South Korean President Yoon Suk-yeol unexpectedly announced martial law late at night on the 3rd, which lasted only 6 hours before being revoked due to opposition from the National Assembly. However, the panic triggered by this political farce, considered the 'shortest in history,' led to local cryptocurrency trading volumes skyrocketing to over $35 billion in a single day, setting a new record for this year.
According to data from CoinMarketCap, as of the time of writing, the total trading volume of South Korea's major cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax reached $39.49 billion in the past 24 hours. Among them, Upbit, South Korea's largest exchange, alone handled up to $28.54 billion in trading volume.
South Korea's cryptocurrency trading volume nearly doubled within 24 hours, far exceeding the $18 billion recorded on December 2, setting a new highest daily record for this year.
Behind the surge in trading volume is the sudden turmoil in the South Korean political scene. President Yoon Suk-yeol announced martial law late Tuesday night, citing the need to eliminate pro-North Korean forces and protect the free constitutional system.
The sudden declaration of martial law not only triggered market panic but also caused a large influx of South Korean investors to local exchanges to sell off cryptocurrencies, leading to Bitcoin prices dropping to 88 million Korean won (approximately $62,182) on Upbit. Other mainstream cryptocurrencies also saw significant declines in prices on South Korean exchanges, while trading platforms experienced a surge in trading volume resulting in multiple system crashes.
Fortunately, the South Korean National Assembly immediately mobilized to hold a meeting, with all 190 attending members passing the resolution to lift the martial law. Subsequently, Yoon Suk-yeol officially announced the lifting of martial law at 5 AM. However, the political risk did not dissipate, as several opposition parties, led by the Democratic Party, jointly submitted an impeachment motion against Yoon Suk-yeol after the 6-hour martial law ended abruptly. The local constitution stipulates that the impeachment motion must be voted on within 72 hours, with results expected before December 7.
On the other hand, data from the decentralized prediction market platform Polymarket showed that the probability of bettors wagering that Yoon Suk-yeol would step down within this year once rose to 78%, then fell back to 47%. According to the normal term, Yoon Suk-yeol's presidential term will end in May 2027.
"Martial Law Lasts 6 Hours, Ends in a Flash! South Korea's Daily Cryptocurrency Trading Volume Surpasses $35 Billion" This article was first published on (BlockKe).