{"id":3821,"date":"2024-12-06T05:32:28","date_gmt":"2024-12-06T05:32:28","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=3821"},"modified":"2024-12-06T05:32:28","modified_gmt":"2024-12-06T05:32:28","slug":"south-korea-crisis-sparks-34-2-billion-explosion-in-crypto-market","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=3821","title":{"rendered":"South Korea Crisis Sparks $34.2 Billion Explosion In Crypto Market"},"content":{"rendered":"
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Last Tuesday, South Korea President Yoon Suk Yeol<\/a> surprised the country by declaring a martial law. The President\u2019s surprise announcement, later reversed, created political chaos and rattled the markets.<\/p>\n

South Korea\u2019s stock market fell<\/a> in Wednesday morning trading and the benchmark Kospi dipped by 2% as a result of the tumult. Even before the markets opened, the country\u2019s vice minister for economy and finance stated that the government was ready to infuse almost $7 billion to stabilize the market.<\/p>\n

As major Kospi stocks fell, SoKor\u2019s crypto trading volume surged to $34.2 billion across popular exchanges like Bithumb, Upbit, Gopax, and Korbit. Upbit processed most crypto transactions worth $27.25 billion, underscoring its dominance in the country\u2019s crypto market.<\/p>\n

Bitcoin\u2019s price<\/a> also briefly dipped in Korea\u2019s crypto exchanges due to a lack of liquidity, highlighting the vulnerability of the country\u2019s crypto market.<\/p>\n

Volatile Trading Session<\/strong><\/h2>\n

South Korean stocks responded negatively to the president\u2019s flip-flop. The country\u2019s vice chair for economy and finance announced that the administration is ready to deploy up to $7 billion to address a potential market chaos.<\/a><\/p>\n

<\/p>\n

On Wednesday trading, the country\u2019s popular stocks, like Samsung and LG Energ Solution, dropped by 1% and 2.8%, respectively.<\/p>\n

The country\u2019s crypto market also saw a surge in activities, nearly doubling the $18 billion record set on December 2nd. According to South Korea\u2019s cryptocurrency news outlet KWNews<\/a>, this was the highest single-day total for crypto trading for the year.<\/p>\n

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BREAKING: South Korea\u2019s parliament votes 190-0 to lift martial law pic.twitter.com\/08Sf0HHZ0C<\/a><\/p>\n

\u2014 BNO News (@BNONews) December 3, 2024<\/a><\/p>\n<\/blockquote>\n

Martial Law Flip-Flop Sows Crypto Market Chaos<\/strong><\/h2>\n

The country\u2019s crypto sector<\/a> also reacted negatively to the political chaos last Tuesday. During the 6-hour martial law, Bitcoin\u2019s price dipped to 88 million won or $62,182 in popular crypto exchanges, reflecting a sell-off. As many holders and traders panicked to sell BTC and crypto, some exchanges have encountered outages.<\/p>\n

Just hours after declaring martial law, the president immediately rescinded the order, which helped stabilize the markets. The country\u2019s opposition immediately set to work and filed charges of treason against the president, with some campaigning for impeachment.<\/p>\n

South Korea Political Instability Can Impact Liquidity<\/strong><\/p>\n

Although Bitcoin\u2019s price and the overall crypto market immediately stabilized Wednesday, the political crisis highlighted the vulnerability of the country\u2019s markets to liquidity shocks. Any political instability, like the declaration of martial law, can impact cryptos\u2019 prices.<\/p>\n

South Korea\u2019s political drama has also caught the attention of crypto betting markets and crypto commentators. On Polymarket, the odds of a $500k bet on President Yoon\u2019s early exit reached a high of 78% before stabilizing at 47%.<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Last Tuesday, South Korea President Yoon Suk Yeol surprised the country by declaring a martial law. The President\u2019s surprise announcement, later reversed, created political chaos and rattled the markets. South Korea\u2019s stock market fell in Wednesday morning trading and the benchmark Kospi dipped by 2% as a result of the tumult. Even before the markets […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-3821","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3821"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/3821\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}