- Unprecedented Crypto Surge: South Korean exchanges saw a record $34.2 billion in trading volume within 24 hours.
- Political Chaos Impact: Emergency martial law caused panic selling, with Bitcoin prices plummeting to $62,182 on Upbit.
- Aftermath: Political unrest led to treason charges and impeachment efforts against President Yoon and key ministers.
South Korea’s cryptocurrency market recorded an unprecedented 24-hour trading volume of $34.2 billion across major local exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. Upbit alone accounted for $27.25 billion, marking its dominance in the market. This staggering surge came during a turbulent political event, a six-hour emergency martial law declaration by President Yoon Suk-yeol late Tuesday night.
This trading frenzy nearly doubled the $18 billion volume recorded on December 2, which had already surpassed the daily turnover of the country’s stock market. According to Digital Asset, a South Korean cryptocurrency news outlet, this marked the highest single-day total for cryptocurrency trading this year.
Cryptocurrency Market Chaos During Political Crisis
The declaration of martial law, intended to counter alleged “anti-state” threats, triggered panic among South Korean crypto traders. Bitcoin prices on Upbit briefly plunged to 88 million won ($62,182), reflecting a sharp sell-off. Other major cryptocurrencies also faced significant declines. This panic-induced trading activity caused temporary outages across several platforms.
By early Wednesday, following a unanimous vote by lawmakers against the martial law order, President Yoon rescinded the decree. Crypto markets began to stabilize as the political situation eased.
The opposition party swiftly moved to press charges of treason against President Yoon and key government ministers, while also pushing for their impeachment. The broader political unrest has sent ripples across various sectors, with decentralized prediction markets like Polymarket reflecting the uncertainty. The odds of a half-million-dollar bet on Yoon’s early exit from office soared to 78% before settling at 47%.
Despite the immediate stabilization in the crypto market, South Korea’s political turmoil remains a focal point, with traders and investors closely watching its impact on the broader financial landscape.
