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The fund will at all times invest at least 80% of its assets in the securities of its underlying index and in depositary receipts representing securities in its underlying index. The underlying index is a free float-adjusted market capitalization-weighted index with a capping methodology applied to issuer weights so that no single issuer exceeds 25% of the underlying index weight, and all issuers with a weight above 5% do not cumulatively exceed 50% of the underlying index weight. The fund is non-diversified.

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iShares MSCI South Korea ETF

iShares Inc iShares MSCI South Korea ETF

South Korea&#8217;s suspended president, Yoon Suk Yeol, was removed from office Friday after the country&#8217;s Constitutional Court unanimously upheld parliament&#8217;s <a href="https://www.benzinga.com/markets/equities/24/12/42497084/south-korean-lawmakers-impeach-yoon-over-martial-law-attempt">impeachment over his December martial law declaration</a>.
What Happened: All eight justices voted to strip Yoon of presidential powers, concluding he had &#8220;committed a grave betrayal of the trust of the people&#8221; and created widespread chaos in society, the economy, and foreign policy, <a href="https://www.theguardian.com/world/2025/apr/04/south-korea-president-yoon-suk-yeol-impeachment-verdict-results-removal">reported</a> The Guardian.
Acting president Han Duck-soo will remain in office until a new leader is elected within 60 days. Han pledged to ensure &#8220;there are no gaps in national security and diplomacy&#8221; during the transition period.
&#8220;The defendant not only declared martial law, but also violated the constitution and laws by mobilizing military and police forces to obstruct the exercise of legislative authority,&#8221; said acting chief justice Moon Hyung-bae in the televised ruling.
See Also: <a href="https://www.benzinga.com/markets/equities/25/04/44640503/bill-ackman-just-pick-up-the-phonesays-trump-will-reward-early-dealmakers-punish-tariff-retaliation">Bill Ackman: &#8216;Just Pick Up The Phone&#8217;—Says Trump Will Reward Early Dealmakers, Punish Foreign Tariff Retaliation</a>
Why It Matters: South Korea&#8217;s National Assembly initially impeached Yoon in mid-December after he imposed martial law, claiming it was necessary to prevent &#8220;anti-state&#8221; opposition forces with North Korean sympathies from threatening the country. Lawmakers defied security forces to reject the order, <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42320772/south-koreas-president-to-be-impeached-in-2024-polymarket-traders-are-unsure">forcing Yoon to lift it after just six hours</a>.
The ruling People Power Party said it &#8220;solemnly accepts and humbly respects&#8221; the court&#8217;s decision, while Yoon&#8217;s lawyer called the judgment &#8220;completely incomprehensible&#8221; and a &#8220;purely political decision.&#8221;
Political uncertainty has weighed on South Korean markets. The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) closed at $53.14, down 2.73%, while the Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) ended at $18.09, down 2.79% on Thursday. As of Friday, 12:37 p.m. local time, the Korea Composite Stock Price Index or KOSPI was down 1.49%, trading at 2,449.69.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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South Korea's Yoon Suk Yeol Removed, Court Says President 'Committed A Grave Betrayal'

