Bitcoin is back above $96,000
In fact, Bitcoin had already begun to fall before Yoon Seok-yeol announced martial law, but his martial law announcement deepened the panic again and caused a large negative premium on Upbit.
However, after the market confirmed that the martial law was more of a political struggle, bargain hunting funds poured into the market. At the time of writing, Bitcoin has returned to above $96,500, up 0.84% in the past 24 hours.
The total amount of liquidation on the entire network exceeded 620 million US dollars
According to Coinglass data, the shock caused by the issuance of the emergency curfew in South Korea resulted in a liquidation of more than US$620 million in the entire cryptocurrency market and more than 220,000 people’s positions in the past 24 hours.
On the evening of December 3, South Korean President Yoon Suk-yeol unexpectedly delivered an emergency address in Seoul, announcing the implementation of emergency martial law and vowing to eradicate pro-North Korean forces to defend South Korea's free constitutional system. The news caused turbulence in South Korea's financial markets, with related assets plummeting. However, under strong opposition from Parliament, a vote was held that night to lift martial law, and the incident ended in just three hours. Here is a review of key developments during that time:
Martial law declaration: Eliminate anti-state forces
In his speech, Yoon Suk-yeol accused the opposition party of hijacking the parliamentary agenda, leading the country into crisis. He pointed out that since the current government took office, Parliament has proposed 22 impeachment cases against officials, 10 of which were proposed after the new Parliament was established in June this year. This situation is not only unprecedented in South Korea's history but also extremely rare globally.
He criticized that Parliament, which should be the cornerstone of democracy, has become a 'monster that destroys the democratic system', bringing the country close to collapse. He stated that in order to protect democratic freedom and the future of the next generation, it is necessary to take martial law measures to 'eliminate the culprit that has caused chaos to this day'.
Three-hour storm: The swift lifting of martial law
Yoon Suk-yeol's martial law declaration shocked all sectors, but with Parliament's swift intervention, the vote to lift martial law was successfully passed that night, resolving the crisis. However, this sudden event still left a profound impact on South Korea's political and economic landscape.
The South Korean martial law command issued the martial law order, and the crisis was resolved within three hours.
After President Yoon Suk-yeol issued the martial law order, the South Korean martial law command quickly issued the first martial law order, which included several strict restrictions:
Prohibit activities of Parliament, local councils, and political parties, as well as all political gatherings and demonstrations;
It is strictly forbidden to deny the free democratic system or incite and fabricate false public opinion.
Publishing and speech are fully controlled by the martial law command.
Social strikes are prohibited, and medical staff are required to return to work within 48 hours.
The general public is urged to reduce outdoor activities.
Parliament quickly lifted martial law
After the martial law was announced, a large number of citizens and lawmakers gathered to protest, clashing at one point with armed forces. Subsequently, the South Korean Parliament held a plenary session in the early hours of the 4th, where 170 out of 190 members voted in favor of lifting martial law. Ultimately, the ban was declared invalid, the armed forces withdrew, and Yoon Suk-yeol's emergency martial law measures were abolished within three hours.
Market impact
Although the martial law was lifted, its announcement triggered severe fluctuations in South Korea's financial market:
Bitcoin plummets: Bitcoin on the Korean exchange Upbit once dropped by 30%, reaching a low of $62,000, while XRP fell by as much as 60% at one point.
Surge in trading volume: Upbit experienced system delays and interruptions due to excessive trading volume.
Korean won depreciates: The exchange rate against the US dollar dropped to its lowest level in nearly two years.
Stock market turmoil: Samsung Electronics' stock price briefly fell by 5% in London.
Nevertheless, data from the on-chain monitoring platform Lookonchain shows that within one hour of the martial law announcement, over $160 million in stablecoins flowed into South Korean exchanges, possibly for whales to seize the opportunity to buy.
TRX soared 92% in 24 hours, BNB reached a historical high.
Affected by the turmoil in South Korea's political situation, Bitcoin briefly dropped to $93,000 last night, and Ethereum also touched a low of $3,500, but by the time of reporting, both had rebounded to $95,000 and $3,700, respectively.
The most volatile was the native token TRX of Tron. With TRX officially listed on exchanges like Binance yesterday, it surged by up to 92% within 24 hours, setting a new historical high.
Meanwhile, BNB also showed strength, surging to 770 USD this morning, setting a new historical high.
That's all for today's article. Currently, we are in a bull market, with storms brewing, and we share passwords every day. If you don't know what to do in a bull market, feel free to follow us for spot trading passwords and layout strategies, which can be shared for free.
