Share this article
Bitcoin, XRP Briefly Wick Down 30% on South Korean Exchanges as Martial Law Declared
South Korean President Yoon Suk Yeol declared "emergency martial law" late Tuesday evening.
Dec 3, 2024, 2:31 p.m.
Major crypto tokens quickly plunged as much as 30% against the Korean won on South Korean exchanges as the government declared emergency martial law late on Tuesday.
South Korean President Yoon Suk Yeol declared "emergency martial law," accusing opposition parties of undermining the government, sympathizing with North Korea, and paralyzing the nation’s legislative process.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Negative sentiment spilled over to the crypto markets in the minutes following. Bitcoin, XRP — two of the most traded tokens by volumes on local exchanges — plunged as low as 30% on Upbit before quickly recovering. BTC fell from $96,000 to $63,000 in U.S. dollar terms, assuming current exchange rates.
In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.
Trading volumes on local exchange Upbit sometimes exceed those of global counterparts Binance and Coinbase, indicative of the serious cash and activity around crypto in the nation.
Upbit and Bithumb, another major local exchange, have issued notices of a delay in site feeds and performance amid a surge of user activity following the martial law.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Dogecoin Holds $0.14 Floor as Network Activity Hits 3-Month High
Rising active addresses and tightening volatility indicate an impending directional move, with $0.16 as a critical breakout threshold.
What to know:
- Dogecoin marked its 12th anniversary, but market reactions were muted, focusing instead on technical patterns and network activity.
- The token consolidated within a tight range, with active buying interest at the lower boundary and potential for a bullish breakout.
- Rising active addresses and tightening volatility indicate an impending directional move, with $0.16 as a critical breakout threshold.
Top Stories
