South Korea’s Military Rule Fuels $34B Crypto Market Surge

Over 15% of South Korea’s 51.7M population is registered on crypto exchanges, that’s a high adoption rate. When martial law was declared, Bitcoin on Upbit went down 30% and reached $71,814.99, XRP and other major altcoins also plummeted.

But the market recovered just as fast, thanks to crypto whales and optimistic investors.

Local Exchanges Record Unprecedented Trading Activity

Local exchanges Upbit and Bithumb saw all time high trading volume after the announcement. 24 hour trading volume reached $34.2B, double of the previous day’s $18B. Upbit alone accounted for $27.25B of this volume, more than the total trading volume of the local stock market. According to local media, this is the highest single day crypto trading volume in 2024.

This was due to speculative buying during the dip as investors saw the short lived crash as an opportunity. It also shows the impact of South Korea on global crypto market as their trading activities contributed 10% to the global crypto trading volume which reached $298.29B.

Bitcoin and XRP Lead Recovery

Following the initial dip, Bitcoin stabilized around $96,000, while XRP surged to $2.64, marking a 7-year high and securing its position as the third-largest cryptocurrency. These recoveries were a testament to the market’s resilience, as investor confidence quickly returned.

Key Takeaways

• Record Trading Volume: South Korea’s crypto trading hit $34.2B in 24 hours, doubling the previous day’s activity.

• Bitcoin Drop and Recovery: Bitcoin fell 30% but stabilized at $96K.

• XRP Surge: XRP rose to $2.64, marking its highest value in seven years.

This episode underscores the intertwined nature of political events and cryptocurrency markets, where volatility often creates opportunity.