South Korean crypto exchanges are facing revenue pressure as trading volumes fall to this year's lows due to a rapid market downturn

(Source: Wu Shuo)

Wu said he learned that according to the Korea Times, South Korean crypto exchanges are facing revenue pressure as the rapid market decline has caused trading volume to fall to this year's low. Data shows that the average daily trading volume of Upbit and Bithumb since November is only about US$1.88 billion, far lower than the peak of US$7.8 billion in January. Previously driven by the rise in Bitcoin prices, the profits of the two exchanges in the third quarter surged significantly: Upbit parent company Dunamu's operating profit reached 235.3 billion won (approximately US$161.7 million), a year-on-year increase of 180%; Bithumb's operating profit also surged nearly 8 times to 70.1 billion won. However, trading activity shrank significantly as BTC fell to six-month lows and market sentiment shifted to “extreme fear.”

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