The situation in South Korea escalated after former President Yoon Suk Yeol declared martial law, leading to his impeachment and arrest.
Arrest of President Yoon Suk Yeol
On December 31, the Seoul Western District Court issued an arrest warrant for former South Korean President Yoon Suk Yeol. This marks the first time a sitting South Korean president has faced such a warrant. The warrant was issued after Yoon failed to report for questioning three times. Currently, Deputy Prime Minister and Finance Minister Choi Sang-mok is acting as president following the impeachment decision by the parliament on December 14.
Impact on Cryptocurrency Markets
The attempt to impose martial law on December 3 led to a mixed reaction in the cryptocurrency market. Prices for Bitcoin and other cryptocurrencies temporarily plummeted both domestically and abroad. On South Korean exchanges, Bitcoin's price fell to as low as $30,000 in six hours, causing a liquidity crisis. Globally, major cryptocurrencies such as Bitcoin, Ether, and XRP dropped by 4%.
Crypto Trading Situation
Before the imposition of martial law, South Korea experienced one of its highest levels of retail cryptocurrency trading. The surge in interest was driven by a number of altcoins, including XRP, Dogecoin, and Stellar. However, following the lifting of martial law on December 4, cryptocurrency prices quickly rebounded.
The failed attempt to impose martial law and the subsequent arrest marked a pivotal moment for South Korea both politically and economically, significantly impacting the global cryptocurrency markets.
