Martial Law Declared in South Korea
South Korean President Yoon Suk Yeol announced on Tuesday during a televised statement that he has declared "emergency martial law." President Yoon accused opposition parties of paralyzing the government, claiming that these parties sympathize with North Korea. He stated that these measures are necessary to preserve the constitutional order of the country.
Since taking office in 2022, President Yoon has faced challenges in advancing his policy agendas due to the opposition controlling the National Assembly. The declaration of martial law marks a critical turning point for South Korea, with the immediate effects of this development on the country’s governance and democratic processes still remaining uncertain. The statement drew attention to the political dynamics in South Korea and highlighted the president’s tense relationship with a legislature under opposition control.
Following the martial law declaration, the won and Bitcoin saw sharp declines. After President Yoon Suk Yeol's announcement of emergency martial law, the Korean won depreciated against the dollar. As of 23:00 on Tuesday, the local currency was trading at 1,420 won, having risen by 13.5 won from the previous session’s closing price. The exchange rate at Shinhan Bank was recorded at 1,424.80 won.
Bitcoin's price fell to 89.95 million won at around 13:00 at Upbit, South Korea's largest cryptocurrency exchange, representing a decline of 32.6% from the trading price at 9:00 in the morning. In the wake of the martial law news, Bitcoin’s price on the Upbit platform was under significant pressure, trading at a negative premium.
On the South Korean Stock Exchange, the BTC/USDT pair dropped to $71,000 after a decrease of up to 25% in the last hour, before quickly recovering to the $94,000 level. Following the declaration of martial law, other cryptocurrencies on Upbit recorded declines ranging from 25% to 35%. There were reports of interruptions in transactions due to increased traffic on the exchange.
According to ChainCatcher, the opposition's pressure on the government may have prompted President Yoon Suk Yeol to declare martial law. Recently, the opposition has pushed for legislation aimed at the dismissal of public officials such as the president's spouse and prosecutors, which is seen as a trigger for this decision.
In his statement, Yoon expressed that he would eliminate “anti-state elements” in South Korea, while specific details regarding the martial law measures have yet to be provided.