Crypto Activity Breaks Records During Martial Law
The amount of cryptocurrencies traded in South Korea skyrocketed, reaching a record $34.2 billion in a single day. President Yoon Suk-yeol unexpectedly declared martial law late Tuesday night, claiming dangers to democracy from so-called “anti-state” elements, at the same time as the rise.
Crypto exchanges are gripped by panic selling.
Panicked traders scrambled to sell off assets on major exchanges like Upbit, Bithumb, and Coinone. The majority of the trade volume, $27.25 billion, was processed by Upbit alone. As the situation de-escalated, the platform’s bitcoin prices fell to 88 million won ($62,182) before levelling out. Following suit, several cryptocurrencies saw sharp drops during the commotion. Even brief service interruptions on several platforms were brought on by the abrupt spike in activity.
During an emergency meeting, lawmakers revoke martial law.
After lawmakers called an emergency late-night meeting, the martial law, which was in place for just six hours, was quickly lifted. A momentous political moment occurred when the National Assembly unanimously decided to rescind the declaration. On the grounds that the proclamation was unlawful, opposition parties, headed by the Democratic Party of Korea, declared their intention to accuse President Yoon and his cabinet of sedition and begin the process of impeachment.
President Yoon Justifies His Measures
President Yoon defended his contentious decision by saying, “I declared martial law to protect our democracy,” in the face of growing opposition. Yoon withdrew military deployments after the National Assembly’s resolution, despite his defence. Soon later, at a Cabinet meeting, the administration formally declared martial law to be lifted.
Political Repercussions and Future Forecasts for Yoon
The incident’s political fallout is still being felt. Rising unease was reflected in the decentralised prediction tool Polymarket, which showed varying odds on President Yoon’s potential early resignation. Even though his tenure ends in May 2027, the nation is on edge due to the controversy that has increased political tensions.
