The prices of cryptocurrencies traded against the won on the South Korean exchange Upbit glitched on Tuesday following political developments in the country.
Despite growing speculations of an imminent Bitcoin crash, the pioneering cryptocurrency has held above $90,000. However, Bitcoin on the largest crypto exchange in South Korea, Upbit, crashed to $66,000 on Tuesday.
Upbit’s Cryptocurrencies Grapple
Data shows that Bitcoin and all other cryptocurrencies traded against Korea won and grappled following growing political tension in South Korea. According to the data, Bitcoin fell as low as $66,000 (88,266,000 won) before quickly recovering to trade considerably lower than the asset’s prices in other exchanges.
In addition to Bitcoin, XRP crashed to $1.16 (1,623 won) but has recovered to trade above $2.4 (3,412 won) at the time of writing. Although the assets are gradually recovering, they still trade at a discount compared to other exchanges.
Data from CryptoQuant shows that the Korean Premium Index has crashed to a low of -14.16. This means that Bitcoin and other crypto assets are trading at a massive discount on Upbit compared to the global crypto market.
Notably, the broader South Korean financial market, like stocks and bonds, also saw a similar scenario following the president’s martial law declaration.
For context, President Yoon Suk Yeol of South Korea declared an emergency martial law today, becoming the first to do so since the late 1980s. The leader cited growing plots among his opposition to overthrow him and deprive the country of free democracy.
Global Crypto Market Feels Heat
Meanwhile, the Upbit price dump and pump affected the global crypto market. The speculation spurred increased market sell-offs, temporarily pushing Bitcoin’s price to an intraday low of $93,619.
The market volatility also sparked a position liquidation frenzy, with over $121 million liquidated in one hour. Notably, XRP and Bitcoin topped the liquidation chart as a combined $52.78 million worth of open positions were wiped out from the asset traders.
However, Bitcoin and XRP have recovered from the sudden dip. BTC trades at $95,558, while the third-largest cryptocurrency by market cap exchanges hands at $2.529 per coin.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
