South Korea shocked the world by declaring Martial Law this Tuesday evening (12/03), local time. In a televised address, President Yoon Suk Yeol justified the decision citing alleged threats from ‘anti-state and pro-North Korea forces.’ Seems like South Korea decided to spice up their December by turning up the drama meter to 11!
South Korea President Yoon declares martial law https://t.co/7hoPu9UBdu pic.twitter.com/92rPOC7scH
— Reuters Asia (@ReutersAsia) December 3, 2024
According to a Reuters report, Yoon described the measure as essential to preserving the country’s constitutional order.
However, the president’s decision triggered swift reactions across South Korea’s political system and financial markets. Unsurprisingly, it also sent shockwaves through the nation’s cryptocurrency market.
Crypto Market Caught Off Guard
In his national address, Yoon called out so-called ‘anti-state’ forces allegedly working in favor of the country’s archrival, North Korea:
‘I declare Martial Law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korea anti-state elements looting our people’s freedom and happiness, and to uphold the free constitutional order.’
The announcement immediately rattled South Korea’s cryptocurrency market. Arkham Intelligence reported a sharp spike in trading activity, with large inflows of Tether (USDT) hitting the Upbit exchange.
An hour after Yoon’s declaration, over 163 million USDT poured into the platform. Investors scrambled to reposition themselves, bracing for the anticipated market volatility.
Meanwhile, Bitcoin prices on Upbit experienced wild swings, with the exchange temporarily recording a negative premium. It seems that even in the crypto world, chaos loves company—and South Korea just threw a party!
🚨 Bitcoin price on Korea's Upbit exchange plummeted below $75K amid rising political tensions, but has since recovered. Stay tuned for updates! 📈 pic.twitter.com/skNOmeyrrg
— Bitcoin.com News (@BTCTN) December 3, 2024
Prices briefly plummeted to as low as $71,814.99, but later rebounded to $96,347, reflecting a tense and reactive trading environment.
National Assembly Challenges Martial Law Declaration
The declaration of Martial Law has faced fierce opposition, signaling a brewing political crisis in South Korea in the coming days. Ki Young Ju, CEO of analytics firm CryptoQuant, voiced his concerns on social media.
In a post, he stated:
‘The South Korean president has just declared martial law… The media and publications are now officially subject to censorship by martial law authorities. Everyone, let’s take refuge on X.’
It seems that while the crypto market was busy riding the volatility rollercoaster, South Korea’s political scene decided to steal the show with a full-blown drama. Between martial law, Bitcoin swings, and investors fleeing to Twitter (or X), the country’s headlines are giving Netflix thrillers a run for their money!
The President declared martial law, but just past midnight, lawmakers urgently gathered in the National Assembly unanimously passed a resolution to lift it.
Martial law is now nullified. To avoid confusion, I’ll delete my earlier tweet.
— Ki Young Ju (@ki_young_ju) December 3, 2024
Shortly after the announcement, South Korea’s National Assembly held an emergency night session and passed a resolution demanding the immediate revocation of martial law.
Under the country’s martial law provisions, the president is required to comply with such a resolution and suspend the order ‘without delay.’ However, whether Yoon will adhere to the parliamentary decision remains under close scrutiny as tensions continue to escalate.
As the South Korean parliament voted on the resolution, local footage showed military troops attempting to access the building to enforce martial law. Meanwhile, protesters gathered outside to voice their opposition to Yoon’s decision.
The declaration of martial law comes at a precarious time for the president, whose party does not control the parliament. The ultimate outcome of the crisis remains uncertain, but one thing is clear: South Korea’s political drama is now playing out on both the legislative floor and the streets. With troops at the doors, protesters in the square, and crypto traders glued to their screens, the country has become ground zero for volatility—political and financial alike!
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