South Korea’s President Reverses Martial Law, Faces Criticism

Martial Law Reversed, Impact on the Cryptocurrency Market

South Korea Reverses Martial Law, Cryptocurrency Market Stabilizes

The cryptocurrency market is stabilizing after the South Korean President Yoon Suk-yeol reversed the martial law he had imposed. Yoon reversed the declaration within six hours of its imposition, as it faced opposition from 190 lawmakers out of 300 in a parliamentary voting.

The decision to reverse the law came at around 4:30 am local time, when Yoon chose to accept the National Assembly’s request, adhering to the country’s law to revoke such measures when a majority of the parliament demands it.

The sudden declaration of martial law in the country, live on television, had led to global concern. The White House had expressed its serious apprehension about the situation.

Yoon’s Justification Regarding the Initial Imposition of the Martial Law

South Korean President justified his decision to impose the law initially by blaming perceived threats from the communist forces of North Korea. He said there was the need to eliminate anti-state elements and ensure freedom and safety for the citizens. Yoon said it was important to maintain national stability amid unrest caused by those elements.

Effect on the Cryptocurrency Market

The initial declaration had caused much impact on the crypto market. The prices of major cryptocurrencies declined, including those of Bitcoin (BTC), XRP (XRP), and Ether (ETH). However, once the decision got reversed, the currencies started recovering regaining their values.

The decision to reverse the martial law and respect the National Assembly’s vote has left the White House relieved. The recent development comes a day after a significant surge in the country’s retail crypto trading volumes that reached its second-highest of the year. Traders could be seen especially active with high-momentum altcoins, fueling the trading volumes.

With the reversal decision and market stabilization, traders and investors are both positive again. XRP, Dogecoin (DOGE), Stellar (XLM), Ethereum Name Service (ENS), as well as Hedera (HBAR) are leading the trading activity.  

President Now Faces Criticism

As the cryptocurrency market gains back momentum, problems for the South Korean President Yoon seem to grow. He now faces criticism in the form of impeachment and calls grow for him to step down from his position as the country’s president.