Originally published on: December 03, 2024
In an unexpected turn of events, South Korea’s President Yoon Suk Yeol quickly retracted his martial law declaration, leading to a positive ripple effect in the cryptocurrency market. Less than six hours after imposing martial law, President Yoon lifted the order during a Cabinet meeting, following a strong rejection from the majority of the parliament.
The abrupt announcement of martial law had initially sent shockwaves globally, with concerns raised by the White House over the unfolding situation in South Korea. President Yoon justified his decision by citing threats from North Korea and the need to counter anti-state elements, but ultimately yielded to the parliament’s demands to lift the martial law.
The cryptocurrency market experienced a dip in prices following the emergency declaration, but has since made a recovery. Bitcoin, Ether, XRP, and other cryptocurrencies have clawed back some losses, with gains of 2.4%, 3.3%, and 9.2% recorded, respectively, according to CoinMarketCap.
The reversal of martial law has been welcomed, with a White House spokesperson expressing relief over President Yoon’s decision. The incident comes on the heels of a surge in retail crypto trading volumes in South Korea, with XRP, Dogecoin, Stellar, Ethereum Name Service, and Hedera Hashgraph capturing significant trading activity.
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