South Korean President Yoon Seok-yeol lifts martial law after six hours of tension in parliament
Crypto markets regained some momentum after South Korean President Yoon Seok-yeol rescinded martial law less than six hours after imposing it.
According to local reports, the cabinet meeting lifted the martial law at around 4:30 a.m. local time. About 190 of the country's 300 lawmakers voted against the martial law order .
“I will accept the request of Congress and lift the ban,” Yoon said , according to The Washington Post.
Under South Korean law, the government must lift martial law if a majority of parliament votes to do so.
Yoon Seok- yeol's sudden statement on live television on Tuesday caused a global response, and the White House responded by saying it was "deeply concerned about the development of the situation in South Korea."
Yoon Seok-yeol said he declared martial law in response to what he called the "threat posed by North Korean communist forces" and to "eliminate anti-state elements."
Yoon Seok-yeol previously said: "This is an inevitable move aimed at ensuring the freedom and security of the people, guaranteeing the sustainable development of the country, and resisting riots instigated by subversive anti-state elements."
"We are pleased that President Yoon has reversed his decision on martial law and respected the South Korean parliament's vote to end martial law," a White House spokesman told CNN.
Just one day earlier, on Dec. 2, South Korean retail cryptocurrency trading volumes hit their second-highest level of the year, with traders going wild over a range of “high-momentum”Altcoin.
Cryptocurrency market rebounds overall
According to Binance data, over the past 24 hours, more than 1,050 coins have risen and only 200 coins have fallen.
Among them, the RWA and DEFI sectors had the most rapid growth, with the representative currency RSR rising by more than 140% in the past 24 hours.
Public chain sector
TRX has risen nearly 90% in the past 24 hours and is now trading at $0.42, setting a record high.
BNB has risen by more than 18% in the past 24 hours and is now trading at $765, setting a new record high
Solana also stopped falling and rebounded, rising by more than 6.5% in the past 24 hours and is now trading at US$238.
In the past 24 hours, a total of 222,989 people were liquidated, with a total liquidation amount of $614 million. The largest single liquidation occurred on OKX - BTC-USDT-SWAP, with a value of $15.0941 million. Among them, long positions were liquidated for $385 million and short positions were liquidated for $229 million.
