Originally published on: December 03, 2024
After President Yoon Suk Yeol of South Korea swiftly withdrew his declaration of martial law, the cryptocurrency market began to show signs of recovery. The reversal came less than six hours after the imposition of martial law, with the decision being made during a Cabinet meeting around 4:30 am local time and following a vote by about 190 lawmakers.
Yoon’s decision to declare martial law had sent shockwaves around the world, with even the White House expressing serious concerns. However, with the majority of parliament demanding the lifting of martial law, Yoon had no choice but to comply.
The initial announcement had led to a dip in the prices of major cryptocurrencies like Bitcoin, Ether, and XRP. However, as news of the martial law being reversed spread, the market saw a slight recovery, with Bitcoin, Ether, and XRP prices climbing by 2.4%, 3.3%, and 9.2%, respectively, according to CoinMarketCap.
The White House welcomed the decision to lift martial law and expressed relief over the reversal. Just a day prior to the martial law declaration, South Korea’s retail crypto trading volumes had reached their second-highest level of the year, driven by excitement over high momentum altcoins.
During this trading frenzy, XRP, Dogecoin, Stellar, Ethereum Name Service, and Hedera Hashgraph were among the top contenders in terms of trading volume. The reversal of martial law is expected to bring further stability to the crypto market, encouraging traders to resume their activities with renewed confidence.
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