Bitcoin

Cardano

Solana

Apu Apustaja

Last Tuesday, <a href="https://optimisus.com/market/market-news/paju-city-officials-in-south-korea-threaten-to-seize-and-sell-crypto-assets-of-tax-debtors/" rel="noopener noreferrer nofollow">South Korea</a> went through a major political change when President Yoon Suk Yeol briefly declared martial law, which surprised many people in the country.The declaration was quickly taken back, but it caused a lot of uncertainty that negatively impacted the stock and <a href="https://optimisus.com/market/market-news/south-korea-virtual-asset-committee-to-discuss-the-approval-of-crypto-etfs/" rel="noopener noreferrer nofollow">cryptocurrency markets</a>. The Kospi index dropped by 2%.Major companies like Samsung and LG Energy Solution saw declines of 1% and 2.8%, respectively. The government announced a nearly $7 billion market boost to help stabilize the situation.The cryptocurrency market experienced a big increase in trading volume, hitting a record $34.2 billion, which is almost double the previous high of $18 billion in December. Upbit, the top crypto exchange in South Korea, made up $27.25 billion of this activity, showing its strong position in the market.During martial law, Bitcoin&#39;s price dropped to 88 million won ($62,182) as traders panicked, leading to outages on some trading platforms. After martial law was lifted, Bitcoin&#39;s value started to go up again.The sudden end of martial law has faced criticism, with opposition parties thinking about treason charges and talking about impeachment. This event shows how South Korea&#39;s financial markets, especially the cryptocurrency sector, can be affected by political instability.By Wednesday, things had settled down, but the events worried analysts and betting markets, leading to more predictions about President Yoon possibly resigning early. This episode shows how quickly political events can upset financial systems, even in advanced economies.

South Korea’s brief martial law declaration plunges stocks and sparks a $34.2B crypto trading surge

Optimisus

Other articles published on Dec 8, 2024

Michael Saylor Urges the U.S. to Adopt Bitcoin for Global Capital Control

The Ultimate Guide to AI Face Swap Tools: Free Options, Features, and Usage

Slept on Memecoin’s Impressive Beginnings? Write Your Sequel with BTFD Coin’s Irresistible Presale

Best Coins to Invest in Now: Qubetics Raises $4.8M, Polkadot Thrives While SEI Drives DeFi Innova...

Michael Saylor claims the US should replace gold with Bitcoin

Christmas Rally Picks: CATZILLA, SHIB, and STRUMP Are Ready for 20,000% Returns!

Join our free newsletter for daily crypto updates!