South Korean cryptocurrency trading volumes have sharply declined following U.S. President Donald Trump's announcement of increased tariffs on the country. Trump declared a rise in tariffs from 15% to 25% on South Korean car, pharmaceutical, and lumber industries via Truth Social on January 26. This move has prompted investors to pivot towards the stock market, causing a 51% drop in trading volumes on major crypto exchanges like Upbit and a 35% decrease on Bithumb, according to CoinGecko data. Despite an initial dip, South Korean stocks have rebounded, with the Korea Composite Stock Price Index (KOSPI) climbing nearly 3% to surpass 5,000 points for the first time. Meanwhile, retail crypto investors remain cautious, opting to hold their positions amid market volatility. However, shares in companies with stakes in domestic crypto exchanges, such as Woori Technology Investment and Hanwha Investment & Securities, have seen gains, rising over 4% and 7% respectively.
South Korean Crypto Volumes Plunge 51% Amid Shift to Stocks Following Tariff Hike
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