South Korean Court Issues Arrest Warrant for Impeached President Yoon Suk Yeol, Bitcoin Price Drops Below $90K

Following the announcement, Bitcoin's price fell below $90,000 on South Korean crypto exchanges.

South Korean court issues arrest warrant for impeached President Yoon Suk Yeol after his failed attempt to impose martial law led to a brief plunge in Bitcoin’s price on domestic crypto exchanges.

The Seoul Western District Court approved the warrant on Dec. 31, marking the first time in South Korea’s history that an impeached president has been subject to such a measure, a Korea Herald report noted.

The move comes after Yoon failed to appear for questioning by the investigation task force, which includes the Korean National Police Agency and other high-ranking officials, for the third time.

Yoon’s decision to impose martial law on Dec. 3 had a significant impact on Bitcoin and other cryptocurrency prices. On South Korean exchanges like UpBit, Bitcoin’s price dropped below $90,000, a sharp decline of up to $30,000 in just six hours.

The plunge was reportedly due to a liquidity crisis, which was exacerbated by the absence of major market participants at the time. Global crypto markets also saw a 4% dip in major assets, including Ethereum and XRP, following the news.

However, crypto prices quickly recovered after South Korea’s parliament ordered the removal of the martial law decree on Dec. 4. The entire episode occurred a day after South Korea recorded its second-highest level of retail crypto trading, largely driven by interest in altcoins like XRP and Dogecoin.

With Yoon’s impeachment and the arrest warrant, South Korea continues to navigate a turbulent political and economic landscape, with crypto markets also reacting to the developments.