South Korean Crypto Exchanges Fall into "Winter", Daily Trading Volume Plummets 88% in One Year

TechFlow news, July 21, according to ZDNet Korea, the daily trading volume of South Korea's top 5 domestic virtual asset exchanges was approximately 412.7 billion won as of July 20, a sharp decline of 88% compared to a year ago. The decline in trading volume is closely related to the falling price of Bitcoin—after hitting a historical high of $126,000 last October, Bitcoin has continued to fall back, currently consolidating around the $60,000 level. The total global cryptocurrency market capitalization decreased by 41% year-on-year to approximately $2.32 trillion, with industry insiders characterizing the current market as the "second crypto winter." Impacted by this, South Korea's leading exchange Dunamu (owner of Upbit) saw its Q1 revenue and operating profit decline by 55% and 78% year-on-year, respectively; mid-sized exchange Korbit, in order to maintain operations, has sold off holdings three times this year, recently cashing out approximately 1.6 billion won by selling off 15 BTC and 60 ETH.