South Korea witnessed an extraordinary 24 hours as cryptocurrency trade volumes reached a record $34.2 billion. The surge came alongside President Yoon Suk-yeol’s declaration of emergency martial law late Tuesday night.
This rare move, citing threats to democracy from “anti-state” forces, triggered panic-selling among traders on top exchanges like Upbit, Bithumb, and Coinone. Upbit alone processed $27.25 billion, accounting for most of the activity.
Bitcoin prices plummeted on Upbit, dropping to 88 million won ($62,182) before stabilizing as martial law was lifted, according to a report from local news. Other cryptocurrencies also faced significant drops. The massive trading activity caused temporary service outages across platforms.
President Yoon’s martial law, which lasted only six hours, was annulled after lawmakers voted unanimously to revoke it during a late-night emergency meeting. The opposition party, led by the Democratic Party of Korea, announced plans to file sedition charges against President Yoon, the Minister of Defense, and other officials.
They also intend to pursue impeachment proceedings, citing the declaration as unconstitutional.
In response, President Yoon justified his decision, stating, “I declared martial law to protect our democracy.” However, he withdrew the troops after the National Assembly’s resolution. The government formalized the lifting of martial law shortly after a Cabinet meeting.
Meanwhile, the decentralized prediction platform Polymarket showed fluctuating odds on bets regarding President Yoon’s potential exit from office this year. Though his term is set to end in May 2027, political tensions are escalating.
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