[Bitcoin Now] Dropping to 73 Million Won Range... Cryptocurrency Trading Volume Plummets

Trading Volume of Korea's Top 4 Cryptocurrency Exchanges Halved in Less Than a Week

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has fallen to the 73 million KRW range. As Bitcoin, which recently surpassed the 80 million KRW mark, faltered, the trading volume on major cryptocurrency exchanges has decreased.

According to the domestic cryptocurrency exchange Upbit, as of 3:06 PM on the 27th, Bitcoin recorded 73.52 million KRW, up 0.31% compared to the previous day. It rose to 81.75 million KRW on the 20th but has since stalled. The day before, Bitcoin dropped 3.81%, falling to 73 million KRW.

Cryptocurrency trading volume also significantly declined. According to the cryptocurrency market data site CoinMarketCap, at the same time on that day, Upbit's 24-hour trading volume was $3.84819 billion (approximately 4.5032 trillion KRW). On the 22nd, Upbit's trading volume was about 8.0581 trillion KRW. In less than a week, it has decreased by more than half.

The same trend was observed at other exchanges. Bithumb's 24-hour trading volume was $1.18941 billion, Coinone's was $212.62 million, and Korbit's was $16.72 million. The combined 24-hour trading volume of the four major domestic exchanges was $5.26694 billion, about half of that on the 22nd.

It is interpreted that some market participants' profit-taking affected Bitcoin. According to cryptocurrency media CoinDesk on the 26th (local time), cryptocurrency data firm Glassnode explained in a blog post that “some long-term Bitcoin investors realized profits,” adding, “This is a phenomenon that usually occurs when Bitcoin approaches its all-time high.” Bitcoin's all-time high was recorded on April 14 at 81.99 million KRW.

(Provided by Dunamu)

The Bitcoin Fear and Greed Index also began to fall from its peak level. According to Dunamu, Upbit's parent company, the digital asset Fear and Greed Index was 58.89, indicating a neutral level. The index approaches 100 as extreme optimism. When Bitcoin surpassed the 80 million KRW mark on the 20th, the Fear and Greed Index rose to 69.48, showing a state of greed. CoinDesk explained, “The decline in the Bitcoin Fear and Greed Index suggests that investors have started to realize profits.”