After six hours of tense situation in the South Korean parliament, President Yoon Suk-yeol revoked the martial law order.
President Yoon Suk-yeol revoked the decision less than six hours after implementing martial law, allowing the cryptocurrency market to regain some momentum.
According to local reports, the cabinet meeting lifted the martial law order around 4:30 AM local time. About 190 of the country's 300 lawmakers voted against the martial law order.
According to the Washington Post, Yoon Suk-yeol stated: 'I will accept the parliament's request to lift the ban.'
According to South Korean law, if the majority of the parliament votes to lift the martial law, the government must lift the martial law.
Yoon Suk-yeol unexpectedly made a statement during a televised broadcast on Tuesday, causing a global reaction, and the White House responded by expressing 'deep concern over the developments in South Korea.'
Yoon Suk-yeol stated that he announced martial law in response to the so-called 'threat posed by North Korean communist forces' and to 'eliminate anti-state elements.'
Yoon Suk-yeol previously stated: "This is an unavoidable measure aimed at ensuring the freedom and security of the people, guaranteeing sustainable national development, and resisting the riots incited by subversive anti-state elements."
A White House spokesperson told CNN that 'President Yoon changed his decision regarding martial law and respects the results of the National Assembly's vote to end it, and we are relieved by this.'
Just a day earlier, on December 2, South Korea's retail cryptocurrency trading volume reached its second-highest level of the year, with traders enthusiastic about a series of 'high-momentum' altcoins.
The overall recovery of the cryptocurrency market
According to Binance data, in the past 24 hours, over 1,050 cryptocurrencies rose, while only 200 currencies fell.
The highest increase was seen in the RWA and DEFI sectors, with the representative currency RSR rising over 140% in the past 24 hours.
Public chain sector
TRX rose nearly 90% in the past 24 hours, currently priced at $0.42, setting a new historical high.
BNB rose over 18% in the past 24 hours, currently priced at $765, setting a new historical high.
Solana also saw a rebound, rising over 6.5% in the past 24 hours, currently priced at $238.
In the last 24 hours, a total of 222,989 people were liquidated, with a total liquidation amount of $614 million, the largest single liquidation occurring on OKX - BTC-USDT-SWAP valued at $15.0941 million. Among them, long positions accounted for liquidations of $385 million, while short positions accounted for $229 million.