South Korea’s Political Changes Prompt Rapid Recovery in Cryptocurrency Prices

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Bitcoin (BTC) price approached $96,000 as the article was prepared. The significant event over the past few hours was the political situation in South Korea. Following the declaration of martial law by the ruling party, quick actions by politicians led to the cancellation of this decision. We witnessed a rapid drop in cryptocurrencies due to the appointment of a martial law commander.

Why Did Cryptocurrencies Decline?

After the declaration of martial law, the BTC price dropped from 132,000 to below 90,000 in the KRW pair. However, according to a recent post by WuBlockchain, there is now nothing to fear. We observed significant losses in many cryptocurrencies, especially XRP Coin and others with strong trading volumes in South Korean exchanges, due to the martial law decision.

“The South Korean National Assembly accepted the decision to lift martial law, and all members approved this decision. Following the acceptance of the decision, the National Assembly Presidency stated that martial law is now invalid.”

Altcoin declines started to reverse, and Chabyhan remarked;

“President Yoon announced ‘MARTIAL LAW’. The reason is that opposition parties constantly present the issue in parliament for the appointment of a special prosecutor for a corruption investigation involving him and his wife, leading to a political stalemate.”

“The President must adhere to the urgent parliamentary decision to lift martial law. Martial law is now invalid. The military and police should return to their posts in accordance with the parliament’s decision,” he stated.

Dong-Hun Han, the chairman of the ruling party, made a statement. He said;

“The President’s statement is incorrect. We will stand with the people.”

If the army respects the decision, the President’s hopes for martial law could collapse.

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