Daily trading volume drops 88%, the total of South Korea's top five crypto exchanges is approximately 412.7 billion KRW

Odaily Planet Daily News: The total daily trading volume of South Korea's top five Korean won-denominated virtual asset exchanges is approximately 412.7 billion KRW, an 88% decrease from a year ago. The global virtual asset total market capitalization has simultaneously shrunk by 41% to $2.322 trillion. Dunamu, the leader of South Korea's crypto industry, saw its Q1 revenue and operating profit drop by 55% and 78% year-on-year, respectively. Smaller exchanges are facing a more difficult situation. Coinone, Korbit, and Gopax, which recorded operating losses last year, are expected to continue losing money this year. Korbit has sold off its holdings three times this year, selling 15 Bitcoin and 60 Ethereum in ten days this month, securing approximately 1.6 billion KRW in cash. A director at Tiger Research stated that the current situation can be seen as a "second crypto winter," where the total crypto market cap has significantly shrunk and new projects are barely visible.