The BTC/KRW pair dropped approximately 30% after South Korean President Yoon Suk Yeol declared martial law in response to perceived threats from North Korea. Following the announcement, the price of Bitcoin on the local exchange Upbit fell from around 130 million KRW to about 93.6 million KRW, marking a decline of 28% before rebounding to over 126 million KRW. President Yoon stated the martial law was necessary to ensure public safety and deal with anti-state elements, particularly the Democratic Party's attempts to impeach government officials. Democratic Party leader Lee Jae-myung expressed concerns that military action could target parliamentary members. This development reflects rising tensions within South Korean politics and its impact on the cryptocurrency market.

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