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The recent declaration of martial law in South Korea by President Yoon Suk Yeol has had a big impact on both politics and the cryptocurrency market. President Yoon said the reasons for martial law were threats from North Korea and some internal issues he believed were against the state. He claimed this was necessary to protect national security and the country's laws.
The declaration faced a lot of pushback, with 190 out of 300 lawmakers in the National Assembly opposing it. Within just six hours, Yoon reversed the decision because of pressure from parliament, showing how tense the political situation is.
After the martial law announcement, the cryptocurrency market reacted sharply. Bitcoin and XRP dropped nearly 30% on South Korean exchanges, indicating that investors were very worried. At the same time, the Korean won weakened a lot against the US dollar, adding to the market instability.
However, after Yoon reversed the martial law, the cryptocurrency market started to get back to normal. Major cryptocurrencies like Bitcoin and Ether began to regain their value, and trading volumes increased as retail investors returned. The reversal led to a big rise in trading activity, hitting record highs of $34 billion shortly after.
The martial law declaration also caused a wider sell-off in South Korean financial markets, with significant drops in stocks and greater volatility in foreign exchange markets. The iShares MSCI South Korea ETF fell sharply, showing that investors were worried about political instability.
In response, South Korean financial authorities promised to provide more money to stabilize the markets, indicating that they are taking steps to reduce the economic impact of the political turmoil.
In summary, while martial law created immediate problems in both political and economic areas in South Korea, the quick reversal helped bring some stability back to the cryptocurrency market and other financial systems. However, ongoing political tensions suggest that uncertainty might continue to affect market conditions in the future.
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