A state of martial law has been declared in South Korea, and this has immediately impacted the cryptocurrency market.
It's not surprising, as just yesterday the retail trading volume of cryptocurrencies in this country exceeded, according to #10xResearch, $18 billion. Surpassing the local stock market figure by 22%. This became the second-largest figure in 2024. The most popular among Korean retail were #XRP (of course), #DOGE, #XLM, #ENS, #HBAR, #SHIBA.
The key point in the news is that the reason for the introduction of martial law was NOT the tension with North Korea, but internal political disputes. The South Korean publication #Yonhap reports that the reason is the threat of impeachment. Citing President Yoon's words - the purpose of declaring martial law is to 'eradicate pro-North Korean forces' and 'maintain constitutional order':
'To protect liberal South Korea from threats posed by the communist forces of North Korea, and to eliminate anti-state elements... I hereby declare a state of emergency in wartime.'
In short, the beaten and tested Machiavellian scheme - the use of the image of an external enemy to fight internal enemies of power - the opposition. But the cryptocurrency market has already been 'melted'. On Korean cryptocurrency exchanges, the price of #BTC momentarily fell to $62,300, #XRP - to $1.15. The largest local cryptocurrency exchanges #Upbit and #Bithumb are overwhelmed with user traffic.
Despite the known degree of autonomy of the South Korean cryptocurrency market from the global market - they are interconnected. Liquidations of long positions are occurring in the market, and the price of BTC on this news has already tested the significant levels of $94,199 and $93,610 from our list of correction targets. 2 out of 9 - is ✅. Meanwhile, the descending trend line since November 25 has been tested (marked with a dashed line).
