The global cryptocurrency market has halved in just three months compared to the first quarter of 2024 which saw record-breaking prices fueled by Bitcoin's meteoric rise.
The recent decline in the price of digital assets has caused a significant decrease in overall trading volume.
According to the statement of Dunamu Financial Supervisory Service, South Korea's largest cryptocurrency exchange operator recorded $188.8 million in the second quarter and it was down 52% compared to the first quarter.
Operating profit also decreased by 53 percent from $247 million to $117 million.
However, the cryptocurrency 'winter' saw better gains than last year.
Sales increased by 27.4%, operating profit increased by 45.5% and net income increased by 30% year-on-year.
From a global sentiment, the fall was due to a lack of drivers as the main growth in overseas spot exchange-traded funds (ETFs) for major cryptocurrencies.
In March, the price of Bitcoin reached a record high of $73,750 but the market quickly 'cooled' with the price falling below the $60,000 level.
Additionally, geopolitical risks such as the conflict between Israel and Hamas contribute to price volatility and cause investors to shy away from risky assets.