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

US Treasury Acts Against MEXC Global for Illegal Transactions.

The US Treasury's FinCEN has issued a measure prohibiting US financial institutions from processing transfers involving MEXC Global due to $16 billion in illicit transactions linked to sanctions evasion and cybercrime.

user avatarSatoshi Nakamura

Yaroch's Theft Compromises Investigations and Raises Security Concerns

Yaroch's fraudulent activities compromised investigations and raised security concerns regarding cryptocurrency managed by government agencies.

user avatarJesper Sørensen

Former FBI Agent Admits to Stealing $25 Million in Cryptocurrency

Former FBI agent Patrick Steven Yaroch pleaded guilty to stealing nearly $25 million in cryptocurrency from federal investigations, compromising sensitive operations.

user avatarRajesh Kumar

Labor Department Submits Crypto Retirement Rule for Review

The Labor Department's proposal includes guidelines for evaluating cryptocurrencies as investment options.

user avatarLucas Weissmann

Political Opposition to Crypto in Retirement Plans

Lawmakers express concerns over the risks of including cryptocurrencies in retirement savings.

user avatarEmily Carter

Trump Administration Proposes Crypto Inclusion in Retirement Plans

The US Department of Labor has proposed a regulatory framework to include cryptocurrencies in 401k plans, potentially opening a $10 trillion retirement market, pending White House approval.

user avatarFilippo Romano

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.