South Korean President Yoon Seok-yue suddenly conducted a live TV broadcast last night and announced the implementation of "emergency martial law" on the grounds of purging domestic anti-national forces. This caused violent fluctuations in the Korean won and the overall market. The price of Bitcoin on the Korean exchange Upbit even experienced a serious negative premium as a result. The dollar value once fell to as low as $63,000, and the Upbit exchange was even paralyzed due to the sudden influx of large trading demands.
According to South Korean law, the president must report to Congress immediately after declaring martial law, and Congress has the right to request the lifting of martial law. If Congress passes a resolution to lift martial law, the president must comply. Therefore, the opposition parties immediately rushed to Parliament to convene an emergency parliamentary session after the president declared martial law to begin the process of lifting martial law. It is said that during the meeting, military personnel even tried to break windows into the parliament building to arrest members attending the meeting.
Finally, the bill to abolish martial law was passed by the parliament with unanimous support from the ruling party and the opposition parties, and the speaker declared the martial law invalid. President Yun Xiyue also accepted the National Assembly's request to lift martial law this morning and promised to convene a cabinet meeting to lift martial law, ending the political farce that lasted about five hours.
This incident caused violent fluctuations in the cryptocurrency market. Many traders took advantage of the rare opportunity to increase their positions when the market price fell. However, there were also many leveraged players who were swept out of the market due to the sudden shock. According to data from Coinglass, a total of 222,713 people were liquidated in the past 24 hours, with a total liquidation amount of US$611 million, a double kill for both longs and shorts. The main liquidation targets are long orders and XRP short orders of low-market value copycats.
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