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Profits of Korean Cryptocurrency Exchanges Plummeting

Bithumb customer support middle in Seoul



The liquidity disaster of FTX is sending alarm indicators to South Korean cryptocurrency exchanges. As of 13:30, Nov. 10, each BTC and ETH dropped greater than 10 % in 24 hours.

South Korean cryptocurrency exchanges’ income are prone to plunge below the circumstances. It is because their gross sales are closely reliant on buying and selling charges. Within the 5 largest home cryptocurrency exchanges, buying and selling charges account for a minimum of 99 % of their gross sales. The disaster of FTX is prone to result in a lower in buying and selling quantity, which suggests a lower in revenue on the a part of cryptocurrency exchanges.

In reality, the enterprise efficiency of the 5 exchanges is already deteriorating quickly because the market significantly affected by the Terra-Luna crash has been sluggish all through this yr. Dunamu’s valuation loss was 15.3 billion received within the first quarter and surged to 372.5 billion received within the second quarter. Bithumb turned pink within the second quarter by posting a internet lack of 43.3 billion received.

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