Domestic investors panicked by emergency decree... Upbit's daily trading volume '40 trillion' surge

Uk Jin

Summary

After the emergency decree declaration, domestic virtual asset investors' selling pressure increased, and Upbit's daily trading volume recorded 40 trillion won.
According to Coinone, Bitcoin was traded at a price about 25% lower than the global market price at one point.
Domestic major exchanges faced difficulties in deposits and withdrawals due to explosive trading volume increases.

It was confirmed that after President Yoon Suk-yeol declared an emergency decree the previous night, the selling pressure from domestic investors in virtual assets (cryptocurrency) increased. Upbit's daily trading volume surged to 40 trillion won.

According to Coinone at 10:48 a.m. on the 4th, Upbit's trading volume for the past 24 hours amounted to 29.4 billion dollars (approximately 41 trillion won). The emergency decree led investors to panic sell, causing a ripple effect.

In fact, Bitcoin (BTC) fell to as low as 88 million won in Upbit last night. Bitcoin was traded at a price about 25% lower than the global market price.

Upbit's average daily trading volume is around 10 trillion won. Even when altcoins like Ripple (XRP) and Hedera (HBAR) surged, Upbit's trading volume averaged 20 trillion won.

As trading volume explosively increased, domestic virtual asset exchanges like Bithumb and Upbit simultaneously faced access issues.

Earlier, President Yoon Suk-yeol declared a nationwide emergency decree last night. It was lifted by a National Assembly resolution at dawn on the 4th, six hours later.

BTC