As global markets reel from Donald Trump&#8216;s sweeping tariff announcement, speculators who wagered on a chain reaction of trade retaliation may soon cash <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44626421/trumps-reign-of-tariffs-unleashes-d-day-on-wall-street-analyst-warns-of-stagflation-risk">in the big prize.</a>
On Thursday, trading on CFTC-regulated prediction platform Kalshi lit up with activity as speculators priced in a sharp rise in retaliatory tariffs from major U.S. trading partners. 
The market titled "Which countries will impose tariffs on the US before Q3 2025?" saw odds spike across several jurisdictions in the wake of Trump's announcement.
See Also: <a href="https://www.benzinga.com/25/04/44624245/tariffs-to-plug-the-hole-for-income-tax-cuts-to-come-economists-predict-what-more-could-be-expected">Trump Tariffs To &#8216;Plug The Hole&#8217; For Income Tax Cuts To Come: Economists Predict What More Could Be Expected</a>
<h3 class="wp-block-heading">Global Trade War Now Becomes The Base Case</h3>
<ul>
<li>The odds of South Korea enacting retaliatory measures soared to 79%, up 29 percentage points in a single day. </li>
<li>Japan followed with a 33-point jump to 73%</li>
<li>South Africa climbed to 74%, up 16 points.</li>
<li>India saw a more cautious move, with odds now at 35%</li>
<li>Kalshi traders assigned a 96% probability that Brussels will strike back with its own tariffs in the coming months.</li>
</ul>
Only Mexico moved in the opposite direction. Following Trump&#8217;s exemption of North American partners from the new tariff structure, the odds of retaliation from the southern neighbor collapsed to 45%, down 31 percentage points.
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Country</th>
<th>Odds of Tariff Retaliation</th>
<th>Change vs. Day Before</th>
</tr>
</thead>
<tbody>
<tr>
<td>&#x1f1ea;&#x1f1fa; European Union</td>
<td>96%</td>
<td>+12%</td>
</tr>
<tr>
<td>&#x1f1f0;&#x1f1f7; South Korea</td>
<td>79%</td>
<td>+29%</td>
</tr>
<tr>
<td>&#x1f1ef;&#x1f1f5; Japan</td>
<td>73%</td>
<td>+33%</td>
</tr>
<tr>
<td>&#x1f1ff;&#x1f1e6; South Africa</td>
<td>74%</td>
<td>+16%</td>
</tr>
<tr>
<td>&#x1f1ee;&#x1f1f3; India</td>
<td>35%</td>
<td>+9%</td>
</tr>
<tr>
<td>&#x1f1f2;&#x1f1fd; Mexico</td>
<td>45%</td>
<td>-31%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: Kalshi</figcaption></figure>
Speaking on Bloomberg TV, U.S. Commerce Secretary Howard Lutnick attempted to downplay the likelihood of backlash, saying the tariffs will be applied broadly and uniformly, and adding that "it will not be effective for countries to retaliate against Trump tariffs."
<iframe loading="lazy" src="https://kalshi.com/external-widget/events-categorical/KXFOREIGNTARIFF-25JUL01?color_scheme=light&#038;widget_size=large&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>
<h2 class="wp-block-heading">Country ETFs Witness Deep Declines</h2>
Amid the turmoil on Wall Street, U.S.-listed country ETFs took a beating Thursday as investors dumped risk ahead of possible tit-for-tat tariffs,
The VanEck Vietnam ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNM#NYSE">VNM</a>) plunged more than 8% in premarket trading, on track for its worst session since March 2020. The U.S. will apply a 46% tariff rate on Vietnam.
Japan's iShares MSCI Japan Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) dropped 3%, while the iShares China Large Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) fell 1.8%. The two biggest Asian economies will see their respective tariff rate rising to 24% and 34%, respectively. 
India's iShares MSCI India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDA#NYSE">INDA</a>) and South Korea's iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) declined 1.1% and 1.5% respectively. India and South Korea are poised to face a 25% and 26% increase, respectively, in the cost of exporting goods to the U.S.
The SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) dipped 0.9%, while the iShares South Africa Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EZA#NYSE">EZA</a>) fell 4.5%. 
Read Now: 
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<li><a href="https://www.benzinga.com/25/04/44624245/tariffs-to-plug-the-hole-for-income-tax-cuts-to-come-economists-predict-what-more-could-be-expected">Trump Tariffs To &#8216;Plug The Hole&#8217; For Income Tax Cuts To Come: Economists Predict What More Could Be Expected</a></li>
</ul>
Image: Shutterstock

INDA

Retaliation Odds Spike After Trump's Heavy Tariffs, Sending Country ETFs Tumbling

Contracts

Boeing Says Korean Air Finalized A Landmark Order For Up To 50 Widebody Airplanes

<a href="https://www.eveairmobility.com/eve-air-mobility-and-ui-helicopter-collaborate-to-accelerate-advanced-air-mobility-in-south-korea/" title="https://www.eveairmobility.com/eve-air-mobility-and-ui-helicopter-collaborate-to-accelerate-advanced-air-mobility-in-south-korea/">https://www.eveairmobility.com/eve-air-mobility-and-ui-helicopter-collaborate-to-accelerate-advanced-air-mobility-in-south-korea/</a>

EVEX

Eve Air Mobility and UI Helicopter Collaborate to Accelerate Advanced Air Mobility in South Korea

&nbsp;- Reuters Citing KCNA
&nbsp;- Reuters Citing KCNA

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Economics

North Korea Says Its Nuclear Weapons Are Not 'Bargaining Chip'; North Korea Says Its Nuclear Forces Are Meant For Combat Against Enemies That Threaten Its People And Global Peace

