[NEWS] Bitcoin falls 30% in won currency due to emergency law

Bitcoin (BTC) fell by more than 30% at one point on South Korea's major cryptocurrency exchanges on the 3rd. Major altcoins also fell sharply, recording an across-the-board decline. The cryptocurrency market was also affected by the emergency martial law declared by South Korean President Yoon Seok-yeol.

After the emergency martial law was declared on Bithumb, Bitcoin fell from 132.7 million won (approximately 14.05 million yen) to 110 million won (approximately 11.65 million yen). XRP, Ethereum (ETH), and Dogecoin (DOGE) also fell sharply.

This level of decline was limited to South Korean cryptocurrency exchanges, but the global market also saw a decline at the same time. At the time of writing, the price has recovered in won terms.

President Yoon declared the state of emergency by saying, "The opposition parties are paralyzing national politics," and that "we will eradicate the anti-national Communist forces of North Korea and protect the free constitutional order of South Korea." This is the first time that emergency martial law has been declared in South Korea since 1980.

Yoon subsequently lifted the state of emergency following a vote by members of the National Assembly, but the chaos continues. Senior members of the Blue House have all announced their resignations in response to the situation, and the largest opposition party, the Democratic Party of Korea, is preparing to impeach President Yoon through a National Assembly resolution.

Reference: Bithumb
Image: Shutterstock

Related articles

South Korea's largest opposition party agrees to postpone cryptocurrency tax until 2027

South Korean government approves new enforcement decree to protect cryptocurrency users