As an analyst with over two decades of experience in the financial markets, I must say that the cryptocurrency market never ceases to amaze me with its resilience and volatility. The recent events in South Korea, particularly the surge in trading volumes amidst the declaration of martial law, are a testament to this fact.
On December 3, South Korea experienced an unprecedented spike in cryptocurrency trades amidst their announcement of martial law.
In just a day, trading activity for virtual assets in South Korea reached an astounding $34.6 billion – the peak level this year!
XRP Drives Record Trading Volume
On December 3 at 9:00 AM to December 4 at 9:00 AM, trading volumes on the Won Market Exchange, as per local reports using CoinGecko data, amounted to approximately 49 trillion won ($34.6 billion). This figure exceeded the previous record of roughly 34.7 trillion won ($24.5 billion) set the day before at the same time.
In the realm of South Korean crypto exchanges, I found myself dominating the scene with a whopping trading volume of approximately 39.69 trillion won, equivalent to around $28 billion. Bithumb was my closest competitor, boasting a volume of 8.99 trillion won or roughly $6.35 billion. The remaining players, Coinone, Korbit, and Gopax, recorded volumes of 760 billion won ($537 million), 260 billion won ($183.7 million), and 11.5 billion won ($8.1 million) respectively.
It’s worth mentioning that much of this activity can be attributed to Ripple‘s XRP, as it traded a massive volume of 11.13 trillion won ($800 million) on the platform Upbit specifically.
This latest occurrence is another significant achievement in the South Korean cryptocurrency sector. According to a recent study by 10X Research, the nation’s retail cryptocurrency trading volumes skyrocketed to an impressive $18 billion on December 2, which represents the second-highest volume of the year.
The rise was primarily fueled by significant cryptocurrency trading, particularly in various altcoins. Notably, Ripple’s XRP took the lead, accounting for approximately $6.3 billion in trading volume towards the overall total.
Over the past month, XRP has seen a significant surge, breaking the $2.80 barrier for the first time in approximately seven years. As per CoinGecko’s latest data, the token is currently trading at $2.63, marking an increase of over 420% within the last four weeks.
Market Reaction to Martial Law Declaration
As South Korean President Yoon Seok-yeol declared martial law on December 3 at approximately 10:30 PM, there was a noticeable surge in trading volume within the cryptocurrency market. This announcement sparked considerable volatility, leading to swift changes in buying and selling activities.
When the news became public, several significant digital currencies suffered substantial drops in value, with many experiencing declines of around 30-40%. Among these affected assets was Bitcoin. On December 3, the price of Bitcoin encountered what experts in the field refer to as a “rapid decline” or “dramatic drop” on Upbit, South Korea’s largest cryptocurrency exchange platform.
The event spanned under 15 minutes, within this brief period, the value of Bitcoin dipped roughly to $61,500, a decrease of nearly 30%. Yet, it swiftly rebounded immediately following the dip.
4:30 AM on December 4, President Yoon ended martial law as a result of a decision made by the National Assembly.
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2024-12-05 07:44