Bitcoin Flash Crash to $61,000 on Upbit as South Korea Declares Martial Law

The price of Bitcoin experienced what many in the industry are referring to as a “crack flash” on South Korea’s largest cryptocurrency exchange – Upbit. It fell to a low of around $61,500 (its equivalent in Korean won) and immediately recovered.

Source: TradingView

As you can see from the 1-minute chart above, the entire fiasco took less than 15 minutes, during which time the price of Bitcoin crashed to 88,260,000 KRW. This was a 30% decrease, achieved in less than a few minutes. Almost immediately after that, the cryptocurrency recovered.

The main reason for this price action appears to be the announcement that South Korean President Yoon Suk Yeol declared martial law during his speech in Seoul a few moments ago.

Political unrest in the country has caused unrest in the market, leading to considerable volatility in all sectors.

Meanwhile, Bitcoin is trading around $95,500 on most global exchanges, down 1.6% on the day. As previously reported by CryptoPotato, several analysts are predicting a prolonged correction that could even see its price trade as high as $90,000.

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