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Cryptocurrency trading volumes spiked in South Korea as its stock market fell by nearly 18% this week.Â
Key points:
- South Korean exchanges see a 600% uptick in crypto trading volume around the snap declines in the KOSPI.
- Investors may be seeking to capitalize on volatility by buying stock-linked products overseas, per analysis.
- Bitwise highlights Bitcoin’s surprising resilience to macro headwinds throughout July.
KRW/USDT volumes spike in response to stock sell-off
Data from largest South Korean exchange Upbit shows trading volume accelerating between the Korean won and Tether (USDT). It neared 200 billion won (140 million USDT) on July 29, up from just 20 million USDT on July 25 — an increase of 600%.
Korean won crypto trading-volume data. Source: Upbit
On the back of several straight days of downside on South Korea’s KOSPI, which came as a result of a sell-off in chip-maker stocks, investors variously sought protection and to take…
