Bitcoin drops below $90K in SK after arrest warrant issued against Yoon

A South Korean court has issued an arrest warrant for ousted President Yeon Suk-yul, after his failed attempt to impose martial law in early December. After the announcement, the price of Bitcoin fell below $90,000 on cryptocurrency exchanges in South Korea.

On December 31, the Seoul Western District Court approved the arrest warrant, marking the first time in South Korean history that an impeached president has faced such a move, according to Reuters. Korea Herald.

This comes after Yoon failed for the third time to appear for questioning by the investigation task force, which includes the Korean National Police Agency and other high-ranking officials.

Yoon’s controversial decision to Imposing martial law On December 3rd, it caused a significant drop in the prices of Bitcoin and other cryptocurrencies. On South Korean exchanges such as UpBit, the price of Bitcoin fell below $90,000, a significant drop of $30,000 in just six hours.

This decline is due to the liquidity crisis, which was exacerbated by the absence of major players in the market at that time. Global cryptocurrency markets also saw a 4% decline in major assets, including Ethereum and Ripple, in response to the news.

Cryptocurrency prices quickly rebounded after the South Korean parliament demanded the cancellation of the martial law order on December 4th. The entire incident came just a day after South Korea recorded its second-highest level of retail cryptocurrency trading, driven by increased interest in cryptocurrencies. Altcoins such as XRP and Dogecoin.

With Yoon’s indictment and arrest warrant, South Korea is now navigating a volatile political and economic landscape, with cryptocurrency markets still reacting to developments.

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