Key Points

• South Korea’s crypto market recovered today, following the significant turmoil on December 3.
• Yesterday, the government declared martial law nationwide, crashing the KRW trading pairs.

South Korea’s crypto market recorded a strong recovery today, following the chaos triggered in the country on December 3, when the government declared martial law nationwide.

South Korean MPs Begun Impeachment Proceedings Against the President

According to the latest reports from BBC, the South Korean MPs have begun impeachment proceedings against the country’s President Yoon Suk Yeol, after stopping his shocking move to impose martial law.

The country saw a huge fury wave from protestors after yesterday’s events, and the President’s top aides offered to resign hours after he rescinded his extraordinary order, according to New York Times reports.

Early in the morning, the publication revealed that protesters are calling for his resignation as lawmakers prepare to meet later today.

Crypto Markets Recover, Following Yesterday’s Chaos

South Korea’s crypto markets recorded a strong recovery today, following the sharp drop amidst the chaos triggered in the country on December 3.

The sudden disruption of the other day led to a crash in Korean Won (KRW) trading pairs.

Today, the market recovered with Bitcoin trading close to 136 million KRW, according to data from Trading View. during yesterday’s dip, BTC traded at 116.4 million KRW, according to the same data, falling from previous levels of around 134 million KRW.

According to the same notes, the BTCKRW pair saw a surge of 1.65% today, and a rise of 5.5% in the last week. The XRP/KRW market also recovered today, following yesterday’s dip. XRP was trading close to 3,900 KRW before a drop to 2,800 KRW. Today, XRP trades at 3,700 KRW.

Upbit and Other Crypto Exchanges Operations – Suspended on December 3

Yesterday, crypto exchange operations were suspended, with Upbit, South Korea’s largest crypto exchange in the country announcing that its applications and Open API services were temporarily suspended due to a sudden surge in traffic.

Upbit cited delays triggered by unprecedented demand, boosted by the political situation in the country. Crypto Times reported a huge $34.2 billion crypto trade volume in the last 24 hours.

Yesterday’s move cited threats to democracy from “anti state” forces, triggering panic-selling among traders on other exchanges apart from Upbit as well, Bithumb and Coinone. According to their notes, Upbit alone processed $27.25 billion.

Yesterday’s martial law announcement became effective nationwide from 11:00 PM and introduced stringent measures.

South Korea’s Martial Law Announcement

Yoon declared martial law and labeled the opposition’s actions as “anti-state behavior aimed at inciting rebellion.” He said that these acts have “paralyzed state affairs and turned the National Assembly into a den of criminals,” as cited by CNN.

He described martial law as a necessary measure to eradicate the “shameless pro-North anti-state forces,” and justified his decision as a crucial step to protect the freedoms and safety of the people.

The President did not clarify the specific measures that would have been taken, citing the full military decree which bans all political and parliamentary activities and allows arrests without a warrant.

The decree also prohibited denying free democracy or attempting a subversion, while outlawing fake news and manipulating public opinion. Also, people who violated the decree could have been arrested or raided without a warrant.