In simpler terms, the South Korean won has become the most commonly used currency for trading cryptocurrencies globally, surpassing the US dollar.
Based on data from a Q1 2024 report by research company Kaiko, cryptocurrency trades using the Korean won amounted to approximately $456 billion on centralized exchanges. This total exceeded the $445 billion worth of trades conducted in dollars during the same time frame.
The change in trading power is partly due to fierce competition among South Korean exchange firms. For instance, smaller players such as Bithumb and Korbit have introduced no-fee trading deals to draw customers away from Upbit, which holds more than 80% of the market share for spot trading.
📊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
According to Bloomberg’s market analysis, South Korean investors tend to favor lesser-known digital currencies, or altcoins, instead of more recognized cryptocurrencies like Bitcoin and Ether. These two altcoins account for approximately 80% of the trading volume in South Korea.
Cryptocurrencies have sparked great enthusiasm in South Korea, affecting political conversations as well. During the latest parliamentary elections, regulation of cryptos emerged as a major issue. Proposed policies ranged from delaying taxes on digital assets and lessening limitations on U.S. Bitcoin ETF investments to draw in younger voters.
After the collapse of TerraUSD stablecoin, which lost $40 billion under the guidance of Do Kwon, South Korean authorities have proposed tougher regulations to strengthen investor security, expected to begin in July. Concurrently, crypto usage in South Korea has been expanding. For instance, Crypto.com, a major exchange, intends to cater to individual traders in the country with new services.
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2024-04-16 20:29