South Korea's top five crypto exchanges see an 88% drop in daily trading volume to 41.27 billion KRW.

Odaily Planet Daily report: The combined daily trading volume of South Korea’s five largest KRW-based virtual asset exchanges is approximately KRW 412.7 billion, an 88% decline from a year ago. The global virtual asset market cap has simultaneously contracted by 41% to $2.322 trillion. Dunamu, South Korea’s leading crypto company, saw its first-quarter revenue and operating profit decline by 55% and 78% year-over-year, respectively. Smaller exchanges are facing even greater difficulties; Coinone, Korbit, and Gopax, which recorded operating losses last year, are expected to continue posting losses this year. Korbit has already sold off its holdings three times this year, liquidating 15 Bitcoin and 60 Ethereum over the past ten days to generate approximately KRW 1.6 billion in cash. A director at Tiger Research stated that the current situation can be regarded as the “second crypto winter,” with a sharp contraction in total crypto market cap and virtually no new projects emerging.