South Korea’s martial law farce ends, and the crypto market recovers from its lows
South Korean President Yoon Seok-yue suddenly announced a state of martial law on the evening of December 3, triggering turmoil in global financial markets. However, he announced the lifting of martial law just six hours later. This incident was also described as a "farce" by many media outlets.
As South Korea lifts martial law, the originally volatile cryptocurrency market has gradually returned to calm. CoinMarketCap quotes show that mainstream currencies such as Bitcoin ($BTC), Ethereum ($ETH) and Ripple ($XRP) have rebounded, with Bitcoin returning to above $96,000 from a low of $93,500.
A spokesman for the US White House also expressed relief, saying that he was happy to see President Yoon withdrawing the worrying martial law and respecting the decision of the local Congress.
Further reading:
South Korea's Martial Law Lazy Pack) Watch the whole 6-hour political farce in one go. What exactly happened?
Source: The New York Times South Korean President Yoon Seok-yue suddenly announced and lifted martial law, triggering turmoil in the crypto market
Investors rush into Upbit to buy the bottom, trading volume exceeds 25 billion US dollars
During the period of martial law and the lifting of martial law in South Korea, a group of savvy investors seem to be taking advantage of major events to profit.
According to (CoinDesk) reports, after the declaration of a state of martial law, Bitcoin once fell to around US$60,000 on Upbit, a local exchange in South Korea. Compared with the global average price of US$95,800 at the time, there was a significant discount.
Taking advantage of the huge discount on Bitcoin, a large amount of Tether ($USDT) was transferred to the Upbit exchange, showing that investors were rushing to buy the dip.
On-chain analyst Lookonchain pointed out that within an hour after martial law was announced, more than $163 million in $USDT poured into Upbit. It may be that many whales are trying to seize the bargain hunting opportunity.
Data from the cryptocurrency ranking website CoinMarketCap shows that in the past 24 hours, Upbit’s trading volume has reached US$26.7 billion, ranking the fifth largest exchange in the world in terms of spot trading volume. On December 2, it was US$18 billion, the highest day in the South Korean stock market. 122% of trading volume.
These 7 coins have the highest trading volume on Upbit
Looking at the Korean won trading pair, as of the time of writing today (12/4), Ripple ($XRP), Bitcoin ($BTC), Dogecoin ($DOGE), IOTA ($IOTA), Hedera on Upbit ($HBAR), Stellar Lumens ($XLM), and TRON ($TRX) are at the forefront in terms of trading volume. The trading volume of $XRP is more than five times that of Bitcoin, which is quite astonishing.
Source: Upbit South Korea Upbit exchange trading volume ranking
At the time of writing today, Bitcoin is quoted at $95,533 on the Upbit exchange, compared to the global average price of $96,479, still a difference of nearly $1,000.
Although the cryptocurrency market faced huge fluctuations last night, among the top 20 currencies in the world, Binance Coin ($BNB) and Tron Coin ($TRX) unexpectedly became beneficiaries. Not only did they both surge to record highs, the latter It once soared by more than 90%, and is currently quoted at US$763 and US$0.3998 respectively.
Overall, the crypto market turmoil caused by the martial law incident in South Korea has eased. After the lifting of martial law, investors flocked to the Upbit exchange and actively participated in bargain hunting, driving the trading volume of multiple cryptocurrencies to surge.
These data show that even with major political events, South Korean investors still maintain a certain degree of confidence and interest in the cryptocurrency market.
"The martial law farce in South Korea is over!" Investors rushed into Upbit to buy the bottom, and 7 currencies ranked among the top in trading volume." This article was first published in "Crypto City"
