Crypto markets plunge amid S.Korea’s leadership turmoil!
2024-12-31
Category: None

For the 1st time in the history of South Korea, the court issued an arrest warrant against the sitting president who was recently impeached and suspended from his office.
With growing controversies and the president’s dedication to impose martial law, as per available information the warrant was issued at the request of investigators after the impeached President Yoon Suk Yeol failed to report for the third time for questioning. 
The arrest warrant was issued at the request of the National Police Agency, the National Office of Investigation, the Corruption Investigation Office for High-ranking Officials (CIO), and the Criminal Investigation Command of the Defense Ministry.
According to available information, the CIO argued that the warrant should be executed within 7 days of issuance and could be extended if needed. Currently, the Finance Minister and Deputy Prime Minister are running the government, acting as interim leaders. 
The day of December 14 was not normal for the parliament of South Korea as on the day the majority of leaders voted for the president’s impeachment. Impacts of President’s martial law over the Crypto and other markets
Following the sudden impeachment of the president of South Korea almost every market saw an alarming decline and the cryptocurrency market of the nations has also seen a significant outflow. 
The arrest warrant has fuelled fear among both local and global markets, yet XRP and WON, the national currency, continue to suffer, losing an average of 3 percent in the past 24 hours.
Ongoing political tussle in South Korea has severely impacted the cryptocurrency market Bitcoin, Ethereum, and XRP remain the most affected followed by some other leading digital assets. 
As per trade experts, the in-country clashes could lead the nation towards recession and economic crises. It is worth noting that other regional and national parties are constantly exploring dozens of opportunities to form the government in the nation. Crypto Market Price Updates 
At the time of writing the cryptocurrency market capitalization was $3.24 trillion with an intraday decline of 1.43 percent at the same time the crypto market’s volume in the past 24 hours has surged by 37.72% to $136 billion. 
DeFi’s total volume is $9.88 billion, or 7.27% of the 24-hour whole crypto market volume. All stable currencies currently have a combined volume of $126.9 billion, or 93.31% of the 24-hour total volume of the crypto market, the dominance of Bitcoin is 56.65%. 
The intraday gainer’s list is ruled by Mantle which grew 2.69 percent reaching $1.23 followed by Virtuals Protocol trading at $3.54, Pepe (PEPE) added 1.64 percent and FTT added 1.01 percent.
In the past 24 hours, Bitget Token lost 12.12 percent of its price reaching $5.68, followed by Movement trading at $0.8441 with a decline of 10.19 percent and Helium lost 9.21 percent. 