South Korean President Yoon Suk-Yeol announced the declaration of martial law in response to "communist threats" in the country. Following this decision, significant fluctuations were observed in the nation's cryptocurrency market. Various altcoin projects experienced losses of 20-40%, while one of the major platforms faced transaction outages, leading to notable price volatility. Even stable crypto assets like USDT experienced substantial depreciation, causing panic among investors.
The martial law announcement reportedly increased price volatility on local platforms, although crypto assets have since begun a recovery process. President Yoon emphasized in his statement that the decision aims to protect the country from North Korea’s threats and eliminate anti-state elements. Investors are closely monitoring the impact of these market fluctuations.
