Soon after South Korean President Yoon Suk Yeol declared “emergency martial law,” negative sentiment spread over to the crypto markets within minutes. Bitcoin and XRP plunged as low as 30% on Upbit before quickly recovering. Bitcoin fell as low as $66,000 (88,266,000 won) before quickly recovering to trade considerably lower than the asset’s prices in other exchanges. XRP crashed to $1.16 (1,623 won) but has recovered to trade above $2.4. The broader South Korean financial market, like stocks and bonds, also saw a similar scenario following the president’s martial law declaration.

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