The crypto market recovers as the South Korean President lifts the martial law
The crypto market has shown significant signs of recovery after South Korean President Yoon Suk-yeol decided to lift the martial law just less than six hours after it was enacted. This decision was made in the context of the South Korean National Assembly, where about 190 out of a total of 300 lawmakers opposed it, voting to request the repeal of the martial law. The values of major cryptocurrencies like BTC, ETH, and XRP experienced a strong recovery after this announcement, with BTC rising by 2.4%, ETH by 3.3%, and XRP by up to 9.2%.
Before the martial law was lifted, the crypto market in South Korea fell into chaos with a significant drop in the value of many altcoins. BTC's price recorded a decrease to around 66,500 USD when the information about the martial law was announced. After the order was lifted, trading volume also surged, indicating a rapid recovery of investor sentiment and trading activity.
This situation once again demonstrates the sensitivity of the crypto market to political and legal developments in South Korea.