South Korea Crypto Trading Volume Reaches $34 Billion After President Declares Martial Law
South Korea experienced a record-breaking surge in cryptocurrency trading volume, reaching $34.2 billion within a 24-hour period. This unprecedented spike coincided with the declaration of emergency martial law by President Yoon Suk-yeol.
The country’s major cryptocurrency exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, witnessed heightened trading activity. Upbit, in particular, processed $27.25 billion worth of trades, contributing significantly to the overall volume.
This figure represents a substantial increase from the previous day’s $18 billion, which had already surpassed the daily turnover of the local stock market.
The sudden surge in trading was primarily driven by the declaration of martial law, which sparked widespread panic among South Korean traders. As a result, many rushed to sell their cryptocurrencies on local exchanges, leading to significant price drops and platform outages.
