The Korea Times
The domestic cryptocurrency industry is grappling with mounting concerns over a market downturn as trading activity sharply weakens amid the ongoing stock market boom and as financial authorities move to tighten regulations, industry officials said Sunday. According to data the Bank of Korea submitted to Rep. Cha Gyu-geun of the minor Rebuilding Korea Party, both domestic investors’ crypto holdings and transaction volumes have fallen by more than half over the past year. The value of digital assets held by investors at the country’s five cryptocurrency exchanges — Upbit, Bithumb, Korbit, Coinone and Gopax — fell to 60.6 trillion won ($41.4 billion) at the end of February from 121.8 trillion won recorded at the end of January last year. Average daily trading volume also fluctuated sharply during the period. After climbing to 17.1 trillion won in December last year, trading volume plunged to around 4.5 trillion won by the end of February this year. “The sharp drop in domestic cryptocurrency holdings appears to have been driven by both capital flowing into the strong local stock m
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