South Korea has just recorded a cryptocurrency trading frenzy, with trading volume on local exchanges reaching a record $34 billion in the past 24 hours. This increase occurred in the context of President Yoon Suk-yeol issuing a state of emergency martial law lasting six hours.
Data from CoinMarketCap shows that major South Korean exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax recorded a total trading volume of $34.2 billion in the 24-hour period up to 10:30 am local time on Wednesday. Upbit alone, the country's largest exchange, processed over $27.25 billion.
This trading volume is nearly double the $18 billion recorded on December 2 - a commendable figure as it surpassed the trading volume of the South Korean stock market, marking the highest level for local cryptocurrency trading this year.
This sudden growth occurred immediately after President Yoon Suk-yeol announced a state of emergency martial law on Tuesday night, citing the need to protect democracy from "anti-state forces" related to the opposition left-wing party.
Traders in South Korea rushed to dump cryptocurrencies on local exchanges, causing the Bitcoin price on Upbit to drop to 88 million won (around $62,182) at one point. Most other cryptocurrencies on major South Korean exchanges also saw price declines, while these trading platforms experienced disruptions due to the surge in trading activity.
However, cryptocurrency prices have gradually stabilized after President Yoon revoked the martial law order just six hours after it was issued. This decision was made after lawmakers in an emergency meeting at 1 am on Wednesday unanimously voted against the martial law order.
News agency Kwnews reported that the South Korean opposition party has announced it will sue President Yoon, the Defense Minister, and the Interior and Safety Minister for treason, and also push for the impeachment of these officials.
Meanwhile, the decentralized market prediction platform Polymarket has recorded bets worth over $750,000 on the likelihood of President Yoon - whose term is set to end in May 2027 - resigning this year, with this probability rising to 78% earlier today before dropping to 49% at the time of writing. Additionally, 80% of the $76,200 in bets are that President Yoon will be impeached in 2024.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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