A South Korean court has issued an arrest warrant for impeached President Yoon Suk Yeol, after his failed attempt to impose martial law in early December. Following the announcement, Bitcoin’s price fell below $90,000 on South Korean crypto exchanges.
On Dec. 31, the Seoul Western District Court approved the warrant, marking the first time in South Korea’s history that an impeached president has faced such a move, according to a Korea Herald.
This comes after Yoon’s third failure to appear for questioning by the investigation task force, which includes the Korean National Police Agency and other high-ranking officials.
Yoon’s controversial decision to impose martial law on Dec. 3 caused a significant dip in Bitcoin and other cryptocurrency prices. On South Korean exchanges like UpBit, Bitcoin’s price plummeted below $90,000, a dramatic drop of up to $30,000 in just six hours.
This slump was attributed to a liquidity crisis, worsened by the absence of key market players at the time. Global crypto markets also saw a 4% dip in major assets, including Ethereum and XRP, in response to the news.
Crypto prices quickly bounced back after South Korea’s parliament demanded the removal of the martial law order on Dec. 4. The entire episode came just a day after South Korea recorded its second-highest level of retail crypto trading, fueled by a surge in interest for altcoins like XRP and Dogecoin.
With Yoon’s impeachment and arrest warrant, South Korea is now navigating a volatile political and economic landscape, with crypto markets still reacting to the developments.
Also Read: Why Bitcoin Dropped to $65k in South Korea?
