According to The Block, South Korean cryptocurrency exchanges recorded over $34 billion in trading volume during the period when the South Korean president announced the emergency martial law, which was then quickly lifted.
The martial law was lifted after lawmakers swiftly voted unanimously against it.
In the past 24 hours, the trading volume on local cryptocurrency exchanges in South Korea exceeded $34 billion, while South Korean President Yoon Suk-yeol announced an emergency martial law on Tuesday night that lasted for six hours.
According to CoinMarketCap, South Korean exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax recorded a total of $34.2 billion in cryptocurrency trading volume in the 24 hours ending at 10:30 a.m. on Wednesday. Among them, the largest exchange Upbit handled $27.25 billion in cryptocurrency alone.
The trading volume in these 24 hours was nearly double the $18 billion recorded on December 2, which had made headlines for exceeding the daily trading volume of the local stock market. According to local crypto news media Digital Asset, the trading volume on Tuesday set the record for the highest daily total this year.
The surge in cryptocurrency trading volume occurred when South Korean President Yoon Suk-yeol announced the emergency martial law late Tuesday night, stating that the move was aimed at protecting the country from 'anti-state' forces threatening opposition leftist parties.
According to local news agency News1, South Korean traders rushed to sell their cryptocurrencies on local exchanges, causing the price of Bitcoin on Upbit to briefly drop to 88 million won (about $62,182). Most other cryptocurrencies on major exchanges in South Korea also saw price declines, while trading platforms experienced service disruptions due to the surge in activity.
As President Yoon lifted the martial law six hours after the announcement, prices began to stabilize. At an emergency meeting held at 1 a.m. on Wednesday, the attending lawmakers unanimously voted against the martial law.
It was reported that the South Korean opposition party announced on Wednesday morning that they would file treason charges against President Yoon, the Defense Minister, and the Interior and Security Minister, and push for their impeachment.
Meanwhile, on the decentralized prediction market platform Polymarket, the odds for a $500,000 bet on whether President Yoon would resign this year soared to 78% earlier, then fell back to 47%. If President Yoon's term is fully fulfilled, it is expected to end in May 2027.