Bitcoin\u2019s price experienced what many in the industry refer to as a \u201cflash crash\u201d on the largest cryptocurrency exchange in South Korea\u2014Upbit. It dropped to a low of around $61,500 (its equivalent in Korean Won) and immediately recovered.<\/p>\n
<\/a>Source: TradingView<\/p>\n As you can see in the 1-minute chart above, the whole fiasco took less than 15 minutes, during which time Bitcoin\u2019s price crashed to 88,260,000 KRW. This represented a decrease of around 30%, realized in less than a few minutes. Almost immediately after that, the cryptocurrency recovered.<\/p>\n The primary reason for this price action seems to be the announcement that South Korea\u2019s president, Yoon Suk Yeol, declared<\/a> martial law during his speech in Seoul just a few moments ago.<\/p>\n The political turmoil in the country has caused market unrest, resulting in considerable volatility across the board.<\/p>\n Meanwhile, Bitcoin trades at around $95,500 across most global exchanges, down 1.6% for the day. As\u00a0CryptoPotato\u00a0<\/em>reported<\/a> earlier, several analysts are predicting a prolonged correction that could even see its price trade as low as $90,000.<\/p>\n The post Bitcoin Flash Crash to $61K on Upbit as South Korea Declares Martial Law<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price experienced what many in the industry refer to as a \u201cflash crash\u201d on the largest cryptocurrency exchange in South Korea\u2014Upbit. It dropped to a low of around $61,500 (its equivalent in Korean Won) and immediately recovered. Source: TradingView As you can see in the 1-minute chart above, the whole fiasco took less than […]<\/p>\n","protected":false},"author":0,"featured_media":25410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25409"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25409"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25410"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![<\/a>Source: TradingView<\/p>\nAs you can see in the 1-minute chart above, the whole fiasco took less than 15 minutes, during which time Bitcoin\u2019s price crashed to 88,260,000 KRW. This represented a decrease of around 30%, realized in less than a few minutes. Almost immediately after that, the cryptocurrency recovered.<\/p>\nThe primary reason for this price action seems to be the announcement that South Korea\u2019s president, Yoon Suk Yeol, declared<\/a> martial law during his speech in Seoul just a few moments ago.<\/p>\nThe political turmoil in the country has caused market unrest, resulting in considerable volatility across the board.<\/p>\nMeanwhile, Bitcoin trades at around $95,500 across most global exchanges, down 1.6% for the day. As\u00a0CryptoPotato\u00a0<\/em>reported<\/a> earlier, several analysts are predicting a prolonged correction that could even see its price trade as low as $90,000.<\/p>\nThe post Bitcoin Flash Crash to $61K on Upbit as South Korea Declares Martial Law<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price experienced what many in the industry refer to as a \u201cflash crash\u201d on the largest cryptocurrency exchange in South Korea\u2014Upbit. It dropped to a low of around $61,500 (its equivalent in Korean Won) and immediately recovered. Source: TradingView As you can see in the 1-minute chart above, the whole fiasco took less than […]<\/p>\n","protected":false},"author":0,"featured_media":25410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25409"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25409"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25409\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25410"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/12\/BTCKRW_2024-12-03_17-52-26.png\"){kind=link}