The price of Bitcoin on South Korean cryptocurrency exchange Upbit plummeted to $89,500, reflecting a severe negative premium. The report comes from ChainCatcher.
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- 03 Dec 24
South Korea Declares State of Emergency: Bitcoin Price on Upbit Drops to $89,500
The price of Bitcoin on South Korean cryptocurrency exchange Upbit plummeted to $89,500, reflecting a severe negative premium. The report comes from ChainCatcher.
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The dramatic price drop follows South Korean President Yoon Suk-yeol's unexpected televised announcement declaring a state of emergency. During the address, Yoon announced the implementation of "emergency martial law," citing alleged manipulations by the opposition party in the National Assembly and their role in destabilizing the country. He pledged to eradicate "anti-state forces," though the specific measures of martial law remain undisclosed.
External analysis suggests that the trigger for this announcement might have been recent legislative pushes by the opposition, targeting the president's wife and seeking the impeachment of officials like prosecutors.
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