Martial Law in South Korea: Effect on the Crypto Market

The price of bitcoin crashes to a year-high trading volume.

Local Trade in South Korea Following Political Drama

Residents of South Korea and the global cryptocurrency market experienced a rollercoaster following the declaration and subsequent removal of martial law.

South Korea's impact on cryptocurrency and vice versa

More than 15% of South Korea's 51.7 million residents have registered on cryptocurrency exchanges, which is propelling the country's adoption of cryptocurrencies. The governmental decision changes consequently caused the cryptocurrency market to first decline and then rise with significant trading activity in the nation.

Effect on the Market

Well, as the political situation unfolded, trading on several South Korean cryptocurrency exchanges rose and fell. Combined, Upbit and Bithumb out of South Korea’s local spot cryptocurrency exchanges reported $34.2 billion in a single day, which is 49 trillion Korean won equivalent; Upbit accounting for $27.25 billion of this total.

The number of trades conducted in the course of the trading day is also double the number of those done the previous day according to trade data. It reached a new pinnacle of success by crossing many level other than the value of local stock market and degree.
Records since 2024 provided by the news agency from South Korea, Digital Assets, prove that daily trading has never been this high.

Following the first announcement of military junta control, the price of BTC fell by 30% on Upbit as did XRP and other altcoins. Soon things became better although the military control threat was still around and cryptocurrency whales started to enter the market purchasing even if the price continued to fall. Consequently the trading level increased.

The bottom line

This liberalising East Asian nation declared martial law for the first time in fifty years is a phenomenon that surprised both the domestic public and the global governing bodies. Altogether, this announcement as well as the reversal that followed has created a shake in the cryptocurrency market. The events reveal how volatile the international market in bitcoins is.

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