Spike in Crypto Trading Volumes in South Korea
- South Korea experienced a surge in crypto trading volumes to $34 billion in 24 hours during a period of political turmoil.
- The unrest and martial law declaration led to panic among traders, resulting in record-high trading volumes.
Following President Yoon Suk-yeol’s emergency curfew announcement on Dec. 3, the crypto trading volume in South Korea reached unprecedented levels, exceeding $34 billion within a day.
President Yoon Suk-yeol’s decision to declare martial law caused a wave of uncertainty among traders, prompting a significant increase in spot trading volume across the country’s leading cryptocurrency exchanges.
Reason Behind the Martial Law Declaration
President Yoon Suk Yeol cited the escalating “anti-state” actions by the opposition as the primary reason for implementing the emergency curfew, citing concerns for national security and freedom.
The chaotic scenes in parliament and the presence of soldiers on the streets added to the panic among traders and contributed to the surge in trading volumes.
Impact on Crypto Prices
During the brief period of the curfew, traders hurried to sell their assets, leading to a market-wide impact on cryptocurrency prices. Bitcoin faced resistance near the $100k level, while top altcoins like XRP and Ethereum also experienced fluctuations.
XRP and Ethereum both witnessed a decrease in value from their recent highs, showcasing the market’s volatility during the political unrest in South Korea.
The decision to implement martial law has been met with criticism and could potentially lead to the impeachment of President Yoon Suk-yeol, further exacerbating the political turmoil in the country.
