Bitcoin and XRP Drop 30% to 62,000 USD on South Korean Exchanges Amid Martial Law Declaration

On Tuesday night, crypto markets in South Korea experienced a sharp shock as Bitcoin and XRP briefly plunged by 30% against the Korean won. The drop came shortly after the South Korean government announced emergency martial law.

President Yoon Suk Yeol declared martial law, accusing opposition parties of disrupting governance, aligning with North Korea, and stalling the legislative process.

This political turmoil quickly spilled into the crypto markets, with major tokens like Bitcoin and XRP experiencing significant volatility. Bitcoin, for instance, dropped from $96,000 to $63,000 when converted to USD, before swiftly recovering. XRP faced similar steep declines on platforms like Upbit, one of South Korea’s most prominent crypto exchanges.

South Korea’s crypto traders are well-known for driving rapid market movements, often creating bullish momentum. Local exchanges like Upbit frequently see trading volumes that rival or surpass global platforms such as Binance and Coinbase, highlighting the country’s intense crypto activity.

​While the market rebounded quickly, the incident underscores how external political events can dramatically influence crypto prices, particularly in a nation as crypto-centric as South Korea.