Bitcoin's value has dropped below $88,000 on crypto exchanges in South Korea following the government's martial law declaration.

The price of Bitcoin plummeted beneath ₩125,242,000, approximately $88,000, on a top exchange in South Korea, following the country's martial law announcement made by President Yoon Suk Yeol during an unexpected late-night address streamed live on YTN. Upbit In his address, President Yoon articulated the necessity of martial law to safeguard the 'free and constitutional order' in South Korea, citing disruptions to parliamentary proceedings caused by opposition parties. He voiced apprehensions that these actions were pushing the nation towards a state of crisis.

Yoon positioned martial law as a protective measure against perceived threats from North Korean communist forces, as well as to counteract pro-North Korean, anti-state elements that could harm South Korean freedoms. However, he did not elaborate on specific actions that would follow this martial law declaration.

The exchange subsequently reported experiencing trading issues due to an influx of user activity. Similarly, another prominent South Korean crypto platform, Bithumb, is facing technical challenges linked to increased interest from retail traders. Overall, the crypto market within the nation has encountered significant losses, with many cryptocurrencies declining by 40-60%.

On the eve of the presidential announcement, South Korea witnessed cryptocurrency trading volumes surpassing $18 billion, a significant figure from a digital asset research organization, outpacing stock market activity by 22%.

This occurrence marked the year's second-highest trading volume, fueled by local investors' enthusiasm for various “high momentum” altcoins. Ripple's XRP took the lead with over $6.3 billion in transactions for that day, followed closely by Dogecoin, which recorded $1.6 billion, while Stellar came in third with $1.3 billion. The Ethereum Name Service (ENS) saw trades totaling $900 million, and Hedera (HBAR) logged $800 million.

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Alisa, an experienced journalist at Metaverse Post, focuses on cryptocurrency, zero-knowledge proofs, investments, and the vast universe of Web3. With a sharp eye for the latest trends and innovations, she provides in-depth coverage that informs and engages readers in the rapidly changing landscape of digital finance.