Analysis: As the Nikkei index plummeted, trading volume on the Japanese cryptocurrency exchange Bitflyer surged by 200%.

CoinFeed reported on March 9th that, according to CoinDesk, trading volume surged at Tokyo-based cryptocurrency exchange Bitflyer as the Nikkei index in Japan plummeted. CoinGecko data shows that Bitflyer's 24-hour trading volume increased by 200%, far exceeding Coinbase's 112% and Binance's 75%. Meanwhile, South Korean stocks Upbit rose 27.1% and Bithumb rose 49%. Asian trading data shows that Bitcoin rose approximately 2.05% against the Japanese yen, outperforming the 1.86% gain against the US dollar and the 1.64% gain against the South Korean won, reflecting both the weakening yen and the surge in trading activity in Japan. Japanese stocks fell approximately 6.5% on Monday, and the South Korean KOSPI index fell approximately 8%, triggering a circuit breaker.