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Korea's 3/12 is Coming, Mainstream Cryptocurrencies Experience a Flash Crash of 50% | Live Updates
Summarized by AI
On the evening of December 3, due to the impact of South Korean President Yoon Suk-yeol's martial law order, the mainstream South Korean cryptocurrency exchange Upbit experienced a flash crash, causing severe negative price dislocation in many trading pairs. During the event, BTC price briefly dropped below $70,000, DOGE experienced a flash crash of over 50%, and recently surging "zombie coins" such as XRP, HBAR, XLM saw significant pullbacks, once again staging a "Regional 312." In the wake of the Upbit flash crash, the entire cryptocurrency market also experienced a downturn.
The substantial negative price dislocation also brought a rare profit opportunity for arbitrage traders, with many Korean KYC-enabled traders joining the fray. However, according to feedback from some community members, the Upbit Korea main site experienced downtime, but users could still engage in arbitrage trading through portals in other regions like Indonesia. Upbit later issued a statement indicating that the website faced interruptions due to a surge in trading volume.
BlockBeats notes that this event is still unfolding. The following are follow-up reports on related developments:
12-04 00:11
In the early hours of December 4, the South Korean National Assembly held an emergency meeting and voted on the "request to lift the state of emergency." 190 lawmakers attended the meeting, with 170 voting in favor. South Korean National Assembly Speaker Yoo Young-chul subsequently declared the state of emergency invalid. The parliamentary speaker requested the police to leave the parliament. (Jin10)
12-04 00:03
South Korean lawmakers to vote on lifting martial law
South Korean lawmakers will vote on lifting martial law. (Jin10)
12-03 23:55
South Korean National Assembly initiates plenary session
According to market reports: The South Korean National Assembly has commenced a plenary session.
Previously, more than half of the members of the National Assembly are currently in the parliament, and if more than half of the members agree, the South Korean National Assembly is expected to pass a resolution calling for the lifting of martial law. (Kincent)
12-03 23:16
South Korean Assets Plummet, Korean Won Hits Two-Year Low
Following the South Korean president's announcement of martial law, South Korean assets plummeted, sparking investors' concerns about political instability and turmoil. The iShares MSCI South Korea ETF fell 5.1% in the U.S. market, marking the largest single-day drop since August 5. The South Korean won-to-dollar exchange rate hit its lowest level in over two years.
Samsung Electronics' stock price listed in London fell by 5%. Arup Chattopadhyay, a strategist at Rich Nation Bank in New York, said that in recent weeks, as the market began to digest the possibility of the U.S. under the new Trump administration raising tariffs, internal uncertainty in South Korea has increased under external pressure.
Other South Korean company ADRs also experienced declines. Coupang Inc. dropped 6.9% in the U.S. market, while Posco Holdings Inc. and KB Financial Group Inc. also saw declines.
12-03 22:58
Upbit Platform Still Shows Slight Bitcoin Negative Premium
The Upbit platform still shows a slight negative premium for Bitcoin, currently at $94,457, while the price of Bitcoin on mainstream trading platforms is at $95,235.
12-03 22:56
During South Korea's "Martial Law," Over 163 Million USDT Flows into Upbit in 1 Hour
According to lookonchain monitoring, the cryptocurrency market plummeted after South Korea announced "martial law." Many whales transferred a large amount of USDT to Upbit, possibly to buy the dip. Within 1 hour of South Korea's announcement of "martial law," over 163 million USDT flowed into Upbit.
12-03 22:50
South Korea Declares Martial Law Order No. 1
The South Korean Martial Law Headquarters has announced that starting from 11:00 PM on December 3, 2024, the following will be implemented nationwide:
1. Prohibition of all political activities of the National Assembly, local councils, political parties, political organizations, gatherings, demonstrations, and any other political activities.
2. Prohibition of any acts that deny the liberal democratic system or attempt to subvert it, as well as the dissemination of fake news, fabrication of public opinion, and false provocations.
3. All speech and publications will be under the control of the Martial Law Headquarters.
4. Prohibition of strikes, work stoppages, and assembly activities that cause social disruption.
5. All healthcare personnel, including interns and resident doctors, who are on strike or have left their positions must return to their duties within 48 hours. Failure to comply will result in penalties under martial law.
6. Except for forces attempting to subvert the state, the inconvenience in the daily lives of ordinary citizens will be minimized as much as possible.
