South Korea’s Martial Law Sparks Crypto Market Surge, Setting New Trading Records
In the past 24 hours, South Korea experienced dramatic political and market events following the sudden announcement of martial law by President Yoon Suk Yeol, which was later revoked after just six hours.
Despite the country’s long history of tension with North Korea, South Korea has emerged as a global leader in technology and crypto adoption, with over 15% of its population engaged in digital asset trading. The announcement of martial law sent shockwaves through the local crypto market, initially causing a drop in prices, followed by a surge in trading activity.
During this brief period of military rule, South Korean crypto exchanges such as Upbit, Bithumb, and others saw a substantial increase in trading volume, with a combined total of $34.2 billion over just 24 hours. This figure represents a significant rise compared to the previous high of $18 billion on December 2, marking the highest single-day trading volume of 2024. Notably, Upbit, the country’s largest exchange, accounted for a substantial portion of this volume at $27.25 billion.
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The crypto market experienced volatility as the martial law announcement caused a sharp drop in prices, including a 30% plunge in Bitcoin on Upbit, which briefly fell to $71,814.99. However, the market quickly recovered, with traders capitalizing on the dip, driving a surge in trading volume. As a result, global market capitalization increased by 3.5% in the last 24 hours, reaching $3.57 trillion, while trading volume surged by 10% to $298.29 billion. The price of Bitcoin has stabilized around $96,000, and XRP is seeing strong bullish momentum, currently trading at $2.64, marking a seven-year high.
Although South Korea’s brief period of martial law caused initial disruptions, the swift reversal of the decision and the increased trading activity highlighted the resilience of the country’s crypto market, setting new records and contributing to the global market’s growth.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
