As a seasoned analyst with over two decades of experience in global financial markets, I’ve witnessed my fair share of market volatility and political turmoil. The recent events unfolding in South Korea are nothing short of extraordinary, even by my standards.
Over the past day, South Korea experienced an exceptional period with cryptocurrency trading volumes peaking at a historic high of $34.2 billion. This significant rise coincided with the announcement of emergency martial law by President Yoon Suk-yeol during the late hours of Tuesday evening.
Due to this uncommon action, which pointed out potential dangers to democracy from anti-government groups, a frenzy of selling occurred among traders on leading platforms such as Upbit, Bithumb, and Coinone. Notably, Upbit handled a staggering $27.25 billion in transactions, representing the majority of the trading activity.
On the South Korean exchange Upbit, Bitcoin‘s value drastically fell to approximately 88 million won ($62,182), then leveled off when martial law was lifted, as reported by local media. Similarly, other cryptocurrencies experienced substantial declines. The intense trading activity led to temporary disruptions in service on various platforms.
In a swift turn of events, President Yoon’s temporary martial law, lasting just six hours, was officially rescinded following a united vote by legislators during an urgent late-night session. The opposition party, under the leadership of South Korea’s Democratic Party, declared their intention to bring charges for alleged sedition against President Yoon, the Defense Minister, and other key figures.
They also intend to pursue impeachment proceedings, citing the declaration as unconstitutional.
As an analyst, I can say that in response to certain circumstances, I felt compelled to enact martial law as a means to safeguard our democratic values. Yet, upon the National Assembly’s decision, I chose to withdraw military personnel from active duty. Following a Cabinet meeting, the government officially lifted martial law.
In the meantime, the prediction marketplace Polymarket displayed changing probabilities on wagers about President Yoon potentially resigning or being removed from office this year. Despite his term extending to May 2027, political strife is intensifying.
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2024-12-04 10:44