South Korean Crypto Trading Slumps as Bitcoin Falters Amid Fed Policy Uncertainty

The trading volume on South Korea’s cryptocurrency exchanges has dropped by one-fifth in two months, with the latest 24-hour trading value totaling 2.699 trillion won. This is significantly lower than the 12.99 trillion won recorded when Bitcoin surpassed the $100 million mark on March 11. Upbit, Bithumb, and Coinone are the major exchanges, with Upbit dominating the market. Bitcoin’s price is hovering around $800 million, down from its peak of $88 million on Upbit. The lack of clear positive factors in the cryptocurrency market, coupled with the hawkish stance of the US Federal Reserve freezing interest rates, has added to downward pressure on Bitcoin’s price. Interest rates are expected to remain a key driver of Bitcoin’s price, with fluctuations tied to US economic indicators like job data.

Read More : Prosecutors’ Office Recover $7.6 Million in Cryptocurrency Hidden in Deleted E-Wallet