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South Korea’s declaration of martial law has sent shockwaves through cryptocurrency markets, driving Bitcoin to plunge 30% against the won. As investors react to political instability, market volatility intensifies, raising fears of deeper disruptions in the days ahead.
South Korea’s Political Crisis Fuels Cryptocurrency Turmoil
Bitcoin, the most prominent cryptocurrency, is now trading at approximately $94,114 as of the time that this article was written.
In the past few minutes, the price of Bitcoin has dropped by nearly $1,000. The South Korean won, on the other hand, has experienced a more dramatic decrease, which has eclipsed this decline.
There is a possibility that investors from South Korea would cause significant changes in the cryptocurrency markets in the hours to come.
Martial Law and Its Impact on Bitcoin
The opposition parties in South Korea contributed to the disruption of government administration, which ultimately led to the imposition of emergency martial law.
According to COINTURK NEWS, investors in the country were compelled to suddenly sell their Bitcoin against the KRW pair as a result of this predicament. It is possible that the unpredictability in South Korea, which is one of the cryptocurrency centers in Asia, would cause significant changes in the prices of other cryptocurrencies as well.
BTC/KRW Pair Declines as Altcoins Face Heightened Risks
The BTC/KRW pair has witnessed a decline of thirty percent, and while it has partly recovered, other cryptocurrencies are facing a more precarious situation as a result of martial law.
It is possible that the decrease in the value of their KRW pairs may be even more significant if investors imitate their activities with Bitcoin on alternative cryptocurrencies.
It is important to note that XRP Coin is a heavily traded asset in the country, as it accounts for thirty percent of the total volume exchanged on the Upbit platform.
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