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South Korea stunned the world by lifting martial law hours after its declaration rattled global markets. The unexpected reversal fueled a crypto market recovery, with Bitcoin, Ether, and XRP regaining momentum amid easing fears.
Martial Law Reversed as Crypto Markets React
Just six hours after declaring martial law, South Korean President Yoon Suk-yeol reversed his decision, giving the cryptocurrency market a little boost.
During a Cabinet meeting at about 4:30 in the morning local time, the declaration was revoked, according to local media. There are 300 members of parliament in the nation, and about 190 of them voted against declaring martial law.
Yoon stated, "I will accept National Assembly's request and lift it," according to The Washington Post, which published his statement.
If a majority vote in parliament requests the lifting of martial law, the government is obligated to do so under South Korean legislation.
Global Concerns Over South Korea’s Emergency Actions
The White House responded to Yoon's abrupt TV statement on Tuesday by stating that it was "seriously concerned about the developments we are seeing on the ground in the R.O.K." The statement sent shockwaves around the world.
Claiming to have responded to "threats posed by North Korea’s communist forces" and the need to "eliminate anti-state elements," Yoon justified the declaration of martial law.
“This is an unavoidable measure to ensure the freedom and safety of the people and guarantee the sustainability of the nation against the unrest stirred by these subversive, anti-state elements," Yoon had earlier stated.
Crypto Prices Rebound as Martial Law Is Lifted
According to CoinMarketCap (via Cointelegraph), the prices of Bitcoin, Ether, and XRP, among others, fell following the emergency declaration but have since recovered part of their losses, with 2.4%, 3.3%, and 9.2% recoveries, respectively.
A White House spokesperson told CNN, "We are relieved President Yoon has reversed course on his concerning declaration of martial law and respected the ROK National Assembly’s vote to end it."
Retail crypto trading volumes in South Korea hit a two-year high on December 2 due to a flurry of activity surrounding a number of "high momentum" altcoins.
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