Gushiken Yona
South Korea’s sudden declaration of martial law sends shockwaves through global crypto markets today, with Bitcoin and XRP prices plummeting as political turmoil disrupts the country’s trading platforms.
South Korea Enters Political Crisis as Martial Law Is Imposed
On Tuesday, South Korean President Yoon Suk Yeol declared a state of emergency, accusing opposition leaders of treason and collusion with North Korea. This sweeping decree suspends critical civil liberties, including habeas corpus, and grants authorities the power to arrest citizens without warrants. Lawmakers from opposition parties were barred from entering parliament, while media outlets were placed under strict military censorship, raising alarm over the future of democracy in the nation.
Critics have already called the martial law declaration unconstitutional, with former President Moon Jae-in taking to X (formerly Twitter) to express his concern. “Democracy in the Republic of Korea is in a critical state,” Moon wrote. “I hope the National Assembly will quickly step in to protect our collapsing democracy.” His plea, translated from Korean, echoed widespread fears over the potential erosion of civil rights.
The South Korean National Assembly unanimously passed a resolution to lift martial law. 100% of lawmakers voted in favor, rendering the emergency decree invalid. (via Yonhap) pic.twitter.com/HxoTe28JlN
— Yona Gushiken (@yonashib) December 3, 2024
Impact on the Crypto Markets
The timing of South Korea’s political upheaval couldn’t have been worse for cryptocurrency markets. On local exchanges, Bitcoin prices dropped sharply, initially falling to $79,167 before continuing their descent to as low as $66,500. XRP followed a similar trajectory, dropping from $1.89 to $1.16. This rapid devaluation was compounded by trading disruptions on major South Korean platforms.
Footage shared on X by South Korean users following the declaration of #martiallawsouthkorea pic.twitter.com/UCk5dxMlxZ
— Yona Gushiken (@yonashib) December 3, 2024
Upbit, the country’s largest crypto exchange, cited a “temporary increase in traffic” as the cause for a service outage that left investors unable to trade during these volatile market conditions. The exchange halted operations on its Android, iOS, and Open API platforms, adding further uncertainty to the already strained market. Upbit later issued an update at around 12:32 p.m. ET, confirming that the service delay had been resolved: “The service delay has been resolved, and you can now use Upbit services normally. We apologize for any inconvenience.”
National Assembly Votes to Lift Martial Law
Amid the turmoil, the South Korean National Assembly quickly took action, passing a unanimous resolution demanding the lifting of martial law. The resolution, which received 100% support from lawmakers, was swiftly adopted, rendering the martial law declaration invalid, Yonhap News Agency reported.
This remains a developing story. We will continue to monitor the situation and provide updates as new information becomes available.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
