{"id":19155,"date":"2024-12-03T18:19:07","date_gmt":"2024-12-03T16:19:07","guid":{"rendered":"https:\/\/forklog.com\/en\/military-rule-sends-south-korean-crypto-market-into-tailspin\/"},"modified":"2024-12-03T18:19:07","modified_gmt":"2024-12-03T16:19:07","slug":"military-rule-sends-south-korean-crypto-market-into-tailspin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/military-rule-sends-south-korean-crypto-market-into-tailspin\/","title":{"rendered":"Military Rule Sends South Korean Crypto Market into Tailspin"},"content":{"rendered":"<p>On December 3, the South Korean crypto market plummeted following the imposition of <a href=\"https:\/\/www.bbc.com\/news\/live\/cn38321180et\">martial law<\/a> in the country. This was reported by journalist Colin Wu.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Breaking: The all Korean won trading pairs on Korean exchanges suddenly began to plummet, with Bitcoin even falling to $79,167 and XRP falling to $1.89. They are now recovering. <a href=\"https:\/\/t.co\/ddi2RcNnXu\">https:\/\/t.co\/ddi2RcNnXu<\/a> &#038; <a href=\"https:\/\/t.co\/knueGmuiE6\">https:\/\/t.co\/knueGmuiE6<\/a> <a href=\"https:\/\/t.co\/8umh9AVe3D\">pic.twitter.com\/8umh9AVe3D<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1863948046306066625?ref_src=twsrc%5Etfw\">December 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the vile pro-North Korean anti-state forces,&#8221; stated South Korean President Yoon Suk Yeol in his televised address.<\/p>\n<\/blockquote>\n<p>Following the news, charts for most trading pairs with the Korean won declined. Bitcoin&#8217;s price on the country&#8217;s largest exchange, Upbit, fell below $80,000, while the stablecoin USDT reached $0.89.\u00a0\u00a0<\/p>\n<p>The <a href=\"https:\/\/www.ubcindex.com\/indexes\/IDX.UPBIT.UBMI\">Upbit Market Index<\/a> \u2014 a cumulative measure of market dynamics for the 30 largest assets on the Upbit exchange \u2014 dropped by 13.2%.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcFdUMStl1zgZ9BO7anZYd9U7E8HxWxgwePO7trzQwPAo3nGLUendTaamThNb3_SNrmVmDpC4CXcOs-QQMLgNKbyP0Q_o09Pr6GOWRJBU8RJPaFnB18FfRe9GHU2Qj-Uhm0hl6poA?key=0-iGkEtwNaTUiFCMJQtsR3H2\" alt=\"Military Rule Sends South Korean Crypto Market into Tailspin\"\/><figcaption class=\"wp-element-caption\">List of cryptocurrencies with price dynamics on the Kimpga exchange. Data: <a href=\"https:\/\/x.com\/WuBlockchain\/status\/1863948426507125176\/photo\/1\">Wu Blockchain<\/a>.<\/figcaption><\/figure>\n<p>The journalist noted that all crypto exchanges in the country ceased operations, making &#8220;trading now virtually impossible.&#8221;<\/p>\n<p>The imposition of martial law by the South Korean president entails the transfer of civilian government functions to direct military control, the suspension of parliament, and several other restrictions.<\/p>\n<p>According to the BBC, the decision is linked to disputes between the ruling party and the opposition regarding the state budget for the next year.<\/p>\n<p>Earlier, on December 2, the daily trading volume of cryptocurrencies in South Korea reached $18 billion, surpassing the stock market&#8217;s equivalent figure by 22%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On December 3, the South Korean crypto market plummeted following the imposition of martial law in the country. This was reported by journalist Colin Wu. Breaking: The all Korean won trading pairs on Korean exchanges suddenly began to plummet, with Bitcoin even falling to $79,167 and XRP falling to $1.89. They are now recovering. https:\/\/t.co\/ddi2RcNnXu [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,974],"class_list":["post-19155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19155"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19155\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19154"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}