President Trump And Japan's Ishiba, In Joint Statement,  Express Concern Over North Korean Nuclear Program; Says U.S. And Japan Underscore Need To Deter North Korea's Cyber Activities And Increasing Military Cooperation With Russia;  Agree To Increasing Exports Of U.S. Liquefied Natural Gas To Japan; Express Desire For Security And Defense Cooperation Between Japan And U.S. To Grow Stronger; Trump Accepted Invitation For Visit To Japan In Near Future

Japan's Ishiba Says We Affirmed The Need To Address North Korea's Nuclear Program; Japan And The U.S. Will Work Together Toward Complete Denuclearization; President Trump Says We Will Have Relations With North Korea; It's An Asset For Everyone If I Get Along With North Korea's Kim

[Editor&#8217;s note: This story was updated to include the market&#8217;s response following the mid-January arrest of Korea&#8217;s President Yoon Suk Yeol]
In an effort to bring South Korea's defense sector into the U.S. investment scene, Exchange Traded Concepts launched the Hanwha Asset Management's PLUS Korea Defense Industry Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KDEF#NYSE">KDEF</a>), offering investors <a href="https://www.benzinga.com/etfs">exposure to South Korea's thriving defense industry</a>.
"We are enthusiastic to introduce the PLUS Korea Defense Industry Index ETF (KDEF) to the U.S. market," said Hanwha CEO Kim Jong-ho. "Expanding on the foundation of our Plus K-Defense ETF listed in Korea, this launch represents an opportunity to provide U.S. investors with exposure to Korea's defense industry. We appreciate the support of Exchange Traded Concepts in bringing this ETF to the NYSE Arca."
KDEF aims to mirror the total return performance of the Korea Defense Industry Index. The fund comes with a net expense ratio of 0.65%, which is competitive.
Also Read: <a href="https://www.benzinga.com/25/02/43542002/calamos-new-cpsf-etf-offers-growth-with-a-safety-net">Calamos&#8217; New CPSF ETF Offers Growth With A Safety Net</a>
The Korea Defense Industry Index focuses on South Korean companies engaged in defense-related operations. This includes firms specializing in shipbuilding, satellite telecommunications, civil engineering and utility system construction, among other sectors. The new ETF aims to take advantage of this exposure.
To be included in the index, companies must have a minimum market capitalization of at least 300 billion Korean Won—approximately $206 million in U.S. dollars as of February 5, 2025. No single constituent holding is allowed to exceed 20% of the index's overall weighting. KDEF follows the index closely, with at least 80% of its investments allocated to securities within the Korea Defense Industry Index.
<h2 class="wp-block-heading">Markets Still Resilient Despite Political Uncertainty</h2>
Despite the national political dilemma following the unprecedented mid-January <a href="https://www.benzinga.com/markets/asia/25/01/42993441/south-korean-president-yoon-suk-yeol-arrested-kospi-edges-higher-despite-political-upheaval-won-stable">arrest of President Yoon Suk Yeol</a>, South Korean markets and the Won remained resilient. The iShares MSCI South Korea ETF, a key indicator for U.S. investors gained the day following his arrest, reflecting investor confidence in the South Korean market.
Additionally, tech companies are turning to South Korea for investing and expansions. For instance, IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) has expanded its global footprint through a new partnership with the Busan Metropolitan Government in South Korea. The collaboration aims to advance quantum technology and support talent development in the region.
Stability and impressive growth rates make South Korea a key market of interest and the safest route to invest in South Korean securities is through ETFs. Other popular ETFs with exposure to South Korean sectors are Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) and iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>), both of which have gained about 8% year-to-date.
Read Next: 
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Photo: Shutterstock

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South Korea's Defense Sector Gets A US Gateway With KDEF ETF (UPDATED)

