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As of the writing of this article, the leading cryptocurrency is hovering around $93,650, having experienced a drop of nearly $1,000 in recent minutes. However, this decline is overshadowed by a more significant plunge against the South Korean won. Investors from South Korea may ignite substantial fluctuations in the cryptocurrency markets in the hours to come.
Cryptocurrencies May Decline
The declaration of martial law in South Korea resulted from opposition parties disrupting government administration. This situation prompted investors in the country to suddenly sell their Bitcoin 
$104,477 against the KRW pair. The uncertainty in South Korea, one of Asia’s cryptocurrency hubs, could lead to major fluctuations in other cryptocurrencies as well.
“South Korean President Yoon announced martial law. Yoon: The administration has been paralyzed due to the opposition parties’ stance.” – COINTR
The BTC/KRW pair has experienced a 30% drop, and while it has somewhat recovered, altcoins face a riskier situation under martial law. If investors replicate their actions with Bitcoin on altcoins, the decline in their KRW pairs could be even more pronounced. Notably, XRP Coin is a highly traded asset in the country, with 30% of the volume on Upbit exchange attributed to XRP.
