Crisis and Crypto Record: Trading Spike in South Korea

user avatar

by Giorgi Kostiuk

2 years ago

South Korea experienced a dramatic increase in cryptocurrency trading amid a political crisis, leading to the declaration of martial law.

Impact of Martial Law on the Crypto Market

President Yoon Suk-yeol's decision to declare martial law on December 2, 2024, added uncertainty, prompting a rush to sell cryptocurrencies. He cited 'anti-state' forces as a threat to state affairs, justifying the martial action.

Price Drop and the 'Kimchi Discount'

The news of martial law led to sharp declines in cryptocurrency prices on South Korean exchanges. Bitcoin dropped by 33% to 61.2 million Korean won on Upbit, causing the 'kimchi discount' where local exchange prices were lower than global platforms.

Political Backlash and Market Recovery

After the reversal of martial law following political protests, cryptocurrencies began to recover. By afternoon, Bitcoin and Ethereum almost regained their positions, closing the gap between South Korean and global exchange prices to less than 1%.

As the political situation in South Korea calms, the local crypto market stabilizes, though the trading surge remains a significant event.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Aptos Reports Token Burn and Staking Emissions

Aptos has burned approximately 174,570 APT in the last 30 days while issuing around 15 million APT through staking.

user avatarEmily Carter

Cross River Bank Integrates Ripple's RLUSD Stablecoin for Enhanced Payment Solutions

Cross River Bank integrates Ripple's RLUSD stablecoin to enhance payment solutions for fintech customers.

user avatarTomas Novak

Stocklinked Tokens in DeFi Surge to $2.624 Billion

Stocklinked tokens in decentralized finance reached approximately $2.624 billion by the end of September 2026, marking an 18-fold increase from the beginning of the year.

user avatarKaterina Papadopoulou

Fidelity's Assessment Highlights Solana's Improved Reliability

Fidelity's assessment indicates Solana has operated for over two years without major outages, achieving a 99.7% vote success rate, but warns of concerns regarding validator concentration.

user avatarMaya Lundqvist

BitTorrent Unveils New Whitepaper and Brand Upgrade for Web3 and AI

In October 2023, BitTorrent unveiled a comprehensive brand upgrade and a new whitepaper outlining a tripartite architecture for decentralized content distribution and compute, aiming to enhance operational efficiency for Web3 and AI applications.

user avatarLeo van der Veen

JUST Completes Fifth Buyback and Burn of JST Tokens

JUST has successfully completed its fifth buyback and burn of JST tokens, burning over 170 million tokens.

user avatarLi Weicheng

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.