South Korean President Yoon Suk-yeol suddenly announced the implementation of emergency martial law this evening (3rd), stating that it is to clear out the pro-North forces in the opposition and maintain constitutional order. The prices of various cryptocurrencies have experienced a decline of between 20% and 40% on South Korean exchanges, with Bitcoin once plunging to $63,000 on the largest South Korean exchange, UPbit.
South Korean President Yoon Suk-yeol suddenly announced the implementation of emergency martial law in the evening, stating that this move aims to eliminate pro-North Korean forces and safeguard the country's free constitutional system. In an emergency address in Seoul, Yoon pointed out that the current operation of the National Assembly has been hijacked by the opposition party, leading the country to face a crisis. He emphasized that this measure is to protect the Republic of Korea from the threat of North Korean communist forces and to eliminate those anti-national forces that threaten the freedom and happiness of the citizens.
With the announcement of martial law, South Korea's cryptocurrency market has also suffered a heavy blow. According to reports, the prices of multiple currencies on South Korea's main cryptocurrency exchange, Upbit, have plummeted, with digital currencies such as XRP, DOGE, and XLM seeing declines of over 20%. The price decline of other cryptocurrencies was between 20% and 40%, and the broader cryptocurrency market also experienced a significant drop due to the news, with Bitcoin once falling below $94,000, currently rebounding to around $95,000.
Reports indicate that the background of this martial law is Yoon Suk-yeol's dissatisfaction with the opposition party's cuts to the government budget. He accused this action of undermining the basic functions of the country and potentially leading to a deterioration in social order. According to South Korean law, if a majority of National Assembly members request the lifting of martial law, the president must immediately lift it; therefore, the political situation may further develop in the coming days.
"South Korean President Yoon Suk-yeol announces emergency martial law; multiple cryptocurrencies in South Korea drop over 20%" was first published in (BlockKe).
