Major crypto tokens quickly plunged as much as 30% against the Korean won on South Korean exchanges as the government declared emergency martial law late on Tuesday. Bitcoin and XRP, two of the most traded tokens by volumes on local exchanges plunged as low as 30% on Upbit before quickly recovering. BTC fell from $96,000 to $63,000 in U.S. dollar terms. This serves as intriguing reminder as to how the isolated fiat liquidity could react, especially under extreme conditions like a president declaring martial law.

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