South Korea, Major Emergency! Attention, the cryptocurrency market plunges collectively

On the evening of December 3rd local time, South Korean President Yoon Suk-yeol suddenly delivered a televised address, announcing the implementation of "emergency martial law." Yoon listed several reasons, claiming that the opposition party is manipulating the National Assembly and disturbing the country, stating that he will purge the "anti-state forces" within South Korea.

Following this, South Korea's largest opposition party, the Democratic Party, convened an emergency meeting of lawmakers. Party leader Lee Jae-myung called on the South Korean public to go to the National Assembly to protect it. It is reported that a majority of South Korean lawmakers and the Speaker of the National Assembly are heading to the assembly.

Latest news indicates that after Yoon announced the martial law, the roads leading to the South Korean parliament were blocked, preventing lawmakers from entering. Additionally, the South Korean Minister of Defense convened a meeting of the nation’s main commanders; South Korea's Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok called an emergency meeting related to martial law; the head of the South Korean National Police Agency held an emergency staff meeting; and the Ministry of Foreign Affairs held an emergency meeting to discuss matters related to martial law.

As a result of this news, South Korean assets plunged across the board. The South Korean won significantly depreciated, with the dollar against the won seeing an intraday increase of 1.4%; South Korean ETF (EWY) fell over 1.8% in pre-market trading in the US, and POSCO's ADR in the US dropped 4.9% before trading; Samsung Electronics saw its stock price in London plunge more than 5% at one point.

The cryptocurrency market in South Korea also experienced a collective plunge, with Bitcoin on the South Korean cryptocurrency exchange Upbit once dropping 30%, to as low as $66,500, while Ripple plummeted 60%, falling from $2.9 to $1.16. $BTC