South Korean markets showed resilience Wednesday as President Yoon Suk Yeol was taken into custody, with the benchmark KOSPI rising 0.40% to 2,507.35 amid heightened political uncertainty.
Yoon, 64, was detained at 10:33 a.m. local time by a joint probe team investigating allegations related to his December martial law declaration, marking an unprecedented arrest of a sitting South Korean president. 
The arrest came after an initial failed attempt on Jan. 3 that resulted in a standoff between investigators and presidential security, <a href="https://www.koreaherald.com/article/10390439">reported</a> The Korean Herald.
Despite the political upheaval, major South Korean stocks held steady. SK Hynix Inc. led the gains, climbing 2.31% to 1,99,800 South Korean won ($136.90). Samsung Electronics Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) rose 0.37% to 54,100 South Korean won ($37.06), while KB Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KB#NYSE">KB</a>) gained 0.90%, reaching 89,500 South Korean won ($61.31). Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) saw a slight decline of 0.23%, trading at 2,21,500 South Korean won ($151.76). 
The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>), a key indicator for U.S. investors, gained 0.94% on Tuesday.
The Korean won remained stable against the U.S. dollar, trading at 1,460.52 South Korean won, down marginally by 0.063%. 
The arrest warrant for President Yoon, which expires Jan. 21, includes charges of power abuse and insurrection. The investigation is led by the Corruption Investigation Office for High-ranking Officials.
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Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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South Korean President Yoon Suk Yeol Arrested — KOSPI Edges Higher Despite Political Upheaval, Won Stable

More than 100 South Korean police officers failed to arrest impeached President Yoon Suk Yeol after a near-six-hour standoff on Friday, in the latest development in South Korea's <a href="https://www.benzinga.com/24/12/42706961/south-korea-impeaches-second-president-in-2-weeks-will-the-economic-fallout-continue">month-long political crisis.&nbsp;</a>
The Details: According to<a href="https://apnews.com/article/south-korea-yoon-martial-law-impeachment-detention-c8dc1758647979455dbf0d56e70369a4"> a report</a> from the Associated Press, South Korea's anti-corruption agency withdrew its officers due to safety concerns after the hours-long standoff with presidential security forces.  
The anti-corruption agency said it has "serious regret about the attitude of the suspect, who did not comply with the legal process" and its agents had been involved in "several scuffles" with the presidential forces as they prevented access to Yoon's residence. 
Read More: <a href="https://www.benzinga.com/25/01/42768507/china-slaps-export-restrictions-on-dozens-of-us-companies-boeing-lockheed-martin-general-dynamics-raytheon-affected">China&#8217;s Export Crackdown Hits Boeing, Lockheed Martin And More&nbsp;</a>
The current political crisis began on Dec. 3 when President Yoon declared martial law, leading to his impeachment on Dec. 14.
On Tuesday, the Seoul Western District Court issued <a href="https://www.benzinga.com/24/12/42735383/south-korean-president-yoon-suk-yeol-faces-arrest-over-martial-law-declaration">a warrant</a> against Yoon on charges of masterminding a failed martial law declaration, orchestrating an insurrection and abusing power. The Corruption Investigation Office obtained a warrant for Yoon's arrest after he ignored three requests for an appearance for questioning.
Following Friday's failed attempt to arrest Yoon, the anti-corruption agency said that it plans to "strongly demand" the country's acting leader, Deputy Prime Minister Choi Sang-mok, instruct the presidential security forces to allow the execution of the warrant. 
According to AP, the National Police Agency said it planned to investigate the chief and deputy chiefs of the presidential security service and summoned them for questioning on Saturday on suspicion of obstructing official duty. 
Why It Matters: The country's economy faces significant challenges in 2025, exacerbated by the recent political turmoil and global economic pressures.&nbsp;
South Korea's Finance Ministry said in a statement Thursday it now sees the economy growing 2.1% in 2024 and 1.8% in 2025, down from July's forecasts of 2.2% growth for 2024 and 2.6% for 2025,<a href="https://www.bloomberg.com/news/articles/2025-01-02/south-korea-sharply-trims-gdp-forecast-after-martial-law-fiasco"> per</a> Bloomberg.&nbsp;
The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>), providing exposure to large and mid-sized companies in South Korea, is down more than 20% over the past six months and down 5% in the last month alone. Shares of Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), the country's largest e-commerce platform, are down nearly 7% since the political turmoil began. 
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South Korea Cuts Economic Growth Forecast, Impeached President Defies Arrest As Political Turmoil Continues

<a href="https://en.yna.co.kr/view/AEN20241229001063315?section=national/national" title="https://en.yna.co.kr/view/AEN20241229001063315?section=national/national">https://en.yna.co.kr/view/AEN20241229001063315?section=national/national</a>

