South Korea's cryptocurrency market saw an unprecedented surge of $34.2 billion in trading volume over a 24-hour period, coinciding with President Yoon Suk-yeol's emergency declaration of martial law late on Tuesday.
The rare move was sparked by concerns over perceived threats to democracy from “anti-state” forces. This led to panic-selling on major exchanges such as Upbit, Bithumb, and Coinone, with Upbit processing a staggering $27.25 billion of the total.
Bitcoin’s price dropped to 88 million won ($62,182) before stabilizing, while other cryptocurrencies also experienced sharp declines. The overwhelming trading activity caused temporary outages on several platforms.
Martial Law Annulled
The martial law, which lasted only six hours, was annulled after lawmakers unanimously voted to revoke it during a late-night emergency session. The opposition, led by the Democratic Party of Korea, plans to file sedition charges against President Yoon, the Minister of Defense, and other officials, and is considering impeachment proceedings, calling the declaration unconstitutional.
In defense of his actions, President Yoon stated, “I declared martial law to protect our democracy,” but withdrew the troops following the National Assembly’s resolution. The government formally lifted the martial law shortly after a Cabinet meeting.
Polymarket Betting: Amid the political chaos, South Koreans turned to decentralized prediction platform Polymarket, where fluctuating odds indicated growing uncertainty about President Yoon’s future. Although his term ends in May 2027, the escalating political tensions are fueling speculation about his potential exit from office.
