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Crypto market sees slight losses as South Korean market plunges following emergency martial law declaration

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Cryptocurrencies

Bitcoin (BTC) and the cryptocurrency market experienced minor declines on Tuesday, primarily due to political issues in South Korea, which introduced fear, uncertainty and doubt (FUD) among investors.

The crypto market saw a slight dip after the South Korean President announced martial law, causing massive FUD among crypto investors. The Korea Premium Index dropped to -14.67, with Bitcoin briefly trading near $65K in Korean exchanges. After the news, investors transferred over $163 million in USDT to the Korean exchange Upbit, suggesting they may be planning to buy the dip.

Bitcoin dipped briefly by 30% on the exchange from $95K to around $61K, with altcoins like Ethereum and Solana dropping to $2K and $146, respectively. The massive FUD led to temporary delays and restrictions on certain actions in the exchanges. For instance, Bithumb users began experiencing delays in accessing the site and mobile app, while Upbit users were notified of a service delay on the mobile app.

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