KOSPI Crash Sends Crypto Trading Soaring in South Korea
Crypto trading surged in South Korea over the past two days as the KOSPI plummeted, causing an 82.5% increase in trading volume at major exchanges.
The KOSPI's market capitalization dropped by as much as 864 trillion won during this period, leading analysts to suggest that some funds may have fled the stock market and moved into cryptocurrency.
On Upbit, trading value reached $715 million on the 28th, nearly double its average daily figure over the past month, while Tether (USDT) trading value surpassed both Bitcoin and Ethereum in a notable surge.
Some experts believe that investors may have used cryptocurrency as a liquidity tool to secure margin calls amid falling stock prices, although others point out that the increase in USDT trading could be related to fund movements to overseas exchanges or decentralized exchanges (DEX).