Domestic crypto trading volume falls to 6-year low

Domestic crypto trading volume fell last month to its lowest level since October 2020, according to a Business Watch report. Combined trading volume at South Korea’s five largest exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — totaled $28.77 billion (41.0649 trillion won) last month, Business Watch said. Volume has declined for five straight months from $85.5 billion in February, with last month’s figure down about 39% from the previous month. The report cited weaker investor sentiment amid falling cryptocurrency prices as the main reason for the decline, while also pointing to capital flows into South Korea’s stock market and overseas exchanges. By exchange, South Korean exchange Upbit accounted for 63.85% of the total with $18.37 billion in volume, while Bithumb made up 29.44% with $8.47 billion.