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 just hours later, causing significant fluctuations in the stock prices and exchange rates of Korean companies.
The S&P 500 index continues to rise slightly, marking the 55th new high of the year. Bitcoin briefly dropped to $93,000 and Ethereum fell to $3,500, but before the press deadline, they had recovered to $95,000 and $3,700 respectively. TRX and BNB both hit new historical highs.
Political turmoil in South Korea leads to significant fluctuations in related assets.
The iShares MSCI South Korea ETF fell by 7.1% in U.S. trading, while Samsung Electronics shares listed in London dropped by 7.5%. The Korean won (KRW) briefly fell by 2.9%. The BTC/KRW on major exchanges briefly deviated from market prices.
According to Bloomberg, the South Korean stock market will open as usual on Wednesday. The South Korean central bank's monetary committee unexpectedly lowered the key interest rate last week, and the chairman of the Financial Services Commission stated this morning that South Korea is prepared to immediately use measures such as a 10 trillion won stock market stabilization fund 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's ADR rose throughout the day on Tuesday, closing up 2.31% at $198.89 per share.
TRX surged by 90% in 24 hours, and BNB hit an all-time high.
Affected by the political situation in South Korea, Bitcoin briefly dropped to $93,000 last night, and Ethereum fell to $3,500, but before the press deadline, they had recovered to $95,000 and $3,700 respectively.
Last night, the most volatile was the native token TRX of Tron, which was listed on exchanges like Binance yesterday, surging by as much as 92% in 24 hours, setting a new historical high.
BNB also set a new historical high of $750 this morning.
