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South Korea's Cryptocurrency Trading Volume Shrinks to 2% of KOSPI

On June 1, according to the Daily Economic News, the recent significant rise in South Korea's Composite Stock Price Index (KOSPI) has boosted stock market trading volume, while the activity in the South Korean cryptocurrency market has dwindled to just 2% of that index's trading volume. On May 29, the KOSPI recorded a daily trading volume of 118.267 trillion won, whereas the 24-hour trading volume of South Korea's five major cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—was only 2.713 trillion won, accounting for 2.03% of the KOSPI's trading volume. This marks a stark contrast to July of last year when the trading volume in the South Korean cryptocurrency market exceeded that of the KOSPI. Since July 24 of last year, the KOSPI's trading volume has surged by 680%, while the cryptocurrency market's trading volume has plummeted by 84%, with significant capital flowing from the crypto market to the stock market.

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