Bitcoin slump hits South Korean exchange volumes, Q4 earnings at risk

The decline in Bitcoin's price has caused trading volumes on South Korean exchanges to contract significantly compared to three months ago, IT Chosun reported. Average daily trading volume on these exchanges fell from $4.41 billion in August to $2.91 billion in November. This drop in volume, combined with the fall in Bitcoin's price, is expected to directly impact exchange performance. Market analysts predict a potential slowdown in fourth-quarter earnings for major South Korean exchanges, as over 98% of their revenue is generated from trading fees.