🌎 South Korea Crypto Trading Volume Hits Record High

South Korea’s Crypto Trading Volume Reaches Record High Amid Martial Law Unrest

Spot Trading Volume Surges to $34.2 Billion in 24 Hours

South Korea’s five major crypto exchanges – Upbit, Bithumb, Coinone, Korbit, and Gopax – have recorded a combined spot trading volume of over $34.2 billion in the past 24 hours, setting a new record high. This significant surge in trading activity has been attributed to the country’s recent martial law, which was implemented by President Yoon Suk-yeol.

Unrest Triggers Massive Sell-Off

The martial law, which was enacted on December 3, banned citizens from conducting protests and placed the media under government control. The move sparked widespread protests and unrest, leading to a massive sell-off in the crypto market. South Korean traders rushed to liquidate their assets, causing prices to plummet.

According to local media reports, some exchanges experienced site outages due to the massive spike in trading activity. The prices of major cryptocurrencies such as Bitcoin and Ethereum fell to their lowest levels in recent months, with Bitcoin reaching 88 million won and Ethereum reaching 4.2 million won.

Exchange Volumes

The breakdown of the 24-hour trading volumes for each exchange is as follows:

Upbit: $27.25 billion
Bithumb: $6.14 billion
Coinone: $531 million
Korbit: $192 million
Gopax: $9 million

Impact on Crypto Prices

The martial law and subsequent unrest have had a significant impact on crypto prices in South Korea. The prices of major cryptocurrencies such as Ripple, Stellar Lumens, and Solana plummeted by double digits. This sell-off is similar to those seen during times of global uncertainty, such as the Ukraine war and the COVID-19 pandemic.