South Korea experienced a significant increase in cryptocurrency trading volumes, reaching $34.2 billion in 24 hours amid President Yoon Suk-yeol's declaration of martial law.
Increase in Trading Volumes
Cryptocurrency trading volumes in South Korea saw a significant surge, hitting $34.2 billion. Most of the activity was concentrated on the Upbit exchange, which processed $27.25 billion, while other major exchanges like Bithumb and Coinone also saw high levels of activity.
Cryptocurrency Price Drop
Prices of Bitcoin and other cryptocurrencies plummeted due to panic-selling triggered by the martial law declaration. As reported by local news, Bitcoin's price on Upbit fell to 88 million won ($62,182) before stabilizing once martial law was lifted. The events also led to temporary service outages across platforms.
Political Consequences
The martial law, which lasted only six hours, was unanimously revoked by lawmakers. The opposition Democratic Party of Korea plans to press sedition charges against President Yoon and other officials for impeachment proceedings. In response, President Yoon justified his decision as a means to protect democracy, though he withdrew the troops following the National Assembly's resolution.
These events underscore the growing political tension in South Korea, significantly impacting the crypto market and sparking widespread public reaction.
