By Nermeen Nabil Khear 
The announcement aimed to protect South Korea from the threat of North Korean forces. It sent shockwaves through the country’s financial markets.
Interestingly, the price of Bitcoin stayed steady on global exchanges, highlighting how local events can send ripples through isolated markets.
Martial Law Shakes South Korea
President Yoon’s declaration of martial law is a rare and dramatic move. It gives the government sweeping powers to respond to a potential crisis, including controlling public activities and communications. While it’s aimed at ensuring safety, it also brought fear and uncertainty to South Korea’s economy, leading to the sharp drop in Bitcoin prices on Upbit, one of the country’s biggest crypto exchanges.
The panic selling didn’t seem to match the mood in the rest of the world. On global platforms, Bitcoin held steady at its usual price, showing how local market conditions can sometimes play by their own rules.
SUMMARY OF THE CRAZY EVENTS IN SOUTH KOREA:
1) The president of South Korea expected an impeachment from the opposition.
2) To prevent that, he declared martial law banning all political activity!
3) The Korean army came and closed off the parliament to prevent MPs to… pic.twitter.com/Ez5UcQutFR
— Lord Bebo (@MyLordBebo) December 3, 2024
A Lesson in Liquidity
This situation gives us an interesting peek into how local liquidity can act during extreme events. South Korea’s financial system relies heavily on its currency, the won, which may have added fuel to the fire as people scrambled to sell. Think of it like a small pond where a big rock causes giant waves—while the rest of the ocean stays calm.
For crypto traders, this is a reminder that not all markets react the same way. Local factors, like government decisions or sudden policy changes, can cause dramatic shifts in pricing, even if the global market stays as cool as a cucumber.
Korean crypto market just experienced a flash crash, BTC on Upbit plunged to $61k, and many alts dropped 30-40%, while the global market remained stable. This serves as an intriguing data pt of how isolated fiat liquidity could react, especially under extreme conditions like a… pic.twitter.com/7WrZXSTKoP
— Dovey “Rug the fiat” Wan (hiring) (@DoveyWan) December 3, 2024
What’s Next for Bitcoin?
While South Korea’s market reeled from the shock, experts suggest the drop is likely temporary. Once the dust settles and the situation becomes clearer, Bitcoin prices on Upbit might bounce back in line with global trends.
The #Korean crypto market has plummeted following South #Korea’s declaration of “martial law.”
Many whales transferred large amounts of $USDT to #Upbit, likely aiming for bottom-fishing opportunities.
Within 1 hour after the declaration of “martial law”, over 163M $USDT flowed… pic.twitter.com/ZnCiIrvoMj
— Lookonchain (@lookonchain) December 3, 2024
For now, this serves as a wake-up call for investors to keep an eye on local and global events. In a world where anything can happen, it’s always smart to hope for the best but prepare for the worst.
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. The post Bitcoin Drops 30% on Upbit Amid South Korean Martial Law appeared first on Altcoin Buzz. This articles is written by : Nermeen Nabil Khear Abdelmalak All rights reserved to : USAGOLDMIES . www.usagoldmines.com You can Enjoy surfing our website categories and read more content in many fields you may like . Why USAGoldMines ? USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.
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