Cryptocurrency trading in South Korea surged to $34 billion after the emergency martial law

Cryptocurrency trading in South Korea has surged to a record $34 billion in the past 24 hours, immediately after President Yoon Suk-yeol declared a state of emergency martial law. This increase coincided with major exchanges like Upbit, Bithumb, and Coinone reporting trading volumes nearly double compared to $18 billion on December 2. Upbit alone processed over $27 billion during this period. This surge is primarily due to the market's reaction to political instability and concerns about the future of the economy under President Yoon's leadership.

However, the martial law lasted only about 6 hours, after which it was revoked by the South Korean National Assembly through an emergency vote. The market rebounded immediately after the order was lifted, and the prices of cryptocurrencies gradually stabilized. Traders hurriedly sold off cryptocurrencies, leading to a temporary drop in the price of Bitcoin as well as other coins during this tense period.