Korean Major Crypto Exchanges' Daily Trading Volume Plunges 88% Year-on-Year, Korbit Forced to Sell Assets

According to Korea JoongAng Daily, the five major South Korean won-denominated crypto exchanges saw daily trading volume decline 88% year-on-year to approximately 412.7 billion won as of July 22. Korbit, a mid-sized exchange facing persistent losses, has sold assets three times this year to sustain operations, including sales of 15 bitcoin and 60 ether within the first ten days of July, raising about 1.6 billion won.

The global cryptocurrency market capitalization has contracted 41% to $2.322 trillion amid the downturn, with industry leader Dunamu reporting a 55% revenue drop and 78% decline in operating profit year-on-year.