As a seasoned researcher who has witnessed the rollercoaster ride of global financial markets for decades, I can’t help but feel a sense of deja vu when observing the recent turmoil in South Korea’s crypto markets. The rapid plunge of major tokens against the Korean won following the declaration of emergency martial law is reminiscent of the panic-induced selloffs during the 2008 financial crisis or the dot-com bubble burst in 2000.
As a researcher observing the cryptocurrency market, I noticed a significant drop in the value of major crypto tokens on South Korean exchanges yesterday. This decline reached approximately 30% compared to the Korean won, following the government’s announcement of emergency martial law towards the end of Tuesday.
In simpler terms, South Korean President Yoon Suk Yeol announced an “emergency military rule,” claiming that opposition parties are weakening the administration, showing support for North Korea, and causing a standstill in the country’s law-making procedures.
In the wake of negative feelings, a downward trend was observed in the crypto markets almost instantly. Two popular tokens, Bitcoin and XRP, experienced a drop, with Bitcoin’s value plummeting as much as 30% on Upbit before making a swift rebound. This dip brought Bitcoin’s price down from approximately $96,000 to around $63,000 when converted to U.S. dollars, considering the current exchange rates.
In the world of cryptocurrencies, it’s common knowledge that traders from South Korea often drive up enthusiastic price surges in various tokens. This fervor can significantly increase demand, potentially impacting token prices as well.
Sometimes, trading volumes on the South Korean exchange Upbit surpass those of international competitors like Binance and Coinbase, showing a high level of investment and activity in cryptocurrency within the country.
Upbit and Bithumb, two prominent local cryptocurrency exchanges, have announced temporary delays in their services due to increased user activity coinciding with the implementation of martial law, which has caused some performance issues on their sites.
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2024-12-03 17:44