Negative sentiment spilled over to the crypto markets in the minutes following. Bitcoin, XRP — two of the most traded tokens by volumes on local exchanges — plunged as low as 30% on Upbit before quickly recovering. BTC fell from $96,000 to $63,000 in U.S. dollar terms, assuming current exchange rates.

He made the announcement during a televised briefing, vowing to “eradicate pro-North Korean forces and protect the constitutional democratic order.”

South Korean President Yoon Suk Yeol declared martial law on Tuesday and accused the opposition party of taking the parliamentary process hostage with "anti-state" activities.