South Korea $34 Billion Crypto Surge Amid Six-Hour Martial Law

South Korea crypto market witnessed a record $34.2 billion trade volume in 24 hours as President Yoon Suk-yeol declared martial law. Prices stabilized after the law was lifted, with impeachment calls looming.

South Korea’s Crypto Frenzy as Emergency Martial Law Sparks $34 Billion Trade Surge

South Korea’s cryptocurrency market saw an unprecedented $34.2 billion in trade volume within 24 hours, marking the highest single-day total of the year. The trading frenzy was triggered by President Yoon Suk-yeol’s sudden declaration of emergency martial law late Tuesday night, which lasted for six hours before being revoked.

Record Crypto Volumes Amid Political Turmoil

According to CoinMarketCap, leading South Korean exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, recorded the combined staggering volume. Upbit alone processed $27.25 billion in crypto trades.

This volume nearly doubled the $18 billion traded on Dec. 2, which had already outpaced the daily turnover of South Korea’s stock market. The rapid activity caused a brief crash in Bitcoin prices on Upbit, plummeting to 88 million won ($62,182). Other cryptocurrencies also faced sharp declines, with platforms experiencing outages due to the unexpected spike in user activity.

Political Fallout Drives Crypto Panic

The turmoil began when President Yoon declared martial law, citing “anti-state” forces as a threat to democracy. This move targeted the opposition left-wing party, escalating political tensions and prompting a rush to liquidate crypto holdings.

By 1 a.m. Wednesday, an emergency meeting saw lawmakers unanimously vote against the martial law. Hours later, the President revoked the decree. Opposition parties, however, announced plans to pursue impeachment proceedings and treason charges against Yoon and his key ministers.

Impact on the Crypto Market

Prices stabilized after the martial law was rescinded, though market confidence remains shaky. The events highlight the vulnerability of digital asset markets to political instability.

On decentralized prediction platform Polymarket, a half-million-dollar bet on whether President Yoon would leave office this year saw odds spike to 78% before cooling to 47%.

While Bitcoin prices have regained stability, the incident underscores the growing influence of political decisions on cryptocurrency markets in South Korea.

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