South Korean Crypto Market Regains After Martial Law Ends

South Korean Crypto Market Recovers After Martial Law Withdrawal

Following the initial announcement of martial law by President Yoon Suk Yeol, leading cryptocurrencies such as XRP, Bitcoin (BTC), and Dogecoin (DOGE) experienced a brief decline on the Upbit exchange. However, the crypto market swiftly recovered within hours after the withdrawal of martial law.

Martial Law Withdrawal

President Yoon Suk Yeol promptly rescinded martial law within six hours of its imposition. A cabinet meeting held at 4:30 am local time resulted in the parliament rejecting the measure, with 190 out of 300 members voting against it.

Impact on Crypto Market

The imposition of martial law initially triggered a widespread decline in the crypto market, particularly affecting XRP, Bitcoin, and Dogecoin. The South Korean exchange Upbit was significantly impacted by the downturn.

Recovery

Upon the lifting of martial law, XRP, Bitcoin, and Ethereum witnessed a surge in recovery. XRP, which had suffered the most, rebounded by 9.2%, followed by Ethereum's 3.3% and Bitcoin's 2.4% recovery.

White House Response

The White House expressed relief over the reversal of martial law, stating, "We are relieved President Yoon has respected the ROK National Assembly's vote to end it."

Preceding Market Trend

Prior to the imposition of martial law, South Korea's retail crypto trading volumes had witnessed a significant increase, reaching the second-highest level in 2024. This fueled interest in high-momentum altcoins such as XRP and Cardano.