South Korean President Yoon Suk-yeol made the shocking decision to implement martial law for the first time in over 40 years, but it was reversed by the National Assembly hours later, causing significant fluctuations in Korean corporate stock prices and exchange rates.
The S&P 500 index is still slightly higher, marking the 55th new high of the year. Bitcoin briefly fell to 93,000, and Ethereum dropped to 3,500 USD, but by the time of writing, it had recovered to 95,000 and 3,700 levels. Both TRX and BNB set new historical highs.
Political turmoil in South Korea causes significant fluctuations in related assets.
iShares MSCI Korea ETF fell 7.1% in U.S. trading, while Samsung Electronics listed in London dropped 7.5%. The Korean Won (KRW) briefly fell 2.9%. The BTC/KRW on major exchanges briefly deviated from the market price.
According to Bloomberg, the South Korean stock market will open as usual on Wednesday. The Bank of Korea's monetary policy committee unexpectedly lowered the key interest rate last week, and the chairman of the Financial Services Commission stated this morning that South Korea will be ready to immediately utilize the 10 trillion KRW stock market stabilization fund and other measures if necessary.
The political turmoil in South Korea affects Samsung and SK Hynix, while TSMC and Micron are expected to benefit from order transfers. TSMC ADR rose throughout Tuesday, closing up 2.31% at 198.89 USD per share.
TRX surged 90% in 24 hours, and BNB reached an all-time high.
Affected by the political situation in South Korea, Bitcoin briefly fell to 93,000 last night, and Ethereum dropped to 3,500 USD, but by the time of writing, it had recovered to 95,000 and 3,700 levels.
The most volatile last night was the native token of TRON (TRX), which was listed on Binance and other exchanges, rising as much as 92% in 24 hours, setting a new historical high.
And BNB also set a new historical high of 750 USD this morning.
