Korean Crypto Market Hit 2-Year High in Q1, KRW Beat the USD in This Metric: Kaiko

bitcoin korea

The Korean crypto markets have seen a surge in trade volume, with the South Korean Won surpassing the U.S. Dollar in cumulative trade volume. This increase in activity is due to fierce competition among exchanges like Upbit, Bithumb, and Korbit. Bithumb’s zero-fee strategy led to a significant market share increase, while Korbit maintained a low share. Despite a temporary decline in KRW volumes, the approval of spot BTC and ETH ETFs in Hong Kong could renew market sentiment in the Asia-Pacific region.

Regulatory scrutiny and market shifts are also impacting the crypto landscape. Uniswap Labs received a Wells notice from the SEC, causing the UNI token price to drop. Coinbase expanded its market share in the U.S., while Binance.US faced a decline due to legal issues. The correlation between BTC and the Dollar Index fell to its lowest point in over a year, with the Dollar strengthening but BTC not attracting investor interest during periods of unexpected inflation and rising tensions in the Middle East.

Overall, the Korean crypto markets are experiencing increased trade volume and competition among exchanges, while regulatory issues and market shifts are also influencing the crypto landscape globally. Investors should stay informed and monitor these developments for potential market opportunities and risks.
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