Record crypto trading volume in South Korea after martial law

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

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

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.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Senator Blumenthal Seeks Information from Cantor Fitzgerald on Tether Dealings

Senator Richard Blumenthal has requested Cantor Fitzgerald to provide records related to its business relationship with Tether, focusing on the financial gains of Commerce Secretary Howard Lutnick's family.

Satoshi Nakamura4 hours ago

Ledger Halts Sales Amid Fund Loss Investigations

Ledger has paused sales and shipments of its hardware wallets after reports of fund losses from customers in Southeast Asia who purchased devices from CryptoBilis.

Jesper Sørensen7 hours ago

Project Eleven and Quantus Collaborate on Strongpoint for Future Crypto Custody

Project Eleven has partnered with Quantus to enhance crypto custody solutions through the integration of the Quantus Network into Strongpoint, targeting support for post-quantum cryptography by Q1 2027.