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As surging oil prices send Japan's Nikkei index lower, trading volume on Bitflyer has jumped 20

2026-03-09 16:25:05

Japan's Nikkei Plunges, Bitflyer Volume Explodes 200% as Crypto Outperforms Yen

When stocks tank, crypto sometimes pumps—and Japan just proved it. As the Nikkei took a 6.5% dive Monday, Tokyo-based exchange Bitflyer saw its 24-hour volume spike 200%, according to CoinGecko. That's way ahead of Coinbase's 112% and Binance's 75%. South Korea wasn't quiet either: Upbit climbed 27.1%, Bithumb 49%.

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The numbers tell a story. Bitcoin rose 2.05% against the yen during Asian hours—better than its 1.86% gain vs. the dollar and 1.64% vs. the won. That's part yen weakness, part Japanese traders piling in as stocks bled.

Korea's KOSPI fell even harder—around 8%, triggering a circuit breaker. Analysts point to energy: Korea imports about 70% of its crude from the Middle East, so oil shocks hit harder. Japan's market is more diversified, which might explain why its crypto activity spiked while stocks slid.

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