Tron is up 66.5% this week, consolidating gains after South Korea's failed power grab and martial law highlighted its popularity in that market.
Yoon Suk Yeol, the president of South Korea declared martial law live on television on December 3. The president claimed the opposition was sympathetic to North Korea. He declared all political activity, demonstrations and protests as illegal, while also placing the media under military control.
The military then stormed the National Assembly, but failed to prevent them from voting against martial law. The military left the National Assembly after the successful vote was concluded to end martial law. Within hours of its implementation, the Cabinet had lifted the martial law.
Tron is up 66.5% this week, consolidating gains after South Korea's failed power grab and martial law highlighted its popularity in that market.
Yoon Suk Yeol, the president of South Korea declared martial law live on television on December 3. The president claimed the opposition was sympathetic to North Korea. He declared all political activity, demonstrations and protests as illegal, while also placing the media under military control.
The military then stormed the National Assembly, but failed to prevent them from voting against martial law. The military left the National Assembly after the successful vote was concluded to end martial law. Within hours of its establishment, the Cabinet had lifted the martial law.
It was a shock to the market when this chaos suddenly erupted. South Korea, home of one of largest and most responsive retail crypto markets, has a Bitcoin so in demand that, due to the strict capital control, the currency often trades for a premium.
Tron was heavily involved in the capital flight that followed from South Korean cryptocurrency exchanges. Nick Cowan is the group CEO of VLRM capital management. Decrypt You can also find out more about us here. “Tron saw enormous buying on the same day, rallying from a low of 200 KRW to a high of 650 KRW, indicating some aggressive switching!”
Jan Gobeli is a quantitative researcher with Keyrock. Decrypt The analysis of liquidity taken from UpBit Bithumb, the two leading local exchanges shows “that Tron is one of the most used chains for these transactions.”
Tron was the top choice on Bithumb, as over $5.83 millions were withdrawn via the network. Tron was most popular on UpBit, followed by Ethereum. Nearly $3.8 million were withdrawn. CoinMarketCap says that this represents about half a percentage of the 24-hour trading volume on Dec. 3 morning.
Gobeli said that it was not clear at first glance whether South Korean investors were driving Tron prices to fuel capital flight. He highlighted the fact that “even though the price increased significantly, we didn't see any indication of buying pressure coming from [top South Korean exchange] Upbit but rather net selling.”
“I can’t confirm that Tron was the major asset used, but the charts would indicate major activity,” Cowan concurred.
Stacy Elliott edited this article.