South Korea Sees Record $34B Crypto Trading Volume After President Declares Martial Law

Highlights:

• South Korea’s crypto market reached a record $34 billion in trading volume over the past 24 hours.
• Upbit exchange led the surge in South Korea’s crypto market, processing $27.25 billion.
• The surge in trading followed President Yoon’s martial law declaration, lasting just six hours.

In the past 24 hours, South Korea saw a record trade volume of $34.2 billion on local spot crypto exchanges. According to CoinMarketCap data, the unusual trade activity occurred across South Korea’s major crypto exchanges, including Upbit, Korbit, Bithumb, Gopax, and Coinone. Upbit, South Korea’s largest crypto exchange, handled $27.25 billion in trades. Bithumb ranked second with a spot trading volume exceeding $6.14 billion in the past 24 hours.

The total trading volume almost doubled by $18 billion from the day before, surpassing the daily turnover of the local stock market. According to Digital Asset, a local crypto news outlet, this marked the highest single-day trading volume of the year.

🇰🇷🚨‼️ SUMMARY OF THE CRAZY EVENTS IN SOUTH KOREA:

1) The president of South Korea expected an impeachment from the opposition.

2) To prevent that, he declared martial law banning all political activity!

3) The Korean army came and closed off the parliament to prevent MPs to… pic.twitter.com/Ez5UcQutFR

— Lord Bebo (@MyLordBebo) December 3, 2024

Trading Volume Soars Following President Yoon’s Martial Law Declaration

The increase in spot trading volume occurred following President Yoon Suk-yeol’s emergency martial law declaration late Tuesday. President Yoon said martial law was needed because of “anti-state forces” and North Korea’s threats. Although South Korea had martial law before, this was the first in 50 years. The public was shocked by the announcement. Martial law is a severe action taken by a government during an emergency. It places military personnel in charge to ensure stability and security. This often leads to curfews, restrictions on movement, and limits on civil freedoms.

Immediately after President Yoon’s announcement, 190 lawmakers voted to urge the repeal of martial law. This vote took place early Wednesday during an emergency session of the National Assembly. Yoon’s martial law lasted just six hours. South Korea’s opposition party announced Wednesday morning that it will file treason charges against President Yoon. They also plan to charge the Minister of Defense and the Minister of the Interior and Safety. Additionally, the opposition is pushing for their impeachment.

On Polymarket, the odds of a $500,000 bet on President Yoon leaving office this year rose to 78%, then dropped to 47%. Yoon’s term is set to end in May 2027 if he serves the full term.

Bitcoin Falls to $62K on Upbit Immediately After South Korea’s Martial Law

South Korean traders quickly began selling their crypto on local exchanges. This caused Bitcoin’s price on Upbit to drop to 88 million won ($62,182), according to News1. Most other cryptocurrencies on major exchanges also saw price drops. The rise in trading led to temporary service disruptions on multiple platforms. 

Meanwhile, Justin Sun’s network token, Tron (TRX), jumped nearly 65% within 24 hours. Rachael Lucas, a crypto analyst at BTC Markets, suggested that the political instability in South Korea may have contributed. She mentioned that TRX is commonly utilized for fast fund transfers between exchanges, especially in South Korea.