Arrest Warrant Issued For South Korean President As Crypto Market Tanks
Political instability in South Korea continues to strain markets, with XRP down 2% in the past 24 hours and the won trading below 1,470 per dollar. The arrest warrant for former President Yoon Suk Yeol has worsened market fears both locally and globally.
Political Fallout
On Tuesday, the Seoul Western District Court issued a search and arrest warrant for Yoon, related to his attempt to impose martial law during a televised address on December 3rd. This is the first time in South Korean history that an arrest warrant has been issued against a sitting president.
Yoon refused to comply with summons by the Corruption Investigation Office (CIO), which led to local regulatory agencies investigating him for treason and abuse of power. His martial law announcement, citing anti-state elements and North Korean threats, was swiftly overturned by parliament on December 4th, but the political fallout has been significant.
Impact On Crypto
The political crisis has extended to the broader cryptocurrency market, with major cryptocurrencies like BTC, ETH, and XRP briefly dropping by up to 4%. Trading in South Korea surged as retail traders targeted altcoins like XRP and DOGE.
Despite recovery after parliament overturned martial law, volatility persists. Bitcoin fell to $92,500, a 0.6% drop in 24 hours, with trading volume rising 62%. Ethereum dropped 2.4% to just above $3,300, with volume growing by 56%. XRP dropped 2% in 24 hours on Upbit, trading below 3,000 won and down 12% over the past week.
The broader crypto market declined by 1.3% to $3.22 trillion, though trading volumes surged 40%, as investors seek to lock in profits.
Top News
5 days ago
9 days ago
11 days ago
More From The News
Press Releases
Payments
New Payment Limit For Crypto Wallets Scrapped
The recent Anti-Money Laundering re... Read more
Bitcoin
Bitcoin Undergoes Price Correction As International Economies
A significant portion of the crypto... Read more
Join Our Newsletter
Get the latest trends and updates on our crypto community.