Lianhe News immediately grasped the news of martial law in South Korea when Yonhap News Agency announced the news on the evening of December 3. Talking about market reaction, the KRW/USD exchange rate fell by more than 2.8% in the short term, and had returned to a 1.8% decline by the time of writing. On the Bitcoin price, Upbit's BTC/KRW reached 88,266,000 (approximately 61,585.37 USD), Bithumb reached 110,000,000 (approximately 76749.72 USD), and XRP, HERB and other copycats experienced even greater fluctuations. However, as Congress voted 100% to lift martial law, this two-hour farce also came to an end.
(Chao Ono! South Korean President Yoon Seok-yue declares martial law: constitutional crisis)
The highest pin plummeted by 60%, and more than 100 million magnesium funds flowed into the exchange to hunt for the bottom.
XRP on the Upbit exchange briefly fell by 60%, while HBAR saw losses of up to 40%. However, Korean exchanges have stricter identity restrictions on foreigners’ registration, so those who want to arbitrage may not be able to operate smoothly.
In addition, according to a report by Lookonchain, within one hour after martial law was declared, more than 163 million USDT flowed into Upbit. This may mean that local giant whales are looking for opportunities to buy lows, and excessive traffic also caused Upbit to interrupt transactions. Coinglass data also shows that 178 million magnesium was sold across the entire network in the past 24 hours, of which 145 million were long orders. However, Coinglass’ data does not seem to include Korean exchanges.
The military blocks the Capitol, but still 100% approves the lifting of martial law
According to Yonhap News Agency, at 1 a.m. South Korea time on the 4th, the National Assembly voted with 100% approval to “request the lifting of martial law.” This means that even the National Forces, to which President Yoon Seok-yue belongs, does not agree with martial law.
What is surprising is that despite the military dispatching troops to blockade Congress. Members of Congress still successfully entered the venue to vote, which may be surprising because the military's attitude was not as tough as expected. What can also be observed is whether the situation between South Korea and North Korea Ono will further intensify with this two-hour farce. But what is certain is that Yin Xiyue's presidential road may have come to an end.
(Martial law in South Korea: Measures to suppress political and public opinion are implemented, the National Assembly is blocked, Yoon Seok-yue: Crack down on anti-national forces)
This article Congress voted 100% to lift martial law: South Korean President Yoon Seok-yue’s last dance, the 2-hour martial law farce came to an end, first appeared on Chain News ABMedia.
