insights into the Korean market plunge given the recent martial law announcement
Late-night news of a surprise martial law in South Korea surprised Asian markets, though a deeper inspection suggested that it was more of a political ploy from the unpopular incumbent president rather than any serious conflict. Questionable ethics notwithstanding, Kopsi, KRW, and onshore crypto (BTC <63k) took a dive as short term confusion ensues; however, local exchanges such as Upbit reported stablecoin inflows as traders attempted to buy panic deep, given the lack of market maker presence allowed on Korean exchanges (regulatory). Things have stabilized a bit since with Kospi stabilizing above yesterday’s lows. In any case, the damage seems to be contained locally and likely seen as buying opportunities for those with local access, and unlikely to spill over to global makers (SPX was green yest) unless the political situation takes a surprising and violent turn.