Crypto trading on five South Korean exchanges jumps 82% as KOSPI plunges

Crypto trading on South Korea’s five largest exchanges jumped 82% on July 28, when the KOSPI plunged more than 10% and triggered a circuit breaker, Seoul Economic Daily reported. Combined trading volume on Upbit, Bithumb, Coinone, Korbit and Gopax reached $964.11 million on July 28, up 82.45% from the previous month’s daily average of $528.39 million, according to the report. Volume remained elevated at $831.76 million on July 29, when the KOSPI fell sharply for a second straight day, or 57.4% above the prior one-month average. The report said some funds leaving the stock market may have flowed into crypto, while some trading on overseas exchanges may have been used to buy Korean stock-linked products at low prices or to bet on further declines.