Record crypto trading volume in South Korea after martial law

user avatar

by Giorgi Kostiuk

2 years ago

South Korean crypto exchanges recorded a record trading volume following the implementation of martial law. This is due to political instability.

Growth of trading volumes amidst political events

According to CoinMarketCap, the spot trading volume on the five largest South Korean crypto exchanges - Upbit, Bithumb, Coinone, Korbit, and Gopax - reached $34.2 billion over the past 24 hours. The previous record of $18 billion was surpassed due to the martial law implementation and subsequent trading surge.

Crypto market analysis

Upbit contributed the largest share of the spot trading volume at $27.25 billion, followed by Bithumb at $6.14 billion, Coinone at $531 million, Korbit at $192 million, and Gopax with nearly $9 million. This spike in activity led to significant price fluctuations for major cryptocurrencies such as Bitcoin and Ethereum, as well as altcoins like Ripple, Stellar Lumens, and Solana.

Crypto prices in South Korea plummeted along with the South Korean won.

Reasons and implications of martial law

Martial law in South Korea was enacted on December 3 at 23:00 KST. Bans on protests and media control led to mass protests and unrest. The government implemented emergency measures in response to a supposed threat from "North Korea's communist forces." However, many believe it was intended to curb domestic pressure that could lead to President Yoon Suk-yeol's impeachment.

Events in South Korea highlight the role political stability plays in shaping the cryptocurrency market. Emergency decisions can significantly impact trading volumes and asset prices.

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

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

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.