PANews reported on December 3 that according to monitoring by on-chain analyst @ai_9684xtpa, affected by the news of South Korea's late-night announcement of emergency martial law, the Korean cryptocurrency circle collectively plunged, with Upbit's BTC directly falling by 30% to as low as $66,500. XRP was even more exaggerated, falling by 60% in a single move, from $2.9 to $1.16.

According to Jinshi, South Korea's political disputes intensified when President Yoon Seok-yeol declared "emergency martial law" late at night, and the main opposition Democratic Party of Korea summoned lawmakers to the National Assembly. Han Dong-hoon, leader of the ruling party in South Korea, opposed the president's imposition of martial law, saying that the declaration of martial law was wrong and vowed to stop the move.