Record-Breaking Crypto Volume: South Korea's cryptocurrency exchanges witnessed a historic surge in trading volume 📈, peaking at a staggering $34.2 billion in a single day.
Martial Law Declaration: President Yoon Suk-yeol declared a state of emergency martial law ⚠️, citing threats to democracy from "anti-state" forces.
Panic Selling: The unexpected declaration triggered widespread panic among crypto traders 😱, leading to a massive sell-off on major exchanges like Upbit, Bithumb, and Coinone.
Bitcoin Plunge: Bitcoin prices on Upbit plummeted to 88 million won ($62,182) before stabilizing after the lifting of martial law 📉.
Broader Market Impact: Other cryptocurrencies also experienced significant price drops during the period of heightened uncertainty 📉.
Platform Outages: The overwhelming trading volume caused temporary service disruptions on various cryptocurrency platforms 🚫.
Short-Lived Martial Law: President Yoon's martial law declaration lasted only six hours, as it was revoked by the National Assembly.
Political Backlash: The opposition party, led by the Democratic Party of Korea, plans to file sedition charges against President Yoon and other officials ⚖️.
Impeachment Threat: The opposition party also intends to initiate impeachment proceedings against President Yoon, citing the unconstitutionality of the martial law declaration 🏛️.
Presidential Justification: President Yoon defended his decision, stating that it was necessary to protect democracy 🛡️.
Troop Withdrawal: Following the National Assembly's resolution, President Yoon ordered the withdrawal of troops 🪖.
Formal Lifting of Martial Law: The government officially lifted martial law after a Cabinet meeting.
Political Uncertainty: The decentralized prediction platform Polymarket saw fluctuating odds on bets regarding President Yoon's potential removal from office 🗳️.
Tensions Rise: The political climate in South Korea remains tense, with the opposition party gearing up for legal and political challenges against the government ⚔️.
Market Volatility: The extraordinary events have highlighted the significant impact of geopolitical factors on the cryptocurrency market 🌎.