Recent political developments in the US pushed crypto market to unprecedent levels with Bitcoin recently reaching an all-time-high of $99K. However, the developing political chaos in South Korea is reversing some of these gains.

The country plunged into political chaos today (Tuesday) when President Yoon Suk Yeol declared emergency martial law. The Head of state accused the opposition Democratic Party of Korea (DPK) of plotting rebellion and undermining the nation's government, the Korea Times reported.

Bitcoin and XRP Prices Affected

This extraordinary decision has escalated tensions in the country’s already polarized political landscape while triggering shockwaves in cryptocurrency prices, especially among the region's exchanges.

At the time of publication, XRP was down 12% in the past day to trade at $2.45, according to CoinMarketCap. This is despite the crypto, now ranked 3^rd with a market cap of $139 billion, soaring 100% in the weekly chart.

The political developments have also affected the leading cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term with most tokens now flashing red lights. Bitcoin is down 1.555 in the past day to $95k, while Ethereum has also dropped nearly 3%.

In a televised address, Yoon accused the opposition of paralyzing the government through anti-state activities and described the declaration of martial law as essential to safeguarding the nation’s democratic foundations.

According to Yoon, this initiative is aimed at eradicating pro-North Korean forces and protecting the constitutional order of freedom. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and XRP saw sharp, two of the recent top performers in the sector, temporarily declined up to 30% on South Korean exchanges like Upbit, Coindesk reported.

Trading volumes on local platforms, which often rival global giants such as Binance and Coinbase, surged as traders reacted to the news. Upbit and Bithumb, two of South Korea's largest cryptocurrency exchanges, issued notices warning users about delayed site performance due to the spike in activity.

BREAKING: South Korean President declares martial law to combat "threats posed by North Korea's communist forces."

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Political Uncertainty in South Korea

The tipping point reportedly came when the DPK pushed through a downsized budget bill and initiated impeachment motions against senior government officials, including the state auditor and the chief prosecutor.

Yoon further reportedly accused the DPK of shielding its leader, Lee Jae-myung, from ongoing criminal trials. Under South Korea's constitution, martial law reportedly grants the president sweeping powers, including the ability to restrict freedoms such as press, assembly, and judicial independence.

The DPK, which holds a majority in the 300-seat National Assembly, could technically terminate martial law through a vote. However, access to the assembly was reportedly blocked shortly after Yoon's declaration, preventing immediate action.