Bitcoin hovered around the 100 million won level, while domestic stablecoin trading volume has surged roughly fourfold since the start of the year. The biggest recent driver appears to be Korbit’s USDC trading volume event.
On the 9th, Korbit changed the basis for USDC transactions from weekly to daily units, and volumes surged thereafter. Korbit’s market share jumped to around 10%. Taking into account that it stood at $175.41 million on January 1, it has risen about 4.13 times since then.
The five major domestic cryptocurrency exchanges reported a total stablecoin trading volume of $725.97 million. On the 1st, liquidations in the crypto derivatives market reached $25 billion, surpassing the $16 billion level seen during the FTX episode.
Bitcoin has fallen back below 100 million won on Upbit after a four-day stretch since the 7th. Bitcoin prices have fallen roughly 18% this month, continuing the downtrend, with market reactions influenced by employment data releases. Derivatives traders using overseas exchanges are seen as seeking margin to prevent liquidations amid the decline.
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