KOSPI Plunge Triggers 600 Percent Surge in Upbit's Won-Tether Trading Volume

Cryptocurrency trading on Upbit surged by 600 percent as South Korea's stock market plummeted. The KOSPI fell about 18 percent this week, with semiconductor stocks driving the decline.

Investors appear to be seeking safe-haven assets or additional trading opportunities amidst the market volatility. Brokerage firms speculate that funds are being withdrawn from the stock market and redirected into cryptocurrencies or overseas exchanges.

The won-tether trading volume on Upbit reached nearly 140 million USDT, equivalent to around 200 billion won, on July 29. This marked a significant increase from 20 million USDT on July 25.

Bitcoin showed relative resilience compared to the plunge in semiconductor stocks, with prices remaining virtually flat after the sector peaked in late June.