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Bitcoin crashes to $62,000 on Upbit after South Korea enacts emergency martial law

Bitcoin's price on the South Korean exchange Upbit plummeted more than 30% to $62,000 following South Korean President Yoon Suk Yeol's declaration of "emergency martial law." The decline was observed on the Korean won trading pair. However, Bitcoin has since recovered above $89,000 on Upbit, creating a $4,000 arbitrage gap compared to global markets. The declaration of martial law caused major disruptions across exchanges in South Korea, with Upbit and Bithumb experiencing trading downtime due to increased traffic. Other trading pairs such as XRP/KRW, DOGE/KRW, and ADA/KRW were also affected. President Yoon's declaration was in response to alleged anti-state activities by the opposition-controlled parliament.

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