Michaela Alvez
The cryptocurrency market has stabilized after a brief period of uncertainty caused by the enforcement of South Korean Martial Law. President Yoon Suk Yeol lifted the measure just six hours after it was enacted.
The declaration of martial law in the country was rescinded around 4:30 a.m. local time during a Cabinet meeting, according to local reports. The decision came shortly after the country’s parliament, with 190 lawmakers, voted to reject the order.
Under South Korean law, the government is required to lift martial law if the majority of the National Assembly demands it through a vote. President Yoon Suk Yeol agreed to abide by this legal requirement, stating, “I will accept National Assembly’s request and lift it,” as reported by the Washington Post.
President Yoon’s declaration of martial law sent shockwaves worldwide. In a statement, Yoon explained the decision was made to address the “threats posed by North Korea’s communist forces” and to “eliminate anti-state elements.”
In 24 hours, local cryptocurrency exchanges saw a significant surge in trading activity. According to data from CoinMarketCap, major South Korean platforms, including Upbit, Coinone, Korbit, Bithumb, and Gopax, collectively recorded a staggering $34.2 billion in crypto trading volume.
Due to rising tensions following the South Korean martial law declaration, local traders quickly moved to liquidate their cryptocurrency holdings. According to reports from local news outlets, the price of Bitcoin on the South Korean exchange Upbit plummeted by as much as 88 million won (approximately $62,182) at one point.
The surge in trading activity led to widespread service disruptions across multiple cryptocurrency platforms.
The value of several major cryptocurrencies, including Bitcoin, Ether, and XRP, experienced a sharp decline amid the political uncertainty in South Korea. Bitcoin’s price dropped significantly, falling from a high of $79,167 to as low as $66,500. Similarly, XRP saw a decrease from $1.89 to $1.16.
The prices of Bitcoin, Ether, and XRP have shown signs of recovery, with each asset rebounding by 2.4%, 3.3%, and 9.2% respectively, according to data from CoinMarketCap.
Additionally, the Democratic Party of South Korea has reportedly announced plans to file charges of treason against President Yoon, along with the Minister of Defense and the Minister of the Interior and Safety.
The party is also pushing for their impeachment in response to the recent declaration of the South Korean martial law, which has sparked widespread criticism.
Read More
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Michaela 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 Magazine and The Shib Daily are the official media and publications 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.
