Bitcoin

Ethereum

TRON

As <a href="https://www.blockhead.co/tag/south-korea/" rel="noopener noreferrer nofollow">South Korea</a> descended into martial law overnight, the crypto market took a brief dip but has since rebounded convincingly after the hasty decision was reversed just hours later.President Yoon Suk Yeol declared martial law late on 3 December, triggering unrest as lawmakers frantically banding together to overturn the decision while military troops forcefully surrounded parliament.Members of parliament were even seen <a href="https://www.straitstimes.com/asia/east-asia/south-korean-lawmakers-call-to-impeach-president-yoon-after-martial-law-rescinded?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">reportedly</a> using fire extinguishers to prevent military personnel from entering the legislative building.All 190 of South Korea parliament&#39;s 300 members who turned up to vote passed a notion in the early hours of Wednesday that required the martial law to be lifted.“I will accept National Assembly’s request and lift it,” Yoon <a href="https://www.washingtonpost.com/world/2024/12/03/south-korea-yoon-martial-law/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">said</a> in response.A coalition of opposition lawmakers has since announced plans to propose a bill to impeach President Yoon, which will be voted on within 72 hours.Throughout the ordeal, cryptocurrencies took a brief toll. <a href="https://www.blockhead.co/tag/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, <a href="https://www.blockhead.co/tag/ethereum" rel="noopener noreferrer nofollow">Ethereum</a>, and <a href="https://www.blockhead.co/tag/xrp" rel="noopener noreferrer nofollow">XRP</a> all slipped as news unfolded of South Korea&#39;s turmoil. Bitcoin slipped below the $94K mark and even fell to as low as <a href="https://www.dlnews.com/articles/markets/south-korean-crisis-flips-kimchi-premium-as-bitcoin-falls/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">$61,200</a> on Korean exchange, Upbit.XRP&#39;s upward trajectory over the week was halted, slipping back down to around $2.40, while Ethereum fell by 7%.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ece4240871314afea42aa6390fb3b4ab.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/45f1a75bf63d4076a8553890f84a6f77.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/4e66dd97ab7347e0903bf7480ea6b388.png" />However, since martial law has been uplifted, the three cryptocurrencies have regained traction. Although not quite returning to their pre-martial law prices, the cryptos have seemingly restored their momentum.What&#39;s more, the likes of <a href="https://www.blockhead.co/tag/tron" rel="noopener noreferrer nofollow">TRON</a> and IOTA have experienced phenomenal growth over the last 24 hours, rising 70% and 40% respectively. Over the week, the pair have jumped 94% and 168% respectively too.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/e91fc3c004de44c4a4c9d3e11fbc522a.png" />Earlier this week, South Koren lawmakers agreed to delay the launch of its crypto tax until January 2027.“We have decided to agree to a two-year moratorium on the implementation of cryptocurrency taxation proposed by the government and ruling party,” said Democratic Party floor leader Park Chan-dae.While the government proposed a two-year postponement and the ruling People Power Party suggested a three-year delay, the Democratic Party had earlier opposed both, instead advocating for increased tax deductions as an alternative.<a href="https://www.blockhead.co/2024/12/04/crypto-shrugs-off-south-koreas-martial-law-scare-2/#/portal/signup/free" rel="noopener noreferrer nofollow">Join Blockhead today for FREE and stay in the loop on digital assets!</a>

Crypto Shrugs Off South Korea's Martial Law Scare

Blockhead

Other articles published on Dec 4, 2024

Missed Out on Bitcoin Madness? This Layer-1 Project with a Whopping 53k% ROI Can Change Your Outl...

ApeCoin (APE) Price Breaks Out While Monero (XMR) Hits New Highs – Here’s the Outlook

Cardano Unveils Plan 529 as Major Hard Fork Upgrade Approaches

Meme coin rally starts with capital flowing into PEPE, SHIB as this ERC-20 token soars

Chainlink Eyes $800 as New Wallet Growth Accelerates

Top Crypto Of December As Laid Out By Experts: Polkadot (DOT), Tocoin (TON) & Rollblock (RLBK)

Join our free newsletter for daily crypto updates!