Original | Odaily Planet Daily (@OdailyChina)
Author | Nan Zhi (@Assassin_Malvo)
Around 21:50 tonight, South Korean President Yoon Suk-yeol suddenly delivered a televised speech, announcing the implementation of "emergency martial law." Yoon listed several reasons, claiming that the opposition party was manipulating the National Assembly and disrupting the country, stating that he would eliminate "anti-state forces" within South Korea. Specific measures of the martial law are yet to be disclosed.
Korean exchanges plummet, safe-haven assets rise
After the announcement, tokens on the South Korean exchanges plummeted across the board, with severe negative premiums, and the Bitcoin-Korean won trading pair on Upbit spiked to below 90 million won (approximately $63,300). Upbit subsequently experienced trading interruptions due to increased traffic, and by the time of publication, the Bitcoin price had rebounded to around 128 million won (approximately $90,000).
In addition to cryptocurrencies, various assets were also affected, with the Korean won depreciating about 1% against the US dollar, hitting a two-year low, while classic safe-haven assets like gold and the yen rose accordingly.
However, this news has not had a significant impact on the cryptocurrency market outside of South Korea, as data shows that Bitcoin briefly dropped about 0.8% within 15 minutes of the announcement, then rebounded by 1.0%, resulting in a cumulative increase of 0.2%. The only significant declines were seen in South Korean concept coins, such as ICX and AERGO, which both fell over 8%, while only LUNC rose against the trend by 3%.
What are the directions of the martial law?
According to Jin10, the recent push by the South Korean opposition party for a series of legislation targeting the president's wife and the impeachment of public officials, including prosecutors, may have triggered Yoon Suk-yeol's announcement of "emergency martial law."
CCTV reported that conflicts had already occurred outside the South Korean National Assembly, with crowds attempting to enter facing off against police. Shortly thereafter, President Yoon Suk-yeol appointed a martial law commander.
At 22:49, the South Korean Martial Law Command issued Order No. 1, announcing the following measures to be implemented across South Korea starting from 23:00 on December 3, 2024:
- Prohibit all political activities, including activities of the National Assembly and local councils, political parties, political associations, gatherings, and demonstrations. 2. Prohibit all actions that deny the liberal democratic system or attempt to subvert it, as well as fake news, fabricated public opinion, and false incitement. 3. All speech and publications are under the control of the Martial Law Command. 4. Prohibit strikes, work stoppages, and gatherings that cause social chaos. 5. All medical personnel, including interns and resident doctors, who are on strike or have left their posts must return to work within 48 hours; violations will be punished according to martial law. 6. Ordinary citizens will have minimal disruptions to their daily lives, except for anti-state forces and other subversive elements. Those who violate the above martial law can be arrested, detained, and searched without a warrant according to Article 9 of the Republic of Korea Martial Law Act (Special Measures Authority of the Martial Law Commander) and punished according to Article 14 of the Martial Law Act.
Exchange Movements
Despite experiencing brief spikes and "disconnections," Upbit's trading and negative premiums have gradually returned to normal. Additionally, according to Jin10, South Korea's securities exchange stated that trading would resume normally on Wednesday.
However, whether this political event will further escalate and whether the Korean exchanges will face another shock remains uncertain. Nonetheless, the brief spike in trading has allowed users with KYC on Korean exchanges to profit significantly, so don't miss out on every major correction in the bull market.
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