Author: Felix Ng, CoinTelegraph; Translated by: Deng Tong, Golden Finance
Cryptocurrency markets are regaining their footing after South Korean President Yoon Suk-yeol lifted martial law, less than six hours after it was imposed.
The announcement was rescinded during a cabinet meeting at around 4:30 a.m. local time, according to local reports. About 190 of the country’s 300 lawmakers voted against martial law.
"I will accept the National Assembly's request and cancel it," Yoon Seok-yeol said, according to The Washington Post.
Under South Korean law, the government must lift martial law if a majority vote in parliament requires it to do so.
Yoon's abrupt statement on live television on Tuesday reverberated on the global stage, prompting a response from the White House expressing "grave concern about the developments we are seeing in South Korea."
Yoon Seok-yeol said he declared martial law in response to what he called "the threat posed by North Korean communist forces" and to "eliminate anti-state elements."
Yoon Seok-yeol had earlier said: "This is an inevitable measure to ensure the freedom and safety of the people, guarantee the sustainable development of the country, and resist the riots caused by these subversive, anti-state elements."
Prices of cryptocurrencies such as Bitcoin, Ethereum and XRP dived after the emergency declaration but have since recovered some losses, recovering 2.4%, 3.3% and 9.2%, respectively, according to CoinMarketCap.
"We are gratified that President Yoon has changed course regarding the declaration of martial law and is respecting the South Korean National Assembly's vote to end martial law," a White House spokesperson told CNN.
Just one day earlier, on Dec. 2, South Korea’s retail cryptocurrency trading volumes hit their second-highest level of the year as traders got enthusiastic about a slew of “high-momentum” altcoins.
XRP’s trading volume in South Korea for the day exceeded $6.3 billion. Dogecoin ranked second with $1.6 billion, followed by Stellar ($1.3 billion), ENS ($900 million), and Hedera ($800 million).
