The post South Korean Crypto Exchanges Hit Record $34 Billion Volume appeared on BitcoinEthereumNews.com.

Yesterday, the South Korean crypto market suffered a violent drop after an emergency martial law was declared. This caused a massive sell-off that sent the price of most cryptocurrencies to monthly lows. After the turmoil, local exchanges saw a record-breaking daily trading volume for the second consecutive day, nearly doubling the previous milestone. South Korea’s Crypto Trading Volume Sees Record Day On Tuesday, Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and most cryptocurrencies saw a massive price drop in South Korean crypto exchanges following the first declaration of an emergency martial law in the country in 44 years. Bitcoin’s price violently dropped against its South Korean won trading pair in local exchanges, falling around 33% to 88.26 million RWM, worth around $62,000, on Korea’s largest crypto exchange, Upbit. Similarly, Ethereum retraced 38% to trade at 3.12 million KRW, or approximately $2,200. Meanwhile, XRP saw the largest retrace among the top three cryptocurrencies, nosediving 60% from the 4,000 KRW mark to as low as 1,623 KRW, or about $1.23. Amid the shakeout, whales deposited over 163 million USDT to Upbit, seemingly aiming for “bottom-phishing opportunities.” Notably, local crypto exchanges registered a massive trading volume spike, hitting its second record-breaking volume this week. Upbit recorded a massive $27.25 billion trading volume on December 3, followed by Bithumb’s $6 billion, while Coinone and Korbit had a daily volume of $531 million and $192 million, respectively. The massive volumes added over $34 billion traded in 24 hours across these exchanges, surpassing December 2’s $18 billion milestone by 88%. On Monday, 10x Research founder Markus Thielen revealed that South Korean crypto volume had recorded its second-largest level this year, surpassing the $14 billion traded in the local stock market by 22%. Per the report, retail-focused trading volumes in South Korea had seen a massive surge, with…

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Filed under: News - @ December 5, 2024 7:23 am