According to The Block, South Korean President Yoon Seok-yuk's declaration of martial law triggered a surge in the trading volume of the South Korean crypto market to $34 billion in 24 hours, a new high for the year. Among them, Upbit's trading volume reached $27.25 billion. Martial law led to a panic sell-off in the market, with the price of bitcoin falling to $62,182 at one point and services were disrupted on several exchanges. Six hours later, martial law was rejected by Congress, and the market gradually returned to stability.