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Other cryptocurrencies faced similar downturns, with XRP falling nearly 60% to 1.16,Solanadropping42%to1.16, Solana dropping 42% to125, and ETH declining nearly 40% to $2,180, among others.

The cause of this event is believed to stem from South Korean President Yoon Suk Yeol's emergency declaration of martial law. This action was taken to eliminate pro-North Korean forces and maintain constitutional order.

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