Violators of the above martial law order may be arrested, detained, searched, and punished in accordance with Article 9 of the Martial Law Act of the Republic of Korea (Special Measures Power of the Martial Law Commander), without the need for an arrest warrant, and pursuant to Article 14 of the Martial Law Act. (Jinshi)
12-03 22:46
South Korean crypto Key Opinion Leader (KOL) Joseph Young posted, "The South Korean president has announced a martial law order. 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 currently experiencing trading difficulties on all centralized exchanges (CEXs) in Korea. Tomorrow will be interesting. Let's wait and see. Currently, no one knows why martial law was declared (neither of the two major political parties has made a statement)."
12-03 22:35
South Korean Central Bank Official: Will Take Adequate Measures to Stabilize the Market if Necessary
BlockBeats News, December 3rd, a Bank of Korea official stated that if necessary, they are prepared to take full measures to stabilize the market and will release information after the meeting. (FXStreet)
12-03 22:33
US Stock Market Opens, Cryptocurrency Stocks Experience General Decline
Not only cryptocurrencies were affected, but also US stocks related to the crypto sector did not come out unscathed. At the US stock market open, the Dow rose by 0.22%, the S&P 500 was flat, and the Nasdaq fell by 0.23%. MicroStrategy dropped by 3.23%, Coinbase by 1.21%, Riot Platforms by 2.29%.
12-03 22:31
South Korean Military: Activities of Parliament and Political Parties Prohibited
According to Yonhap News Agency: The South Korean military stated that the activities of parliament and political parties are prohibited. Earlier, a South Korean Ministry of Finance spokesperson said that the South Korean Finance Minister would convene a meeting of senior economic officials at 11:40 p.m. Korean Standard Time (10:40 p.m. Beijing Time).
12-03 22:29
A conflict erupted in front of the South Korean National Assembly as a crowd attempting to enter parliament clashed with the police. (FXStreet)
12-03 22:25
South Korean Defense Minister Proposes Enforcing Martial Law to President Yoon Suk-yeol
According to Yonhap News Agency, the 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
The South Korean cryptocurrency exchange Bithumb has announced that it is taking emergency measures due to increased user traffic causing delays on its mobile web, application, and PC platforms.
12-03 22:18
According to market reports, the UPBIT platform experienced a trading halt due to increased traffic.
12-03 22:15
The leader of South Korea's largest opposition party, Lee In-myeong, said the parliament will attempt to lift South Korean President Yoon Suk-yeol's martial law, but the military may try to arrest members of parliament. Yonhap News Agency reported that after the president declared martial law, the road to the South Korean parliament was blocked, preventing lawmakers from entering.
12-03 22:14
South Korean President: "Emergency Martial Law" Will Eliminate Domestic "Anti-State Forces"
South Korean President Yoon Suk-yeol suddenly delivered a live televised address tonight, announcing the implementation of "emergency martial law." Yoon listed several reasons, stating that the opposition party had hijacked the parliament and disrupted the country, and mentioned the elimination of domestic "anti-state forces." Specific martial law measures are currently unknown.
Analysts speculate that recent legislative actions by South Korea's opposition party targeting the president's wife and impeachment of public officials, including prosecutors, may have triggered Yoon's declaration of "emergency martial law." (FX Street)
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, hitting a new two-year low at one point. (FX Street)
12-03 22:11
Upbit Platform's Parallel Market Experienced a "Flash Crash" at One Point
With the Bitcoin price on the Upbit platform "needle"ing to $71,814, prices of various altcoins on the platform experienced a "flash crash" at one point. They have now largely recovered.
XRP dropped to $1.3 and is now trading at $2.6;
ETH dropped to $2,712 and is now trading at $3,554;
SOL dropped to $134 and is now trading at $222.
12-03 22:07
Upbit Platform Sees USDC/USDT Spike to 1.2
The USDC/USDT exchange rate on the Upbit platform spiked to 1.2.
12-03 22:04
Bitcoin Price on Upbit Platform Briefly "Needles" to $71,814
The Bitcoin price on the Upbit platform briefly "needled" to $71,814 and has now rebounded to $92,658.13.
12-03 22:01
Upbit Platform Experiences Severe Negative Premium on Bitcoin, Priced at $89,500
Possibly influenced by South Korean President Yoon Suk-yeol's announcement of martial law, the Upbit platform experienced a severe negative premium on Bitcoin, priced at $89,500.
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