After the events in South Korea, the cryptocurrency markets began to recover.

South Korean President Yoon Suk-yeol canceled the martial law decision under pressure from the parliament. Immediately following this decision, a noticeable recovery occurred in the cryptocurrency markets.

XRP Breaks Records with Trading Volume

The martial law decision, which caused political tension in South Korea, came to an end with President Yoon Suk-yeol's retreat. After a six-hour marathon in the National Assembly, a decision was made to lift the martial law with the support of 190 out of 300 lawmakers. The Cabinet officially canceled the decision during the meeting.

President Yoon stated in a statement regarding the issue, "I accept the National Assembly's decision and lift the martial law." According to the country's laws, the government is required to withdraw such decisions at the request of the parliamentary majority.

Previously, Yoon, who defended the martial law decision, had stated that he deemed this measure necessary to protect citizens' freedoms and security, as well as to prevent threats from North Korea and anti-state activities.

The developments positively affected the cryptocurrency market. According to the latest market data, Bitcoin, Ethereum, and XRP, which initially showed a decline, gained 2.4%, 3.3%, and 9.2% in value, respectively, following the lifting of the martial law.

The White House spokesperson expressed their satisfaction with President Yoon's decision and the respect shown for the parliamentary vote in a statement regarding the issue.

In parallel with these developments, it was announced that the South Korean Democratic Party decided to postpone cryptocurrency taxes for two years. On December 2, the country's cryptocurrency trading volumes reached the second highest level of the year. Meanwhile, XRP reached a trading volume of $6.3 billion, while Dogecoin recorded $1.6 billion and Stellar $1.3 billion in trading volume.