Potential political developments in South Korea could cause short-term fluctuations in cryptocurrency markets, but the impact will largely remain local.
Presto Research research analyst Min Jung said that political developments in South Korea, especially a possible impeachment process, could create volatility in the markets.
Martial law was declared in the country on December 3, and this led to many global effects, including declines in the cryptocurrency market.
South Korea is a major market for cryptocurrency trading, so local political developments are bound to have repercussions on global markets. As cryptocurrency traders seek safe havens in an uncertain political environment, this has also affected short-term investment strategies.
However, Jung said this impact is expected to be limited to local markets and cause short-term fluctuations.
Peter Chung, President of Presto Research, emphasized that political elites are disconnected from society and have an approach based on their own interests, which can cause great harm to society and ultimately lead to their own downfall.
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