One analyst said South Korea’s limiting of the market to a few players caused a sudden decrease in liquidity.
The disappearance of key market players and a liquidity crisis contributed to a $30,000 drop in Bitcoin prices on South Korean platforms following President Yoon Suk Yeol’s declaration of martial law.
On Dec. 3, President Yoon announced martial law during a live television address, citing a need to “eliminate anti-state elements” and address “threats posed by North Korea’s communist forces.”
The declaration triggered immediate market disruptions, with Bitcoin (BTC) on the South Korean exchange Upbit dropping to as low as 92 million Korean won (about $65,000).
