Seoul: The South Korean currency saw a significant decline against the U.S. dollar on Tuesday following President Yoon Suk Yeol’s declaration of emergency martial law. The Korean won dropped to as low as 1,430 won per dollar during nighttime offshore trading. This decline came on the heels of Yoon’s unexpected late-night address, in which he accused opposition forces of seizing control of parliament and impeding governmental operations through “anti-state activities.”

According to Yonhap News Agency, this marked the lowest level for the won since October 26, 2022, when it fell to 1,432.4 won during intra-day trading. By 3:30 p.m. in onshore trading, the won was valued at 1,402.9 per dollar, reflecting a decrease of 1.6 won from the previous session.

The repercussions of the martial law declaration extended into the cryptocurrency arena as well. Bitcoin’s value took a noticeable hit, dropping 2.65 percent compared to the previous day by 11:15 p.m. Additionally, a surge in trading demand led to disruptions in
service on several cryptocurrency exchanges, as reported by officials.