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Bitcoin’s price plunged more than 30% to $62,000 on Upbit within the last hour, following South Korean President Yoon Suk Yeol’s declaration of “emergency martial law,” according to data tracked by TradingView. The sharp decline was observed in the Korean won (KRW) trading pair.

Bitcoin has since recovered above $89,000 on Upbit, creating a $4,000 arbitrage gap compared to global markets. The flagship digital asset dropped from $96,000 to $93,600 on global exchanges following the announcement.

“I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people,” President Yoon said in a televised address, “and to protect the free constitutional order.”

South Korea, one of the world’s largest crypto markets with trading volumes exceeding its stock market, saw major disruptions across exchanges. Upbit and Bithumb experienced trading downtime due to increased traffic. Other trading pairs including XRP/KRW, DOGE/KRW, and ADA/KRW were also affected.

Martial law is a drastic response by a government in times of emergency, wherein military personnel take charge to maintain stability and security. This often results in the enforcement of curfews, limitations on personal movement, and curtailments of various civil freedoms.

President Yoon’s declaration came in response to alleged anti-state activities by the opposition-controlled parliament. The Democratic Party has called an emergency meeting to address the president’s actions.

This is a developing story.

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