Yonhap Reported 179 Of 181 Passengers Aboard Jeju Air Boeing 737-800 Confirmed Dead Following Crash At Muan International Airport In S. Korea On Sunday; Pane's Land Gear Failed To Deploy

<a href="https://imnews.imbc.com/news/2024/society/article/6671731_36438.html">https://imnews.imbc.com/news/2024/society/article/6671731_36438.html</a>
<a href="https://imnews.imbc.com/news/2024/society/article/6671706_36438.html">https://imnews.imbc.com/news/2024/society/article/6671706_36438.html</a>
<a href="https://www.flightaware.com/live/flight/JJA2216">https://www.flightaware.com/live/flight/JJA2216</a>
&nbsp;

S. Korea's MBC News Reports 47 Dead In Crash Of Boeing 737-800 At Muan Airport With 181 On Board

South Korea&#8217;s opposition-controlled National Assembly voted to impeach acting President Han Duck-soo on Friday, only two weeks after impeaching<a href="https://www.benzinga.com/24/12/42702766/us-stocks-open-lower-nasdaq-down-over-1"> President Yoon Suk Yeol. </a>
South Korean stocks listed in the U.S. have faced significant volatility due to the recent political turmoil. The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>), which tracks over 90 large and mid-sized South Korean companies, tumbled as much as 7% earlier in December to hit a 52-week low amid the political crisis. 
Shares of Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), South Korea's largest e-commerce platform, have fallen more than 12% over the past month. KB Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KB#NYSE">KB</a>), one of the country's largest financial institutions, is down by more than 9% over the same period. 
South Korea's currency has fallen amid the uncertainty to lows against the U.S. dollar not reached since the global financial crisis 15 years ago. 
The current political crisis began on Dec. 3 when President Yoon declared martial law, leading to his impeachment on Dec. 14. Prime Minister Han then assumed the role of acting president. 
The impeachment of acting President Han on Friday came after he refused to appoint three judges to the Constitutional Court which casts the final vote on presidential impeachments in the country.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/asia/24/12/42692036/billionaire-investors-michael-burry-david-tepper-could-benefit-from-chinas-stimulus-measures">Billionaire Investors Michael Burry, David Tepper Could Benefit From China&#8217;s Stimulus Measures</a> 
Friday's impeachment of President Han "suggests to the world the possibility that Korea's political unrest could be prolonged and worsen," Jeong Hoiok, a professor of political science at Myoungji University in Seoul, told the New York Times in an email.&nbsp;
The second impeachment could cause "significant harm to the diplomacy and economic status that Korea has built so far," Hoiok added.&nbsp;
What's Next: Friday's impeachment of acting President Han leaves the country without its top two officials and puts Finance Minister Choi Sang-mok next in line to assume the acting presidency.&nbsp;
"The most important thing right now is to minimize the confusion in state affairs," Mr. Choi said. "The government will do its best to stabilize them."
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Image: Shutterstock

South Korea Impeaches Second President In 2 Weeks, Stocks Face Significant Volatility

General

President-Elect Trump Said He Can't Guarantee Americans Won't Pay More As A Result Of Tariffs -NBC's Meet The Press

Pentagon Halts Planning For U.S. Defense Secretary Austin To Travel To South Korea

