South Korean President Yoon Suk-yeol suddenly conducted a live television broadcast last night, announcing the implementation of 'emergency martial law' under the pretext of purging anti-state forces within the country, causing severe turbulence in the Korean won and the overall market. The price of Bitcoin on South Korean exchange Upbit even experienced a serious negative premium, dropping to a low of 63,000 dollars in value, and due to a sudden influx of trading demand, Upbit was even temporarily paralyzed.
According to South Korean law, the president must immediately report to the National Assembly after declaring a state of emergency, and the National Assembly has the authority to request its cancellation. If the National Assembly passes a resolution to lift the state of emergency, the president must comply. Therefore, the opposition rushed to the parliament to convene an emergency session immediately after the president declared a state of emergency, starting the process of revoking the state of emergency. It is said that during the meeting, there were even military personnel attempting to break windows to enter the parliament building to arrest members participating in the meeting.
Finally, the motion to lift the state of emergency was passed with unanimous support from both the ruling party and the opposition in the parliament, and the speaker announced the state of emergency invalid. President Yoon Suk-yeol also accepted the request from the National Assembly to revoke the state of emergency this morning, promising to convene a cabinet meeting to cancel the state of emergency, thus ending this political farce that lasted about 5 hours.
This incident caused severe fluctuations in the cryptocurrency market, with many traders taking the rare opportunity to increase their positions as market prices fell, while many leveraged players were swept out due to the sudden turbulence. According to Coinglass data, a total of 222,713 people were liquidated in the past 24 hours, with a total liquidation amount of 611 million dollars, resulting in a double whammy for both longs and shorts. The main targets of liquidation were long positions in low-market-cap altcoins and short positions in XRP.
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