The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Scientists find green way to turn CO2 into fuel with sunlight

  • 3

    BLACKPINK's contract renewal still in limbo

  • 5

    Xi says he will seriously consider visit to South Korea: official

  • 7

    Family of 5 found dead in 3 separate locations

  • 9

    INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels

  • 11

    Korea boosts subsidies to rev up falling EV sales

  • 13

    Lawmakers want to grill business tycoons over decision to rejoin FKI

  • 15

    Arrest warrant hearing for DPK leader Lee to be held Tuesday

  • 17

    All-Korean showdowns set up on 1st day of medal race

  • 19

    Yoon signs off on plan to waive expressway tolls during Chuseok holiday

  • 2

    N. Korea holds politburo meeting to discuss Kim-Putin summit: KCNA

  • 4

    BTS member Suga begins mandatory military service

  • 6

    Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors

  • 8

    Opposition party in turmoil as leader could be arrested on Tuesday

  • 10

    Foreign employees rewarded for contribution to Korea's shipbuilding industry

  • 12

    Russia lodges protest to S.Korean envoy over Yoon's UN speech

  • 14

    Disney+ aims to expand investment in original Korean content

  • 16

    Hebrew University students travel to Korea to explore musical landscape

  • 18

    Appellate court upholds 9-yr prison term for man over filming, distributing sexual videos featuring women

  • 20

    Gov't reviews changing description of Fukushima wastewater

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, September 24, 2023 | 16:15
Cryptocurrency
Crypto exchanges suffer earnings falls amid rate hikes, freezing sentiment
Posted : 2022-08-31 08:41
Updated : 2022-09-01 10:28
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
From left are the Upbit logo displayed in front of Dunamu headquarters and Bithumb's customer service center in Seoul. Yonhap
From left are the Upbit logo displayed in front of Dunamu headquarters and Bithumb's customer service center in Seoul. Yonhap

By Lee Min-hyung

Korea's cryptocurrency exchanges reported drastic earnings falls in the first half of this year, hit hard by freezing investor sentiment amid global monetary tightening.

According to data from the Financial Supervisory Service (FSS), Dunamu reported 785 billion won in sales during the same period, down 61.3 percent from a year ago when the crypto investment boom reached its peak. Dunamu is the operator of the nation's largest crypto exchange, Upbit.

The firm's net profit came in at 172.8 billion won, down 88.2 percent from a year ago. This was a combination of a 206.8 billion won net profit in the first quarter and a 34 billion won net loss in the second.

The falling revenue is attributable to increasingly bearish investor sentiment in the crypto market after the U.S. Federal Reserve and global monetary authorities started their aggressive interest rate hikes. Even if most asset markets including stocks suffered big losses here and abroad, the crypto industry was hit particularly hard by the abrupt monetary policy shift due to the volatile nature of the crypto market.

"The declines in sales and operating profit were caused by the shrinking digital asset market amid global monetary tightening," a Dunamu official said. "The drop in net profit was due to a price fall of digital assets that we secured ― such as Bitcoin."

Bithumb, the nation's second-largest crypto exchange, also reported a double-digit decline in sales and operating profit. According to the firm, sales came in at 204.7 billion won in the first half of this year, a drop of 66.4 percent from a year earlier. Operating profit stood at 122.9 billion won, down 77 percent during the same period.

Industry officials said exchanges' earnings outlooks for the second half of 2022 remain murky amid the Fed's reiterated hawkish rhetoric.

"Most exchanges will continue to report dismal earnings performances until the Fed tones down its hawkish stance and shows gestures to slow down the pace of monetary tightening," an industry source said.


Emailmhlee@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
Top 10 Stories
1Understanding Korean Modernization Understanding Korean Modernization
2Bears of Joseon part 1: Fanciful tales and deadly claws Bears of Joseon part 1: Fanciful tales and deadly claws
3Exhibition for soldiers highlights North Korea's human rights abuses Exhibition for soldiers highlights North Korea's human rights abuses
4Sil-A overcomes stage fright, and them some Sil-A overcomes stage fright, and them some
5Korea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperationKorea, Saudi Arabia celebrate 93rd Saudi National Day, vow stronger cooperation
6JTI Korea joins Jongno clean-up JTI Korea joins Jongno clean-up
7Bears of Joseon part 2: Behind bars Bears of Joseon part 2: Behind bars
8Mirae Asset Global Investments' AUM reaches 293 tril. won Mirae Asset Global Investments' AUM reaches 293 tril. won
9CKD Kochon Foundation awards Ukraine health authorities for treating tuberculosis patients amid raging war CKD Kochon Foundation awards Ukraine health authorities for treating tuberculosis patients amid raging war
10Sangha Farm offers agricultural experience programs in Gochang Sangha Farm offers agricultural experience programs in Gochang
Top 5 Entertainment News
1TEMPEST gears up to showcase fiery passion TEMPEST gears up to showcase fiery passion
2BLACKPINK's contract renewal still in limbo BLACKPINK's contract renewal still in limbo
3[INTERVIEW] Virtual K-pop group MAVE: is more than just pretty pixels INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels
4Hebrew University students travel to Korea to explore musical landscape Hebrew University students travel to Korea to explore musical landscape
5[INTERVIEW] Seoul's increased art market momentum brings Sotheby's back to Korea INTERVIEWSeoul's increased art market momentum brings Sotheby's back to Korea
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group