{"id":33215,"date":"2024-12-04T14:00:00","date_gmt":"2024-12-04T11:00:00","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=33215"},"modified":"2025-03-27T23:33:55","modified_gmt":"2025-03-27T20:33:55","slug":"south-korean-martial-law-affected-the-crypto-market","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/south-korean-martial-law-affected-the-crypto-market\/","title":{"rendered":"South Korean Martial Law Affected the Crypto Market!"},"content":{"rendered":"<p>The declaration of martial law by <strong><a href=\"https:\/\/coinengineer.net\/blog\/?s=South+Korean\">South Korean<\/a><\/strong> President Yoon Suk-yeol has not only shaken the political and economic balance in the country, but also deeply affected the cryptocurrency markets. Economic uncertainty prompted investors to quickly liquidate their holdings, while crypto exchanges recorded record trading volumes. This development brought South Korea&#8217;s pioneering role in cryptocurrency markets to the fore once again.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/south-korean-martial-law-affected-the-crypto-market\/#Crypto_Trading_Volume_Hits_Record_High\" title=\"Crypto Trading Volume Hits Record High\">Crypto Trading Volume Hits Record High<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/south-korean-martial-law-affected-the-crypto-market\/#Withdrawal_of_Martial_Law_Decree\" title=\"Withdrawal of Martial Law Decree\">Withdrawal of Martial Law Decree<\/a><\/li><\/ul><\/nav><\/div>\n<h3 data-start=\"0\" data-end=\"44\"><span class=\"ez-toc-section\" id=\"Crypto_Trading_Volume_Hits_Record_High\"><\/span>Crypto Trading Volume Hits Record High<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"\" data-start=\"46\" data-end=\"589\">Following the imposition of martial law, cryptocurrency exchanges in South Korea saw their trading volume surge to an all-time high of $34 billion in the past 24 hours. Compared to the previous day&#8217;s $18 billion volume, it is evident that much of this increase stemmed from a wave of panic selling. Upbit solidified its dominance during this period, accounting for $27.2 billion of the total volume. However, this surge was primarily driven by selling pressure, as investors rushed to liquidate their crypto assets amid economic uncertainty.<\/p>\n<p class=\"\" data-start=\"591\" data-end=\"925\">As a result of these developments, Bitcoin experienced a sharp decline against the South Korean won, dropping to as low as $62,000. Losses in altcoins were even more severe\u2014Dogecoin, for example, plummeted by as much as 50% in its won trading pair. This situation has heightened investor concerns and further fueled market volatility.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Withdrawal_of_Martial_Law_Decree\"><\/span>Withdrawal of Martial Law Decree<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>President Yoon Suk-yeol&#8217;s decision to impose martial law reverberated widely in South Korea&#8217;s political arena. Following a strong reaction from opposition parties and public opinion, the decision was rejected in a parliamentary vote. As a result, Yoon was forced to withdraw the declaration of martial law. However, the opposition stated that this situation created a political crisis and announced that they were preparing to file a lawsuit for Yoon&#8217;s dismissal.<\/p>\n<p>At a time of such high political tension, the country&#8217;s traditional financial markets were also affected. The South Korean stock market started the day with a 2% drop when it reopened, but trading continued smoothly.<\/p>\n<p class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The declaration of martial law by South Korean President Yoon Suk-yeol has not only shaken the political and economic balance in the country, but also deeply affected the cryptocurrency markets. Economic uncertainty prompted investors to quickly liquidate their holdings, while crypto exchanges recorded record trading volumes. This development brought South Korea&#8217;s pioneering role in cryptocurrency<\/p>\n","protected":false},"author":6,"featured_media":33217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[9863],"class_list":["post-33215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel","tag-south-korean"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korean Martial Law Affected the Crypto Market! - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/south-korean-martial-law-affected-the-crypto-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korean Martial Law Affected the Crypto Market! - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The declaration of martial law by South Korean President Yoon Suk-yeol has not only shaken the political and economic balance in the country, but also deeply affected the cryptocurrency markets. Economic uncertainty prompted investors to quickly liquidate their holdings, while crypto exchanges recorded record trading volumes. 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