Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
South Korea’s short-lived military rule sparks record $34 billion in local crypto trade

South Korea’s short-lived military rule sparks record $34 billion in local crypto trade

The BlockThe Block2024/12/02 16:00
By:The Block

Quick Take South Korean crypto exchanges recorded over $34 billion in trading volume over the past 24 hours, during which the country’s president declared emergency martial law, only to be forced to lift it shortly afterward. The martial law was rescinded after lawmakers rushed to vote unanimously against it.

South Korea’s short-lived military rule sparks record $34 billion in local crypto trade image 0

South Korea saw record trade volume of over $34 billion across local spot cryptocurrency exchanges in the past 24 hours, during which the country’s president declared  emergency martial law, which lasted six hours.

According to data from CoinMarketCap, South Korean exchanges Upbit, Bithumb, Coinone, Korbit and Gopax recorded a combined crypto trading volume of $34.2 billion in the 24 hours leading up to 10:30 a.m. in local time on Wednesday. Upbit, South Korea’s largest exchange, processed $27.25 billion worth of crypto alone.

The 24-hour trading volume nearly doubled the $18 billion recorded on Dec. 2, which had already made headlines for surpassing the daily volume of the local stock market. According to local crypto news outlet Digital Asset , Tuesday’s trade volume recorded the highest single-day total this year.

The surge in crypto trading volume occurred as the country’s president Yoon Suk-yeol declared emergency martial law late Tuesday night, saying he sought to protect the country from threats to democracy posed by “anti-state” forces targeting the opposition left-wing political party.

South Korean traders rushed to sell their crypto on local exchanges, causing bitcoin’s price on Upbit to drop to 88 million won ($62,182) at one stage, according to local news agency News1 . Most other cryptocurrencies on major South Korean exchanges also saw price drops, while the platforms experienced service outages due to the spike in activity.

Prices have since stabilized, as President Yoon called off the martial law enforcement six hours after the declaration. This followed a unanimous vote against the martial law by lawmakers present at an emergency meeting at 1 a.m. on Wednesday.

South Korea’s opposition party reportedly announced Wednesday morning that it will file charges of treason against President Yoon, the Minister of Defense and the Minister of the Interior and Safety, while also pushing for their impeachment.

Meanwhile, decentralized prediction market platform Polymarket saw the odds of a half-million dollar bet on whether President Yoon would leave office this year jump to 78% earlier today before falling back to 47%. Yoon’s term as president, if served full, is expected to end in May 2027.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Pakistan’s credit rating raised by S&P as economy stabilizes

Share link:In this post: S&P has upgraded Pakistan’s foreign-currency credit rating from ‘CCC+’ to ‘B-’ with a stable outlook, reflecting improved fiscal health and ongoing economic reforms. With inflation easing and political tensions declining, analysts anticipate further interest rate cuts. A $7B IMF loan, falling inflation (3.2% in June), and a current account surplus have helped stabilize Pakistan’s economy.

Cryptopolitan2025/07/24 21:55
Pakistan’s credit rating raised by S&P as economy stabilizes