<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42307586/bitcoin-dumped-and-recovered-in-south-korea-amid-political-turmoil-an-arbitrage-opportunity-that-wasnt">Political uncertainty surrounding</a> South Korean President Yoon Suk Yeol has spurred heated activity on prediction market Polymarket on Wednesday.
What Happened: <a href="https://polymarket.com/event/south-korean-president-impeached-in-2024?tid=1733326929469">Data</a> from the prediction market shows a 37% probability of Yoon being impeached before the end of 2024.
Another Polymarket question <a href="https://polymarket.com/event/yoon-out-as-president-of-south-korea-in-2024?tid=1733326929195">gives</a> a 29% chance of Yoon being removed from office, underscoring heightened political instability in the country.
This uncertainty has already rippled through <a href="https://www.benzinga.com/news/global/24/12/42306717/south-korean-markets-plunge-amid-political-turmoil-as-president-yoons-martial-law-u-turn-sparks-uncertainty-samsung-sk-hynix-and-hyundai-stocks-tumble">South Korea's financial markets</a>.
Key technology and industrial stocks have taken a hit, with Samsung Electronics (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) down 1.12%, NVIDIA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) supplier SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>) slipping 0.061%, and Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) falling 0.70%. 
The turmoil has also affected U.S.-listed South Korean equities, with Posco Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKX#NYSE">PKX</a>) dropping 4.36% in regular trading before seeing a slight recovery after hours. 
South Korean ETFs in the U.S., including the iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) and Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>), also saw mixed performances, signaling broader market apprehension.
The situation has also impacted the South Korean won, which weakened by 0.21% against the U.S. dollar, trading at 1,416.65. 
Analysts noted that South Korea&#8217;s crucial role in global supply chains, particularly in semiconductors and automotive production, amplifies the stakes of this political drama.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42317460/vladimir-putin-says-nobody-can-ban-bitcoin-stresses-crypto-will-develop-one-way-or-the-other">Vladimir Putin Says &#8216;Nobody Can Ban Bitcoin,&#8217; Stresses Crypto Will Develop &#8216;One Way Or The Other&#8217;</a>
Why It Matters: The cryptocurrency market, too, felt the shockwaves.
Major coins like Bitcoin and Ethereum plunged on Upbit, South Korea&#8217;s largest crypto exchange, trading at a steep discount compared to international markets. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dropped as low as $71,800 on Upbit compared to $95,500 on Coinbase, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) fell to $2,700 on Upbit before recovering. 
The Korea Premium Index, which tracks price differences between South Korean and global exchanges, dipped to -14.67 during the chaos, signaling significant retail selling pressure.
However, the situation stabilized after President Yoon reversed his martial law decision following parliamentary pushback, with Bitcoin and Ethereum rebounding to align more closely with global prices. 
Analysts noted this episode's divergence from the traditional "Kimchi Premium," where South Korean crypto prices often trade at a significant premium.
Historical patterns add further context to the political stakes. 
South Korea has a tumultuous history of leadership changes, with several former presidents either overthrown, impeached, or imprisoned. 
Yoon's presidency, marked by controversy and challenges, now faces increasing scrutiny and the potential for <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42307586/bitcoin-dumped-and-recovered-in-south-korea-amid-political-turmoil-an-arbitrage-opportunity-that-wasnt">a similar fate</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42317024/bitcoin-ethereum-etfs-recorded-over-800-million-in-inflows-on-tuesday">Bitcoin, Ethereum ETFs Recorded Over $800 Million In Inflows On Tuesday</a></li>
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Photo: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$BTC

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NVDA

South Korea's President To Be Impeached In 2024? Polymarket Traders Are Unsure

South Korea Ruling Party Holds Lawmakers' Meeting To Oppose President Yoon's Impeachment

