The Bitcoin-friendly party in South Korea secures the majority.

The political opposition in South Korea has secured the majority in the latest parliamentary election. Specifically, the Democratic Party (DPK) and other opposition parties have won 192 out of 300 seats in the National Parliament. This outcome did not automatically remove the current president, Yoon Suk Yeol, but has generated strong pressure against him, signaling a possible single three-year term mandate. This has led to the resignations of Han Dong-hoon and Han Duck-soo, respectively the leaders of the People Power Party (PPP) and the country's prime minister.

This political change could have significant repercussions in the cryptocurrency market, considering South Korea's primary role in the digital currency and web3 industry. Numerous South Korean citizens, over 6 million, have adopted Bitcoin and other cryptocurrencies over the years, influencing the recent election. Both parties have promised to support the cryptocurrency industry. The PPP has pledged to delay the introduction of a tax on digital currencies, while the Democratic Party has committed to allowing South Korean investors to access Bitcoin spot ETFs, both locally and internationally.

To fulfill this promise, the DPK will need to renew the country's securities watchdog authority, which previously argued that the mediation of Bitcoin spot ETFs violated the law. Data shows that South Korean investors have purchased over $200 million worth of MicroStrategy Inc and have undertaken significant trading activity on crypto future ETFs.

Currently, the global economic situation and the inflation of the US dollar are positively influencing the cryptocurrency market, which maintains a macroeconomically favorable outlook. The date of the next Bitcoin halving is scheduled for this week. Countries like El Salvador are purchasing Bitcoin to protect themselves against global inflation and geopolitical instability. At the same time, the price of Bitcoin is attempting to surpass the resistance range between $70k and $72k.