by more than 30%, dropping to $62,000 on Upbit’s KRW trading pairs, according to data from TradingView. This sharp decline highlighted the sensitivity of South Korea’s crypto market to political developments….
