Originally published on: December 03, 2024
In a surprising turn of events, the cryptocurrency market experienced a resurgence as South Korea’s President Yoon Suk Yeol backtracked on his declaration of martial law within hours of imposing it. The decision was overturned during a Cabinet meeting in the early hours of the morning following a parliamentary vote rejecting the martial law order.
Yoon’s swift reversal, in response to pressure from the majority of parliament, brought relief to global markets after his initial announcement had sent shockwaves around the world. The White House expressed serious concerns about the situation, emphasizing the need for stability and freedom in the region.
The emergency declaration had caused a temporary dip in the prices of Bitcoin, Ether, XRP, and other cryptocurrencies, but they have since bounced back, showing recovery rates of 2.4%, 3.3%, and 9.2%, respectively. This turnaround has been met with approval from various stakeholders, including a spokesperson from the White House.
Just a day prior to these events, South Korea had witnessed a surge in retail crypto trading volumes, with XRP leading the pack with over $6.3 billion in trading volume. This frenzy in the market had been driven by high momentum altcoins like Dogecoin, Stellar, Ethereum Name Service, and Hedera.
The lifting of martial law in South Korea has not only restored confidence in the market but also provided a boost to investors seeking stability in the region. This development underscores the interconnected nature of geopolitics and cryptocurrency markets, reminding traders to stay informed and agile in their investment strategies.