The Bitcoin rate fell below $94,000, and on the South Korean crypto exchanges Upbit and Bithumb the price of the asset fell to $66,500 in response to the unexpected declaration of martial law by the President of South Korea.

Yoon Seok Yeol (Yoon Seok Yeol) tried to introduce martial law in the country and attracted some of the troops to his side in order to “protect the free constitutional order.” His party lost the parliamentary elections, and the politician risks losing power in the upcoming presidential elections.

The panicked reaction of traders led to the massive liquidation of long positions worth $230 million. All major cryptocurrency exchanges in South Korea suspended operations, making trading impossible.

Now Bitcoin is showing signs of recovery and is trying to maintain its position near the $95,000 mark on the world’s largest trading platforms.

However, the situation remains tense due to uncertainty about further developments in South Korea. The country is one of the key players in the global crypto market. While local crypto exchanges do not allow large market makers, this prevents world prices from synchronizing as usual.

Earlier, the founder and CEO of 10x Research, Markus Thielen, said that Bitcoin balances of large centralized exchanges had dropped to lows.