CandleFocus South Korea recovers from martial law and XRP, BTC flash crashes
2024-12-03
Author: Content Editor
South Korean exchanges experienced a significant drop in asset prices, including cryptocurrencies like bitcoin (BTC) and XRP, after President Yoon Suk Yeol declared martial law for the first time since 1979. Traditional assets and the Korean won (KRW) also suffered losses. Crypto exchanges Upbit and Bithumb faced outages, and trading volumes for BTC and XRP surged as prices plummeted. However, after clashes between police and protesters and the finance ministry's commitment of "unlimited liquidity," Korean assets were able to recover some losses. It remains unclear whether President Yoon will comply with the National Assembly's vote to lift martial law. Globally, BTC prices remained relatively unchanged, while XRP continued to trade 6% lower.
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