South Korean President Yoon Suk-yeol made the shocking decision to implement martial law for the first time in over 40 years, but reversed it hours later, leading to substantial fluctuations in the stock prices of Korean companies and the exchange rate of the Korean won (KRW). The S&P 500 index is still slightly up, setting a new high for the 55th time this year. Bitcoin briefly fell to 93K, and Ethereum dropped to 3,500 USD, but by the time of writing, it had recovered to 95K and 3,600. TRX and BNB both set historical highs.
Political turbulence in South Korea has caused 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) once fell by 2.9%. The BTC/KRW on major exchanges deviated from market prices at one point.
(National Assembly votes 100% to lift martial law: South Korean President Yoon Suk-yeol's last dance, 2 hours of martial law farce comes to an end)
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 committee will hold a special meeting to discuss measures to protect the economy and the market. The chairman of South Korea's Financial Services Commission stated this morning that South Korea is prepared to immediately utilize 10 trillion won from the 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's ADR rose throughout Tuesday, closing up 2.31% at 198.89 USD per share.
TRX surged by 90% in 24 hours, and BNB reached a historical high.
Affected by the political situation in South Korea, Bitcoin briefly fell to 93K last night, and Ethereum dropped to 3,500 USD, but by the time of writing, it had recovered to 95K and 3,600.
The most volatile last night was the native token TRX of the Tron network, which was listed on exchanges such as Binance yesterday and surged by as much as 92% in 24 hours, setting a historical high.
And BNB also set a historical high of 750 USD this morning.
This article, 'Political farce in South Korea triggers market turmoil, TRX and BNB set historical highs,' first appeared on Chain News ABMedia.
