In Q1 2024, the South Korean Won emerged as the most frequently traded fiat currency versus digital assets, surpassing the US Dollar with approximately $456 billion in trading volume on centralized exchanges, signaling a significant change in the global cryptocurrency market trends based on Kaiko’s latest research.
📊Competition on Korean markets is heating up. In this week’s Data Debrief, we explore:
👉The fee war in South Korea
👉The market reaction to Uniswap Labs Wells Notice
👉Coinbase’s growing dominance
and more….
— Kaiko (@KaikoData) April 15, 2024
Intense Competition Fuels Trading Surge
The significant increase in cryptocurrency trading activity in South Korea can be explained by the fierce competition between local exchanges. To draw in more traders, leading platforms such as Upbit and Bithumb have drastically reduced their fees. In fact, Bithumb introduced a no-fee policy towards the end of 2023.
This approach increased the number of transactions for Bithumb, but it significantly reduced their annual income by approximately 60%.
The market scene is more vibrant now due to positive macroeconomic developments and the surging optimism in the cryptocurrency world. In South Korea, Upbit remains the undisputed leader with an impressive 82% control of the market. Conversely, Bithumb has managed to boost its market presence threefold, overcoming past financial hurdles caused by pricing issues.
In the ever-changing competitive landscape, the Korean Won’s significance in cryptocurrency trading is increasing, signifying its expanding influence in the international financial system. This trend is expected to persist, potentially influenced by new regulations and the emergence of crypto ETFs in nearby markets such as Hong Kong.
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2024-04-16 19:48