BTC’s Wild Ride: $63K to $96K on Upbit After Martial Law Repeal

• Bitcoin crashes 30% on Upbit amid martial law, shaking South Korea’s crypto market.
• Exchange outages and liquidation surges expose market volatility after BTC’s steep drop.
• Derivatives trading spikes globally as options activity signals cautious trader optimism.

Bitcoin’s value plunged to $63,000—a 30% drop—on South Korea’s Upbit exchange following the nation’s shocking martial law declaration. This move triggered widespread panic among investors, causing significant sell-offs and technical issues on major South Korean exchanges. However, after lawmakers repealed martial law, Bitcoin rebounded to approximately $96,178 on Upbit, narrowing the earlier price disparity with global markets.

Exchange Outages and Market Chaos

Upbit and Bithumb faced operational challenges during the turmoil. Upbit users reported delays accessing its app and Open API services, while Bithumb experienced temporary outages across its desktop and mobile platforms. These disruptions heightened market anxiety as investors raced to liquidate positions or hedge against further losses.

Read also: Bitcoin Rallies 37% in November: Will December Bring $115K High?

Globally, Bit…

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