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Upbit, South Korea’s largest cryptocurrency exchange, recorded about 1.15 trillion won ($840 million) in trading volume over one hour as the crypto market plunged and volatility intensified.
Around 5:00 a.m. UTC today, major cryptocurrencies including BTC briefly tumbled and then showed elevated volatility, driving a sharp increase in trading by South Korean investors. Over the past 24 hours, trading volume was estimated at about 5.29 trillion won ($3.86 billion) on Upbit, 2.71 trillion won ($1.98 billion) on South Korean exchange Bithumb, and 240 billion won ($175 million) on South Korean exchange Coinone.