Author: Felix Ng, CoinTelegraph; Compiler: Deng Tong, Golden Finance

After South Korean President Yoon Suk-yeol revoked martial law (less than six hours after martial law was implemented), cryptocurrencies Currency markets are back on their feet.

The statement was canceled during a cabinet meeting at around 4:30 a.m. local time, according to local reports. Some 190 of the country's 300 MPs voted down martial law.

According to the "Washington Post" report, Yoon Seok-yue said: "I will accept the parliament's request and cancel the request."

According to South Korean law, if a majority vote in the parliament requires the lifting of martial law , martial law must be lifted.

Yin’s sudden statement on live television on Tuesday reverberated on the global stage, prompting the White House to respond by saying it was “seriously concerned about the developments we are seeing in South Korea.” ".

Yin Xiyue said that he declared martial law in response to the so-called "threat posed by North Korean communist forces" and to "eliminate anti-elements."

Yin Xiyue said earlier: "This is an inevitable measure to ensure people's freedom and security, ensure sustainable development, and resist riots caused by these subversive and anti-element elements."

< p> According to data from CoinMarketCap, the prices of cryptocurrencies such as Bitcoin, Ethereum and XRP plunged after the emergency declaration, but have since recovered some losses, recovering 2.4%, 3.3% and 9.2% respectively.

A White House spokesman told CNN: "We are gratified that President Yoon has changed course on declaring martial law and respects the South Korean parliament's vote to end martial law."

Just a day earlier, on December 2, retail cryptocurrency trading volume in South Korea reached its second-highest level of the year, with traders going wild on a series of “high-momentum” altcoins.

XRP’s trading volume in South Korea exceeded $6.3 billion that day. Dogecoin is in second place with $1.6 billion, followed by Stellar ($1.3 billion), ENS ($900 million), and Hedera ($800 million).