- U.S. Secretary Of State Antony Blinken Tells Reuters In Interview

Macro Notification

U.S. Was Not Aware Of South Korean President's Intention To Declare Martial Law

Leading cryptocurrencies traded flat Tuesday even as the stock market closed at new records.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-0.35%</td>
<td>$95,699.46</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.27%</td>
<td>$3,627.03</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.50%</td>
<td>$0.4143</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin had a rocky journey, falling to $93,645 in the morning before recovering to $96,000.
The volatility came amid <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">huge political drama</a> in South Korea, as President Yoon Suk Yeol revoked a martial law decree just hours after it was announced.
Bitcoin's market dominance fell by more than 6%, while altcoins recorded a significant jump in share.&nbsp;
The volatile movement led to more than $621 million in cryptocurrency liquidations in the last 24 hours, with bullish leveraged bets accounting for $389 million.
Bitcoin's Open Interest (OI) fell by 2.26% in the last 24 hours. Interestingly, most top traders, i.e., those with the highest margin balance, continue to be bullish on Bitcoin, as per the Long/Shorts Ratio.
The "Extreme Greed" strengthened from 76 to 78 in the last 24 hours, per the Cryptocurrency Fear &amp; Greed Index, indicating expectations of future upsides.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Reserve Rights (RSR)</td>
<td>+162.63%</td>
<td>$0.02651</td>
</tr>
<tr>
<td>Tron (TRX)</td>
<td>+90.37%</td>
<td>$0.4195</td>
</tr>
<tr>
<td>Neo (NEO)</td>
<td>+39.77%</td>
<td>$25.08</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.52 trillion, following an increase of 1.70% in the last 24 hours.
Major stock indexes closed at new records on Tuesday. The S&amp;P 500 gained 0.05% to end at 6,049.88, while the tech-focused Nasdaq Composite closed 0.40% higher to 19,480.91, setting a new intraday record of 19,486.14.
The Dow Jones Industrial Average, meanwhile, dropped 0.17% to close at 44,705.53.
Exchange-traded funds tracking the South Korean market fell amid political drama surrounding martial law. The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) closed down 1.59% to $55.81, while the Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) declined 0.84% to $18.78.
Investors parsed labor market data that revealed a <a href="https://www.benzinga.com/24/12/42298121/crude-oil-surges-2-us-job-openings-increase-in-october">higher-than-expected jump</a> in job openings for October compared to September.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely followed cryptocurrency analyst Justin Bennett made a bold prediction about Ethereum's future price moves.
"If I&#8217;m right about ETH, it trades back to $1,000 from current levels. If I&#8217;m wrong, Ethereum breaks $3,700 to target $4,000," he said. "I&#8217;ve placed my bet. I&#8217;ll be here to call out levels to watch if I&#8217;m right or admit if I&#8217;m wrong."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If I&#39;m right about <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, it trades back to $1k from current levels. If I&#39;m wrong, <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> breaks $3,700 to target $4k+. No ego or emotions, just sharing what I see. I&#39;ve placed my bet. I&#39;ll be here to call out levels to watch if I&#39;m right or admit if I&#39;m wrong. <a href="https://t.co/sb5ST5Xu5z">pic.twitter.com/sb5ST5Xu5z</a>
&mdash; Justin Bennett (@JustinBennettFX) <a href="https://twitter.com/JustinBennettFX/status/1863987702766403638?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Influential cryptocurrency market observer Michaël van de Poppe noted how the altcoins were logging double-digit gains on a daily basis.
"The good thing: we&#8217;re just getting started. The bad thing: people will lose a lot, too," he remarked.&nbsp;
Van De Poppe advised his followers not to chase FOMO and "take profits of the table."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> are extremely heating up at this point. Double-digit returns day after day; it&#39;s great. The good thing: we&#39;re just getting started. The bad thing:people will lose a lot, too. Make sure to avoid chasing FOMO in those positions and take profits of the table.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1864003415304770024?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Igor Faun on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42300582/dogecoin-doge-in-the-limelight-as-elon-musk-vivek-ramaswamy-to-address-congress-members-on-thursday">Dogecoin, D.O.G.E In The Limelight As Elon Musk, Vivek Ramaswamy To Address Congress Members On Thursday</a></li>
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$DOGE

Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits

South Korean markets traded sharply lower on Wednesday following a dramatic political upheaval that saw President Yoon Suk Yeol briefly impose and then quickly withdraw martial law <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">after facing parliamentary opposition</a>.
What Happened: The benchmark Kospi index fell 1.15% to 2,471.27, while the tech-heavy Kosdaq 100 dropped 2.64% as of 9:49 am local time, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. 
The political uncertainty particularly affected major technology and industrial stocks, with Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) declining 1.12%.
NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) supplier SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>) saw its shares drop 0.061%. Other industrial heavyweights also suffered, with Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) falling 0.70% and U.S.-listed Posco Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKX#NYSE">PKX</a>) declining 4.36% to $47.77 on Tuesday&#8217;s regular session. Still, the stock recovered marginally in after-hours trading.
U.S.-based funds tracking South Korean equities showed signs of recovery in after-hours trading, with the iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) rebounding 0.25% after earlier losses exceeding 6%. The Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) gained 0.53% after hours.
The political turbulence also impacted currency markets, with the South Korean won weakening 0.21% against the U.S. dollar to 1,416.65. 
The market reaction highlights South Korea&#8217;s crucial role in global supply chains, particularly in semiconductor manufacturing and automotive production, where many companies serve as essential suppliers to major U.S. firms.
Read Next: 
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<li><a href="https://www.benzinga.com/news/global/24/12/42305773/key-stocks-etf-to-watch-as-french-government-faces-no-confidence-vote">Key Stocks, ETF To Watch As French Government Faces No-Confidence Vote</a></li>
</ul>
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

South Korean Markets Plunge Amid Political Turmoil As President Yoon's Martial Law U-Turn Sparks Uncertainty: Samsung, SK Hynix, And Hyundai Stocks Tumble

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