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Bitcoin Recovers Above $96k After Dipping on Martial Law Declaration in South Korea

Twitter icon  •  Published vor 21 Stunden  •  Hassan Maishera

Bitcoin briefly dropped below the $94k level on Tuesday after the South Korean president declared "emergency martial law" but has recovered and is now trading above $96k.

TL;DR

  • Bitcoin briefly dropped below $94k on Tuesday but has now recovered and is trading above $96k.

  • The flash decline came after South Korean President Yoon Suk Yeol declared "emergency martial law" late Tuesday evening.

South Korean Martial Law News Hits Bitcoin

Bitcoin, the leading cryptocurrency by market cap, suffered a flash dip on Tuesday after South Korean President Yoon Suk Yeol declared "emergency martial law" late Tuesday evening.

The president accused opposition parties of undermining the government, sympathizing with North Korea, and paralyzing the nation’s legislative process. 

The news negatively affected Bitcoin, with the price plunging as low as 30% on local crypto exchange Upbit before quickly recovering.

Bitcoin has since recovered and is now trading above $96k per coin. At press time, Bitcoin is trading at $96,010 and could rally higher in the coming hours or days. 

Tron’s TRX is the best performer amongst the leading cryptocurrencies by market cap, adding 43% to its value in the last 24 hours. This allowed TRX to overtake Avalanche to become the 10th-largest cryptocurrency by market cap. 

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.