Korea's 3/12 Approaches, Mainstream Cryptocurrency Flash Crashes 50% | Real-Time Updates

On the evening of December 3, affected by the martial law order issued by South Korean President Yoon Suk-yeol, the mainstream South Korean cryptocurrency exchange Upbit experienced a flash crash, causing severe negative price dislocation in many trading pairs. During the incident, the price of BTC briefly dropped below $70,000, and DOGE experienced a flash crash of over 50%. Additionally, so-called "meme coins" such as XRP, HBAR, XLM, which had recently seen significant price surges, also saw a massive retracement, once again staging a "local 312." The overall cryptocurrency market also experienced a downturn due to the Upbit flash crash.

The significant negative price dislocation also provided a rare opportunity for arbitrage traders, with many traders with Korean KYC swiftly entering the battlefield. However, according to feedback from some community members, the Upbit South Korea main site has experienced downtime, but users can still engage in arbitrage trading through gateways in other regions like Indonesia. Upbit's official statement later mentioned that the website experienced a trading interruption due to a surge in trading volume.

BlockBeats notes that this event is still unfolding, and the following is a follow-up report on the relevant information:

12-03 22:46

Korean Crypto Influencer: Leaving home after 11 PM due to martial law will result in inspection, all Korean CEXs facing issues

Korean crypto influencer Joseph Young posted, "The Korean president has declared martial law. He said that if you go out after 11 PM, you will be inspected, and if deemed suspicious, you will be arrested.

My friends are facing trading difficulties on all Korean centralized exchanges (CEXs) now. Tomorrow will be interesting; let's wait and see. Currently, no one knows why martial law was declared (neither major political party has made a statement)."

12-03 22:35

Bank of Korea Official: Will take necessary steps to stabilize the market if needed

BlockBeats news, on December 3, a Bank of Korea official stated that if necessary, they are prepared to take comprehensive measures to stabilize the market and will release information after the meeting. (Jinshi)

12-03 22:33

US Stock Market Opening, Cryptocurrency-related Stocks Experience General Decline

Not only cryptocurrency was affected, but the stocks in the crypto sector also did not come out unscathed. At the U.S. stock market open, the Dow rose 0.22%, the S&P 500 was flat, and the Nasdaq fell 0.23%. MicroStrategy dropped 3.23%, Coinbase fell 1.21%, Riot Platforms declined 2.29%.

12-03 22:31

South Korean Military: Activities of Parliament and Political Parties Banned

According to Yonhap News Agency: The South Korean military stated that the activities of parliament and political parties have been banned. Earlier, a spokesperson for the South Korean Ministry of Finance stated that the South Korean Finance Minister would convene a meeting of senior economic officials at 11:40 p.m. KST (10:40 p.m. Beijing time).

12-03 22:29

Conflict Erupts in Front of South Korean National Assembly, Crowd Trying to Enter Parliament Confronts Police

Conflict erupted in front of the South Korean National Assembly as a crowd trying to enter parliament confronted police. (FX678)

12-03 22:25

South Korean Defense Minister Proposes Enforcing Martial Law to President Yoon Suk-yeol

According to Yonhap News Agency, South Korean Defense Minister proposed enforcing martial law to President Yoon Suk-yeol.

12-03 22:20

Bithumb Experiences Access Delays Due to Surge in Traffic

South Korean cryptocurrency exchange Bithumb announced that it is experiencing delays on its mobile network, application, and PC platform due to increased user traffic, and the company is taking emergency measures.

12-03 22:18

Upbit Platform Faces Trading Interruption

According to market news, the UPBIT platform experienced trading interruption due to increased traffic.

12-03 22:15

South Korea’s Parliament Will Attempt to Lift Presidential Martial Law, But Military May Try to Arrest Congress Members

The leader of South Korea's largest opposition party, Lee In-myoung, stated that the parliament will attempt to lift the martial law imposed by South Korean President Yoon Suk-yeol, but the military may try to arrest congress members. Yonhap News Agency reported that after the president declared martial law, the road to the South Korean parliament was blocked, and lawmakers were unable to enter.

12-03 22:14

South Korean President: "Emergency Martial Law" Will Eradicate Domestic "Anti-National Forces"

South Korean President Yoon Suk-yeol suddenly delivered a televised speech tonight, announcing the implementation of "emergency martial law." Yoon listed several reasons, stating that the opposition party was manipulating the parliament, disrupting the country, and that the measure aims to eradicate domestic "anti-national forces" in South Korea. Specific martial law measures are currently unknown.

Analysts believe that the recent series of legislation by South Korea's opposition party targeting the president's wife and the impeachment of public officials such as prosecutors may have been the trigger for Yoon Suk-yeol's declaration of "emergency martial law." (Golden Finance)

12-03 22:13

South Korean Won Continues to Decline Against the US Dollar

The South Korean won continues to decline against the US dollar, reaching a new two-year low at one point. (Golden Finance)

12-03 22:11

Upbit Platform's Altcoin Market Experienced a "Flash Crash"

Accompanying a "price spike" in Bitcoin on the Upbit platform to $71,814, various altcoin prices on the platform experienced a "flash crash" at one point. The situation has now largely returned to normal.

XRP dropped to $1.3 and is currently trading at $2.6;

ETH dropped to $2,712, currently priced at $3,554;

SOL dropped to $134, currently priced at $222.

12-03 22:07

Upbit's USDC/USDT Pair Rises to 1.2

Upbit's USDC/USDT exchange rate pair has risen to 1.2.

12-03 22:04

Bitcoin Price on Upbit Once 'Needle Dropped' to $71,814

Bitcoin's price on Upbit once 'needle dropped' to $71,814 and has now rebounded to $92,658.13.

12-03 22:01

Upbit's Bitcoin Experiences Severe Negative Premium, Priced at $89,500

Possibly affected by South Korean President Yoon Suk-yeol's announcement of martial law, Upbit's Bitcoin is experiencing a severe negative premium priced at $89,500.