On Tuesday night, South Korean President Yoon Suk Yeol declared “emergency martial law,” setting off a wave of market turbulence. The government accused opposition parties of destabilizing the nation, fostering pro-North Korea sentiments, and disrupting the legislative process.

This move had an immediate impact on the cryptocurrency market, with major assets like Bitcoin and XRP plummeting by as much as 30% on South Korean exchanges. On Upbit, Bitcoin’s price dropped from $96,000 to $63,000 in U.S. dollar terms before quickly bouncing back.

South Korean traders are known for their influential role in pushing price rallies, often contributing to significant buying pressure on tokens. Local exchanges like Upbit and Bithumb routinely see trading volumes that rival or even surpass those of larger global platforms such as Binance and Coinbase.

In response to the surge in user activity following the martial law announcement, both Upbit and Bithumb issued alerts about delays in site feeds and performance issues, as traders rushed to react to the unfolding news.