Historic Trading Amidst Martial Law
On December 4rd, South Korea experienced a record-breaking cryptocurrency trading volume, reaching $34.2 billion within 24 hours. This surge occurred during a six-hour period of martial law declared by President Yoon Suk-yeol.
According to CoinMarketCap, leading South Korean exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax contributed to this unprecedented volume. Upbit, the largest exchange in the country, alone processed $27.25 billion worth of cryptocurrencies.
A Doubling of Trading Volume from the Previous Day
This 24-hour record nearly doubled the trading volume from December 2nd, which had already garnered attention with $18 billion in transactions, surpassing the daily turnover of the South Korean stock market. Tuesday’s trading activity marked the highest single-day total for 2024, according to the local news portal Digital Asset.
Political Crisis as a Catalyst for Trading
Investor panic was triggered after President Yoon declared martial law, aiming to "protect democracy" from alleged anti-state activities linked to the opposition leftist party. Local traders rushed to sell off their cryptocurrencies, leading to significant price drops on South Korean exchanges.
For example, the price of Bitcoin on Upbit temporarily plunged to 88 million won (approximately $62,182). Similar declines were seen in other cryptocurrencies, while exchanges struggled with technical outages due to a massive surge in user activity.
Situation Stabilizes as Martial Law is Lifted
President Yoon lifted martial law after six hours, following a unanimous decision by lawmakers at an emergency session. Cryptocurrency prices subsequently stabilized, and exchanges resumed normal operations.
Opposition Response and Political Fallout
The opposition party announced plans to charge President Yoon, the Minister of Defense, and the Minister of the Interior with treason. They are also seeking their removal from office.
Speculations About the President's Future
On the decentralized prediction market platform Polymarket, speculations about President Yoon's potential departure surged. The likelihood of him leaving office this year temporarily spiked to 78% before dropping back to 47%. If he serves his full term, Yoon's presidency is set to end in May 2027.
This event highlights the significant impact political crises can have on markets, particularly in countries with active cryptocurrency trading.
#SouthKorea , #Cryptocurrencies ,#CryptoNewss , #CryptoTransactions , #BTC☀
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
