South Korean Martial Law Is Now Lifted But Crypto Markets Remain Suspended

Key Points:

• The South Korean martial law has now been declared invalid by the country's National Assembly after the vote.
• Bitcoin's price dropped over 30% on South Korean exchanges following President Yoon Suk Yeol’s declaration of martial law.

The South Korean National Assembly unanimously passed the resolution for the removal of martial law, as it unanimously received the thumbs-up from the legislature 100%.

Read more: Crypto in South Korea Set for Corporate Account Launch by 2025

South Korean National Assembly Unanimously Lifts Martial Law

After the resolution, the Office of the Speaker verified the invalidation of martial law to end the state of emergency that brought tensions across the country.

South Korean martial law is generally imposed in times of crisis, where military control ensures stability, often with curfews, restricted movements, and limitations on civil liberties. The recent declaration by President Yoon Suk Yeol sent shockwaves across many sectors, including the cryptocurrency market.

Two hours ahead of the resolution, Bitcoin's price had plummeted more than 30% to $62,000 on the South Korean exchange Upbit. This was an intraday plunge within the hour, with the most significant losses seen in the KRW trading pair.

Crypto Exchanges Disrupted Despite South Korean Martial Law Ends

The sudden slump in the value of Bitcoin was attributed to the declaration of South Korean martial law, which spooked traders and caused a series of massive disruptions across crypto exchanges.

As soon as martial law was lifted, Ki Young Ju, CEO of CryptoQuant, announced that he would delete his tweet seeking help from Elon Musk via X.

South Korea, one of the world's most avid cryptocurrency trading nations, saw extreme volatility, with exchanges like Upbit and Bithumb going down for periods as traffic surged.