On December 3, South Korea witnessed a historic surge in cryptocurrency trading as the nation dealt with the declaration of martial law.<\/p>\n
Trading volumes in the Korean virtual asset market skyrocketed to approximately $34.6 billion within 24 hours, marking the highest recorded level of the year.<\/p>\n
According to local reports<\/a> citing CoinGecko data, from 9:00 AM on December 3 to 9:00 AM on December 4, trading volumes across the Won Market Exchange reached around 49 trillion won ($34.6 billion). This figure surpassed the previous high of around 34.7 trillion won ($24.5 billion) recorded just a day earlier.<\/p>\n Upbit emerged as the dominant player among South Korea\u2019s crypto exchanges, recording a trading volume of 39.69 trillion won ($28 billion). Bithumb followed with 8.99 trillion won ($6.35 billion), while Coinone, Korbit, and Gopax accounted for 760 billion won ($537 million), 260 billion won ($183.7 million), and 11.5 billion won ($8.1 million), respectively.<\/p>\n Notably, a significant portion of this activity was driven by Ripple\u2019s XRP, which recorded a trading volume of 11.13 trillion won ($800 million) on Upbit alone.<\/p>\n This development follows another major milestone for the South Korean crypto market. A recent 10X research revealed<\/a> that the country\u2019s retail crypto trading volumes surged to $18 billion on December 2, marking the second-highest level of the year.<\/p>\n The increase was driven by major trading activity in several altcoins. In this instance, too, Ripple\u2019s XRP led the charge, contributing over $6.3 billion in trading volume to the total.<\/p>\n XRP has been experiencing<\/a> a remarkable rally over the past month, surpassing the $2.80 threshold for the first time in almost seven years. According to CoinGecko data<\/a>, at the time of writing, the token was trading at $2.63, up over 420% in the last month.<\/p>\n The increase in trading volume coincided with South Korean President Yoon Seok-yeol\u2019s declaration of martial law on the evening of December 3, around 10:30 PM. The announcement triggered significant volatility in the crypto market, causing rapid buying and selling activity shifts.<\/p>\n As the news broke, major digital currencies experienced large declines in value, with many dropping 30-40%. Bitcoin was one of the affected assets. On December 3, the token\u2019s price faced<\/a> what industry insiders call a \u201cflash crash\u201d on Upbit, the nation\u2019s largest cryptocurrency exchange.<\/p>\n The incident lasted less than 15 minutes, during which Bitcoin\u2019s price plunged to around $61,500, a drop of about 30%. However, it quickly recovered shortly after the decline.<\/p>\n Following a resolution from the National Assembly, President Yoon lifted<\/a> martial law by 4:30 AM on December 4.<\/p>\n The post South Korea\u2019s Crypto Trading Volume Hits Record $34B Amid Martial Law Controversy<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" On December 3, South Korea witnessed a historic surge in cryptocurrency trading as the nation dealt with the declaration of martial law. Trading volumes in the Korean virtual asset market skyrocketed to approximately $34.6 billion within 24 hours, marking the highest recorded level of the year. XRP Drives Record Trading Volume According to local reports […]<\/p>\n","protected":false},"author":0,"featured_media":25890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25889"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25889"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25890"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Market Reaction to Martial Law Declaration<\/h2>\n