Record Crypto Trading Surge in South Korea Amid Martial Law Declaration

In South Korea, a dramatic surge in cryptocurrency trading occurred within 24 hours, with local exchanges seeing a record-breaking $34.2 billion in trading volume.

This uptick came as President Yoon Suk-yeol declared emergency martial law on Tuesday night, citing threats to democracy posed by “anti-state” forces. The announcement triggered a flurry of activity on the country’s crypto exchanges, with Upbit, the largest exchange, handling over $27 billion worth of trades.

The trading volume nearly doubled the previous day’s record, which had already surpassed the daily turnover of the stock market. As the situation unfolded, Bitcoin’s price on Upbit briefly dropped to 88 million won ($62,182), and other cryptocurrencies also saw price drops. The surge in trading caused significant strain on exchange platforms, leading to service outages.

After six hours, President Yoon lifted the martial law following strong opposition from lawmakers, who voted against its enforcement. This political turmoil has prompted the opposition party to threaten legal action, including charges of treason against the president and other officials.

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Meanwhile, the likelihood of Yoon’s resignation stirred activity on decentralized prediction market Polymarket, which initially saw a sharp rise in the odds of his early departure. However, the odds have since fluctuated as the situation continues to evolve.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.