Bitcoin’s performance against the South Korean won (BTC/KRW) experienced a sharp dip of 30% on Dec. 3, following a surprise declaration of martial law by South Korean President Yoon Suk Yeol. This political development sent shockwaves across financial markets, including the local cryptocurrency sector.
The Price Impact
The BTC/KRW trading pair dropped from approximately 130 million KRW to 93.6 million KRW on the South Korean exchange Upbit immediately after Yoon’s televised announcement. This 28% decline marked a significant period of volatility before BTC’s recovery to over 126 million KRW later in the day.
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This movement underscores the sensitivity of cryptocurrency markets to geopolitical events, particularly in an economically significant nation like South Korea—the world’s 13th-largest economy.
Political Context and Market Response
President Yoon declared martial law, citing threats from North Korea and domestic “anti-state elements” linked to the Democratic Party. His move, however, faced swift opposition. South Korea’s National Assembly voted overwhelmingly—190 out of 300 lawmakers—to block the decree. Assembly Speaker Woo Won-sik declared the martial law declaration “invalid” following the vote.
While the political standoff played out, South Korean citizens protested near government buildings, adding to the overall uncertainty and market instability.
Implications for South Korea’s Crypto Sector
South Korea is a key player in the global cryptocurrency ecosystem, hosting major exchanges such as Upbit, Bithumb, Korbit, and Coinone. The political turbulence could impact investor confidence and the operational stability of these platforms in the short term.
Additionally, South Korea’s tax policy on cryptocurrency gains—initially set for implementation in 2025—has been postponed by two years, providing temporary relief to traders.
Broader Economic Ramifications
South Korea is home to major corporations like Samsung and SK Group, whose operations could also face disruptions due to political instability. The situation highlights the interconnectedness of cryptocurrency markets with broader economic and political developments.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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FAQ
Why did BTC/KRW prices drop sharply?
The drop was triggered by President Yoon Suk Yeol’s martial law declaration, which created uncertainty in South Korea’s political and economic landscape, leading to panic among traders.
How did South Korea’s National Assembly respond to the martial law declaration?
The National Assembly overwhelmingly voted to block the decree, declaring it invalid and urging the president to lift the emergency measures.
How does political instability affect cryptocurrency markets?
Geopolitical uncertainty can lead to sharp price swings as investors react to perceived risks. In this case, South Korea’s economic significance and its active crypto market amplified the impact on BTC/KRW trading.
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