The price of Bitcoin tumbled Tuesday on Upbit, South Korea’s largest crypto exchange, falling as low as $61,600 as the country’s president, Yoon Suk Yeol, declared martial law.
The measure, which was announced by Yoon in a late-night television address, came alongside accusations that South Korea’s main opposition party was sympathizing with North Korea, per CNN. Yoon reportedly accused the party of “clear anti-state behavior aimed at inciting rebellion.”
Priced in South Korean won, Bitcoin’s value fell as low as ₩88,266,000 on Upbit, darting down 33% from ₩132,429,000 in less than 30 minutes. Since then, Bitcoin’s price has slightly recovered on Upbit, valued around ₩127,000,000 worth—about $88,600 as of this writing.
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