XRP, Bitcoin feel the heat as South Korean crisis shakes crypto markets – BitRss

• The crypto and financial market in Seoul reacted to the martial law declared.
• BTC and XRP saw major impact, but rebounded.

South Korea’s declaration of martial law and its rapid reversal have rattled the crypto market, creating a sharp spike in volatility. As President Yoon Suk Yeol accused the opposition of threatening democracy, the South Korean crypto market experienced significant turbulence, with Bitcoin and XRP enduring flash crashes.

Analysts have pointed to the “Kimchi Premium” – the price gap between Bitcoin on South Korean exchanges and global markets – as a central indicator of the market’s reaction.

Bitcoin’s Korea Premium Index reacts

The Korea Premium Index, which reflects the difference between Bitcoin’s price on South Korean exchanges and the global average, recorded a dramatic decline followi…