Originally published on: December 03, 2024
In a surprising turn of events, South Korea’s President Yoon Suk Yeol reversed his declaration of martial law less than six hours after imposing it, leading to a positive shift in the cryptocurrency market.
The martial law order was lifted during a Cabinet meeting following a vote by 190 lawmakers in the parliament rejecting the decision. President Yoon stated, “I will accept National Assembly’s request and lift it,” marking a significant retreat from his initial stance.
The sudden declaration of martial law by President Yoon had global implications, with the White House expressing serious concerns about the situation in South Korea. However, the decision to lift martial law was met with relief and support from various quarters.
Cryptocurrencies like Bitcoin, Ether, and XRP initially suffered losses after the emergency declaration but have since bounced back, recovering a significant portion of their value. This positive movement in the crypto markets comes as a welcome relief after the uncertainty caused by the martial law announcement.
Just a day before the martial law episode, South Korea witnessed a surge in retail crypto trading volumes, with traders showing strong interest in altcoins with high momentum. XRP, Dogecoin, Stellar, and other cryptocurrencies saw significant trading volumes, indicating the growing popularity of digital assets in the country.
The reversal of martial law in South Korea has not only eased tensions but also provided a boost to the crypto markets, signaling a more stable environment for investors and traders. As the situation continues to evolve, it will be interesting to see how the market responds to these developments.